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: January 1, 2014 through December 31, 2014

Item 1: Report to Shareholders.

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

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Managed by AllianceBernstein L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class B shares of the AllianceBernstein Global Dynamic Allocation Portfolio returned 7.35%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

MARKET ENVIRONMENT / CONDITIONS

Global economic growth diverged sharply in 2014, with the U.S. economy picking up momentum, while economic growth in Europe and China slowed. This divergence became a major catalyst for asset-class returns last year. In the stock markets, the U.S. outpaced its international counterparts. The S&P 500 Index returned almost 14% for the year ending not far from its record high, boosted by strong corporate profits. By contrast, the developed-international and emerging markets posted full-year losses, weighed down by concerns about weak economic growth and capital outflows. This slowing growth abroad helped to push many global bond yields lower. In arguably the surprise of the year, the 10-year U.S. Treasury yield declined 80 basis points, to just 2.2%, from 3.0% at the start of the year. As a result, bond returns were positive: Global bonds (represented by the Barclays Global Aggregate Bond Index) increased 7.6% and U.S. bonds (represented by the Barclays U.S. Aggregate Bond Index) returned 6%. Longer-duration bonds, which are more interest-rate sensitive, had even higher returns. Oil prices tumbled 50% from their recent high in July due in part to rising supply combined with below-expected demand. This was a major factor in commodities posting poor results for the full year.

Equity market volatility had another year where it remained below average. However, toward the end of the period risk rose as investors reacted to a combination of lackluster growth in most of the world outside the U.S. and low and even declining inflation prompted by a sharp decline in oil prices.

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. The strategic allocation is a growth-oriented portfolio with approximately 60% invested in a global mix of equities across capitalization ranges, including real estate; and 40% invested in a mix of global sovereign and high quality corporate bonds.

Throughout the year, we had an overweight in risk assets with global equity, real estate investment trust (“REIT”), and commodity holdings in excess of the strategic asset allocation weights; 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. At the same time, strong corporate balance sheets and earnings trends offset slightly rich equity valuations. Through the year, the Portfolio maintained a regional bias towards developed-international equity markets—particularly in Europe and Japan—as a result of more favorable valuations. However, the extent and composition of the overweight varied over the year. Our positions in emerging market equities and commodities were small throughout the year due to growth concerns around emerging economies and given subdued prospects for inflation. For diversification, the Portfolio maintained a modest allocation to REITs. Due to the previously mentioned overweight in risk assets, we remained underweight bonds through most of the year and held a modest amount of cash at times to further reduce portfolio duration.

For the year ending December 31, 2014, the Portfolio outpaced its benchmark as our equity overweight slightly added to performance but developed-international and emerging market holdings detracted. Real estate equities also performed strongly. The decision to diversify across other assets classes hurt performance given the strong returns of U.S. equities, REITs and global bonds; allocations to commodities detracted. The Portfolio holds a 10-year interest rate swap, resulting in extended duration exposure, which added to performance as yields fell during the year. The Portfolio has extended duration exposure to provide additional diversification and balance the sources of risk.

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

The Portfolio utilized Equity Futures, Fixed Income Futures, Currency Forwards, Exchange Traded Funds and Total Return Swaps for both hedging and investment purposes. Equity Options, Swaptions and Interest Rate Swaps were used for strictly hedging purposes, while Credit Default Swaps, Commodity Futures and an excess return swap on Commodities were used for investment purposes. All derivatives performed in line with the managers’ expectations over the period.

MIST-1

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Managed by AllianceBernstein L.P.

Portfolio Manager Commentary*—(Continued)

At the end of the year, the Portfolio was positioned to be slightly overweight in return-seeking assets, concentrated in global equities with modest exposures to global REITs and commodities for diversification, based on our view that the low-growth, low-risk environment should continue.

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

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Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

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

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

	1 Year		Since Inception2
AllianceBerstein Global Dynamic Allocation Portfolio
Class B		7.35		7.21
Dow Jones Moderate Index		5.35		6.70

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 DECEMBER 31, 2014

Top Equity Sectors

	% of Net Assets
Financials		19.9
Health Care		5.3
Consumer Discretionary		5.3
Information Technology		5.0
Industrials		4.9

Top Fixed Income Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		27.1
Cash & Cash Equivalents		13.9
Foreign Government		4.2

MIST-3

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, July 1, 2014 through December 31, 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)	Actual		0.88	%	$	1,000.00	$	1,010.20	$	4.46
	Hypothetical*		0.88	%	$	1,000.00	$	1,020.77	$	4.48

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

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

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

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Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2014

Common Stocks—45.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.8%
Airbus Group NV		56,421	$	2,802,274
BAE Systems plc		302,781		2,210,311
Boeing Co. (The)		37,825		4,916,493
Cobham plc		109,227		547,708
Finmeccanica S.p.A. (a)		38,585		358,263
General Dynamics Corp.		17,930		2,467,527
Honeywell International, Inc.		44,160		4,412,467
L-3 Communications Holdings, Inc.		4,885		616,536
Lockheed Martin Corp.		15,245		2,935,730
Meggitt plc		77,289		617,798
Northrop Grumman Corp.		11,725		1,728,148
Precision Castparts Corp.		8,125		1,957,150
Raytheon Co.		17,515		1,894,597
Rockwell Collins, Inc.		7,635		645,005
Rolls-Royce Holdings plc (a)		180,968		2,437,832
Safran S.A.		26,005		1,600,581
Singapore Technologies Engineering, Ltd.		148,900		381,212
Textron, Inc.		15,680		660,285
Thales S.A.		8,946		482,691
United Technologies Corp.		47,925		5,511,375
Zodiac Aerospace		17,940		605,431
				39,789,414
Air Freight & Logistics—0.2%
Bollore S.A. (b)		53,100		240,992
C.H. Robinson Worldwide, Inc.		8,260		618,591
Deutsche Post AG		92,839		3,037,566
Expeditors International of Washington, Inc.		10,905		486,472
FedEx Corp.		15,010		2,606,636
Royal Mail plc		62,033		413,071
TNT Express NV		41,566		276,158
Toll Holdings, Ltd. (b)		64,954		309,157
United Parcel Service, Inc. - Class B		39,700		4,413,449
Yamato Holdings Co., Ltd. (b)		34,893		687,058
				13,089,150
Airlines—0.1%
ANA Holdings, Inc.		110,656		272,366
Cathay Pacific Airways, Ltd.		113,200		246,028
Delta Air Lines, Inc.		47,451		2,334,115
Deutsche Lufthansa AG		21,980		368,094
easyJet plc		15,329		395,663
International Consolidated Airlines Group S.A. - Class DI (a)		97,776		723,733
Japan Airlines Co., Ltd.		11,578		338,200
Qantas Airways, Ltd. (a)		52,675		102,137
Ryanair Holdings plc (ADR) (a)		2,230		158,932
Singapore Airlines, Ltd.		51,200		447,411
Southwest Airlines Co.		38,585		1,632,917
				7,019,596
Auto Components—0.4%
Aisin Seiki Co., Ltd.		18,407		661,598
BorgWarner, Inc.		12,840		705,558
Bridgestone Corp.		62,394		2,168,246
Auto Components—(Continued)
Cie Generale des Etablissements Michelin		17,891		1,622,041
Continental AG		10,553		2,240,956
Delphi Automotive plc		16,921		1,230,495
Denso Corp.		46,657		2,174,477
GKN plc		157,466		835,227
Goodyear Tire & Rubber Co. (The)		15,490		442,549
Johnson Controls, Inc.		37,545		1,814,925
Koito Manufacturing Co., Ltd.		9,781		298,317
NGK Spark Plug Co., Ltd.		17,000		513,354
NHK Spring Co., Ltd.		15,100		131,743
NOK Corp.		9,147		232,311
Nokian Renkaat Oyj (b)		10,923		267,545
Pirelli & C S.p.A.		22,945		308,149
Stanley Electric Co., Ltd.		13,744		297,077
Sumitomo Electric Industries, Ltd.		72,361		902,836
Sumitomo Rubber Industries, Ltd.		16,401		244,193
Toyoda Gosei Co., Ltd.		6,245		126,102
Toyota Industries Corp.		15,624		798,344
Valeo S.A.		7,281		906,902
Yokohama Rubber Co., Ltd. (The)		19,000		173,585
				19,096,530
Automobiles—1.0%
Bayerische Motoren Werke (BMW) AG		31,764		3,449,692
Daihatsu Motor Co., Ltd. (b)		18,533		243,101
Daimler AG		92,370		7,706,487
Fiat Chrysler Automobiles NV (a) (b)		84,006		964,006
Ford Motor Co.		218,595		3,388,223
Fuji Heavy Industries, Ltd.		57,012		2,007,681
General Motors Co.		75,913		2,650,123
Harley-Davidson, Inc.		12,275		809,045
Honda Motor Co., Ltd.		156,396		4,547,948
Isuzu Motors, Ltd.		57,200		697,876
Mazda Motor Corp.		51,500		1,236,213
Mitsubishi Motors Corp.		61,400		562,487
Nissan Motor Co., Ltd.		238,449		2,076,949
Peugeot S.A. (a) (b)		37,562		458,213
Renault S.A.		18,447		1,348,025
Suzuki Motor Corp.		34,994		1,051,955
Toyota Motor Corp.		262,310		16,357,800
Volkswagen AG		2,836		617,949
Yamaha Motor Co., Ltd.		25,166		506,123
				50,679,896
Banks—4.3%
Aozora Bank, Ltd. (b)		110,635		343,361
Australia & New Zealand Banking Group, Ltd.		264,451		6,879,107
Banca Monte dei Paschi di Siena S.p.A. (a)		417,218		237,235
Banco Bilbao Vizcaya Argentaria S.A.		569,484		5,359,709
Banco Comercial Portugues S.A. - Class R (a)		3,331,804		261,997
Banco de Sabadell S.A. (b)		327,251		857,314
Banco Espirito Santo S.A. (a) (c) (g)		169,954		0
Banco Popolare SC (a)		34,745		415,931
Banco Popular Espanol S.A. (b)		171,358		848,442
Banco Santander S.A.		1,185,646		9,914,164

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

See accompanying notes to consolidated financial statements.

MIST-5

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
Bank Hapoalim B.M.		100,592	$	474,415
Bank Leumi Le-Israel B.M. (a)		126,762		434,878
Bank of America Corp.		592,708		10,603,546
Bank of East Asia, Ltd.		122,800		493,329
Bank of Ireland (a)		2,639,017		983,962
Bank of Kyoto, Ltd. (The)		32,632		272,943
Bank of Queensland, Ltd.		34,862		344,508
Bank of Yokohama, Ltd. (The)		111,009		602,500
Bankia S.A. (a)		440,346		652,819
Bankinter S.A.		64,673		515,678
Barclays plc		1,575,417		5,922,785
BB&T Corp.		40,545		1,576,795
Bendigo and Adelaide Bank, Ltd.		43,025		447,158
BNP Paribas S.A.		101,621		5,971,686
BOC Hong Kong Holdings, Ltd.		354,500		1,178,000
CaixaBank S.A.		167,350		869,244
Chiba Bank, Ltd. (The)		70,833		464,897
Chugoku Bank, Ltd. (The)		15,798		215,711
Citigroup, Inc.		170,871		9,245,830
Comerica, Inc.		10,155		475,660
Commerzbank AG (a)		92,933		1,234,589
Commonwealth Bank of Australia		155,539		10,802,227
Credit Agricole S.A. (b)		98,966		1,272,277
Danske Bank A/S		62,895		1,692,795
DBS Group Holdings, Ltd.		165,100		2,549,546
DNB ASA		93,754		1,382,344
Erste Group Bank AG		26,891		616,514
Fifth Third Bancorp		46,935		956,301
Fukuoka Financial Group, Inc.		73,326		378,580
Gunma Bank, Ltd. (The) (b)		35,171		228,142
Hachijuni Bank, Ltd. (The)		38,338		246,778
Hang Seng Bank, Ltd.		73,400		1,220,452
Hiroshima Bank, Ltd. (The)		47,340		225,020
Hokuhoku Financial Group, Inc.		116,000		234,449
HSBC Holdings plc		1,837,058		17,361,084
Huntington Bancshares, Inc.		45,955		483,447
ING Groep NV (a)		370,076		4,791,600
Intesa Sanpaolo S.p.A.		1,116,463		3,229,749
Intesa Sanpaolo S.p.A. - Risparmio Shares		89,130		219,394
Iyo Bank, Ltd. (The) (b)		23,000		249,303
Joyo Bank, Ltd. (The) (b)		62,592		310,607
JPMorgan Chase & Co.		212,000		13,266,960
KBC Groep NV (a)		24,031		1,333,733
KeyCorp		49,420		686,938
Lloyds Banking Group plc (a)		5,477,708		6,468,441
M&T Bank Corp. (b)		7,495		941,522
Mitsubishi UFJ Financial Group, Inc.		1,223,280		6,704,973
Mizrahi Tefahot Bank, Ltd. (a)		13,163		138,071
Mizuho Financial Group, Inc.		2,213,860		3,719,946
National Australia Bank, Ltd.		226,957		6,183,959
Natixis S.A.		89,693		589,806
Nordea Bank AB		291,395		3,365,467
Oversea-Chinese Banking Corp., Ltd.		278,200		2,186,476
PNC Financial Services Group, Inc. (The)		30,435		2,776,585
Raiffeisen Bank International AG		11,184		167,102
Regions Financial Corp.		77,615		819,614
Resona Holdings, Inc.		211,726		1,068,605
Banks—(Continued)
Royal Bank of Scotland Group plc (a)		242,564		1,472,490
Seven Bank, Ltd.		57,128		240,439
Shinsei Bank, Ltd.		158,300		276,362
Shizuoka Bank, Ltd. (The) (b)		50,824		464,890
Skandinaviska Enskilda Banken AB - Class A		145,724		1,843,336
Societe Generale S.A.		69,521		2,921,363
Standard Chartered plc		236,969		3,553,825
Sumitomo Mitsui Financial Group, Inc.		122,150		4,413,585
Sumitomo Mitsui Trust Holdings, Inc.		318,090		1,213,954
SunTrust Banks, Inc.		29,900		1,252,810
Suruga Bank, Ltd.		17,000		311,480
Svenska Handelsbanken AB - A Shares		47,885		2,235,882
Swedbank AB - A Shares		86,878		2,161,781
U.S. Bancorp		101,535		4,563,998
UniCredit S.p.A.		421,233		2,684,732
Unione di Banche Italiane SCPA		81,676		581,400
United Overseas Bank, Ltd.		124,400		2,299,890
Wells Fargo & Co. (d)		267,710		14,675,862
Westpac Banking Corp.		298,262		8,018,393
Yamaguchi Financial Group, Inc. (b)		20,000		206,038
Zions Bancorporation		11,360		323,874
				222,683,384
Beverages—1.0%
Anheuser-Busch InBev NV		77,143		8,681,188
Asahi Group Holdings, Ltd.		37,163		1,147,081
Brown-Forman Corp. - Class B		8,927		784,148
Carlsberg A/S - Class B		10,304		800,164
Coca-Cola Amatil, Ltd.		54,602		413,198
Coca-Cola Co. (The) (d)		222,510		9,394,372
Coca-Cola Enterprises, Inc.		12,690		561,152
Coca-Cola HBC AG (a)		19,325		367,693
Constellation Brands, Inc. - Class A (a)		9,475		930,161
Diageo plc		241,014		6,912,558
Dr Pepper Snapple Group, Inc.		10,940		784,179
Heineken Holding NV		9,688		607,269
Heineken NV		22,104		1,570,252
Kirin Holdings Co., Ltd. (b)		78,148		968,031
Molson Coors Brewing Co. - Class B		9,005		671,053
Monster Beverage Corp. (a)		8,080		875,468
PepsiCo, Inc.		84,925		8,030,508
Pernod-Ricard S.A.		20,371		2,258,674
Remy Cointreau S.A.		2,384		159,239
SABMiller plc		92,780		4,801,578
Suntory Beverage & Food, Ltd.		13,397		462,569
Treasury Wine Estates, Ltd.		61,864		240,660
				51,421,195
Biotechnology—0.7%
Actelion, Ltd. (a)		9,854		1,133,675
Alexion Pharmaceuticals, Inc. (a)		11,200		2,072,336
Amgen, Inc.		42,883		6,830,833
Biogen Idec, Inc. (a)		13,330		4,524,868
Celgene Corp. (a)		45,040		5,038,174
CSL, Ltd.		45,529		3,205,746
Gilead Sciences, Inc. (a)		85,220		8,032,837

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

See accompanying notes to consolidated financial statements.

MIST-6

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Grifols S.A. (b)		14,312	$	569,727
Regeneron Pharmaceuticals, Inc. (a)		4,241		1,739,870
Vertex Pharmaceuticals, Inc. (a)		13,467		1,599,880
				34,747,946
Building Products—0.2%
Allegion plc		5,401		299,539
Asahi Glass Co., Ltd. (b)		96,533		471,382
Assa Abloy AB - Class B		32,052		1,693,849
Cie de St-Gobain		43,590		1,835,108
Daikin Industries, Ltd.		22,491		1,450,609
Geberit AG		3,635		1,235,294
LIXIL Group Corp.		25,529		539,889
Masco Corp.		20,075		505,890
TOTO, Ltd.		27,000		314,043
				8,345,603
Capital Markets—0.9%
3i Group plc		92,636		643,803
Aberdeen Asset Management plc		88,260		589,500
Affiliated Managers Group, Inc. (a)		3,205		680,229
Ameriprise Financial, Inc.		10,615		1,403,834
Bank of New York Mellon Corp. (The)		63,785		2,587,758
BlackRock, Inc.		7,110		2,542,252
Charles Schwab Corp. (The)		64,645		1,951,633
Credit Suisse Group AG (a)		146,473		3,671,906
Daiwa Securities Group, Inc.		159,135		1,239,282
Deutsche Bank AG		132,319		3,999,442
E*Trade Financial Corp. (a)		16,215		393,295
Franklin Resources, Inc.		22,141		1,225,947
Goldman Sachs Group, Inc. (The)		23,150		4,487,165
Hargreaves Lansdown plc		22,669		353,448
ICAP plc		52,491		366,133
Invesco, Ltd.		24,320		961,126
Investec plc		52,979		442,574
Julius Baer Group, Ltd. (a)		21,452		978,963
Legg Mason, Inc.		5,730		305,810
Macquarie Group, Ltd.		27,736		1,309,101
Mediobanca S.p.A.		57,616		466,500
Morgan Stanley		86,260		3,346,888
Nomura Holdings, Inc.		348,326		1,982,178
Northern Trust Corp.		12,490		841,826
Partners Group Holding AG		1,672		484,893
SBI Holdings, Inc.		19,389		210,536
Schroders plc		12,004		497,511
State Street Corp.		23,890		1,875,365
T. Rowe Price Group, Inc.		14,790		1,269,869
UBS Group AG (a)		348,908		5,997,624
				47,106,391
Chemicals—1.3%
Air Liquide S.A.		33,057		4,078,857
Air Products & Chemicals, Inc.		10,845		1,564,174
Air Water, Inc.		14,767		234,095
Airgas, Inc.		3,760		433,077
Akzo Nobel NV		23,276		1,614,067
Chemicals—(Continued)
Arkema S.A.		6,268		415,660
Asahi Kasei Corp.		120,475		1,104,078
BASF SE		88,113		7,448,518
CF Industries Holdings, Inc.		2,860		779,464
Croda International plc		13,047		537,588
Daicel Corp.		26,442		309,590
Dow Chemical Co. (The)		63,240		2,884,376
E.I. du Pont de Nemours & Co.		51,555		3,811,977
Eastman Chemical Co.		8,380		635,707
Ecolab, Inc.		15,245		1,593,407
EMS-Chemie Holding AG		798		323,990
FMC Corp.		7,440		424,303
Givaudan S.A. (a)		888		1,587,794
Hitachi Chemical Co., Ltd.		9,988		176,930
Incitec Pivot, Ltd.		158,769		410,557
International Flavors & Fragrances, Inc.		4,585		464,736
Israel Chemicals, Ltd.		42,467		306,313
Israel Corp., Ltd. (The) (a)		264		125,475
Johnson Matthey plc		19,725		1,034,065
JSR Corp. (b)		17,120		293,982
K&S AG (b)		16,546		459,465
Kaneka Corp.		25,974		139,665
Kansai Paint Co., Ltd.		22,548		348,470
Koninklijke DSM NV		16,553		1,006,529
Kuraray Co., Ltd.		33,005		376,294
Lanxess AG		8,851		411,777
Linde AG		17,819		3,323,596
LyondellBasell Industries NV - Class A		23,971		1,903,058
Mitsubishi Chemical Holdings Corp.		129,632		631,271
Mitsubishi Gas Chemical Co., Inc. (b)		36,159		181,644
Mitsui Chemicals, Inc. (b)		78,044		221,683
Monsanto Co.		29,580		3,533,923
Mosaic Co. (The)		17,880		816,222
Nippon Paint Holdings Co., Ltd. (b)		17,000		493,433
Nitto Denko Corp.		15,070		842,767
Novozymes A/S - B Shares		22,988		964,481
Orica, Ltd.		35,767		548,156
PPG Industries, Inc.		7,845		1,813,372
Praxair, Inc.		16,525		2,140,979
Sherwin-Williams Co. (The)		4,760		1,252,070
Shin-Etsu Chemical Co., Ltd.		39,389		2,562,539
Sigma-Aldrich Corp.		6,685		917,650
Sika AG		207		607,133
Solvay S.A.		5,722		772,994
Sumitomo Chemical Co., Ltd.		142,637		564,736
Symrise AG		11,831		717,478
Syngenta AG		8,918		2,863,574
Taiyo Nippon Sanso Corp. (b)		14,268		157,440
Teijin, Ltd.		89,665		238,787
Toray Industries, Inc.		140,548		1,125,646
Umicore S.A.		10,445		420,694
Yara International ASA		17,225		770,331
				65,720,637
Commercial Services & Supplies—0.2%
ADT Corp. (The) (b)		9,722		352,228

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Commercial Services & Supplies—(Continued)
Aggreko plc		24,639	$	574,050
Babcock International Group plc		24,179		395,591
Brambles, Ltd.		149,990		1,291,695
Cintas Corp.		5,430		425,929
Dai Nippon Printing Co., Ltd.		52,963		478,002
Edenred		19,744		548,233
G4S plc		147,932		636,636
ISS A/S (a)		8,906		256,393
Park24 Co., Ltd.		9,480		139,605
Pitney Bowes, Inc.		11,410		278,062
Republic Services, Inc.		14,185		570,946
Secom Co., Ltd.		20,129		1,156,453
Securitas AB - B Shares		29,854		361,718
Societe BIC S.A.		2,769		367,486
Stericycle, Inc. (a)		4,815		631,150
Toppan Printing Co., Ltd.		52,929		344,571
Tyco International plc		24,925		1,093,211
Waste Management, Inc.		24,435		1,254,004
				11,155,963
Communications Equipment—0.5%
Alcatel-Lucent (a) (b)		269,968		958,434
Cisco Systems, Inc. (d)		287,400		7,994,031
F5 Networks, Inc. (a)		4,185		545,996
Harris Corp.		5,890		423,020
Juniper Networks, Inc.		22,620		504,878
Motorola Solutions, Inc.		12,400		831,792
Nokia Oyj		359,270		2,827,647
QUALCOMM, Inc.		94,505		7,024,557
Telefonaktiebolaget LM Ericsson - B Shares		291,954		3,535,837
				24,646,192
Construction & Engineering—0.2%
ACS Actividades de Construccion y Servicios S.A.		16,907		585,403
Boskalis Westminster NV		8,282		452,790
Bouygues S.A.		16,106		581,190
Chiyoda Corp. (b)		15,000		123,373
Ferrovial S.A. (b)		39,966		787,477
Fluor Corp.		8,895		539,304
Jacobs Engineering Group, Inc. (a)		7,450		332,940
JGC Corp.		20,182		415,932
Kajima Corp. (b)		80,151		331,251
Leighton Holdings, Ltd.		9,707		176,614
Obayashi Corp. (b)		61,450		394,939
OCI NV (a) (b)		8,057		279,621
Quanta Services, Inc. (a)		12,185		345,932
Shimizu Corp.		56,178		382,527
Skanska AB - B Shares		36,444		779,126
Taisei Corp. (b)		98,221		559,098
Vinci S.A.		46,927		2,567,878
				9,635,395
Construction Materials—0.2%
Boral, Ltd.		74,246		318,474
CRH plc (Dublin Exchange)		60,027		1,444,207
Construction Materials—(Continued)
CRH plc (London Exchange)		10,900		258,897
Fletcher Building, Ltd.		65,581		422,993
HeidelbergCement AG		13,539		963,141
Holcim, Ltd. (a)		21,965		1,559,737
Imerys S.A.		3,316		244,535
James Hardie Industries plc		42,746		455,151
Lafarge S.A.		17,930		1,258,405
Martin Marietta Materials, Inc. (b)		3,512		387,444
Taiheiyo Cement Corp.		112,000		352,428
Vulcan Materials Co.		7,350		483,116
				8,148,528
Consumer Finance—0.2%
Acom Co., Ltd. (a) (b)		38,280		116,473
AEON Financial Service Co., Ltd. (b)		11,005		215,138
American Express Co.		50,780		4,724,571
Capital One Financial Corp.		31,665		2,613,946
Credit Saison Co., Ltd.		14,215		264,481
Discover Financial Services		25,985		1,701,758
Navient Corp.		23,635		510,752
				10,147,119
Containers & Packaging—0.1%
Amcor, Ltd.		115,761		1,273,892
Avery Dennison Corp.		5,200		269,776
Ball Corp.		7,770		529,681
MeadWestvaco Corp.		9,400		417,266
Owens-Illinois, Inc. (a)		9,270		250,197
Rexam plc		67,096		471,705
Sealed Air Corp.		11,895		504,705
Toyo Seikan Group Holdings, Ltd.		15,696		193,633
				3,910,855
Distributors—0.0%
Genuine Parts Co.		8,615		918,100
Jardine Cycle & Carriage, Ltd.		10,200		327,522
				1,245,622
Diversified Consumer Services—0.0%
Benesse Holdings, Inc.		6,454		191,720
H&R Block, Inc.		15,455		520,525
				712,245
Diversified Financial Services—0.6%
ASX, Ltd.		18,608		555,442
Berkshire Hathaway, Inc. - Class B (a) (d)		102,820		15,438,423
CME Group, Inc.		17,785		1,576,640
Deutsche Boerse AG		18,541		1,328,723
Eurazeo S.A.		3,649		254,889
Exor S.p.A.		9,453		385,657
First Pacific Co., Ltd.		224,500		221,318
Groupe Bruxelles Lambert S.A.		7,745		659,234
Hong Kong Exchanges and Clearing, Ltd.		106,400		2,340,659
Industrivarden AB - C Shares		15,715		272,948
Intercontinental Exchange, Inc.		6,436		1,411,350

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Financial Services—(Continued)
Investment AB Kinnevik - B Shares		22,658	$	734,831
Investor AB - B Shares		43,697		1,583,549
Japan Exchange Group, Inc. (b)		25,123		585,325
Leucadia National Corp.		17,775		398,515
London Stock Exchange Group plc		21,635		743,300
McGraw Hill Financial, Inc.		15,315		1,362,729
Mitsubishi UFJ Lease & Finance Co., Ltd.		47,260		223,328
Moody’s Corp.		10,525		1,008,400
NASDAQ OMX Group, Inc. (The)		6,570		315,097
ORIX Corp.		126,980		1,587,363
Pargesa Holding S.A.		3,017		232,410
Singapore Exchange, Ltd.		76,600		450,384
Wendel S.A.		3,064		342,430
				34,012,944
Diversified Telecommunication Services—1.2%
AT&T, Inc. (d)		292,251		9,816,711
Belgacom S.A. (b)		14,687		531,814
Bezeq The Israeli Telecommunication Corp., Ltd.		182,189		323,910
BT Group plc		780,901		4,847,493
CenturyLink, Inc.		32,050		1,268,539
Deutsche Telekom AG		304,580		4,881,892
Elisa Oyj		13,654		371,617
Frontier Communications Corp. (b)		56,465		376,622
HKT Trust / HKT, Ltd.		254,200		330,092
Iliad S.A.		2,522		605,831
Inmarsat plc		40,708		504,472
Koninklijke KPN NV		307,245		968,676
Level 3 Communications, Inc. (a)		15,714		775,957
Nippon Telegraph & Telephone Corp.		36,014		1,853,209
Orange S.A.		177,882		3,025,110
PCCW, Ltd.		389,700		266,480
Singapore Telecommunications, Ltd.		761,400		2,233,390
Singapore Telecommunications, Ltd.		3,000		8,806
Spark New Zealand, Ltd.		173,913		421,376
Swisscom AG		2,241		1,176,751
TDC A/S		77,418		589,975
Telecom Italia S.p.A. (a) (b)		969,238		1,027,896
Telecom Italia S.p.A. - Risparmio Shares		574,543		480,223
Telefonica Deutschland Holding AG (a)		57,071		304,784
Telefonica S.A.		404,163		5,781,133
Telenor ASA		72,020		1,452,165
TeliaSonera AB		228,470		1,469,279
Telstra Corp., Ltd.		417,798		2,028,912
TPG Telecom, Ltd.		26,556		144,949
Verizon Communications, Inc. (d)		233,620		10,928,744
Vivendi S.A. (a)		116,432		2,904,415
Windstream Holdings, Inc.		33,950		279,748
				61,980,971
Electric Utilities—0.7%
American Electric Power Co., Inc.		27,550		1,672,836
AusNet Services		160,953		173,879
Cheung Kong Infrastructure Holdings, Ltd.		58,400		431,509
Chubu Electric Power Co., Inc. (a)		61,837		727,477
Electric Utilities—(Continued)
Chugoku Electric Power Co., Inc. (The) (b)		28,434		372,365
CLP Holdings, Ltd.		181,482		1,574,822
Contact Energy, Ltd.		34,436		171,378
Duke Energy Corp.		39,815		3,326,145
Edison International		18,345		1,201,231
EDP - Energias de Portugal S.A.		221,352		856,063
Electricite de France S.A.		23,181		636,524
Enel S.p.A.		631,468		2,823,448
Entergy Corp.		10,125		885,735
Exelon Corp.		48,424		1,795,562
FirstEnergy Corp.		23,625		921,139
Fortum Oyj		42,555		919,589
Hokuriku Electric Power Co.		16,111		205,744
Iberdrola S.A.		484,061		3,256,847
Kansai Electric Power Co., Inc. (The) (a)		67,533		642,489
Kyushu Electric Power Co., Inc. (a)		40,897		409,587
Mighty River Power, Ltd.		67,154		155,785
NextEra Energy, Inc.		24,645		2,619,517
Northeast Utilities		17,765		950,783
Pepco Holdings, Inc.		14,060		378,636
Pinnacle West Capital Corp.		6,150		420,106
Power Assets Holdings, Ltd.		132,900		1,283,040
PPL Corp.		37,415		1,359,287
Red Electrica Corp. S.A. (b)		10,379		911,142
Shikoku Electric Power Co., Inc. (a)		17,152		207,925
Southern Co. (The) (b)		50,395		2,474,898
SSE plc		93,538		2,348,239
Terna Rete Elettrica Nazionale S.p.A.		143,727		651,097
Tohoku Electric Power Co., Inc.		43,438		504,595
Tokyo Electric Power Co., Inc. (a)		138,685		565,125
Xcel Energy, Inc.		28,410		1,020,487
				38,855,031
Electrical Equipment—0.4%
ABB, Ltd. (a)		210,959		4,462,140
Alstom S.A. (a)		20,772		670,073
AMETEK, Inc.		13,867		729,820
Eaton Corp. plc		26,838		1,823,911
Emerson Electric Co.		39,295		2,425,680
Fuji Electric Co., Ltd.		52,942		211,197
Legrand S.A.		25,484		1,334,059
Mabuchi Motor Co., Ltd.		4,848		191,055
Mitsubishi Electric Corp.		184,739		2,199,508
Nidec Corp.		20,900		1,355,627
OSRAM Licht AG (a)		8,625		339,847
Prysmian S.p.A.		19,445		353,922
Rockwell Automation, Inc.		7,745		861,244
Schneider Electric SE		50,386		3,661,140
Vestas Wind Systems A/S (a)		21,544		778,265
				21,397,488
Electronic Equipment, Instruments & Components—0.4%
Amphenol Corp. - Class A		17,670		950,823
Citizen Holdings Co., Ltd.		25,300		194,641
Corning, Inc.		72,740		1,667,928
FLIR Systems, Inc.		7,905		255,411

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Electronic Equipment, Instruments & Components—(Continued)
Hamamatsu Photonics KK		6,834	$	326,560
Hexagon AB - B Shares		24,484		757,163
Hirose Electric Co., Ltd.		2,955		344,010
Hitachi High-Technologies Corp.		6,011		173,437
Hitachi, Ltd.		463,158		3,389,047
Hoya Corp.		40,850		1,367,698
Ibiden Co., Ltd.		11,567		169,988
Japan Display, Inc. (a) (b)		34,489		105,490
Keyence Corp.		4,388		1,943,611
Kyocera Corp.		30,800		1,411,681
Murata Manufacturing Co., Ltd.		19,446		2,124,155
Nippon Electric Glass Co., Ltd.		37,602		169,512
Omron Corp.		19,666		881,439
Shimadzu Corp.		22,283		226,775
TDK Corp.		11,825		696,725
TE Connectivity, Ltd.		23,000		1,454,750
Yaskawa Electric Corp. (b)		22,000		281,405
Yokogawa Electric Corp.		20,643		227,235
				19,119,484
Energy Equipment & Services—0.3%
Amec Foster Wheeler plc		37,181		486,624
Baker Hughes, Inc.		24,525		1,375,117
Cameron International Corp. (a)		11,400		569,430
Diamond Offshore Drilling, Inc. (b)		3,715		136,378
Ensco plc - Class A		13,170		394,441
FMC Technologies, Inc. (a)		13,230		619,693
Halliburton Co.		47,950		1,885,873
Helmerich & Payne, Inc.		6,105		411,599
Nabors Industries, Ltd.		16,215		210,471
National Oilwell Varco, Inc.		24,205		1,586,154
Noble Corp. plc (b)		14,265		236,371
Petrofac, Ltd.		25,003		271,174
Saipem S.p.A. (a) (b)		25,369		266,433
Schlumberger, Ltd. (d)		73,090		6,242,617
Seadrill, Ltd. (b)		37,842		435,613
Subsea 7 S.A. (b)		26,901		274,330
Technip S.A.		9,850		588,180
Tenaris S.A. (b)		45,256		683,573
Transocean, Ltd. (b)		19,180		351,569
Transocean, Ltd. (Swiss-Traded Shares) (b)		34,746		636,785
WorleyParsons, Ltd.		19,861		163,820
				17,826,245
Food & Staples Retailing—0.9%
Aeon Co., Ltd. (b)		60,829		612,270
Carrefour S.A.		59,928		1,820,734
Casino Guichard Perrachon S.A.		5,427		499,415
Colruyt S.A.		6,742		312,623
Costco Wholesale Corp.		24,695		3,500,516
CVS Health Corp.		65,315		6,290,488
Delhaize Group S.A. (b)		9,906		719,591
Distribuidora Internacional de Alimentacion S.A.		59,120		397,520
FamilyMart Co., Ltd. (b)		5,614		209,579
ICA Gruppen AB		7,426		290,659
Food & Staples Retailing—(Continued)
J Sainsbury plc (b)		119,297		453,537
Jeronimo Martins SGPS S.A. (b)		24,196		242,520
Koninklijke Ahold NV		85,800		1,525,184
Kroger Co. (The)		27,480		1,764,491
Lawson, Inc. (b)		6,276		379,499
Metcash, Ltd. (b)		84,910		127,687
Metro AG (a)		15,643		478,933
Safeway, Inc.		12,900		453,048
Seven & I Holdings Co., Ltd.		72,331		2,609,031
Sysco Corp.		33,045		1,311,556
Tesco plc		779,267		2,267,608
Wal-Mart Stores, Inc. (d)		88,974		7,641,087
Walgreens Boots Alliance, Inc.		49,595		3,779,139
Wesfarmers, Ltd.		107,387		3,635,377
Whole Foods Market, Inc.		20,300		1,023,526
WM Morrison Supermarkets plc		200,874		571,681
Woolworths, Ltd.		120,866		3,011,416
				45,928,715
Food Products—1.2%
Ajinomoto Co., Inc.		54,281		1,005,812
Archer-Daniels-Midland Co.		36,355		1,890,460
Aryzta AG (a)		8,362		642,515
Associated British Foods plc		34,177		1,660,512
Barry Callebaut AG (a)		215		220,197
Calbee, Inc.		7,080		244,407
Campbell Soup Co. (b)		9,990		439,560
Chocoladefabriken Lindt & Spruengli AG		10		573,965
Chocoladefabriken Lindt & Spruengli AG (Participation Certifcate)		91		449,248
ConAgra Foods, Inc.		23,740		861,287
Danone S.A.		55,586		3,656,808
General Mills, Inc.		34,460		1,837,752
Golden Agri-Resources, Ltd.		676,600		234,645
Hershey Co. (The)		8,365		869,375
Hormel Foods Corp.		7,505		391,011
J.M. Smucker Co. (The)		5,785		584,169
Kellogg Co.		14,355		939,391
Kerry Group plc - Class A (Dublin Exchange)		9,082		626,623
Kerry Group plc - Class A (London Exchange)		6,107		427,993
Keurig Green Mountain, Inc.		6,883		911,275
Kikkoman Corp.		14,100		345,926
Kraft Foods Group, Inc.		33,423		2,094,285
McCormick & Co., Inc. (b)		7,270		540,161
Mead Johnson Nutrition Co.		11,430		1,149,172
MEIJI Holdings Co., Ltd. (b)		5,918		538,983
Mondelez International, Inc. - Class A		94,960		3,449,422
Nestle S.A.		309,367		22,677,078
NH Foods, Ltd.		16,715		365,610
Nisshin Seifun Group, Inc. (b)		20,400		197,661
Nissin Foods Holdings Co., Ltd.		5,634		269,615
Orkla ASA		77,914		531,006
Tate & Lyle plc		44,620		419,137
Toyo Suisan Kaisha, Ltd. (b)		8,477		273,715
Tyson Foods, Inc. - Class A		16,450		659,481
Unilever NV		156,275		6,138,913

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Food Products—(Continued)
Unilever plc		123,127	$	5,001,513
WH Group, Ltd. (144A) (a)		351,300		200,081
Wilmar International, Ltd.		183,339		447,252
Yakult Honsha Co., Ltd. (b)		8,492		448,152
Yamazaki Baking Co., Ltd. (b)		10,748		132,615
				64,346,783
Gas Utilities—0.1%
AGL Resources, Inc.		6,730		366,852
APA Group (b)		106,242		646,881
Enagas S.A.		19,547		618,717
Gas Natural SDG S.A.		33,586		844,918
Hong Kong & China Gas Co., Ltd.		605,039		1,374,608
Osaka Gas Co., Ltd.		179,489		670,859
Snam S.p.A.		194,647		960,218
Toho Gas Co., Ltd. (b)		39,048		191,360
Tokyo Gas Co., Ltd.		222,460		1,200,430
				6,874,843
Health Care Equipment & Supplies—0.6%
Abbott Laboratories		84,700		3,813,194
Baxter International, Inc.		30,500		2,235,345
Becton Dickinson & Co.		10,790		1,501,536
Boston Scientific Corp. (a)		74,680		989,510
C.R. Bard, Inc.		4,185		697,305
CareFusion Corp. (a)		11,420		677,663
Cochlear, Ltd. (b)		5,519		348,321
Coloplast A/S - Class B		10,710		901,430
Covidien plc		25,465		2,604,560
DENTSPLY International, Inc.		7,945		423,230
Edwards Lifesciences Corp. (a)		6,030		768,101
Elekta AB - B Shares		35,180		359,052
Essilor International S.A.		19,604		2,182,252
Getinge AB - B Shares		19,294		438,241
Intuitive Surgical, Inc. (a)		2,020		1,068,459
Medtronic, Inc.		55,235		3,987,967
Olympus Corp. (a)		23,006		810,637
Smith & Nephew plc		85,588		1,571,345
Sonova Holding AG		5,170		757,886
St. Jude Medical, Inc.		15,985		1,039,504
Stryker Corp.		16,870		1,591,347
Sysmex Corp.		14,000		621,085
Terumo Corp.		29,200		665,021
Varian Medical Systems, Inc. (a)		5,825		503,921
William Demant Holding A/S (a) (b)		2,167		164,480
Zimmer Holdings, Inc.		9,535		1,081,460
				31,802,852
Health Care Providers & Services—0.6%
Aetna, Inc.		19,944		1,771,626
Alfresa Holdings Corp.		16,900		204,244
AmerisourceBergen Corp.		11,985		1,080,568
Anthem, Inc.		15,480		1,945,372
Cardinal Health, Inc.		18,930		1,528,219
Celesio AG		4,855		156,984
Health Care Providers & Services—(Continued)
Cigna Corp.		14,825		1,525,641
DaVita HealthCare Partners, Inc. (a)		9,630		729,376
Express Scripts Holding Co. (a)		42,014		3,557,325
Extendicare Inc. (b)		9,700		54,436
Fresenius Medical Care AG & Co. KGaA		20,822		1,558,336
Fresenius SE & Co. KGaA		36,310		1,896,115
Healthscope, Ltd. (a)		108,007		239,140
Humana, Inc.		8,700		1,249,581
Laboratory Corp. of America Holdings (a)		4,825		520,617
McKesson Corp.		13,055		2,709,957
Medipal Holdings Corp.		12,887		149,656
Miraca Holdings, Inc.		5,443		234,563
Patterson Cos., Inc.		4,780		229,918
Quest Diagnostics, Inc.		8,105		543,521
Ramsay Health Care, Ltd.		12,670		587,521
Ryman Healthcare, Ltd.		35,267		234,127
Sonic Healthcare, Ltd.		36,361		546,054
Suzuken Co., Ltd.		6,765		186,965
Tenet Healthcare Corp. (a)		5,457		276,506
UnitedHealth Group, Inc.		54,800		5,539,732
Universal Health Services, Inc. - Class B		5,200		578,552
				29,834,652
Health Care Technology—0.0%
Cerner Corp. (a)		17,060		1,103,099
M3, Inc.		18,611		309,485
				1,412,584
Hotels, Restaurants & Leisure—0.6%
Accor S.A.		16,560		741,990
Carnival Corp.		25,320		1,147,756
Carnival plc		17,649		796,885
Chipotle Mexican Grill, Inc. (a)		1,815		1,242,386
Compass Group plc		160,932		2,742,978
Crown Resorts, Ltd.		34,811		357,624
Darden Restaurants, Inc.		7,375		432,396
Flight Centre Travel Group, Ltd. (b)		5,369		142,005
Galaxy Entertainment Group, Ltd.		223,771		1,245,658
Genting Singapore plc (b)		587,000		475,604
InterContinental Hotels Group plc		22,652		907,714
Marriott International, Inc. - Class A		12,275		957,818
McDonald’s Corp.		55,340		5,185,358
McDonald’s Holdings Co. Japan, Ltd. (b)		6,377		139,509
Merlin Entertainments plc		48,626		300,198
MGM China Holdings, Ltd.		90,500		228,144
Oriental Land Co., Ltd.		4,860		1,114,494
Royal Caribbean Cruises, Ltd.		9,414		775,996
Sands China, Ltd.		232,135		1,130,538
Shangri-La Asia, Ltd.		133,200		182,944
SJM Holdings, Ltd.		189,856		298,787
Sodexo S.A.		9,088		891,074
Starbucks Corp.		42,330		3,473,177
Starwood Hotels & Resorts Worldwide, Inc.		10,765		872,719
TABCORP Holdings, Ltd.		71,914		242,605
Tatts Group, Ltd.		137,644		387,231
TUI AG (a)		19,187		308,319

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—(Continued)
Whitbread plc		17,417	$	1,285,322
William Hill plc		83,947		472,083
Wyndham Worldwide Corp.		7,065		605,894
Wynn Macau, Ltd.		148,278		414,325
Wynn Resorts, Ltd.		4,550		676,858
Yum! Brands, Inc.		24,740		1,802,309
				31,978,698
Household Durables—0.3%
Casio Computer Co., Ltd. (b)		19,300		296,394
D.R. Horton, Inc.		18,650		471,658
Electrolux AB - Series B		23,114		678,194
Garmin, Ltd. (b)		6,770		357,659
Harman International Industries, Inc.		3,830		408,699
Husqvarna AB - B Shares		38,957		286,503
Iida Group Holdings Co., Ltd.		15,479		187,993
Leggett & Platt, Inc. (b)		7,680		327,245
Lennar Corp. - Class A (b)		9,995		447,876
Mohawk Industries, Inc. (a)		3,460		537,546
Newell Rubbermaid, Inc.		15,425		587,538
Nikon Corp. (b)		32,655		433,594
Panasonic Corp.		211,828		2,488,698
Persimmon plc (a)		29,342		717,762
PulteGroup, Inc.		18,980		407,311
Rinnai Corp.		3,575		240,730
Sekisui Chemical Co., Ltd.		40,915		492,556
Sekisui House, Ltd.		53,549		701,374
Sharp Corp. (a) (b)		146,178		323,948
Sony Corp.		100,575		2,047,589
Techtronic Industries Co., Ltd.		131,100		420,135
Whirlpool Corp.		4,430		858,268
				13,719,270
Household Products—0.5%
Clorox Co. (The)		7,215		751,875
Colgate-Palmolive Co.		48,350		3,345,337
Henkel AG & Co. KGaA		11,228		1,093,332
Kimberly-Clark Corp.		21,135		2,441,938
Procter & Gamble Co. (The) (d)		152,625		13,902,611
Reckitt Benckiser Group plc		62,345		5,029,458
Svenska Cellulosa AB SCA - B Shares		56,374		1,217,455
Unicharm Corp.		35,700		859,107
				28,641,113
Independent Power and Renewable Electricity Producers—0.0%
AES Corp.		37,485		516,168
Electric Power Development Co., Ltd.		11,170		378,081
Enel Green Power S.p.A.		166,848		346,656
Meridian Energy, Ltd.		120,436		165,123
NRG Energy, Inc.		19,005		512,185
				1,918,213
Industrial Conglomerates—0.8%
3M Co.		36,545		6,005,074
Danaher Corp.		34,360		2,944,996
Industrial Conglomerates—(Continued)
General Electric Co. (d)		565,545		14,291,322
Hutchison Whampoa International, Ltd.		204,600		2,345,009
Keihan Electric Railway Co., Ltd.		48,000		256,363
Keppel Corp., Ltd.		139,000		927,500
Koninklijke Philips NV		91,776		2,664,731
NWS Holdings, Ltd.		143,500		262,431
Roper Industries, Inc.		5,690		889,632
Seibu Holdings, Inc. (b)		11,513		234,888
Sembcorp Industries, Ltd.		93,600		313,885
Siemens AG		76,066		8,626,661
Smiths Group plc		37,819		640,091
Toshiba Corp.		385,779		1,633,541
				42,036,124
Insurance—1.8%
ACE, Ltd.		18,940		2,175,827
Admiral Group plc		18,710		383,155
Aegon NV		174,988		1,312,936
Aflac, Inc.		25,485		1,556,879
Ageas		21,053		746,618
AIA Group, Ltd.		1,155,473		6,340,449
Allianz SE		43,794		7,276,535
Allstate Corp. (The)		24,365		1,711,641
American International Group, Inc.		80,435		4,505,164
AMP, Ltd.		283,746		1,262,669
Aon plc		16,380		1,553,315
Assicurazioni Generali S.p.A.		112,017		2,289,118
Assurant, Inc.		4,005		274,062
Aviva plc		282,773		2,118,866
AXA S.A.		174,243		4,024,410
Baloise Holding AG		4,586		585,703
Chubb Corp. (The)		13,570		1,404,088
Cincinnati Financial Corp.		8,310		430,707
CNP Assurances		16,499		292,162
Dai-ichi Life Insurance Co., Ltd. (The)		103,430		1,569,520
Delta Lloyd NV		19,123		420,280
Direct Line Insurance Group plc		143,375		646,667
Friends Life Group, Ltd.		135,205		764,404
Genworth Financial, Inc. - Class A (a)		27,915		237,278
Gjensidige Forsikring ASA		19,318		314,665
Hannover Rueck SE		5,828		528,640
Hartford Financial Services Group, Inc. (The)		25,240		1,052,256
Insurance Australia Group, Ltd.		223,819		1,134,742
Legal & General Group plc		569,636		2,187,869
Lincoln National Corp.		14,640		844,289
Loews Corp.		17,140		720,223
Mapfre S.A.		88,306		297,377
Marsh & McLennan Cos., Inc.		30,650		1,754,406
Medibank Pvt, Ltd. (a)		265,179		521,746
MetLife, Inc. (e)		63,375		3,427,954
MS&AD Insurance Group Holdings		48,639		1,155,267
Muenchener Rueckversicherungs-Gesellschaft AG		16,591		3,323,871
NN Group NV (a)		11,752		350,180
Old Mutual plc		470,615		1,384,039
Principal Financial Group, Inc.		15,375		798,577

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
Progressive Corp. (The)		30,305	$	817,932
Prudential Financial, Inc.		25,930		2,345,628
Prudential plc		246,207		5,665,754
QBE Insurance Group, Ltd.		128,739		1,167,714
RSA Insurance Group plc (a)		96,788		651,373
Sampo Oyj - A Shares		42,886		2,010,907
SCOR SE		14,730		445,771
Sompo Japan Nipponkoa Holdings, Inc.		31,766		798,280
Sony Financial Holdings, Inc.		16,692		246,140
Standard Life plc		229,413		1,413,282
Suncorp Group, Ltd.		123,472		1,406,983
Swiss Life Holding AG (a)		3,083		728,557
Swiss Re AG (a)		33,785		2,826,903
T&D Holdings, Inc.		55,552		668,312
Tokio Marine Holdings, Inc.		66,479		2,158,889
Torchmark Corp.		7,355		398,420
Travelers Cos., Inc. (The)		19,080		2,019,618
Tryg A/S		2,005		224,168
UnipolSai S.p.A.		85,568		229,286
Unum Group		14,295		498,610
Vienna Insurance Group AG Wiener Versicherung Gruppe		3,710		165,132
XL Group plc		14,965		514,347
Zurich Insurance Group AG (a)		14,337		4,489,528
				95,570,088
Internet & Catalog Retail—0.2%
Amazon.com, Inc. (a)		21,390		6,638,386
Expedia, Inc.		5,585		476,736
Netflix, Inc. (a)		3,383		1,155,667
Priceline Group, Inc. (The) (a)		2,995		3,414,929
Rakuten, Inc. (a) (b)		76,401		1,063,701
TripAdvisor, Inc. (a)		6,305		470,731
				13,220,150
Internet Software & Services—0.7%
Akamai Technologies, Inc. (a)		10,010		630,229
eBay, Inc. (a)		63,675		3,573,441
Facebook, Inc. - Class A (a)		117,682		9,181,550
Google, Inc. - Class A (a) (d)		16,040		8,511,786
Google, Inc. - Class C (a) (d)		16,040		8,443,456
Kakaku.com, Inc. (b)		13,954		200,616
Mixi, Inc. (b)		3,592		134,057
United Internet AG		11,800		535,107
VeriSign, Inc. (a)		6,335		361,095
Yahoo Japan Corp. (b)		136,583		492,847
Yahoo!, Inc. (a)		52,095		2,631,318
				34,695,502
IT Services—0.8%
Accenture plc - Class A		35,595		3,178,989
Alliance Data Systems Corp. (a)		3,150		901,058
Amadeus IT Holding S.A. - A Shares		40,792		1,620,960
AtoS		7,749		613,202
Automatic Data Processing, Inc.		27,095		2,258,910
IT Services—(Continued)
Cap Gemini S.A.		13,792		982,377
Cognizant Technology Solutions Corp. - Class A (a)		34,250		1,803,605
Computer Sciences Corp.		8,155		514,173
Computershare, Ltd.		45,075		431,085
Fidelity National Information Services, Inc.		16,085		1,000,487
Fiserv, Inc. (a)		14,060		997,838
Fujitsu, Ltd.		178,016		948,267
International Business Machines Corp. (d)		52,296		8,390,370
Itochu Techno-Solutions Corp.		2,300		81,498
MasterCard, Inc. - Class A		55,500		4,781,880
Nomura Research Institute, Ltd.		10,830		332,545
NTT Data Corp.		12,110		452,696
Otsuka Corp.		4,600		145,578
Paychex, Inc.		18,415		850,221
Teradata Corp. (a) (b)		8,700		380,016
Total System Services, Inc.		9,295		315,658
Visa, Inc. - Class A		27,740		7,273,428
Western Union Co. (The) (b)		29,820		534,076
Xerox Corp.		61,060		846,292
				39,635,209
Leisure Products—0.1%
Bandai Namco Holdings, Inc.		17,010		361,044
Hasbro, Inc. (b)		6,445		354,410
Mattel, Inc.		18,945		586,253
Sankyo Co., Ltd.		4,704		162,120
Sega Sammy Holdings, Inc. (b)		17,848		228,980
Shimano, Inc.		7,641		988,365
Yamaha Corp.		16,100		239,137
				2,920,309
Life Sciences Tools & Services—0.1%
Agilent Technologies, Inc.		18,735		767,011
Lonza Group AG (a)		5,106		575,432
PerkinElmer, Inc.		6,290		275,062
QIAGEN NV (a)		22,311		522,482
Thermo Fisher Scientific, Inc.		22,530		2,822,783
Waters Corp. (a)		4,690		528,657
				5,491,427
Machinery—0.9%
Alfa Laval AB		30,187		571,103
Amada Co., Ltd. (b)		32,986		282,816
Andritz AG		7,010		385,244
Atlas Copco AB - A Shares (b)		64,421		1,793,296
Atlas Copco AB - B Shares		37,384		957,922
Caterpillar, Inc.		35,385		3,238,789
CNH Industrial NV		90,881		732,629
Cummins, Inc.		9,695		1,397,728
Deere & Co. (b)		20,215		1,788,421
Dover Corp.		9,400		674,168
FANUC Corp.		18,410		3,038,361
Flowserve Corp.		7,680		459,494
GEA Group AG		17,554		777,236

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—(Continued)
Hino Motors, Ltd.		25,133	$	328,792
Hitachi Construction Machinery Co., Ltd.		10,358		219,609
IHI Corp.		132,748		674,006
Illinois Tool Works, Inc.		20,600		1,950,820
IMI plc		26,134		511,605
Ingersoll-Rand plc		15,065		954,970
Joy Global, Inc. (b)		5,535		257,488
JTEKT Corp.		19,717		333,945
Kawasaki Heavy Industries, Ltd.		135,697		619,688
Komatsu, Ltd.		89,587		1,986,102
Kone Oyj - Class B (b)		30,012		1,363,098
Kubota Corp.		108,359		1,573,508
Kurita Water Industries, Ltd.		9,724		203,147
Makita Corp.		11,490		519,849
MAN SE		3,395		378,636
Melrose Industries plc		102,184		420,455
Metso Oyj		10,930		325,996
Minebea Co., Ltd.		30,000		439,108
Mitsubishi Heavy Industries, Ltd.		291,000		1,608,989
Nabtesco Corp.		10,740		257,837
NGK Insulators, Ltd.		24,922		513,277
NSK, Ltd.		45,169		534,957
PACCAR, Inc.		19,995		1,359,860
Pall Corp.		6,020		609,284
Parker-Hannifin Corp.		8,435		1,087,693
Pentair plc		10,873		722,185
Sandvik AB		102,003		993,172
Schindler Holding AG		1,963		281,547
Schindler Holding AG (Participation Certificate)		4,281		617,718
Sembcorp Marine, Ltd. (b)		79,700		196,326
SKF AB - B Shares		37,927		797,869
SMC Corp.		5,313		1,383,543
Snap-on, Inc.		3,310		452,609
Stanley Black & Decker, Inc.		8,840		849,347
Sulzer AG		2,324		246,895
Sumitomo Heavy Industries, Ltd.		52,676		283,085
THK Co., Ltd.		10,952		264,419
Vallourec S.A.		10,545		287,949
Volvo AB - B Shares		147,214		1,589,888
Wartsila Oyj Abp		14,245		639,232
Weir Group plc (The)		20,441		585,061
Xylem, Inc.		10,240		389,837
Yangzijiang Shipbuilding Holdings, Ltd.		179,890		163,373
Zardoya Otis S.A. (b)		16,691		184,707
				46,058,688
Marine—0.1%
AP Moeller - Maersk A/S - Class A		369		706,026
AP Moeller - Maersk A/S - Class B		686		1,363,569
Kuehne & Nagel International AG		5,192		705,756
Mitsui OSK Lines, Ltd. (b)		103,913		308,666
Nippon Yusen KK		153,984		435,536
				3,519,553
Media—1.1%
Altice S.A. (a)		8,318		656,388
Axel Springer SE (b)		3,871		233,455
Cablevision Systems Corp. - Class A (b)		12,185		251,498
CBS Corp. - Class B		27,250		1,508,015
Comcast Corp. - Class A		145,830		8,459,598
Dentsu, Inc.		20,787		874,789
DIRECTV (a)		28,345		2,457,511
Discovery Communications, Inc. - Class A (a)		8,250		284,213
Discovery Communications, Inc. - Class C (a)		15,350		517,602
Eutelsat Communications S.A.		14,884		481,161
Gannett Co., Inc.		12,640		403,595
Hakuhodo DY Holdings, Inc. (b)		22,360		214,319
Interpublic Group of Cos., Inc. (The)		23,725		492,768
ITV plc		367,455		1,224,127
JCDecaux S.A.		6,470		222,175
Kabel Deutschland Holding AG (a)		2,134		290,211
Lagardere SCA		11,281		292,779
News Corp. - Class A (a)		28,021		439,649
Numericable-SFR (a)		9,343		460,706
Omnicom Group, Inc.		14,185		1,098,912
Pearson plc		78,641		1,446,619
ProSiebenSat.1 Media AG		20,979		883,821
Publicis Groupe S.A.		17,876		1,280,336
REA Group, Ltd. (b)		5,089		186,970
Reed Elsevier NV		67,100		1,603,605
Reed Elsevier plc		109,577		1,864,278
RTL Group S.A. (Brussels Exchange)		3,657		344,149
RTL Group S.A. (Frankfurt Exchange) (a)		93		8,838
Scripps Networks Interactive, Inc. - Class A (b)		5,850		440,330
SES S.A.		29,247		1,049,121
Singapore Press Holdings, Ltd. (b)		153,000		485,996
Sky plc		99,051		1,378,614
Telenet Group Holding NV (a)		5,090		285,875
Time Warner Cable, Inc.		15,735		2,392,664
Time Warner, Inc.		48,155		4,113,400
Toho Co., Ltd.		10,894		247,190
Twenty-First Century Fox, Inc. - Class A		106,135		4,076,115
Viacom, Inc. - Class B		21,470		1,615,618
Walt Disney Co. (The)		88,979		8,380,932
Wolters Kluwer NV		28,960		884,313
WPP plc		126,394		2,622,194
				56,454,449
Metals & Mining—0.8%
Alcoa, Inc.		66,250		1,046,088
Allegheny Technologies, Inc.		6,035		209,837
Alumina, Ltd. (a)		241,405		349,830
Anglo American plc		133,982		2,478,928
Antofagasta plc		37,693		437,626
ArcelorMittal (b)		95,987		1,039,658
BHP Billiton plc		202,619		4,333,982
BHP Billiton, Ltd.		308,109		7,310,983
Boliden AB		26,244		418,147
Fortescue Metals Group, Ltd. (b)		148,438		327,111
Freeport-McMoRan, Inc.		58,500		1,366,560

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—(Continued)
Fresnillo plc (b)		21,130	$	250,745
Glencore plc (a)		1,018,500		4,687,898
Hitachi Metals, Ltd.		20,465		348,513
Iluka Resources, Ltd. (b)		39,920		191,902
JFE Holdings, Inc.		47,161		1,049,732
Kobe Steel, Ltd.		296,670		513,191
Maruichi Steel Tube, Ltd. (b)		4,500		95,862
Mitsubishi Materials Corp.		106,804		355,041
Newcrest Mining, Ltd. (a)		73,081		650,760
Newmont Mining Corp.		28,035		529,862
Nippon Steel Sumitomo Metal Corp.		729,089		1,809,390
Norsk Hydro ASA		128,220		721,160
Nucor Corp.		17,940		879,957
Randgold Resources, Ltd.		8,503		575,322
Rio Tinto plc		122,073		5,624,216
Rio Tinto, Ltd.		41,804		1,960,910
Sumitomo Metal Mining Co., Ltd.		50,516		753,791
ThyssenKrupp AG (a)		43,526		1,119,512
Voestalpine AG		10,755		423,970
Yamato Kogyo Co., Ltd.		3,700		104,025
				41,964,509
Multi-Utilities—0.6%
AGL Energy, Ltd.		53,238		578,752
Ameren Corp.		13,660		630,136
CenterPoint Energy, Inc.		24,200		567,006
Centrica plc		481,465		2,072,205
CMS Energy Corp.		15,455		537,061
Consolidated Edison, Inc.		16,445		1,085,535
Dominion Resources, Inc.		32,790		2,521,551
DTE Energy Co.		9,930		857,654
E.ON SE		191,963		3,296,383
GDF Suez		138,883		3,243,654
Integrys Energy Group, Inc.		4,490		349,547
National Grid plc		361,778		5,157,444
NiSource, Inc.		17,750		752,955
PG&E Corp.		26,545		1,413,256
Public Service Enterprise Group, Inc.		28,470		1,178,943
RWE AG		46,949		1,469,875
SCANA Corp. (b)		7,940		479,576
Sempra Energy		13,020		1,449,907
Suez Environnement Co.		28,505		494,142
TECO Energy, Inc.		13,135		269,136
Veolia Environnement S.A.		40,458		718,475
Wisconsin Energy Corp. (b)		12,665		667,952
				29,791,145
Multiline Retail—0.2%
Dollar General Corp. (a)		17,080		1,207,556
Dollar Tree, Inc. (a)		11,570		814,297
Don Quijote Holdings Co., Ltd.		5,660		386,601
Family Dollar Stores, Inc.		5,410		428,526
Harvey Norman Holdings, Ltd.		49,785		135,751
Isetan Mitsukoshi Holdings, Ltd. (b)		32,197		394,712
J Front Retailing Co., Ltd.		22,900		266,677
Kohl’s Corp. (b)		11,525		703,486
Multiline Retail—(Continued)
Macy’s, Inc.		19,910		1,309,082
Marks & Spencer Group plc		156,855		1,158,099
Marui Group Co., Ltd.		22,900		207,105
Next plc		14,714		1,551,972
Nordstrom, Inc.		8,040		638,296
Takashimaya Co., Ltd.		25,372		203,480
Target Corp.		35,690		2,709,228
				12,114,868
Oil, Gas & Consumable Fuels—2.6%
Anadarko Petroleum Corp.		28,535		2,354,138
Apache Corp.		21,595		1,353,359
BG Group plc		327,213		4,355,445
BP plc		1,767,342		11,222,164
Cabot Oil & Gas Corp.		23,490		695,539
Caltex Australia, Ltd.		12,908		357,196
Chesapeake Energy Corp.		29,235		572,129
Chevron Corp. (d)		107,100		12,014,478
Cimarex Energy Co.		4,915		520,990
ConocoPhillips		69,320		4,787,239
CONSOL Energy, Inc.		12,890		435,811
Delek Group, Ltd.		464		116,432
Denbury Resources, Inc. (b)		19,805		161,015
Devon Energy Corp.		21,620		1,323,360
ENI S.p.A.		244,049		4,262,367
EOG Resources, Inc.		30,890		2,844,042
EQT Corp.		8,510		644,207
Exxon Mobil Corp. (d)		240,389		22,223,963
Galp Energia SGPS S.A.		36,856		372,870
Hess Corp.		14,770		1,090,321
Idemitsu Kosan Co., Ltd. (b)		8,400		139,188
Inpex Corp.		84,171		933,906
JX Holdings, Inc.		215,024		837,710
Kinder Morgan, Inc. (b)		95,930		4,058,798
Koninklijke Vopak NV (b)		6,746		349,470
Lundin Petroleum AB (a) (b)		20,889		298,694
Marathon Oil Corp.		37,980		1,074,454
Marathon Petroleum Corp.		16,005		1,444,611
Murphy Oil Corp.		9,385		474,130
Neste Oil Oyj (b)		12,432		301,238
Newfield Exploration Co. (a)		7,700		208,824
Noble Energy, Inc.		20,300		962,829
Occidental Petroleum Corp.		43,945		3,542,407
OMV AG		14,226		376,444
ONEOK, Inc.		11,760		585,530
Origin Energy, Ltd.		105,877		999,167
Phillips 66		31,540		2,261,418
Pioneer Natural Resources Co.		8,065		1,200,475
QEP Resources, Inc.		9,265		187,338
Range Resources Corp.		9,505		508,042
Repsol S.A. (b)		97,153		1,805,895
Royal Dutch Shell plc - A Shares		378,242		12,537,396
Royal Dutch Shell plc - B Shares		234,118		8,042,874
Santos, Ltd.		93,846		634,050
Showa Shell Sekiyu KK (b)		18,000		177,401
Southwestern Energy Co. (a)		19,905		543,208

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—(Continued)
Spectra Energy Corp.		37,720	$	1,369,236
Statoil ASA		107,065		1,876,253
Tesoro Corp.		7,225		537,179
TonenGeneral Sekiyu KK (b)		26,150		223,542
Total S.A.		205,347		10,587,533
Tullow Oil plc		87,107		551,149
Valero Energy Corp.		29,715		1,470,893
Williams Cos., Inc. (The)		37,865		1,701,653
Woodside Petroleum, Ltd.		71,137		2,211,513
				136,721,513
Paper & Forest Products—0.1%
International Paper Co.		24,035		1,287,795
OJI Holdings Corp.		76,372		274,070
Stora Enso Oyj - R Shares		52,469		467,032
UPM-Kymmene Oyj		51,051		838,292
				2,867,189
Personal Products—0.2%
Avon Products, Inc. (b)		24,400		229,116
Beiersdorf AG		9,719		792,706
Estee Lauder Cos., Inc. (The) - Class A		12,720		969,264
Kao Corp.		49,524		1,953,701
L’Oreal S.A.		24,115		4,048,597
Shiseido Co., Ltd. (b)		34,509		483,243
				8,476,627
Pharmaceuticals—3.4%
AbbVie, Inc.		89,680		5,868,659
Actavis plc (a)		14,932		3,843,646
Allergan, Inc.		16,795		3,570,449
Astellas Pharma, Inc.		205,900		2,865,636
AstraZeneca plc		121,125		8,520,618
Bayer AG		79,333		10,845,568
Bristol-Myers Squibb Co.		93,435		5,515,468
Chugai Pharmaceutical Co., Ltd.		21,474		527,870
Daiichi Sankyo Co., Ltd.		61,199		855,592
Eisai Co., Ltd.		24,180		936,923
Eli Lilly & Co.		55,430		3,824,116
GlaxoSmithKline plc		465,233		9,953,684
Hisamitsu Pharmaceutical Co., Inc.		5,525		173,448
Hospira, Inc. (a)		9,440		578,200
Johnson & Johnson (d)		159,020		16,628,721
Kyowa Hakko Kirin Co., Ltd.		22,167		208,661
Mallinckrodt plc (a)		6,370		630,821
Merck & Co., Inc. (d)		162,535		9,230,363
Merck KGaA		12,436		1,179,748
Mitsubishi Tanabe Pharma Corp.		21,801		319,473
Mylan, Inc. (a)		21,085		1,188,561
Novartis AG		220,673		20,294,740
Novo Nordisk A/S - Class B		192,533		8,146,380
Ono Pharmaceutical Co., Ltd.		7,934		703,048
Orion Oyj - Class B		9,591		297,747
Otsuka Holdings Co., Ltd.		37,473		1,123,888
Perrigo Co. plc		7,553		1,262,560
Pharmaceuticals—(Continued)
Pfizer, Inc.		357,406		11,133,197
Roche Holding AG		67,400		18,268,127
Sanofi		114,090		10,397,698
Santen Pharmaceutical Co., Ltd.		7,137		381,943
Shionogi & Co., Ltd.		28,698		743,433
Shire plc		56,559		4,001,734
Sumitomo Dainippon Pharma Co., Ltd. (b)		15,200		147,740
Taisho Pharmaceutical Holdings Co., Ltd.		3,039		185,388
Takeda Pharmaceutical Co., Ltd.		75,750		3,143,298
Teva Pharmaceutical Industries, Ltd.		82,205		4,723,023
UCB S.A.		12,129		920,472
Zoetis, Inc.		28,240		1,215,167
				174,355,808
Professional Services—0.2%
Adecco S.A. (a)		16,356		1,120,451
ALS, Ltd. (b)		37,683		163,058
Bureau Veritas S.A.		21,327		470,937
Capita plc		63,418		1,062,834
Dun & Bradstreet Corp. (The)		2,095		253,411
Equifax, Inc.		6,815		551,129
Experian plc		94,922		1,601,118
Intertek Group plc		15,487		561,386
Nielsen NV		17,133		766,359
Randstad Holding NV		12,095		581,667
Recruit Holdings Co., Ltd. (a) (b)		13,853		392,199
Robert Half International, Inc.		7,720		450,694
Seek, Ltd.		31,046		433,275
SGS S.A.		528		1,076,561
				9,485,079
Real Estate Investment Trusts—3.0%
Acadia Realty Trust		7,105		227,573
Activia Properties, Inc.		25		217,436
Advance Residence Investment Corp. (b)		142		379,164
Aedifica S.A.		1,027		69,348
Affine S.A.		600		11,015
Agree Realty Corp.		1,850		57,517
Alexander’s, Inc.		228		99,677
Alexandria Real Estate Equities, Inc.		7,918		702,643
Allied Properties Real Estate Investment Trust		8,270		266,508
Alstria Office REIT-AG (a) (b)		7,500		93,300
American Assets Trust, Inc.		4,150		165,212
American Campus Communities, Inc.		11,600		479,776
American Homes 4 Rent Trust - Class A		16,674		283,958
American Realty Capital Healthcare Trust, Inc.		18,950		225,505
American Realty Capital Properties, Inc.		102,550		928,077
American Tower Corp.		22,345		2,208,803
ANF Immobilier		750		18,331
Apartment Investment & Management Co. - Class A		24,365		905,160
Artis Real Estate Investment Trust		14,950		182,468
Ascendas Real Estate Investment Trust		413,800		742,789
Ashford Hospitality Trust, Inc.		7,800		81,744
Associated Estates Realty Corp.		6,350		147,384

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—(Continued)
AvalonBay Communities, Inc.		21,984	$	3,591,966
Aviv REIT, Inc.		2,800		96,544
Befimmo S.A.		1,850		134,356
Beni Stabili S.p.A.		118,257		83,048
Big Yellow Group plc		15,800		149,013
BioMed Realty Trust, Inc.		21,894		471,597
Boardwalk Real Estate Investment Trust		4,400		233,066
Boston Properties, Inc.		25,475		3,278,378
Brandywine Realty Trust		19,826		316,819
British Land Co. plc		204,864		2,461,048
Brixmor Property Group, Inc.		11,800		293,112
BWP Trust (b)		52,648		119,328
Calloway Real Estate Investment Trust		11,450		269,052
Camden Property Trust		9,600		708,864
Campus Crest Communities, Inc. (b)		7,150		52,267
Canadian Apartment Properties		12,250		264,970
Canadian Real Estate Investment Trust		8,000		315,304
CapitaCommercial Trust		413,150		546,885
CapitaMall Trust		518,900		798,450
CBL & Associates Properties, Inc.		18,800		365,096
CDL Hospitality Trusts		69,750		91,578
Cedar Realty Trust, Inc.		8,750		64,225
Chambers Street Properties		26,200		211,172
Champion REIT		257,850		119,647
Charter Hall Retail		34,200		114,527
Chartwell Retirement Residences		19,100		195,800
Chatham Lodging Trust		3,600		104,292
Chesapeake Lodging Trust		6,057		225,381
Cofinimmo S.A.		1,945		225,116
Cominar Real Estate Investment Trust		17,481		280,015
Corio NV		14,300		697,877
Corporate Office Properties Trust		10,250		290,793
Cousins Properties, Inc.		23,494		268,301
Crombie Real Estate Investment Trust		8,550		95,082
Cromwell Property Group		159,950		134,253
Crown Castle International Corp.		18,810		1,480,347
CubeSmart		18,021		397,723
Daiwa House REIT Investment Corp. (b)		29		144,608
Daiwa House Residential Investment Corp.		36		173,348
Daiwa Office Investment Corp. (b)		28		156,215
DCT Industrial Trust, Inc.		9,752		347,756
DDR Corp.		33,850		621,486
Derwent London plc		10,250		478,749
Dexus Property Group (b)		187,290		1,059,074
DiamondRock Hospitality Co.		21,600		321,192
Digital Realty Trust, Inc.		15,000		994,500
Douglas Emmett, Inc.		14,864		422,138
Dream Global Real Estate Investment Trust		10,500		77,453
Dream Office Real Estate Investment Trust		11,550		250,028
Duke Realty Corp.		37,827		764,105
DuPont Fabros Technology, Inc. (b)		7,250		240,990
EastGroup Properties, Inc.		3,533		223,710
Education Realty Trust, Inc.		5,166		189,024
Empire State Realty Trust, Inc. - Class A		8,979		157,851
EPR Properties		6,347		365,778
Equity Commonwealth		14,259		366,029
Equity Lifestyle Properties, Inc.		8,469		436,577
Real Estate Investment Trusts—(Continued)
Equity One, Inc.		6,826		173,107
Equity Residential		59,930		4,305,371
Essex Property Trust, Inc.		10,700		2,210,620
Eurocommercial Properties NV		4,500		190,889
Excel Trust, Inc.		6,400		85,696
Extra Space Storage, Inc.		12,100		709,544
Federal Realty Investment Trust		7,548		1,007,356
Federation Centres, Ltd. (b)		294,772		686,042
FelCor Lodging Trust, Inc.		13,800		149,316
First Industrial Realty Trust, Inc.		12,150		249,804
First Potomac Realty Trust		6,500		80,340
Fonciere Des Regions		6,471		598,794
Fortune Real Estate Investment Trust		143,450		144,631
Franklin Street Properties Corp.		9,750		119,633
Frontier Real Estate Investment Corp.		53		242,574
Fukuoka REIT Corp. (b)		68		126,019
Gecina S.A.		6,522		816,283
General Growth Properties, Inc.		91,161		2,564,359
Getty Realty Corp.		2,750		50,078
Glimcher Realty Trust		16,050		220,527
GLP J-Reit		224		248,222
Goodman Group (b)		357,449		1,647,829
Government Properties Income Trust		7,785		179,133
GPT Group (b)		357,638		1,263,522
Granite Real Estate Investment Trust		5,200		184,672
Great Portland Estates plc		38,150		436,006
Grivalia Properties Real Estate Investment Co.		4,301		39,040
H&R Real Estate Investment Trust		30,394		568,481
Hamborner REIT AG		5,000		49,117
Hammerson plc		162,226		1,516,245
Hansteen Holdings plc (b)		76,000		127,461
HCP, Inc.		76,625		3,373,799
Health Care REIT, Inc.		54,545		4,127,420
Healthcare Realty Trust, Inc.		10,810		295,329
Healthcare Trust of America, Inc. - Class A		13,675		368,405
Hersha Hospitality Trust		19,050		133,922
Highwoods Properties, Inc.		10,100		447,228
Home Properties, Inc.		6,300		413,280
Hospitality Properties Trust		16,600		514,600
Host Hotels & Resorts, Inc.		126,435		3,005,360
Hudson Pacific Properties, Inc.		6,100		183,366
ICADE		7,537		603,518
Immobiliare Grande Distribuzione		33,546		26,125
Industrial & Infrastructure Fund Investment Corp.		33		152,384
Inland Real Estate Corp.		9,450		103,478
InnVest Real Estate Investment Trust		10,276		52,892
Intervest Offices & Warehouses		750		20,359
Intu Properties plc (b)		189,853		981,769
Investa Office Fund (b)		66,762		197,192
Investors Real Estate Trust		12,708		103,824
Iron Mountain, Inc.		10,349		400,092
Japan Excellent, Inc.		121		160,342
Japan Hotel REIT Investment Corp.		309		197,843
Japan Logistics Fund, Inc. (b)		92		206,202
Japan Prime Realty Investment Corp. (b)		164		569,336

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Investment Trusts—(Continued)
Japan Real Estate Investment Corp.		260	$	1,251,280
Japan Retail Fund Investment Corp.		503		1,060,744
Kenedix Realty Investment Corp.		40		224,553
Keppel REIT		165,400		152,284
Kilroy Realty Corp.		9,334		644,699
Kimco Realty Corp.		68,638		1,725,559
Kite Realty Group Trust		9,112		261,879
Kiwi Property Group, Ltd.		112,550		108,725
Klepierre		20,399		878,651
Land Securities Group plc		163,072		2,917,989
LaSalle Hotel Properties		11,500		465,405
Lexington Realty Trust (b)		25,650		281,637
Liberty Property Trust		16,350		615,250
Link REIT (The)		474,500		2,958,925
Londonmetric Property plc		64,750		153,263
LTC Properties, Inc.		3,850		166,205
Macerich Co. (The)		23,518		1,961,636
Mack-Cali Realty Corp.		9,857		187,874
Mapletree Commercial Trust (b)		141,850		150,920
Mapletree Industrial Trust		130,100		145,525
Mapletree Logistics Trust (b)		158,700		141,877
Mercialys S.A.		4,550		101,492
Merlin Properties Socimi S.A. (a)		13,859		168,144
Mid-America Apartment Communities, Inc.		8,376		625,520
Mirvac Group		759,099		1,096,293
Morguard Real Estate Investment Trust		3,800		59,397
Mori Hills REIT Investment Corp.		144		206,045
Mori Trust Sogo REIT, Inc.		110		220,266
National Health Investors, Inc.		3,750		262,350
National Retail Properties, Inc.		14,483		570,196
New York REIT, Inc.		18,100		191,679
Nieuwe Steen Investments NV		14,393		64,095
Nippon Accommodations Fund, Inc.		50		197,293
Nippon Building Fund, Inc. (b)		287		1,437,917
Nippon Prologis REIT, Inc.		275		596,181
Nomura Real Estate Master Fund, Inc.		185		239,329
Nomura Real Estate Office Fund, Inc.		40		198,090
Northern Property Real Estate Investment Trust		3,550		72,632
Novion Property Group (b)		452,513		779,044
Omega Healthcare Investors, Inc.		14,150		552,840
Orix JREIT, Inc.		235		328,965
Paramount Group, Inc. (a)		15,974		296,957
Parkway Properties, Inc.		8,850		162,752
Pebblebrook Hotel Trust		7,850		358,196
Pennsylvania Real Estate Investment Trust		7,250		170,085
Physicians Realty Trust		5,050		83,830
Piedmont Office Realty Trust, Inc. - Class A		17,100		322,164
Plum Creek Timber Co., Inc.		9,945		425,547
Post Properties, Inc.		6,000		352,620
Premier Investment Corp.		24		117,928
Primary Health Properties plc		11,744		67,616
ProLogis, Inc.		83,420		3,589,563
PS Business Parks, Inc.		2,250		178,965
Public Storage		24,296		4,491,116
Pure Industrial Real Estate Trust		21,000		80,255
Ramco-Gershenson Properties Trust		8,478		158,878
Real Estate Investment Trusts—(Continued)
Realty Income Corp. (b)		24,566		1,172,044
Redefine International plc		96,300		81,807
Regency Centers Corp.		10,350		660,123
Retail Opportunity Investments Corp.		10,285		172,685
Retail Properties of America, Inc. - Class A		26,200		437,278
RioCan Real Estate Investment Trust		34,738		790,261
RLJ Lodging Trust		14,650		491,215
Rouse Properties, Inc. (b)		4,000		74,080
Ryman Hospitality Properties, Inc. (b)		5,336		281,421
Sabra Health Care REIT, Inc.		6,000		182,220
Safestore Holdings plc		22,950		82,956
Saul Centers, Inc.		1,457		83,326
Scentre Group (a)		1,084,973		3,085,165
Segro plc		153,013		877,105
Select Income REIT (b)		4,155		101,424
Senior Housing Properties Trust		22,550		498,580
Shaftesbury plc		30,800		373,443
Silver Bay Realty Trust Corp.		3,900		64,584
Simon Property Group, Inc.		52,375		9,538,011
SL Green Realty Corp.		10,700		1,273,514
Sovran Self Storage, Inc.		3,768		328,645
Spirit Realty Capital, Inc.		42,412		504,279
STAG Industrial, Inc.		7,135		174,808
Stockland (b)		481,070		1,607,045
Strategic Hotels & Resorts, Inc. (a)		29,654		392,322
Summit Hotel Properties, Inc.		9,050		112,582
Sun Communities, Inc.		5,096		308,104
Sunstone Hotel Investors, Inc.		22,748		375,569
Suntec Real Estate Investment Trust		491,150		725,998
Tanger Factory Outlet Centers, Inc.		10,600		391,776
Taubman Centers, Inc.		7,050		538,761
Tokyu REIT, Inc.		102		138,493
Top REIT, Inc.		19		85,188
UDR, Inc.		28,300		872,206
Unibail-Rodamco SE		20		5,151
Unibail-Rodamco SE		20,155		5,151,367
United Urban Investment Corp.		519		815,212
Universal Health Realty Income Trust		1,450		69,774
Urstadt Biddle Properties, Inc. - Class A		2,850		62,358
Vastned Retail NV		2,107		95,185
Ventas, Inc.		49,242		3,530,651
Vornado Realty Trust		28,480		3,352,381
Warehouses De Pauw SCA		1,471		111,515
Washington Prime Group, Inc.		17,208		296,322
Washington Real Estate Investment Trust (b)		7,394		204,518
Weingarten Realty Investors		12,208		426,303
Wereldhave Belgium NV		200		25,188
Wereldhave NV		3,850		264,245
Westfield Corp. (REIT) (a)		403,103		2,947,176
Weyerhaeuser Co.		29,720		1,066,651
Winthrop Realty Trust		3,550		55,345
Workspace Group plc		12,850		151,931
WP Carey, Inc.		9,751		683,545
				154,929,023

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Real Estate Management & Development—1.0%
Aeon Mall Co., Ltd.		23,847	$	421,705
Allreal Holding AG (a)		1,050		144,793
Azrieli Group		4,050		133,495
BUWOG AG (a) (b)		5,750		113,956
CA Immobilien Anlagen AG (a) (b)		9,082		170,320
Capital & Counties Properties plc		80,600		454,646
CapitaLand, Ltd.		526,250		1,307,517
Castellum AB		18,200		283,902
CBRE Group, Inc. - Class A (a)		15,715		538,239
Cheung Kong Holdings, Ltd.		133,500		2,231,028
City Developments, Ltd. (b)		104,550		807,206
Citycon Oyj		28,950		90,264
Conwert Immobilien Invest SE (a) (b)		6,800		80,281
Daejan Holdings plc		550		47,369
Daito Trust Construction Co., Ltd.		7,044		797,560
Daiwa House Industry Co., Ltd. (b)		56,810		1,075,738
Deutsche Annington Immobilien SE		48,747		1,658,152
Deutsche Euroshop AG		5,100		223,332
Deutsche Wohnen AG		59,221		1,407,105
Development Securities plc		13,800		47,485
DIC Asset AG		3,800		34,053
Dios Fastigheter AB (b)		5,182		38,385
DO Deutsche Office AG (a)		7,200		25,368
Entra ASA (144A) (a)		6,918		70,642
Fabege AB		14,650		187,988
Fastighets AB Balder - B Shares (a)		10,250		143,931
First Capital Realty, Inc. (b)		9,600		154,188
Forest City Enterprises, Inc. - Class A (a)		16,700		355,710
GAGFAH S.A. (a)		24,200		541,463
Global Logistic Properties, Ltd.		634,068		1,185,840
Grainger plc		45,550		133,316
Hang Lung Properties, Ltd.		461,750		1,286,846
Helical Bar plc		11,000		65,639
Hemfosa Fastigheter AB (a)		4,362		91,716
Henderson Land Development Co., Ltd.		226,260		1,567,674
Hongkong Land Holdings, Ltd.		129,750		873,308
Hufvudstaden AB - A Shares		12,300		159,662
Hulic Co., Ltd. (b)		55,550		552,240
Hysan Development Co., Ltd.		129,700		576,307
IMMOFINANZ AG (a)		91,491		231,584
Inmobiliaria Colonial S.A. (a)		185,909		121,931
Keppel Land, Ltd.		144,500		371,460
Kerry Properties, Ltd.		133,350		480,916
Killam Properties, Inc. (b)		5,700		50,337
Klovern AB - A Shares		4,150		4,364
Klovern AB - B Shares (a)		41,550		40,508
Kungsleden AB		20,170		145,529
LEG Immobilien AG (a)		6,350		476,385
Lend Lease Group		52,629		700,742
Mitsubishi Estate Co., Ltd.		260,094		5,504,721
Mitsui Fudosan Co., Ltd.		195,468		5,257,213
Mobimo Holding AG (a)		700		140,246
New World Development Co., Ltd.		1,054,175		1,205,792
Nomura Real Estate Holdings, Inc.		25,159		432,331
Norwegian Property ASA (a)		30,400		41,197
NTT Urban Development Corp.		23,092		231,646
PSP Swiss Property AG (a)		4,409		379,631
Real Estate Management & Development—(Continued)
Quintain Estates & Development plc (a)		54,250		80,479
Schroder Real Estate Investment Trust, Ltd.		57,500		53,308
Sino Land Co., Ltd.		615,850		982,212
Sponda Oyj		26,698		116,931
St. Modwen Properties plc		19,550		116,763
Sumitomo Realty & Development Co., Ltd.		82,795		2,820,449
Sun Hung Kai Properties, Ltd.		327,628		4,954,196
Swire Pacific, Ltd. - Class A		60,900		788,911
Swire Properties, Ltd.		241,550		714,420
Swiss Prime Site AG (a)		11,625		851,783
TAG Immobilien AG (b)		12,450		144,921
Technopolis plc		10,550		47,226
TLG Immobilien AG (a)		3,692		55,355
Tokyo Tatemono Co., Ltd.		84,450		615,020
Tokyu Fudosan Holdings Corp.		45,939		316,536
UNITE Group plc		22,300		161,579
UOL Group, Ltd.		95,300		500,118
Wallenstam AB - B Shares		11,100		184,665
Wharf Holdings, Ltd. (The)		312,550		2,244,497
Wheelock & Co., Ltd.		86,800		403,021
Wihlborgs Fastigheter AB		7,350		134,157
				52,181,449
Road & Rail—0.4%
Asciano, Ltd.		92,995		455,306
Aurizon Holdings, Ltd.		204,289		765,403
Central Japan Railway Co.		13,834		2,075,402
ComfortDelGro Corp., Ltd.		194,700		381,177
CSX Corp.		56,270		2,038,662
DSV A/S		16,980		515,826
East Japan Railway Co.		32,126		2,406,901
Hankyu Hanshin Holdings, Inc.		109,000		586,421
Kansas City Southern		6,190		755,366
Keikyu Corp.		44,373		328,644
Keio Corp.		54,672		392,369
Keisei Electric Railway Co., Ltd.		25,811		314,747
Kintetsu Corp.		173,710		572,940
MTR Corp., Ltd.		139,200		568,523
Nagoya Railroad Co., Ltd. (b)		81,000		301,593
Nippon Express Co., Ltd.		81,307		413,512
Norfolk Southern Corp.		17,440		1,911,598
Odakyu Electric Railway Co., Ltd. (b)		59,552		528,451
Ryder System, Inc.		3,000		278,550
Tobu Railway Co., Ltd.		97,045		414,716
Tokyu Corp.		108,569		673,536
Union Pacific Corp.		50,590		6,026,787
West Japan Railway Co.		15,798		748,603
				23,455,033
Semiconductors & Semiconductor Equipment—0.7%
Advantest Corp.		15,307		190,717
Altera Corp.		17,390		642,387
Analog Devices, Inc.		17,640		979,373
Applied Materials, Inc.		68,660		1,711,007
ARM Holdings plc		134,668		2,073,654
ASM Pacific Technology, Ltd.		23,000		218,662

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—(Continued)
ASML Holding NV		34,298	$	3,674,574
Avago Technologies, Ltd.		14,161		1,424,455
Broadcom Corp. - Class A		30,235		1,310,083
First Solar, Inc. (a)		4,270		190,421
Infineon Technologies AG		108,265		1,160,714
Intel Corp. (d)		279,070		10,127,450
KLA-Tencor Corp.		9,270		651,866
Lam Research Corp.		9,147		725,723
Linear Technology Corp.		13,380		610,128
Microchip Technology, Inc. (b)		11,230		506,585
Micron Technology, Inc. (a)		60,270		2,110,053
NVIDIA Corp.		28,970		580,848
Rohm Co., Ltd.		9,278		562,884
STMicroelectronics NV		60,770		453,199
Texas Instruments, Inc.		60,130		3,214,850
Tokyo Electron, Ltd.		16,525		1,254,032
Xilinx, Inc.		15,080		652,813
				35,026,478
Software—1.0%
Adobe Systems, Inc. (a)		26,620		1,935,274
Autodesk, Inc. (a)		12,815		769,669
CA, Inc.		18,045		549,470
Citrix Systems, Inc. (a)		9,270		591,426
COLOPL, Inc. (b)		4,741		106,117
Dassault Systemes S.A.		12,267		746,550
Electronic Arts, Inc. (a)		17,580		826,524
Gemalto NV (b)		7,600		620,811
GungHo Online Entertainment, Inc. (a) (b)		38,539		140,487
Intuit, Inc.		15,995		1,474,579
Konami Corp.		9,603		177,063
Microsoft Corp. (d)		464,455		21,573,935
Nexon Co., Ltd.		12,052		112,375
NICE Systems, Ltd.		5,465		276,646
Nintendo Co., Ltd.		10,187		1,061,702
Oracle Corp. (d)		183,310		8,243,451
Oracle Corp. Japan		3,733		152,091
Red Hat, Inc. (a)		10,635		735,304
Sage Group plc (The)		103,456		746,062
Salesforce.com, Inc. (a)		32,460		1,925,203
SAP SE		88,392		6,249,800
Symantec Corp.		38,900		997,979
Trend Micro, Inc. (a) (b)		10,124		276,991
				50,289,509
Specialty Retail—0.7%
ABC-Mart, Inc. (b)		2,600		125,988
AutoNation, Inc. (a)		4,405		266,106
AutoZone, Inc. (a)		1,835		1,136,067
Bed Bath & Beyond, Inc. (a)		11,375		866,434
Best Buy Co., Inc.		16,345		637,128
CarMax, Inc. (a) (b)		12,350		822,263
Dixons Carphone plc		93,613		674,257
Fast Retailing Co., Ltd.		5,179		1,886,875
GameStop Corp. - Class A (b)		6,345		214,461
Gap, Inc. (The)		15,440		650,178
Specialty Retail—(Continued)
Hennes & Mauritz AB - B Shares		91,083		3,778,288
Hikari Tsushin, Inc.		1,600		97,391
Home Depot, Inc. (The)		75,870		7,964,074
Inditex S.A.		104,647		2,998,445
Kingfisher plc		227,136		1,196,918
L Brands, Inc.		13,840		1,197,852
Lowe’s Cos., Inc.		55,620		3,826,656
Nitori Holdings Co., Ltd.		6,600		354,674
O’Reilly Automotive, Inc. (a)		5,865		1,129,716
PetSmart, Inc.		5,580		453,626
Ross Stores, Inc.		11,840		1,116,038
Sanrio Co., Ltd. (b)		4,726		117,546
Shimamura Co., Ltd.		2,200		189,548
Sports Direct International plc (a)		25,741		282,309
Staples, Inc.		36,285		657,484
Tiffany & Co.		6,320		675,355
TJX Cos., Inc. (The)		39,050		2,678,049
Tractor Supply Co.		7,735		609,673
Urban Outfitters, Inc. (a) (b)		5,750		201,997
USS Co., Ltd.		21,040		323,784
Yamada Denki Co., Ltd. (b)		83,440		278,498
				37,407,678
Technology Hardware, Storage & Peripherals—1.1%
Apple, Inc. (d)		333,371		36,797,491
Brother Industries, Ltd.		22,646		410,861
Canon, Inc.		108,833		3,456,740
EMC Corp.		114,310		3,399,579
FUJIFILM Holdings Corp.		44,453		1,341,538
Hewlett-Packard Co.		105,110		4,218,064
Konica Minolta, Inc.		44,253		477,338
NEC Corp.		249,087		726,163
NetApp, Inc.		17,970		744,857
Ricoh Co., Ltd.		67,478		685,481
SanDisk Corp.		12,655		1,239,937
Seagate Technology plc		18,360		1,220,940
Seiko Epson Corp.		12,500		525,043
Western Digital Corp.		12,395		1,372,127
				56,616,159
Textiles, Apparel & Luxury Goods—0.5%
Adidas AG		20,071		1,398,912
Asics Corp.		15,878		379,449
Burberry Group plc		42,668		1,081,149
Christian Dior S.A.		5,250		897,000
Cie Financiere Richemont S.A.		50,078		4,435,775
Coach, Inc.		15,450		580,302
Fossil Group, Inc. (a)		2,599		287,813
Hermes International (b)		1,597		569,449
Hugo Boss AG		4,053		497,603
Kering		7,266		1,396,944
Li & Fung, Ltd.		560,300		523,993
Luxottica Group S.p.A.		16,137		883,463
LVMH Moet Hennessy Louis Vuitton S.A.		26,791		4,236,570
Michael Kors Holdings, Ltd. (a)		11,597		870,935
NIKE, Inc. - Class B		39,690		3,816,193

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Textiles, Apparel & Luxury Goods—(Continued)
Pandora A/S		11,062	$	897,267
PVH Corp.		4,708		603,424
Ralph Lauren Corp.		3,495		647,134
Swatch Group AG (The)		4,799		415,086
Swatch Group AG (The) - Bearer Shares		2,961		1,314,795
Under Armour, Inc. - Class A (a) (b)		9,372		636,359
VF Corp.		19,400		1,453,060
Yue Yuen Industrial Holdings, Ltd.		71,100		255,525
				28,078,200
Thrifts & Mortgage Finance—0.0%
Hudson City Bancorp, Inc.		27,085		274,100
People’s United Financial, Inc. (b)		17,395		264,056
				538,156
Tobacco—0.6%
Altria Group, Inc.		111,725		5,504,691
British American Tobacco plc		178,822		9,716,091
Imperial Tobacco Group plc		91,817		4,020,955
Japan Tobacco, Inc.		105,527		2,897,569
Lorillard, Inc.		20,290		1,277,053
Philip Morris International, Inc. (d)		88,005		7,168,007
Reynolds American, Inc.		17,380		1,117,013
Swedish Match AB		19,297		601,893
				32,303,272
Trading Companies & Distributors—0.3%
Ashtead Group plc		48,288		853,694
Brenntag AG		14,817		833,743
Bunzl plc		32,155		876,541
Fastenal Co. (b)		15,350		730,046
ITOCHU Corp.		144,010		1,539,706
Marubeni Corp.		157,709		945,353
Mitsubishi Corp.		132,485		2,429,758
Mitsui & Co., Ltd.		163,705		2,188,436
Noble Group, Ltd.		421,000		361,423
Rexel S.A.		26,748		477,635
Sumitomo Corp. (b)		107,913		1,108,373
Toyota Tsusho Corp.		20,426		472,097
Travis Perkins plc		23,783		684,715
United Rentals, Inc. (a)		5,400		550,854
Wolseley plc		25,571		1,455,716
WW Grainger, Inc.		3,420		871,724
				16,379,814
Transportation Infrastructure—0.1%
Abertis Infraestructuras S.A.		38,880		768,114
Aeroports de Paris		2,878		348,834
Atlantia S.p.A.		39,671		921,422
Auckland International Airport, Ltd.		91,033		299,598
Fraport AG Frankfurt Airport Services Worldwide (b)		3,556		206,008
Groupe Eurotunnel S.A.		44,685		576,821
Transportation Infrastructure—(Continued)
Hutchison Port Holdings Trust - Class U		541,202	$	372,947
Kamigumi Co., Ltd.		21,677		192,786
Mitsubishi Logistics Corp.		11,300		163,371
Sydney Airport		103,798		396,726
Transurban Group (b)		173,742		1,214,552
				5,461,179
Water Utilities—0.0%
Severn Trent plc		22,948		711,498
United Utilities Group plc		65,416		927,006
				1,638,504
Wireless Telecommunication Services—0.4%
KDDI Corp.		55,932		3,499,678
Millicom International Cellular S.A.		6,365		473,370
NTT DoCoMo, Inc.		146,563		2,145,411
SoftBank Corp.		92,232		5,488,932
StarHub, Ltd.		57,000		178,494
Tele2 AB - B Shares		30,588		370,305
Vodafone Group plc		2,542,246		8,710,908
				20,867,098
Total Common Stocks (Cost $1,823,212,194)				2,349,501,336
U.S. Treasury & Government Agencies—27.1%
Federal Agencies—2.3%
Federal Home Loan Bank 4.750%, 12/16/16		1,785,000		1,932,796
Federal Home Loan Mortgage Corp. 0.750%, 01/12/18 (b)		10,255,000		10,107,831
2.000%, 08/25/16		3,900,000		3,993,120
2.375%, 01/13/22		16,225,000		16,392,020
4.375%, 07/17/15		4,305,000		4,401,208
6.250%, 07/15/32		2,480,000		3,624,852
Federal National Mortgage Association 0.500%, 05/27/15 (b)		6,510,000		6,517,285
0.500%, 03/30/16		12,850,000		12,926,008
0.875%, 02/08/18 (b)		20,645,000		20,408,491
1.250%, 01/30/17		14,970,000		15,104,206
1.875%, 02/19/19		11,900,000		12,080,571
2.375%, 04/11/16 (b)		966,000		989,812
5.250%, 09/15/16 (b)		5,445,000		5,868,147
5.375%, 06/12/17		756,000		835,808
6.625%, 11/15/30 (b)		1,650,000		2,450,009
7.250%, 05/15/30 (b)		1,941,000		3,021,019
				120,653,183
U.S. Treasury—24.8%
U.S. Treasury Bonds 2.750%, 08/15/42		8,785,000		8,782,259
2.875%, 05/15/43		11,089,000		11,341,962

§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 December 31, 2014

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

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Bonds 3.125%, 11/15/41		15,840,000	$	17,094,829
3.125%, 02/15/42		5,645,000		6,076,752
3.125%, 02/15/43		8,925,000		9,582,523
3.500%, 02/15/39		7,482,000		8,593,197
3.625%, 08/15/43		19,066,000		22,421,921
3.750%, 08/15/41 (b)		8,025,000		9,672,003
4.250%, 05/15/39		1,235,000		1,587,458
4.375%, 11/15/39		8,320,000		10,909,600
4.375%, 05/15/40		6,650,000		8,742,150
4.375%, 05/15/41		7,495,000		9,941,413
4.750%, 02/15/41		1,780,000		2,487,411
5.375%, 02/15/31 (b) (f)		14,855,000		20,705,315
6.000%, 02/15/26 (b)		14,292,000		19,587,858
6.250%, 08/15/23 (b)		4,620,000		6,151,456
6.250%, 05/15/30		1,815,000		2,711,723
7.250%, 05/15/16 (b)		13,085,000		14,293,321
8.875%, 02/15/19		2,158,000		2,801,690
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/18		34,528,973		34,399,489
0.125%, 04/15/19		25,249,127		24,970,983
0.625%, 07/15/21		19,554,942		19,800,904
1.125%, 01/15/21		21,013,807		21,829,731
1.250%, 07/15/20		14,817,479		15,551,404
1.375%, 07/15/18		4,460,759		4,672,297
1.375%, 01/15/20		14,823,945		15,559,346
1.625%, 01/15/18		5,761,276		6,032,683
1.875%, 07/15/19		7,238,594		7,769,045
2.125%, 01/15/19		4,334,296		4,657,336
U.S. Treasury Notes 0.375%, 01/31/16		6,295,000		6,297,952
0.625%, 11/30/17		19,755,000		19,501,899
0.750%, 12/31/17		19,375,000		19,170,652
0.750%, 03/31/18		30,165,000		29,700,730
0.875%, 11/30/16		30,406,000		30,539,026
0.875%, 01/31/17		21,673,700		21,736,359
0.875%, 02/28/17		17,235,000		17,276,743
0.875%, 01/31/18		63,035,000		62,527,757
1.000%, 05/31/18		36,865,000		36,507,852
1.250%, 11/30/18		16,530,000		16,413,778
1.250%, 01/31/19		6,545,000		6,482,109
1.250%, 04/30/19 (b)		56,744,000		56,083,443
1.375%, 06/30/18 (b)		21,010,000		21,051,033
1.500%, 08/31/18		39,415,000		39,605,926
1.500%, 01/31/19		5,070,000		5,071,982
1.500%, 05/31/19		35,913,200		35,823,417
1.500%, 11/30/19		18,445,000		18,328,280
1.625%, 11/15/22		16,550,000		16,054,791
1.750%, 05/15/23 (b)		47,565,000		46,312,709
1.875%, 10/31/17		13,345,000		13,658,821
2.000%, 01/31/16		54,765,000		55,740,474
2.000%, 04/30/16 (b)		21,417,000		21,868,770
2.000%, 11/15/21 (b)		17,230,000		17,293,269
2.000%, 02/15/22		9,370,000		9,393,425
2.000%, 02/15/23		9,615,000		9,578,944
U.S. Treasury—(Continued)
U.S. Treasury Notes 2.125%, 08/15/21		11,970,000	$	12,111,210
2.250%, 11/30/17 (b)		16,220,000		16,773,767
2.375%, 07/31/17		15,830,100		16,405,176
2.500%, 05/15/24		22,872,000		23,561,728
2.625%, 01/31/18		18,655,000		19,481,361
2.625%, 08/15/20		21,945,000		22,917,098
2.625%, 11/15/20		15,004,000		15,661,595
2.750%, 02/15/19		33,793,000		35,551,284
3.125%, 10/31/16 (b)		52,110,000		54,471,208
3.125%, 01/31/17		14,130,000		14,834,296
3.250%, 07/31/16 (b)		18,515,000		19,309,127
3.500%, 05/15/20 (b)		9,995,000		10,903,925
3.625%, 02/15/20		25,218,000		27,649,166
3.625%, 02/15/21 (b)		16,280,000		17,933,429
				1,288,312,570
Total U.S. Treasury & Government Agencies (Cost $1,389,216,480)				1,408,965,753
Investment Company Securities—8.0%
F&C Commercial Property Trust, Ltd.		58,500		124,229
F&C UK Real Estate Investment, Ltd.		25,600		37,432
iShares Core MSCI Emerging Markets ETF		531,980		25,019,020
iShares International Developed Real Estate ETF (b)		1,289,880		38,747,995
iShares MSCI All Country Asia ex Japan ETF		392,600		23,921,118
iShares MSCI EAFE ETF		33,488		2,037,410
Medicx Fund, Ltd.		39,183		50,617
Picton Property Income, Ltd.		48,700		49,247
SPDR S&P 500 ETF Trust		1,215,496		249,784,428
Standard Life Investment Property Income Trust plc		27,040		32,976
UK Commercial Property Trust, Ltd. (b)		49,000		67,340
Vanguard REIT ETF (b)		353,080		28,599,480
Vanguard Small-Cap ETF (b)		396,470		46,252,190
Total Investment Company Securities (Cost $408,227,726)				414,723,482
Foreign Government—4.2%
Sovereign—4.2%
Australia Government Bonds
2.750%, 04/21/24 (AUD)		1,015,000		828,936
5.250%, 03/15/19 (AUD) (b)		510,000		467,260
5.750%, 05/15/21 (AUD)		2,345,000		2,285,652
6.000%, 02/15/17 (AUD)		230,000		202,589
Austria Government Bonds
3.150%, 06/20/44 (144A) (EUR)		145,000		244,689
3.400%, 11/22/22 (144A) (EUR)		1,390,000		2,064,793
4.000%, 09/15/16 (144A) (EUR)		1,850,000		2,392,586
4.150%, 03/15/37 (144A) (EUR)		240,000		445,942

§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 December 31, 2014

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Belgium Government Bonds 2.600%, 06/22/24 (144A) (EUR)		400,000	$	561,337
3.750%, 09/28/20 (144A) (EUR)		335,000		486,056
4.250%, 09/28/21 (144A) (EUR)		900,000		1,369,230
4.250%, 03/28/41 (144A) (EUR)		435,000		794,565
5.000%, 03/28/35 (144A) (EUR)		175,000		334,455
5.500%, 09/28/17 (144A) (EUR)		900,000		1,254,428
5.500%, 03/28/28 (EUR)		815,000		1,500,450
Bundesobligation 0.250%, 04/13/18 (EUR)		390,000		476,667
Bundesrepublik Deutschland 1.500%, 05/15/23 (EUR)		885,000		1,171,795
2.000%, 01/04/22 (EUR)		1,505,000		2,048,621
2.000%, 08/15/23 (EUR)		1,170,000		1,607,934
2.500%, 01/04/21 (EUR)		2,715,000		3,759,287
2.500%, 07/04/44 (EUR)		405,000		623,080
3.250%, 07/04/42 (EUR)		135,000		235,204
3.750%, 01/04/17 (EUR)		3,345,000		4,354,508
4.000%, 07/04/16 (EUR)		2,270,000		2,911,898
4.250%, 07/04/39 (EUR)		920,000		1,801,310
5.500%, 01/04/31 (EUR)		1,310,000		2,631,692
Canadian Government Bonds 2.750%, 06/01/22 (CAD)		1,075,000		998,960
3.500%, 06/01/20 (CAD)		420,000		401,194
4.000%, 06/01/16 (CAD)		2,410,000		2,161,449
4.000%, 06/01/41 (CAD)		975,000		1,113,084
5.750%, 06/01/29 (CAD)		385,000		481,598
5.750%, 06/01/33 (CAD)		245,000		322,507
Denmark Government Bonds 1.500%, 11/15/23 (DKK)		2,355,000		413,840
4.000%, 11/15/15 (DKK)		500,000		84,032
4.000%, 11/15/19 (DKK)		3,690,000		712,333
4.500%, 11/15/39 (DKK)		1,645,000		443,618
Finland Government Bond 3.500%, 04/15/21 (144A) (EUR)		1,500,000		2,177,255
France Government Bond OAT 1.750%, 05/25/23 (EUR)		545,000		722,110
2.250%, 10/25/22 (EUR)		1,410,000		1,930,754
2.250%, 05/25/24 (EUR)		1,740,000		2,393,745
3.250%, 04/25/16 (EUR)		1,710,000		2,157,333
3.250%, 05/25/45 (EUR)		280,000		443,983
3.750%, 04/25/21 (EUR)		4,445,000		6,523,104
4.500%, 04/25/41 (EUR)		1,585,000		3,004,178
5.500%, 04/25/29 (EUR)		1,310,000		2,460,548
5.750%, 10/25/32 (EUR)		360,000		725,363
French Treasury Note BTAN 1.750%, 02/25/17 (EUR)		3,595,000		4,516,741
Ireland Government Bonds 4.500%, 04/18/20 (EUR)		415,000		605,011
5.400%, 03/13/25 (EUR)		445,000		741,943
Italy Buoni Poliennali Del Tesoro 3.750%, 04/15/16 (EUR)		3,305,000		4,167,571
3.750%, 03/01/21 (EUR)		4,625,000		6,437,924
3.750%, 09/01/24 (EUR)		800,000		1,129,596
5.000%, 08/01/39 (EUR)		1,380,000		2,216,623
5.250%, 08/01/17 (EUR)		2,605,000		3,524,677
Sovereign—(Continued)
Italy Buoni Poliennali Del Tesoro 5.250%, 11/01/29 (EUR)		3,195,000		5,142,433
5.500%, 11/01/22 (EUR)		1,830,000		2,847,526
Japan Government Five Year Bonds 0.200%, 06/20/17 (JPY)		271,800,000		2,281,373
0.300%, 09/20/18 (JPY)		621,850,000		5,249,155
Japan Government Ten Year Bonds 0.500%, 12/20/24 (JPY)		82,400,000		699,594
0.800%, 09/20/22 (JPY)		78,700,000		689,519
0.800%, 12/20/22 (JPY)		274,150,000		2,401,758
0.800%, 09/20/23 (JPY)		389,900,000		3,414,470
1.700%, 03/20/17 (JPY)		1,292,250,000		11,199,389
Japan Government Thirty Year Bonds 1.800%, 09/20/43 (JPY)		315,400,000		2,976,894
1.900%, 09/20/42 (JPY)		268,850,000		2,589,994
2.300%, 03/20/40 (JPY)		305,700,000		3,158,646
Japan Government Twenty Year Bonds 1.400%, 12/20/22 (JPY)		876,300,000		8,023,998
1.500%, 03/20/33 (JPY)		90,500,000		826,345
1.700%, 12/20/31 (JPY)		561,250,000		5,320,278
1.700%, 09/20/32 (JPY)		182,400,000		1,721,553
1.700%, 09/20/33 (JPY)		403,250,000		3,782,295
2.100%, 06/20/29 (JPY)		555,050,000		5,566,390
2.100%, 12/20/29 (JPY)		144,800,000		1,452,414
2.500%, 12/21/20 (JPY)		968,350,000		9,266,312
Mexican Bonos 6.500%, 06/10/21 (MXN)		21,375,000		1,521,528
7.250%, 12/15/16 (MXN)		12,170,000		879,860
7.750%, 11/13/42 (MXN)		3,375,000		263,351
10.000%, 11/20/36 (MXN)		4,580,000		434,900
Netherlands Government Bonds 2.250%, 07/15/22 (144A) (EUR)		935,000		1,285,370
3.750%, 01/15/42 (144A) (EUR)		435,000		810,615
4.500%, 07/15/17 (144A) (EUR)		1,240,000		1,672,265
5.500%, 01/15/28 (EUR)		925,000		1,745,073
Norway Government Bond 3.000%, 03/14/24 (NOK)		3,240,000		488,943
Poland Government Bonds 5.500%, 10/25/19 (PLN)		3,610,000		1,173,883
5.750%, 04/25/29 (PLN)		1,105,000		424,204
Singapore Government Bond 2.250%, 06/01/21 (SGD)		865,000		661,917
South Africa Government Bonds 8.250%, 09/15/17 (ZAR)		12,430,000		1,108,333
10.500%, 12/21/26 (ZAR)		4,640,000		482,345
Spain Government Bonds 3.150%, 01/31/16 (EUR)		2,940,000		3,664,342
3.800%, 01/31/17 (EUR)		830,000		1,073,481
4.000%, 04/30/20 (EUR)		2,190,000		3,072,098
4.200%, 01/31/37 (EUR)		650,000		985,762
4.400%, 10/31/23 (144A) (EUR)		445,000		666,123
4.700%, 07/30/41 (EUR)		425,000		688,424
5.850%, 01/31/22 (EUR)		2,230,000		3,555,482
6.000%, 01/31/29 (EUR)		770,000		1,346,549

§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 December 31, 2014

Foreign Government—(Continued)

Security Description	Shares/ Principal Amount*		Value
Sovereign—(Continued)
Sweden Government Bonds 1.500%, 11/13/23 (SEK)		3,330,000	$	452,246
4.500%, 08/12/15 (SEK)		660,000		86,901
5.000%, 12/01/20 (SEK)		8,685,000		1,411,227
Switzerland Government Bond 4.000%, 02/11/23 (CHF)		415,000		544,735
United Kingdom Gilt 1.750%, 01/22/17 (GBP)		1,495,000		2,389,433
1.750%, 09/07/22 (GBP)		275,000		434,715
2.250%, 09/07/23 (GBP)		2,630,000		4,295,059
3.250%, 01/22/44 (GBP)		1,855,000		3,335,479
3.750%, 09/07/20 (GBP)		1,395,000		2,464,772
4.250%, 09/07/39 (GBP)		2,555,000		5,320,708
4.500%, 12/07/42 (GBP)		275,000		604,939
8.000%, 06/07/21 (GBP)		1,170,000		2,568,234
Total Foreign Government (Cost $244,600,704)				220,389,670
Preferred Stocks—0.1%
Automobiles—0.1%
Bayerische Motoren Werke (BMW) AG		5,227		428,987
Porsche Automobil Holding SE		14,707		1,194,959
Volkswagen AG		15,597		3,483,931
				5,107,877
Chemicals—0.0%
Fuchs Petrolub SE (b)		6,667		268,511
Household Products—0.0%
Henkel AG & Co. KGaA		17,092		1,848,919
Total Preferred Stocks (Cost $5,948,675)				7,225,307
Rights—0.0%
Banks—0.0%
Banco Bilbao Vizcaya Argentaria S.A., Expires 01/07/15 (a) (b) (Cost $55,707)		569,484		54,439
Short-Term Investments—17.8%
Mutual Fund—3.9%
State Street Navigator Securities Lending MET Portfolio (h)		199,953,360		199,953,360
U.S. Treasury—1.1%
U.S. Treasury Bills
0.007%, 01/08/15 (d) (i)		30,500,000		30,499,955
0.010%, 01/29/15 (i)		25,000,000		24,999,806
0.010%, 02/12/15 (i)		2,500,000		2,499,971
				57,999,732
Repurchase Agreement—12.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $663,736,068 on 01/02/15, collateralized by $669,625,000 U.S. Government Agency obligations with rates ranging from 0.375% - 4.875%, maturity dates ranging from 06/15/16 - 09/27/17 with a value of $677,013,431.		663,736,068		663,736,068
Total Short-Term Investments (Cost $921,689,160)				921,689,160
Total Investments—102.4% (Cost $4,792,950,646) (j)				5,322,549,147
Other assets and liabilities (net)—(2.4)%				(127,256,487	)
Net Assets—100.0%			$	5,195,292,660

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $199,729,517 and the collateral received consisted of cash in the amount of $199,953,360 and non-cash collateral with a value of $7,518,441. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent less than 0.05% of net assets.

(d) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $108,536,620.

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

(f) All or a portion of the security was pledged as collateral against open forward foreign currency exchange contracts. As of December 31, 2014, the market value of securities pledged was $1,103,912.

(g) Illiquid security. As of December 31, 2014, these securities represent 0.0% of net assets.

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

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

(j) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $4,824,161,491. The aggregate unrealized appreciation and depreciation of investments were $661,790,308 and $(163,402,652), respectively, resulting in net unrealized appreciation of $498,387,656 for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of

§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 December 31, 2014

December 31, 2014, the market value of 144A securities was $16,830,432, which is 0.3% 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.

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(CHF)— Swiss Franc

(DKK)— Danish Krone

(ETF)— Exchange-Traded Fund

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(MXN)— Mexican Peso

(NOK)— Norwegian Krone

(PLN)— Polish Zloty

(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.

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

(ZAR)— South African Rand

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	30,548,000	JPMorgan Chase Bank N.A.		03/18/15	$	24,715,811	$	93,700
EUR	348,914	UBS AG		01/09/15		424,956		(2,735	)
EUR	58,396,000	Credit Suisse International		03/18/15		71,464,616		(755,809	)
EUR	14,730,000	State Street Bank and Trust		03/18/15		18,334,284		(498,461	)
GBP	6,387,000	BNP Paribas S.A.		03/18/15		9,981,284		(32,244	)
GBP	10,063,000	Credit Suisse International		03/18/15		15,706,642		(31,491	)
JPY	624,937,000	BNP Paribas S.A.		03/18/15		5,299,575		(78,860	)
JPY	7,146,859,000	BNP Paribas S.A.		03/18/15		59,836,225		(131,464	)
JPY	2,132,677,000	Royal Bank of Scotland plc		03/18/15		18,110,830		(294,476	)
SEK	21,521,000	Deutsche Bank AG		03/18/15		2,844,849		(83,443	)
Contracts to Deliver
AUD	4,464,845	Royal Bank of Scotland plc		01/30/15	$	3,698,410	$	59,939
AUD	30,712,000	BNP Paribas S.A.		03/18/15		25,385,986		443,283
AUD	26,528,000	BNP Paribas S.A.		03/18/15		22,652,604		1,107,930
AUD	27,584,000	Goldman Sachs International		03/18/15		22,745,215		342,912
CAD	389,159	Deutsche Bank AG		01/14/15		344,152		9,275
CAD	296,565	JPMorgan Chase Bank N.A.		01/14/15		254,523		(675	)
CAD	5,820,034	State Street Bank and Trust		01/14/15		5,124,081		115,869
CAD	6,530,000	Goldman Sachs International		03/18/15		5,600,823		(10,405	)
CHF	550,170	State Street Bank and Trust		01/29/15		567,606		14,024
CHF	36,909,000	Royal Bank of Scotland plc		03/18/15		37,877,917		704,147
DKK	1,455,192	Barclays Bank plc		01/22/15		243,321		6,834
DKK	8,704,057	Credit Suisse International		01/22/15		1,451,257		36,738
EUR	180,359	BNP Paribas S.A.		01/09/15		225,065		6,813
EUR	470,611	Deutsche Bank AG		01/09/15		582,767		13,279
EUR	83,033,794	Goldman Sachs International		01/09/15		104,248,679		3,769,336
EUR	3,723,458	State Street Bank and Trust		01/09/15		4,578,424		72,660
EUR	913,660	State Street Bank and Trust		01/09/15		1,139,300		33,679
EUR	608,446	State Street Bank and Trust		01/09/15		761,279		24,997
EUR	500,000	State Street Bank and Trust		01/09/15		621,965		16,914
EUR	476,493	State Street Bank and Trust		01/09/15		591,303		14,699
EUR	464,041	State Street Bank and Trust		01/09/15		568,967		7,430
EUR	52,504,000	Citibank N.A.		03/18/15		65,208,760		1,634,283
EUR	8,504,000	Citibank N.A.		03/18/15		10,456,136		159,066
EUR	42,684,000	Deutsche Bank AG		03/18/15		53,157,715		1,473,786
EUR	4,403,000	Deutsche Bank AG		03/18/15		5,529,081		197,707
EUR	2,390,000	State Street Bank and Trust		03/18/15		2,940,869		46,937
GBP	13,604,508	BNP Paribas S.A.		01/27/15		21,390,028		189,696
GBP	370,015	Barclays Bank plc		01/27/15		578,833		2,227
GBP	34,810,000	Deutsche Bank AG		03/18/15		54,354,457		130,863

§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 December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
GBP	4,406,000	Goldman Sachs International		03/18/15	$	6,832,693	$	(30,541	)
GBP	3,211,000	State Street Bank and Trust		03/18/15		5,044,224		42,444
JPY	71,783,642	Barclays Bank plc		01/23/15		599,233		(148	)
JPY	8,219,474,111	Goldman Sachs International		01/23/15		68,682,778		51,520
JPY	98,005,475	Standard Chartered Bank		01/23/15		824,268		5,939
JPY	6,853,643,000	Royal Bank of Scotland plc		03/18/15		56,538,413		(716,824	)
JPY	6,169,159,000	Royal Bank of Scotland plc		03/18/15		53,437,616		1,900,548
JPY	994,532,000	Royal Bank of Scotland plc		03/18/15		8,251,700		(56,606	)
MXN	39,192,729	Goldman Sachs International		01/15/15		2,885,788		230,940
MXN	6,483,696	JPMorgan Chase Bank N.A.		01/15/15		450,288		11,094
NOK	3,486,507	Goldman Sachs International		01/22/15		496,196		28,629
PLN	5,428,518	State Street Bank and Trust		01/28/15		1,614,551		82,936
SEK	14,053,091	State Street Bank and Trust		01/22/15		1,881,284		78,475
SGD	881,173	BNP Paribas S.A.		01/23/15		670,961		6,070
ZAR	16,782,665	Goldman Sachs International		01/14/15		1,495,395		46,664
Net Unrealized Appreciation							$	10,490,100

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		03/16/15		1,041			AUD	131,751,665		$	1,344,848
Brent Crude Oil Futures		02/12/15		100			USD	6,527,942			(706,942	)
Brent Crude Oil Futures		10/31/18		79			USD	7,131,678			(1,091,338	)
Canada Government Bond Year Bond Futures		03/20/15		730			CAD	100,327,061			682,165
Euro Stoxx 50 Index Futures		03/20/15		625			EUR	18,665,479			1,108,129
FTSE 100 Index Futures		03/20/15		194			GBP	12,366,095			448,183
Gold 100 oz Futures		02/25/15		121			USD	14,502,148			(174,538	)
MSCI EAFE Mini Index Futures		03/20/15		38			USD	3,381,690			(41,680	)
S&P 500 E-Mini Index Futures		03/20/15		18			USD	1,787,857			59,303
TOPIX Index Futures		03/20/15		596			JPY	8,503,092,120			(955,019	)
U.S. Treasury Long Bond Futures		03/20/15		4			USD	560,537			17,713
U.S. Treasury Note 10 Year Futures		03/20/15		425			USD	53,710,937			177,735
U.S. Treasury Note 5 Year Futures		03/31/15		439			USD	52,165,153			44,980
U.S. Treasury Ultra Long Bond Futures		03/20/15		189			USD	30,534,372			686,066
United Kingdom Long Gilt Bond Futures		03/27/15		166			GBP	19,314,264			822,498
Futures Contracts—Short
Euro Bobl Futures		03/06/15		(204	)		EUR	(26,391,235	)	$	(224,930	)
Euro Buxl 30 Year Bond Fututres		03/06/15		(70	)		EUR	(10,357,116	)		(594,720	)
Euro-Bund Futures		03/06/15		(175	)		EUR	(26,788,790	)		(591,061	)
Hang Seng Index Futures		01/29/15		(20	)		HKD	(23,404,700	)		(31,504	)
Japanese 10 Year Bond Futures		03/12/15		(84	)		JPY	(12,346,264,560	)		(568,504	)
SPI 200 Futures		03/19/15		(40	)		AUD	(5,151,707	)		(188,828	)
Net Unrealized Appreciation										$	222,556

§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 December 31, 2014

Swap Agreements

Total Return Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index	Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount			Market Value		Upfront Premium Paid/(Received)		Unrealized Appreciation
Receive	1-Month USD-LIBOR	03/16/15	UBS AG	Russell 2000 Total Return Index		USD	75,409,889	$	4,338,737	$	—	$	4,338,737
Receive	1-Month USD-LIBOR	04/15/15	UBS AG	Russell 2000 Total Return Index		USD	257,922		14,840		—		14,840
Receive	3-Month USD-LIBOR	02/26/15	Goldman Sachs International	Russell 2000 Total Return Index		USD	54,475,776		735,686		—		735,686
Pay	3-Month USD-LIBOR	02/26/15	Goldman Sachs International	S&P 400 MidCap Total Return Index		USD	339,939		92		—		92
Pay	3-Month USD-LIBOR	03/16/15	Goldman Sachs International	S&P 400 MidCap Total Return Index		USD	155,939,989		6,853,182		—		6,853,182
Receive	3-Month USD-LIBOR	03/19/15	Goldman Sachs International	Russell 2000 Total Return Index		USD	14,201,820		817,107		—		817,107
Pay	3-Month USD-LIBOR	03/19/15	Goldman Sachs International	S&P 400 Midcap Total Return Index		USD	15,620,684		686,491		—		686,491
Totals								$	13,446,135	$	—	$	13,446,135

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

2.300

%

12/24/24

USD

1,302,000,000

$

1,478,812

Securities in the amount of $5,211,990 have been received at the custodian bank as collateral for swap contracts.

(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

(NOK)— Norwegian Krone

(PLN)— Polish Zloty

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

(USD)— United States Dollar

(ZAR)— South African Rand

(LIBOR)— London Interbank Offered Rate

§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 December 31, 2014

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	27,745,313	$	12,044,101	$	—	$	39,789,414
Air Freight & Logistics		8,125,148		4,964,002		—		13,089,150
Airlines		4,125,964		2,893,632		—		7,019,596
Auto Components		4,193,527		14,903,003		—		19,096,530
Automobiles		6,847,391		43,832,505		—		50,679,896
Banks		62,649,742		160,033,642		0		222,683,384
Beverages		22,031,041		29,390,154		—		51,421,195
Biotechnology		29,838,798		4,909,148		—		34,747,946
Building Products		805,429		7,540,174		—		8,345,603
Capital Markets		29,870,621		17,235,770		—		47,106,391
Chemicals		24,968,495		40,752,142		—		65,720,637
Commercial Services & Supplies		4,605,530		6,550,433		—		11,155,963
Communications Equipment		17,324,274		7,321,918		—		24,646,192
Construction & Engineering		1,218,176		8,417,219		—		9,635,395
Construction Materials		870,560		7,277,968		—		8,148,528
Consumer Finance		9,551,027		596,092		—		10,147,119
Containers & Packaging		1,971,625		1,939,230		—		3,910,855
Distributors		918,100		327,522		—		1,245,622
Diversified Consumer Services		520,525		191,720		—		712,245
Diversified Financial Services		21,511,154		12,501,790		—		34,012,944
Diversified Telecommunication Services		23,446,321		38,534,650		—		61,980,971
Electric Utilities		19,026,362		19,828,669		—		38,855,031
Electrical Equipment		5,840,655		15,556,833		—		21,397,488
Electronic Equipment, Instruments & Components		4,328,912		14,790,572		—		19,119,484
Energy Equipment & Services		14,019,713		3,806,532		—		17,826,245
Food & Staples Retailing		25,763,851		20,164,864		—		45,928,715
Food Products		16,616,801		47,729,982		—		64,346,783
Gas Utilities		366,852		6,507,991		—		6,874,843
Health Care Equipment & Supplies		22,983,102		8,819,750		—		31,802,852
Health Care Providers & Services		23,840,947		5,993,705		—		29,834,652
Health Care Technology		1,103,099		309,485		—		1,412,584
Hotels, Restaurants & Leisure		17,480,986		14,497,712		—		31,978,698
Household Durables		4,403,800		9,315,470		—		13,719,270
Household Products		20,441,761		8,199,352		—		28,641,113
Independent Power and Renewable Electricity Producers		1,028,353		889,860		—		1,918,213
Industrial Conglomerates		24,131,024		17,905,100		—		42,036,124
Insurance		29,562,967		66,007,121		—		95,570,088
Internet & Catalog Retail		12,156,449		1,063,701		—		13,220,150

§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§ Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Internet Software & Services	$	33,332,875		$	1,362,627		$	—	$	34,695,502
IT Services		34,027,001			5,608,208			—		39,635,209
Leisure Products		940,663			1,979,646			—		2,920,309
Life Sciences Tools & Services		4,393,513			1,097,914			—		5,491,427
Machinery		16,192,693			29,865,995			—		46,058,688
Marine		—			3,519,553			—		3,519,553
Media		36,932,420			19,522,029			—		56,454,449
Metals & Mining		4,032,304			37,932,205			—		41,964,509
Multi-Utilities		12,760,215			17,030,930			—		29,791,145
Multiline Retail		7,810,471			4,304,397			—		12,114,868
Oil, Gas & Consumable Fuels		73,151,616			63,569,897			—		136,721,513
Paper & Forest Products		1,287,795			1,579,394			—		2,867,189
Personal Products		1,198,380			7,278,247			—		8,476,627
Pharmaceuticals		64,489,928			109,865,880			—		174,355,808
Professional Services		2,021,593			7,463,486			—		9,485,079
Real Estate Investment Trusts		101,880,323			53,048,700			—		154,929,023
Real Estate Management & Development		1,138,982			51,042,467			—		52,181,449
Road & Rail		11,010,963			12,444,070			—		23,455,033
Semiconductors & Semiconductor Equipment		25,438,042			9,588,436			—		35,026,478
Software		39,622,814			10,666,695			—		50,289,509
Specialty Retail		25,103,157			12,304,521			—		37,407,678
Technology Hardware, Storage & Peripherals		48,992,995			7,623,164			—		56,616,159
Textiles, Apparel & Luxury Goods		8,895,220			19,182,980			—		28,078,200
Thrifts & Mortgage Finance		538,156			—			—		538,156
Tobacco		15,066,764			17,236,508			—		32,303,272
Trading Companies & Distributors		2,152,624			14,227,190			—		16,379,814
Transportation Infrastructure		—			5,461,179			—		5,461,179
Water Utilities		—			1,638,504			—		1,638,504
Wireless Telecommunication Services		—			20,867,098			—		20,867,098
Total Common Stocks		1,118,645,902			1,230,855,434			0		2,349,501,336
Total U.S. Treasury & Government Agencies*		—			1,408,965,753			—		1,408,965,753
Investment Company Securities		414,361,641			361,841			—		414,723,482
Total Foreign Government*		—			220,389,670			—		220,389,670
Total Preferred Stocks*		—			7,225,307			—		7,225,307
Total Rights*		54,439			—			—		54,439
Short-Term Investments
Mutual Fund		199,953,360			—			—		199,953,360
U.S. Treasury		—			57,999,732			—		57,999,732
Repurchase Agreement		—			663,736,068			—		663,736,068
Total Short-Term Investments		199,953,360			721,735,800			—		921,689,160
Total Investments	$	1,733,015,342		$	3,589,533,805		$	0	$	5,322,549,147
Collateral for securities loaned (Liability)	$	—		$	(199,953,360	)	$	—	$	(199,953,360	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	13,214,282		$	—	$	13,214,282
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(2,724,182	)		—		(2,724,182	)
Total Forward Contracts	$	—		$	10,490,100		$	—	$	10,490,100
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	5,391,620		$	—		$	—	$	5,391,620
Futures Contracts (Unrealized Depreciation)		(5,169,064	)		—			—		(5,169,064	)
Total Futures Contracts	$	222,556		$	—		$	—	$	222,556
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	1,478,812		$	—	$	1,478,812
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	13,446,135		$	—	$	13,446,135

* 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-29

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Consolidated§ Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

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.

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

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Depreciation			Transfers Into Level 3		Balance as of December 31, 2014		Change in Unrealized Depreciation from Investments Still Held at December 31, 2014
Common Stocks
Banks	$	—	$	(243,139	)	$	243,139	$	0	$	(243,139	)

Transfers into level 3 were due to a decline in market activity for significant observables which resulted in a lack of available market inputs to determine price.

§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§ Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	4,655,385,125
Affiliated investments at value (c)		3,427,954
Repurchase Agreement		663,736,068
Cash		5,158,151
Cash denominated in foreign currencies (d)		7,907,459
Cash collateral for centrally cleared swap contracts		54,629,830
OTC swap contracts at market value		13,446,135
Unrealized appreciation on forward foreign currency exchange contracts		13,214,282
Receivable for:
Investments sold		26,555,331
Fund shares sold		125,776
Dividends and interest		15,893,558
Variation margin on futures contracts		1,027,814
Interest on OTC swap contracts		19,307
Variation margin on swap contracts		1,341,914
Prepaid expenses		13,475
Total Assets		5,461,882,179
Liabilities
Cash collateral for OTC swap contracts		11,490,000
Unrealized depreciation on forward foreign currency exchange contracts		2,724,182
Collateral for securities loaned		199,953,360
Payables for:
Investments purchased		46,075,919
Open OTC swap contracts cash collateral		1,100,000
Fund shares redeemed		497,787
Variation margin on futures contracts		364,988
Interest on OTC swap contracts		25,308
Accrued expenses:
Management fees		2,617,469
Distribution and service fees		1,106,106
Deferred trustees’ fees		50,253
Other expenses		584,147
Total Liabilities		266,589,519
Net Assets	$	5,195,292,660
Net assets consist of:
Paid in surplus	$	4,348,394,924
Undistributed net investment income		136,260,872
Accumulated net realized gain		155,684,239
Unrealized appreciation on investments, affiliated investments, futures contracts, swap contracts and foreign currency transactions		554,952,625
Net Assets	$	5,195,292,660
Net Assets
Class B	$	5,195,292,660
Capital Shares Outstanding*
Class B		438,641,380
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.84

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

(a) Identified cost of investments, excluding repurchase agreement and affiliated investments, was $4,126,982,281.

(b) Includes securities loaned at value of $199,729,517.

(c) Identified cost of affiliated investments was $2,232,297.

(d) Identified cost of cash denominated in foreign currencies was $7,935,886.

Consolidated§ Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	81,094,682
Dividends from affiliated investments		82,482
Interest		21,636,505
Securities lending income		1,874,083
Total investment income		104,687,752
Expenses
Management fees		31,478,554
Administration fees		167,038
Custodian and accounting fees		1,238,851
Distribution and service fees—Class B		12,907,731
Interest expense		22,997
Audit and tax services		91,477
Legal		38,538
Trustees’ fees and expenses		43,761
Shareholder reporting		230,848
Insurance		31,725
Miscellaneous		60,316
Total expenses		46,311,836
Less management fee waiver		(923,928	)
Net expenses		45,387,908
Net Investment Income		59,299,844
Net Realized and Unrealized Gain
Net realized gain on:
Investments		20,420,790
Futures contracts		43,074,954
Written options		5,136,762
Swap contracts		139,660,016
Foreign currency transactions		57,492,539
Net realized gain		265,785,061
Net change in unrealized appreciation (depreciation) on:
Investments		37,084,776
Affiliated investments		7,999
Futures contracts		(12,883,116	)
Swap contracts		12,118,776
Foreign currency transactions		4,347,965
Net change in unrealized appreciation		40,676,400
Net realized and unrealized gain		306,461,461
Net Increase in Net Assets From Operations	$	365,761,305

(a) Net of foreign withholding taxes of $3,365,831.

§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

Consolidated§ Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	59,299,844		$	34,634,202
Net realized gain		265,785,061			127,938,562
Net change in unrealized appreciation		40,676,400			330,712,427
Increase in net assets from operations		365,761,305			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 (decrease) in net assets from capital share transactions		(35,057,760	)		587,157,731
Total increase in net assets		130,949,454			922,242,976
Net Assets
Beginning of period		5,064,343,206			4,142,100,230
End of period	$	5,195,292,660		$	5,064,343,206
Undistributed net investment income
End of period	$	136,260,872		$	78,887,305

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		6,780,832		$	78,462,208			53,435,232		$	587,034,866
Reinvestments		17,851,125			199,754,091			14,729,977			158,199,946
Redemptions		(27,007,767	)		(313,274,059	)		(14,338,476	)		(158,077,081	)
Net increase (decrease)		(2,375,810	)	$	(35,057,760	)		53,826,733		$	587,157,731
Increase (decrease) derived from capital shares transactions				$	(35,057,760	)				$	587,157,731

§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§ Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2014			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)		0.13			0.08			0.05			0.01
Net realized and unrealized gain (loss) on investments		0.69			1.09			0.93			(0.18	)(c)
Total from investment operations		0.82			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	$	11.84		$	11.48		$	10.70		$	9.73
Total Return (%) (e)		7.35			11.15			10.09			(1.72	)(f)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.90			0.89			0.91			1.01	(g)
Net ratio of expenses to average net assets (%) (h)		0.88			0.88			0.91			0.97	(g)
Ratio of net investment income to average net assets (%)		1.15			0.74			0.52			0.13	(g)
Portfolio turnover rate (%)		37			29			35			15	(f)
Net assets, end of period (in millions)	$	5,195.3		$	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.

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Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014		% of Total Assets at December 31, 2014
AllianceBernstein Global Dynamic Allocation Portfolio, Ltd.		5/2/2012	$	62,888,271		1.2	%

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 December 31, 2014 through the date the consolidated financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

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Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 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, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

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

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

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

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

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

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

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

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not

MIST-35

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 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 will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

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

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

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

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

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.

MIST-36

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $663,736,068, 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 December 31, 2014.

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

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

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

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

MIST-37

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

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

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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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.

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-38

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

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

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

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

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

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

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Notes to Consolidated Financial Statements—December 31, 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 December 31, 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)	$	1,478,812
	Unrealized appreciation on futures contracts** (a)		3,776,005	Unrealized depreciation on futures contracts** (a)	$	1,979,215
Equity	OTC swap contracts at market value (b)		13,446,135
	Unrealized appreciation on futures contracts** (a)		1,615,615	Unrealized depreciation on futures contracts** (a)		1,217,031
Commodity				Unrealized depreciation on futures contracts** (a)		1,972,818
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		13,214,282	Unrealized depreciation on forward foreign currency exchange contracts		2,724,182
Total		$	33,530,849		$	7,893,246

* 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 $19,307 and OTC swap interest payable of $25,308.

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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Notes to Consolidated Financial Statements—December 31, 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”) (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	9,061	$	(148	)	$	—		$	8,913
BNP Paribas S.A.		1,753,792		(242,568	)		—			1,511,224
Citibank N.A.		1,793,349		—			—			1,793,349
Credit Suisse International		36,738		(36,738	)		—			—
Deutsche Bank AG		1,824,910		(83,443	)		—			1,741,467
Goldman Sachs International		13,562,559		(40,946	)		(11,490,000	)		2,031,613
JPMorgan Chase Bank N.A.		104,794		(675	)		—			104,119
Royal Bank of Scotland plc		2,664,634		(1,067,906	)		—			1,596,728
Standard Chartered Bank		5,939		—			—			5,939
State Street Bank and Trust		551,064		(498,461	)		—			52,603
UBS AG		4,353,577		(2,735	)		(4,350,842	)		—
	$	26,660,417	$	(1,973,620	)	$	(15,840,842	)	$	8,845,955

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

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Barclays Bank plc	$	148	$	(148	)	$	—	$	—
BNP Paribas S.A.		242,568		(242,568	)		—		—
Credit Suisse International		787,300		(36,738	)		—		750,562
Deutsche Bank AG		83,443		(83,443	)		—		—
Goldman Sachs International		40,946		(40,946	)		—		—
JPMorgan Chase Bank N.A.		675		(675	)		—		—
Royal Bank of Scotland plc		1,067,906		(1,067,906	)		—		—
State Street Bank and Trust		498,461		(498,461	)		—		—
UBS AG		2,735		(2,735	)		—		—
	$	2,724,182	$	(1,973,620	)	$	—	$	750,562

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

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

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

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

Consolidated Statement of Operations Location— Net Realized Gain (Loss)	Interest Rate			Credit		Equity			Commodity			Foreign Exchange		Total
Investments (a)	$	(2,620,552	)	$	—	$	(15,917,911	)	$	—		$	—	$	(18,538,463	)
Forward foreign currency transactions		—			—		—			—			58,824,577		58,824,577
Futures contracts		6,820,299			—		39,268,518			(3,013,863	)		—		43,074,954
Swap contracts		130,670,932			7,142,819		14,141,207			(12,294,942	)		—		139,660,016
Written options		—			—		5,136,762			—			—		5,136,762
	$	134,870,679		$	7,142,819	$	42,628,576		$	(15,308,805	)	$	58,824,577	$	228,157,846
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		—			—		—			—			4,715,217		4,715,217
Futures contracts		4,108,605			—		(15,018,903	)		(1,972,818	)		—		(12,883,116	)
Swap contracts		5,469,369			—		6,322,442			326,965			—		12,118,776
	$	8,331,776		$	—	$	(8,696,461	)	$	(1,645,853	)	$	4,715,217	$	2,704,679

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

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

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	108,346,713
Forward foreign currency transactions		945,112,766
Futures contracts long		185,090,084
Futures contracts short		(101,465,598	)
Swap contracts		1,732,941,017
Written options		(9,973	)

‡ Averages are based on activity levels during 2014.

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

Written Options

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

Call Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		—			—		$	—
Options written		714,000			5,983			6,494,129
Options bought back		(714,000	)		(5,983	)		(6,494,129	)
Options outstanding December 31, 2014		—			—			—
Put Options	Notional Amount			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 December 31, 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; and 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 (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the

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

broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the 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 addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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

6. Investment Transactions

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

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$497,946,300	$	1,567,834,605	$	318,119,231	$	1,253,590,587

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Notes to Consolidated Financial Statements—December 31, 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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$31,478,554		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 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	%	$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 year ended December 31, 2014 are shown as a management fee waiver in the Consolidated Statement of Operations.

Amounts waived for the year ended December 31, 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 year ended December 31, 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.

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

8. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2014 is as follows:

Security Description	Number of shares held at December 31, 2013		Shares purchased		Shares sold		Number of shares held at December 31, 2014		Realized Gain on shares sold		Income For the Year Ended December 31, 2014
MetLife, Inc.		61,775		1,600		0		63,375	$	0	$	82,482

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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$100,095,595	$	146,724,302	$	99,658,496	$	11,475,644	$	199,754,091	$	158,199,946

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Total
$326,269,412	$	22,735,770	$	497,942,808	$	846,947,990

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, 2014, the Portfolio had no accumulated capital losses.

11. Recent Accounting Pronouncements

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

12. Subsequent Events

At a meeting held on February 12, 2015, the Board voted to approve a change to the name of the Portfolio to AB Global Dynamic Allocation Portfolio. This change becomes effective on May 1, 2015.

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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 December 31, 2014, and the related consolidated statement of operations for the year then ended, the consolidated statement of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the three years in the period then ended and for the period from May 2, 2011 (commencement of operations) to December 31, 2011. 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 financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; 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 referred to above present fairly, in all material respects, the financial position of the AllianceBernstein Global Dynamic Allocation Portfolio and subsidiary of Met Investors Series Trust as of December 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the three years in the period then ended and for the period from May 2, 2011 (commencement of operations) to December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-46

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-47

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (64)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-48

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

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

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

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

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

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

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

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

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

MIST-49

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

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

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

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

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

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

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

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

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

MIST-50

Met Investors Series Trust

AllianceBernstein Global Dynamic Allocation Portfolio

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

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

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

AllianceBernstein Global Dynamic Allocation Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and AllianceBernstein L.P. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Blended Index for the one-year, three-year, and since-inception (beginning May 2, 2011) periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Dow Jones Moderate Index, for the one-year and since-inception periods ended October 31, 2014 but underperformed its benchmark for the three-year period ended October 31, 2014, and underperformed its blended index for the same periods. The Board also took into account the change in the investment management team in November 2013.

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

MIST-51

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 6.52%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 4.43%.

MARKET ENVIRONMENT / CONDITIONS

Since the inception of the Portfolio on April 14, 2014, the global economic backdrop has been marked by a wide divergence in global growth rates. The U.S. economy has been one of the few bright spots among developed markets worldwide. For instance, the U.S. posted a third quarter Gross Domestic Product (GDP) reading of a 5% annualized gain, while concerns grew over slowing growth in Asia and deflationary fears in Europe. The mix of strong economic growth in the U.S. and sluggish growth overseas resulted in an attractive environment for U.S. stocks and bonds. Investor concerns surrounding overseas growth resulted in accommodative monetary policies around the globe. Many economists and strategists had predicted a rise in interest rates as the Federal Reserve (the “Fed”) ended their quantitative easing program and signaled to the market that they may begin raising their Federal Funds rate in the near term. However, the U.S. equity market advanced when the Fed hinted they would be in no rush to raise interest rates as inflation remained relatively subdued and risks from slowing growth overseas endured. The 10-year Treasury rallied during the reporting period, with the yield on the 10-year Treasury falling from 2.65% on April 14, 2014, to 2.17% by year end. The combination of the market pricing in a “lower for longer” accommodative monetary policy stance by the Fed and concerns over falling oil prices as well as slowing growth overseas had investors flocking to the safety of U.S. government bonds. Commodities, specifically oil, declined sharply since the inception of the Portfolio which had a corresponding effect on Energy companies. The S&P 500 Index gained 15% during the reporting period but was held back by the -8% drop in the S&P 500 Energy sector. Oil came under heavy selling pressure in the latter half of 2014 on a supply/demand imbalance. The combination of rising production from U.S. shale producers, OPEC’s (Organization of the Petroleum Exporting Countries) surprise decision to maintain current production levels, and declining demand from slowing overseas economies put the commodity under pressure. Oil declined over 50% from its mid-2014 peak.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Strategic Asset Allocation (“SAA”) sets the long term asset allocation mix for the Portfolio. Active asset allocation decisions are made around the SAA in an effort to enhance returns and mitigate risks. The SAA of the Portfolio is 40% the Russell 3000 Index, 20% the MSCI EAFE Index, and 40% the Barclays U.S. Government Index.

The Portfolio aims to deliver a superior return compared to the SAA over a market cycle, while mitigating downside risks 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 Cycle and Valuation analysis, and active risk management. Market Cycle analysis uses a proprietary rule-based, disciplined asset allocation approach to capture medium-term trends across asset classes. By combining both pro-cyclical and anti-cyclical elements, it aims to invest in the best performing asset classes over time, and provide both excess returns and downside risk mitigation. Economic Cycle and Valuation analysis looks at forward-looking fundamental assessments, based on both quantitative and qualitative input factors, to better identify turning points in markets. This allows the Portfolio to tactically adjust the strategy’s asset allocation with the aim of enhancing returns. The active risk management provides the final component of the asset allocation approach, through which the Portfolio actively manages portfolio risk, targeting a significant reduction in downside risk in times of market stress.

The Allianz Global Investors Dynamic Multi-Asset Plus Portfolio, since its inception on April 14, 2014, outperformed the return of the Dow Jones Moderate Index. In terms of absolute performance, exposure to U.S. equities was the primary positive contributor to performance, while exposure to U.S. government bonds, opportunistic exposure to real estate, and exposure to U.S. corporate bonds all contributed positively to performance as well. Exposure to international equities detracted from absolute performance during the period.

Relative to the SAA, outperformance was driven by a positive contribution from U.S. real estate exposure and security selection within the U.S. government bond segment. The Portfolio’s overweight allocation to U.S. corporate bonds also contributed positively to relative outperformance while an underweight position to U.S. government bonds and security selection within equities detracted from the period’s relative performance.

The Portfolio utilizes derivatives to gain exposure to certain asset classes and conduct tactical views to overweight and underweight certain asset classes relative to the SAA. The Portfolio utilized derivatives to gain exposure to U.S. equities, international equities, and real estate which contributed positively to absolute performance during the reporting period. The derivatives performed as expected, enabling the Portfolio to gain exposure to the underlying asset classes in a liquid and cost effective way.

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 was overweight U.S. equities, U.S. corporate bonds, and U.S. real estate as of the end of the 2014 calendar year. The largest active position was an underweight to U.S. government bonds.

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

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 DECEMBER 31, 2014)

	Since Inception2
Allianz Global Investor Dynamic Multi-Asset Plus Portfolio
Class B		6.52
Dow Jones Moderate Index		4.43

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 DECEMBER 31, 2014

Risk Exposures by Asset Class*

	% of Net Assets
U.S. Large Cap Equities		36.8
U.S. Government Bonds		26.1
International Developed Equities		19.2
U.S. Investment Grade Corporate Bonds		6.3
U.S. Mid Cap Equities		2.7
U.S. Real Estate		2.3
U.S. Small Cap Equities		1.9

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

MIST-3

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

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

Actual Expenses

The first line 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)(b)	Actual		1.20	%	$	1,000.00	$	1,014.50	$	6.09
	Hypothetical*		1.20	%	$	1,000.00	$	1,019.16	$	6.11

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

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

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

^(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.

MIST-4

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—22.6% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Federal Agencies—1.3%
Federal Home Loan Mortgage Corp. 1.000%, 06/29/17		240,000	$	240,472
Federal National Mortgage Association 1.375%, 11/15/16		238,000		241,208
				481,680
U.S. Treasury—21.3%
U.S. Treasury Bonds 4.375%, 05/15/41 (a)		1,011,000		1,340,997
6.875%, 08/15/25		384,000		554,850
U.S. Treasury Notes 0.375%, 03/15/16 (a)		580,000		580,045
2.125%, 02/29/16		567,000		578,606
2.125%, 08/31/20		1,780,000		1,811,567
2.250%, 07/31/18 (a) (b)		2,936,000		3,030,272
				7,896,337
Total U.S. Treasury & Government Agencies (Cost $8,158,283)				8,378,017
Investment Company Securities—6.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF		10,400		1,241,864
Vanguard Intermediate-Term Corporate Bond ETF		12,500		1,076,250
Total Investment Company Securities (Cost $2,310,278)				2,318,114
Short-Term Investment—72.0%
Federal Agencies—22.8%
Federal Home Loan Bank 2.875%, 06/12/15		1,800,000		1,821,013
Federal Home Loan Mortgage Corp. 2.875%, 02/09/15		1,300,000		1,302,873
4.375%, 07/17/15		1,700,000		1,737,992
Federal National Mortgage Association 0.500%, 07/02/15		1,800,000		1,801,674
5.000%, 04/15/15		1,750,000		1,774,246
				8,437,798
U.S. Treasury—9.8%
U.S. Treasury Notes 0.250%, 03/31/15		3,629,000		3,630,277
Corporate Bonds & Notes—9.7%
European Investment Bank 1.125%, 04/15/15		3,600,000		3,608,568

Short-Term Investment—(Continued)
Security Description	Principal Amount*		Value
Foreign Government—8.4%
KfW 0.375%, 05/15/15		1,800,000	$	1,800,459
1.000%, 01/12/15		1,300,000		1,300,156
				3,100,615
Repurchase Agreement—21.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $7,897,554 on 01/02/15, collateralized by $8,170,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $8,055,914.		7,897,554		7,897,554
Total Short-Term Investment (Cost $26,769,694)				26,674,812
Total Investments—100.8% (Cost $37,238,255) (c)				37,370,943
Other assets and liabilities (net)—(0.8)%				(313,908	)
Net Assets—100.0%			$	37,057,035

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

(a) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $1,238,625.

(b) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2014, the market value of securities pledged was $516,055.

(c) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $37,351,554. The aggregate unrealized appreciation and depreciation of investments were $124,799 and $(105,410), respectively, resulting in net unrealized appreciation of $19,389 for federal income tax purposes.

(ETF)— Exchange Traded Fund

§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 December 31, 2014

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Real Estate Index Futures		03/20/15		29			USD	859,000		$	10,420
MSCI EAFE Mini Index Futures		03/20/15		81			USD	6,967,436			152,059
Russell 2000 Mini Index Futures		03/20/15		6			USD	705,796			14,624
S&P 500 E-Mini Index Futures		03/20/15		133			USD	13,293,896			354,565
S&P Midcap 400 E-Mini Index Futures		03/20/15		7			USD	972,422			41,598
U.S. Treasury Long Bond Futures		03/20/15		12			USD	1,711,867			22,883
U.S. Treasury Note 10 Year Futures		03/20/15		5			USD	633,604			381
Futures Contracts—Short
Euro Currency Futures		03/16/15		(4	)		USD	(616,688	)		11,338
U.S. Treasury Note 2 Year Futures		03/31/15		(5	)		USD	(1,092,881	)		(88	)
Net Unrealized Appreciation										$	607,780

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		2.743	%		04/16/24		USD	1,500,000	$	65,115
Pay		3-Month USD-LIBOR		2.577	%		05/19/24		USD	350,000		10,037
Pay		3-Month USD-LIBOR		2.682	%		06/10/24		USD	400,000		14,939
Pay		3-Month USD-LIBOR		2.727	%		06/13/24		USD	1,100,000		45,424
Pay		3-Month USD-LIBOR		2.648	%		07/03/24		USD	800,000		27,385
Pay		3-Month USD-LIBOR		2.664	%		07/18/24		USD	750,000		26,707
Pay		3-Month USD-LIBOR		2.566	%		08/15/24		USD	800,000		21,323
Pay		3-Month USD-LIBOR		2.541	%		09/10/24		USD	800,000		19,379
Pay		3-Month USD-LIBOR		2.639	%		09/29/24		USD	800,000		26,239
Pay		3-Month USD-LIBOR		2.384	%		10/28/24		USD	1,000,000		9,646
Pay		3-Month USD-LIBOR		2.456	%		11/24/24		USD	1,000,000		15,693
Pay		3-Month USD-LIBOR		2.401	%		12/10/24		USD	500,000		5,286
Pay		3-Month USD-LIBOR		2.376	%		12/30/24		USD	1,100,000		8,921
Total											$	296,094

(USD)— United States Dollar

(LIBOR)— London Interbank Offered Rate

§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§ Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1			Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	8,378,017	$	—	$	8,378,017
Total Investment Company Securities		2,318,114			—		—		2,318,114
Total Short-Term Investment*		—			26,674,812		—		26,674,812
Total Investments	$	2,318,114		$	35,052,829	$	—	$	37,370,943
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	607,868		$	—	$	—	$	607,868
Futures Contracts (Unrealized Depreciation)		(88	)		—		—		(88	)
Total Futures Contracts	$	607,780		$	—	$	—	$	607,780
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	296,094	$	—	$	296,094

* 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

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	29,473,389
Repurchase Agreement		7,897,554
Receivable for:
Fund shares sold		340,209
Interest		156,922
Variation margin on swap contracts		209,444
Due from investment adviser		53,516
Prepaid expenses		18
Total Assets		38,131,052
Liabilities
Payables for:
Investments purchased		804,053
Fund shares redeemed		376
Variation margin on futures contracts		68,788
Accrued expenses:
Management fees		19,188
Distribution and service fees		7,106
Deferred trustees’ fees		14,019
Other expenses		160,487
Total Liabilities		1,074,017
Net Assets	$	37,057,035
Net assets consist of:
Paid in surplus	$	36,646,098
Distributions in excess of net investment income		(14,019	)
Accumulated net realized loss		(607,003	)
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		1,031,959
Net Assets	$	37,057,035
Net Assets
Class B	$	37,057,035
Capital Shares Outstanding*
Class B		3,526,479
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.51

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

(a) Identified cost of investments, excluding repurchase agreement, was $29,340,701.

Consolidated§ Statement of Operations

Year Ended December 31, 2014(a)

Investment Income
Dividends	$	38,953
Interest		56,421
Total investment income		95,374
Expenses
Management fees		93,076
Administration fees		18,321
Custodian and accounting fees		19,466
Distribution and service fees—Class B		34,472
Audit and tax services		79,757
Legal		126,448
Trustees’ fees and expenses		28,769
Shareholder reporting		7,502
Insurance		24
Miscellaneous		3,165
Total expenses		411,000
Less management fee waiver		(7,610	)
Less expenses reimbursed by the Adviser		(237,922	)
Net expenses		165,468
Net Investment Loss		(70,094	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(16,622	)
Futures contracts		(145,075	)
Swap contracts		93,434
Foreign currency transactions		(1,863	)
Capital gain distributions		1,625
Net realized loss		(68,501	)
Net change in unrealized appreciation (depreciation) on:
Investments		132,688
Futures contracts		607,780
Swap contracts		296,094
Foreign currency transactions		(4,603	)
Net change in unrealized appreciation		1,031,959
Net realized and unrealized gain		963,458
Net Increase in Net Assets From Operations	$	893,364

(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§ Statements of Changes in Net Assets

	Period Ended December 31, 2014(a)
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(70,094	)
Net realized loss		(68,501	)
Net change in unrealized appreciation		1,031,959
Increase in net assets from operations		893,364
From Distributions to Shareholders
Net investment income
Class B		(158,044	)
Net realized capital gains
Class B		(333,268	)
Total distributions		(491,312	)
Increase in net assets from capital share transactions		36,654,983
Total increase in net assets		37,057,035
Net Assets
Beginning of period		0
End of period	$	37,057,035
Accumulated net investment loss
End of period	$	(14,019	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Period Ended December 31, 2014(a)
	Shares			Value
Class B
Sales		3,578,297		$	37,197,927
Reinvestments		46,482			491,312
Redemptions		(98,300	)		(1,034,256	)
Net increase		3,526,479		$	36,654,983
Increase derived from capital shares transactions				$	36,654,983

(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

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Period Ended December 31, 2014(a)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Investment Operations
Net investment loss (b)		(0.04	)
Net realized and unrealized gain on investments		0.70
Total from investment operations		0.66
Less Distributions
Distributions from net investment income		(0.05	)
Distributions from net realized capital gains		(0.10	)
Total distributions		(0.15	)
Net Asset Value, End of Period	$	10.51
Total Return (%) (c)		6.52	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		2.98	(e)
Net ratio of expenses to average net assets (%) (f)		1.20	(e)
Ratio of net investment loss to average net assets (%)		(0.51	)(e)
Portfolio turnover rate (%)		19	(d)
Net assets, end of period (in millions)	$	37.1

(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).

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

See accompanying notes to consolidated financial statements.

MIST-10

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014		% of Total Assets at December 31, 2014
Allianz Global Investors Dynamic Multi-Asset Plus Portfolio, Ltd.,	4/14/2014	$	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 December 31, 2014 through the date the consolidated financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

MIST-11

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—December 31, 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, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

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

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

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

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

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

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

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

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

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not

MIST-12

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—December 31, 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 will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

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

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

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

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

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, distribution redesignations, distribution and service fees and premium amortization. These adjustments have no impact on net assets or the results of operations.

MIST-13

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—December 31, 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $7,897,554, 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 December 31, 2014.

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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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 OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the 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

MIST-14

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

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

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

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the 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 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.

MIST-15

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

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

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

	Asset Derivatives			Liability Derivatives
Risk Exposure	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)	$	296,094
	Unrealized appreciation on futures contracts** (a)		23,264	Unrealized depreciation on futures contracts** (a)	$	88
Equity	Unrealized appreciation on futures contracts** (a)		573,266
Foreign Exchange	Unrealized appreciation on futures contracts** (a)		11,338
Total			$903,962		$	88

* 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 December 31, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Foreign Exchange		Total
Futures contracts	$	17,245	$	(210,152	)	$	47,832	$	(145,075	)
Swap contracts		93,434		—			—		93,434
	$	110,679	$	(210,152	)	$	47,832	$	(51,641	)
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Foreign Exchange		Total
Futures contracts	$	23,176	$	573,266		$	11,338	$	607,780
Swap contracts		296,094		—			—		296,094
	$	319,270	$	573,266		$	11,338	$	903,874

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

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	674,937
Futures contracts short		(1,122,222	)
Swap contracts		5,900,000

‡ 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; and 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-16

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

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

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the 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 (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the 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 addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

6. Investment Transactions

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

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$9,295,701	$	3,663,722	$	0	$	1,336,823

MIST-17

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—December 31, 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 period ended December 31,  2014	% per annum			Average Daily Net Assets
$93,076		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 December 31, 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 Class B	Expenses Deferred in 2014 Subject to repayment until December 31, 2017
1.20%	$	237,922

Amounts waived for the period ended December 31, 2014 are shown as expenses reimbursed by the Adviser in the Consolidated 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. As of December 31, 2014, there was $237,922 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 December 31, 2014 are shown as Distribution and service fees in the Consolidated Statement of Operations.

MIST-18

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Notes to Consolidated Financial Statements—December 31, 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 period ended December 31, 2014 are as follows:

Ordinary Income	Long-Term Capital Gain		Total
$247,374	$	243,938	$	491,312

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$41,496	$	72,580	$	310,880	$	—	$	424,956

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, 2014, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncements

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

MIST-19

Met Investors Series Trust

Allianz Global Investors Dynamic Multi-Asset Plus Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Allianz Global Investors Dynamic Multi-Asset Plus 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 Allianz Global Investors Dynamic Multi-Asset Plus Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related consolidated statement of operations, the consolidated statement of changes in net assets, and the consolidated financial highlights for the period April 14, 2014 (commencement of operations) to December 31, 2014. 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 audit.

We conducted our audit 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 audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedure. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, such consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of Allianz Global Investors Dynamic Multi-Asset Plus Portfolio and subsidiary of Met Investors Series Trust as of December 31, 2014, the results of their operations, the changes in their net assets, and the consolidated financial highlights for the period April 14, 2014 (commencement of operations) to December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-20

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-21

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-22

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class B and C shares of the American Funds Balanced Allocation Portfolio returned 6.38% and 6.05%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

MARKET ENVIRONMENT / CONDITIONS

After a sharp weather-related contraction in the first quarter, the U.S. economy turned the corner and ended 2014 on a strong note, with the majority of leading economic indicators pointing to continued strength. U.S. Gross Domestic Product (“GDP”) grew healthily in the second and third quarters, the strongest two quarters of expansion since 2003. Solid economic growth domestically combined with the Federal Reserve Bank’s (the “Fed”) accommodative stance with respect to interest rates provided ample support for the U.S. stock market, which delivered another strong year of performance in 2014. Economic growth around the world became increasingly divergent in 2014. While the U.S. economy was on the rise, renewed concerns over economic growth in Europe and Asia weighed on the equity markets outside the U.S. Furthermore, geopolitical tension in Eastern Europe and Iraq added to short term volatility. As the Fed finally wound down its quantitative easing program as planned, the European Central Bank initiated an easing strategy, and the Bank of Japan increased its asset purchasing program. In November, China cut interest rates unexpectedly, stepping up a campaign to prop up growth in the world’s second-largest economy as it headed toward its slowest growth in nearly a quarter century. As other central banks moved towards further stimulus, the U.S. dollar rallied strongly, which further dented the returns of international stocks in U.S. dollar terms.

The U.S. stock market, as measured by the S&P 500 Index, was the bright spot in the global equity market, advancing 13.7% over the twelve month period. Small cap stocks, represented by the S&P Small Cap 600 Index, trailed their large cap counterparts at 5.8%, despite an outperformance in the fourth quarter. Energy stocks were the bottom performing sector and the only sector that produced a negative return for the year, driven by plummeting oil prices as a result of increased production in the U.S. and a slower demand worldwide. On the other side of the spectrum, the Utilities sector delivered the best results, as investors were hungry for yields in an extended low interest rate environment. The Health Care sector followed closely behind, gaining on strong earnings reports and forward guidance. Technology stocks performed strongly as well, with semiconductor manufacturers and software firms benefitting from order expansions and merger activities. The equity markets outside the U.S., however, ended the year in negative territory in both the developed world and emerging markets. The MSCI EAFE Index and MSCI Emerging Markets Index declined 4.9% and 2.2% in U.S. dollar terms, respectively.

Contrary to many investors’ expectations of rising yields in the U.S., Treasury yields declined across the maturity spectrum in 2014. The 10-year Treasury yield dropped to 2.17% at the end of the year. As a result, the bond market rallied over the course of the past year. The yield curve continued to flatten with yields on the long end of the curve coming down significantly more than yields on the short end. While Investment Grade credit outperformed Treasuries, the High Yield sector underperformed. For the twelve month period, the Barclays U.S. Aggregate Bond Index advanced 6.0%. The Barclays Corporate High Yield Index was up 2.5%. As yields across the world declined due to further monetary easing implemented by a number of central banks, bond markets outside the U.S. on average delivered strong returns in local currency terms. However, the positive local returns were erased by a depreciation in many currencies against the U.S. dollar. The Barclays Global Aggregate ex-U.S. Index lost 3.1% in U.S. dollar terms for the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The 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.

Over the twelve month period, the Portfolio outpaced the Dow Jones Moderate Index. Outperformance was primarily attributable to a domestic orientation on the equity side compared to the index as U.S. markets significantly outperformed the majority of other markets in 2014. In addition, solid security selection in a number of underlying portfolios further enhanced relative performance.

Within the equity segment, the AFIS Blue Chip Income and Growth Fund was the top performance contributor. The portfolio produced the best result in the Health Care sector, where both stock selection and an overweight position added value, as Health Care was the second best performing sector in 2014. A number of biotech stocks, such as Amgen and Gilead Sciences, made meaningful contributions to the portfolio. In addition, an underweight position in the Energy sector proved beneficial as energy stocks struggled amid plummeting oil prices, particularly in the second half of the year. Similar themes, namely strong stock selection combined with an overweight position in the Health Care sector and an underweight position in the Energy sector, also benefited the AMCAP Fund. However, a large cash position weighed on AMCAP relative performance. On the negative side, the Fundamental Investors and AFIS Growth Funds detracted from the Allocation Portfolio’s relative result. The Fundamental Investors Fund’s performance was hindered by a sizable exposure to stocks outside the U.S., which substantially underperformed domestic stocks in general. Moreover, a number of strong performers in 2013 in the portfolio, e.g., Amazon, Boeing and Airbus, gave back some of their gains in 2014, and negatively impacted the fund’s return. For the AFIS Growth Fund, underperformance was primarily attributable to unfavorable stock selection in the Energy and Consumer sectors. Within the Energy sector, the portfolio’s holdings in a number of oil & gas exploration and production stocks fell more than some other energy stocks such as integrated oil & gas and oil storage and

MIST-1

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

transportation names. Within the Consumer sector, Amazon, which was one of the portfolio’s top holdings, detracted most from performance. Among underlying portfolios that invest outside the U.S., the AFIS International Fund contributed positively, driven largely by solid stock selection in the Financial sector in Asia. In contrast, the AFIS New World Fund underperformed its benchmark, the MSCI All Country World Index, due to a larger weight in emerging markets, which significantly underperformed developed markets, particularly when compared to the U.S.

On the fixed income side, the AFIS Global Bond Fund outperformed its benchmark and contributed positively to the Allocation Portfolio. A considerable underweight position in the euro and the Japanese yen was the largest contributor for the Global Bond Fund’s strong performance for the past year. The AFIS Bond Fund performed relatively in line with the Barclays U.S. Aggregate Bond Index. Despite being held back by a sizable exposure in non-U.S. bonds, the portfolio’s overweight to the long end of the yield curve proved to be beneficial as the curve continued to flatten throughout the year. Additionally, security selection modestly added to the performance. On the detracting side, the AFIS High-Income Bond Fund underperformed its high yield benchmark, driven largely by company specific problems on two issuers: Revel and NII. Revel went through a financial restructuring earlier in the year, and NII fell behind in its construction process in Central America, which stirred up some worries in the marketplace.

Investment Committee

MetLife Advisers, LLC

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

MIST-2

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

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

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

	1 Year		5 Year		Since Inception2
American Funds Balanced Allocation Portfolio
Class B		6.38		9.70		5.86
Class C		6.05		9.39		5.55
Dow Jones Moderate Index		5.35		8.92		5.70

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 Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class 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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
American Funds Bond Fund (Class 1)		12.0
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		11.9
American Funds Growth Fund (Class 1)		9.3
American Funds Growth-Income Fund (Class 1)		9.2
American Funds American Mutual Fund (Class R-6)		8.3
American Funds Fundamental Investors Fund (Class R-6)		8.2
American Funds AMCAP Fund (Class R-6)		8.2
American Funds Blue Chip Income and Growth Fund (Class 1)		8.2
American Funds International Growth and Income Fund (Class 1)		6.5
American Funds International Fund (Class 1)		5.8

MIST-3

Met Investors Series Trust

American Funds Balanced 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, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

American Funds Balanced Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)	Actual		0.73	%	$	1,000.00	$	1,006.50	$	3.69
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.53	$	3.72
Class C(a)	Actual		1.03	%	$	1,000.00	$	1,005.60	$	5.21
	Hypothetical*		1.03	%	$	1,000.00	$	1,020.01	$	5.24

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

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

^(a) The annualized expense ratio 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 December 31, 2014

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds AMCAP Fund (Class R-6)		14,336,154	$	403,276,014
American Funds American Mutual Fund (Class R-6)		10,927,720		405,964,807
American Funds Blue Chip Income and Growth Fund (Class 1) (a)		27,369,013		402,050,797
American Funds Bond Fund (Class 1) (a)		53,064,604		587,955,807
American Funds Fundamental Investors Fund (Class R-6)		7,750,513		403,491,700
American Funds Global Bond Fund (Class 1) (a)		12,073,615		142,106,454
American Funds Global Small Capitalization Fund (Class 1)		5,605,832		146,256,154
American Funds Growth Fund (Class 1)		5,673,895		454,762,719
American Funds Growth-Income Fund (Class 1)		8,564,295		451,852,198
American Funds High-Income Bond Fund (Class 1) (a)		18,217,302		192,010,363
American Funds International Fund (Class 1)		14,052,149		285,961,223
American Funds International Growth and Income Fund (Class 1) (a)		19,720,199		320,847,644
Investment Company Securities—(Continued)
American Funds New World Fund (Class 1) (a)		6,514,754		134,985,712
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1) (a)		47,270,930		586,159,530
Total Mutual Funds (Cost $4,237,866,148)				4,917,681,122
Total Investments—100.1% (Cost $4,237,866,148) (b)				4,917,681,122
Other assets and liabilities (net)—(0.1)%				(2,703,506	)
Net Assets—100.0%			$	4,914,977,616

(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 December 31, 2014, the aggregate cost of investments for federal income tax purposes was $4,244,892,454. The aggregate unrealized appreciation and depreciation of investments were $688,819,916 and $(16,031,248), respectively, resulting in net unrealized appreciation of $672,788,668 for federal income tax purposes.

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	4,917,681,122	$	—	$	—	$	4,917,681,122
Total Investments	$	4,917,681,122	$	—	$	—	$	4,917,681,122

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	2,551,564,815
Affiliated investments at value (b)		2,366,116,307
Receivable for:
Investments sold		2,695,435
Fund shares sold		178,900
Prepaid expenses		12,778
Total Assets		4,920,568,235
Liabilities
Payables for:
Investments purchased		37,205
Fund shares redeemed		2,837,130
Accrued expenses:
Management fees		241,778
Distribution and service fees		2,307,731
Deferred trustees’ fees		67,424
Other expenses		99,351
Total Liabilities		5,590,619
Net Assets	$	4,914,977,616
Net assets consist of:
Paid in surplus	$	3,924,662,749
Undistributed net investment income		66,462,112
Accumulated net realized gain		244,037,781
Unrealized appreciation on investments and affiliated investments		679,814,974
Net Assets	$	4,914,977,616
Net Assets
Class B	$	5,834,006
Class C		4,909,143,610
Capital Shares Outstanding*
Class B		538,320
Class C		456,388,479
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.84
Class C		10.76

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

(a) Identified cost of investments, excluding affiliated investments, was $1,984,984,783.

(b) Identified cost of affiliated investments was $2,252,881,365.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Underlying Portfolios	$	37,675,610
Dividends from Affiliated Underlying Portfolios		59,412,533
Total investment income		97,088,143
Expenses
Management fees		2,840,569
Administration fees		22,308
Custodian and accounting fees		25,276
Distribution and service fees—Class B		13,030
Distribution and service fees—Class C		27,092,594
Audit and tax services		29,144
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		85,311
Insurance		30,695
Miscellaneous		30,128
Total expenses		30,247,135
Net Investment Income		66,841,008
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		91,093,565
Affiliated investments		22,544,934
Capital gain distributions from Underlying Portfolios		120,254,930
Capital gain distributions from Affiliated Underlying Portfolios		18,827,691
Net realized gain		252,721,120
Net change in unrealized appreciation (depreciation) on:
Investments		(33,019,558	)
Affiliated investments		215,877
Net change in unrealized depreciation		(32,803,681	)
Net realized and unrealized gain		219,917,439
Net Increase in Net Assets From Operations	$	286,758,447

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	66,841,008		$	54,207,601
Net realized gain		252,721,120			509,633,504
Net change in unrealized appreciation (depreciation)		(32,803,681	)		226,757,994
Increase in net assets from operations		286,758,447			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		268,936,312			69,598,827
Total increase in net assets		16,206,696			510,850,561
Net Assets
Beginning of period		4,898,770,920			4,387,920,359
End of period	$	4,914,977,616		$	4,898,770,920
Undistributed net investment income
End of period	$	66,462,112		$	62,120,855

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		113,711		$	1,246,947			98,818		$	1,070,032
Reinvestments		54,181			554,810			26,102			263,886
Redemptions		(19,764	)		(215,085	)		(15,412	)		(166,513	)
Net increase		148,128		$	1,586,672			109,508		$	1,167,405
Class C
Sales		17,784,746		$	192,765,523			16,651,335		$	179,033,438
Reinvestments		52,940,398			538,933,253			34,700,147			349,083,479
Redemptions		(42,868,891	)		(464,349,136	)		(42,956,400	)		(459,685,495	)
Net increase		27,856,253		$	267,349,640			8,395,082		$	68,431,422
Increase derived from capital shares transactions				$	268,936,312					$	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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.50		$	10.51		$	9.52		$	9.84		$	8.87
Income (Loss) from Investment Operations
Net investment income (a)		0.20			0.16			0.18			0.20			0.22
Net realized and unrealized gain (loss) on investments		0.46			1.71			1.11			(0.36	)		0.87
Total from investment operations		0.66			1.87			1.29			(0.16	)		1.09
Less Distributions
Distributions from net investment income		(0.19	)		(0.19	)		(0.20	)		(0.15	)		(0.12	)
Distributions from net realized capital gains		(1.13	)		(0.69	)		(0.10	)		(0.01	)		(0.00	)(b)
Total distributions		(1.32	)		(0.88	)		(0.30	)		(0.16	)		(0.12	)
Net Asset Value, End of Period	$	10.84		$	11.50		$	10.51		$	9.52		$	9.84
Total Return (%) (c)		6.38			18.91			13.80			(1.79	)		12.40
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.31			0.31			0.32			0.32			0.33
Net ratio of expenses to average net assets (%) (d)		0.31			0.31			0.32			0.32			0.33	(e)
Ratio of net investment income to average net assets (%) (f)		1.81			1.52			1.78			2.06			2.38
Portfolio turnover rate (%)		7			33			14			7			6
Net assets, end of period (in millions)	$	5.8		$	4.5		$	3.0		$	2.1		$	1.5
	Class C
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.42		$	10.44		$	9.45		$	9.78		$	8.82
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.13			0.13			0.16			0.17
Net realized and unrealized gain (loss) on investments		0.47			1.69			1.13			(0.36	)		0.89
Total from investment operations		0.62			1.82			1.26			(0.20	)		1.06
Less Distributions
Distributions from net investment income		(0.15	)		(0.15	)		(0.17	)		(0.12	)		(0.10	)
Distributions from net realized capital gains		(1.13	)		(0.69	)		(0.10	)		(0.01	)		(0.00	)(b)
Total distributions		(1.28	)		(0.84	)		(0.27	)		(0.13	)		(0.10	)
Net Asset Value, End of Period	$	10.76		$	11.42		$	10.44		$	9.45		$	9.78
Total Return (%) (c)		6.05			18.53			13.53			(2.13	)		12.16
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.61			0.61			0.62			0.62			0.63
Net ratio of expenses to average net assets (%) (d)		0.61			0.61			0.62			0.62			0.63	(e)
Ratio of net investment income to average net assets (%) (f)		1.36			1.17			1.30			1.60			1.85
Portfolio turnover rate (%)		7			33			14			7			6
Net assets, end of period (in millions)	$	4,909.1		$	4,894.3		$	4,385.0		$	4,079.5		$	3,568.7

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

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

(f) 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—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

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

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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-9

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

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

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; and currency, interest rate, and price fluctuations.

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

The 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 year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	337,383,630	$	0	$	401,923,661

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$2,840,569		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

MIST-10

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

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

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 year ended December 31, 2014 are shown as Distribution and services fees in the Statement of Operations.

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 year ended December 31, 2014 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
American Funds Blue Chip Income and Growth Fund (Class 1)		30,941,549		903,402		(4,475,938	)		27,369,013
American Funds Bond Fund (Class 1)		50,681,445		3,296,275		(913,116	)		53,064,604
American Funds Global Bond Fund (Class 1)		11,451,929		763,040		(141,354	)		12,073,615
American Funds High-Income Bond Fund (Class 1)		17,211,618		1,248,335		(242,651	)		18,217,302
American Funds International Growth and Income Fund (Class 1)*		17,122,653		3,127,185		(529,639	)		19,720,199
American Funds New World Fund (Class 1)		5,915,100		729,837		(130,183	)		6,514,754
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		45,364,462		2,748,026		(841,558	)		47,270,930
*      The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of December 31, 2014. The most recent Annual Report of the Underlying Portfolio is available without charge, upon request, on the Securities and Exchange Commission’s website at http:// www.sec.gov.
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios		Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of December 31, 2014
American Funds Blue Chip Income and Growth Fund (Class 1)	$	17,859,180	$	1,227,657	$	11,691,942		$	402,050,797
American Funds Bond Fund (Class 1)		1,363,115		205,181		12,680,717			587,955,807
American Funds Global Bond Fund (Class 1)		260,986		—		3,737,651			142,106,454
American Funds High-Income Bond Fund (Class 1)		355,721		—		11,599,704			192,010,363
American Funds International Growth and Income Fund (Class 1)		1,179,156		3,091,726		10,172,055			320,847,644
American Funds New World Fund (Class 1)		1,451,687		14,303,127		1,835,740			134,985,712
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		75,089		—		7,694,724			586,159,530
	$	22,544,934	$	18,827,691	$	59,412,533		$	2,366,116,307

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-11

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

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

8. Income Tax Information

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

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$79,797,446	$	63,564,327	$	459,690,617	$	285,783,038	$	539,488,063	$	349,347,365

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$66,529,537	$	251,064,086	$	672,788,669	$	—	$	990,382,292

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

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

9. Recent Accounting Pronouncements

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

MIST-12

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of American Funds Balanced Allocation 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 American Funds Balanced Allocation Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the transfer agent; when replies were not received from the transfer agent, 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 American Funds Balanced Allocation Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-13

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-14

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-15

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements

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

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

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

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

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

The Board also noted that each of the investment, compliance and legal staffs of the Adviser regularly review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments.

The Board further considered the provision of investment advisory services by the Adviser to the Asset Allocation Portfolios (i.e., MetLife Asset Allocation 20 Portfolio, MetLife Asset Allocation 40 Portfolio, MetLife Asset Allocation 60 Portfolio, MetLife Asset Allocation 80 Portfolio and MetLife Asset Allocation 100 Portfolio) and the American Funds of Funds (i.e., American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio). With respect to the Asset Allocation Portfolios, the Board noted that the Adviser has hired an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and to investments

MIST-16

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

in other Portfolios of the Trusts (the “Underlying Portfolios”), which may assist the Adviser with the selection of Underlying Portfolios for inclusion in each Asset Allocation Portfolio. Additionally, the Board considered that a committee, consisting of investment professionals from across the Adviser, meets periodically to review the asset allocations and discuss the performance of the Asset Allocation Portfolios and the American Funds of Funds.

The Board further considered and found that the advisory fee to be paid to the Adviser with respect to each Asset Allocation Portfolio and American Fund of Funds was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the Underlying Portfolios in which the Portfolio invests.

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

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

The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board further considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Portfolios, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

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

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

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

MIST-17

Met Investors Series Trust

American Funds Balanced Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

American Funds Balanced Allocation Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreement with the Adviser regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year period ended June 30, 2014 and underperformed the median of its Performance Universe for the three- and five-year periods ended June 30, 2014. The Board also considered that the Portfolio outperformed its Lipper Index for the one-, three- and five-year periods ended June 30, 2014. The Board noted that the Portfolio outperformed its benchmark, the Balanced AA Broad Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board further considered that the Portfolio outperformed its other benchmark, the Dow Jones Moderate Index, for the one-, three-, and five-year periods ended October 31, 2014.

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

MIST-18

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class B and C shares of the American Funds Growth Allocation Portfolio returned 6.72% and 6.39%, respectively. The Portfolio’s benchmark, the Dow Jones Moderately Aggressive Index¹, returned 5.90%.

ECONOMIC AND MARKET REVIEW

After a sharp weather-related contraction in the first quarter, the U.S. economy turned the corner and ended 2014 on a strong note, with the majority of leading economic indicators pointing to continued strength. U.S. Gross Domestic Product (“GDP”) grew healthily in the second and third quarters, the strongest two quarters of expansion since 2003. Solid economic growth domestically combined with the Federal Reserve Bank’s (the “Fed”) accommodative stance with respect to interest rates provided ample support for the U.S. stock market, which delivered another strong year of performance in 2014. Economic growth around the world became increasingly divergent in 2014. While the U.S. economy was on the rise, renewed concerns over economic growth in Europe and Asia weighed on the equity markets outside the U.S. Furthermore, geopolitical tension in Eastern Europe and Iraq added to short term volatility. As the Fed finally wound down its quantitative easing program as planned, the European Central Bank initiated an easing strategy, and the Bank of Japan increased its asset purchasing program. In November, China cut interest rates unexpectedly, stepping up a campaign to prop up growth in the world’s second-largest economy as it headed toward its slowest growth in nearly a quarter century. As other central banks moved towards further stimulus, the U.S. dollar rallied strongly, which further dented the returns of international stocks in U.S. dollar terms.

The U.S. stock market, as measured by the S&P 500 Index, was the bright spot in the global equity market, advancing 13.7% over the twelve month period. Small cap stocks, represented by the S&P Small Cap 600 Index, trailed their large cap counterparts at 5.8%, despite an outperformance in the fourth quarter. Energy stocks were the bottom performing sector and the only sector that produced a negative return for the year, driven by plummeting oil prices as a result of increased production in the U.S. and a slower demand worldwide. On the other side of the spectrum, the Utilities sector delivered the best results, as investors were hungry for yields in an extended low interest rate environment. The Health Care sector followed closely behind, gaining on strong earnings reports and forward guidance. Technology stocks performed strongly as well, with semiconductor manufacturers and software firms benefitting from order expansions and merger activities. The equity markets outside the U.S., however, ended the year in negative territory in both the developed world and emerging markets. The MSCI EAFE Index and MSCI Emerging Markets Index declined 4.9% and 2.2% in U.S. dollar terms, respectively.

Contrary to many investors’ expectations of rising yields in the U.S., Treasury yields declined across the maturity spectrum in 2014. The 10-year Treasury yield dropped to 2.17% at the end of the year. As a result, the bond market rallied over the course of the past year. The yield curve continued to flatten with yields on the long end of the curve coming down significantly more than yields on the short end. While Investment Grade credit outperformed Treasuries, the High Yield sector underperformed. For the twelve month period, the Barclays U.S. Aggregate Bond Index advanced 6.0%. The Barclays Corporate High Yield Index was up 2.5%. As yields across the world declined due to further monetary easing implemented by a number of central banks, bond markets outside the U.S. on average delivered strong returns in local currency terms. However, the positive local returns were erased by a depreciation in many currencies against the U.S. dollar. The Barclays Global Aggregate ex-U.S. Index lost 3.1% in U.S. dollar terms for the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The American Funds Growth 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 15% to fixed income and 85% to equities.

Over the twelve month period, the Portfolio outpaced the Dow Jones Moderately Aggressive Index. Outperformance was primarily attributable to a domestic orientation on both the equity and bond sides compared to the index as U.S. markets significantly outperformed the majority of other markets in 2014. In addition, solid security selection in a number of underlying portfolios further enhanced relative performance.

Within the equity segment, the AFIS Blue Chip Income and Growth Fund was the top performance contributor. The portfolio produced the best result in the Health Care sector, where both stock selection and an overweight position added value, as Health Care was the second best performing sector in 2014. A number of biotech stocks, such as Amgen and Gilead Sciences, made meaningful contributions to the portfolio. In addition, an underweight position in the Energy sector proved beneficial as energy stocks struggled amid plummeting oil prices, particularly in the second half of the year. Similar themes, namely strong stock selection combined with an overweight position in the Health Care sector and an underweight position in the Energy sector, also benefited the AMCAP Fund. However, a large cash position weighed on AMCAP relative performance. On the negative side, the Fundamental Investors and AFIS Growth Funds detracted from

the Allocation Portfolio’s relative result. The Fundamental Investors Fund’s performance was hindered by a sizable exposure to stocks outside the U.S., which substantially underperformed domestic stocks in general. Moreover, a number of strong performers in 2013 in the portfolio, e.g., Amazon, Boeing and Airbus, gave back some of their gains in 2014, and negatively impacted the fund’s return. For the AFIS Growth Fund, underperformance was primarily attributable to unfavorable stock selection in the Energy and Consumer sectors. Within the Energy sector, the portfolio’s holdings in a number of oil & gas exploration and production stocks fell more than some

MIST-1

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

other energy stocks such as integrated oil & gas and oil storage and transportation names. Within the Consumer sector, Amazon, which was one of the portfolio’s top holdings, detracted most from performance. Among underlying portfolios that invest outside the U.S., the AFIS International Fund contributed positively, driven largely by solid stock selection in the Financial sector in Asia. In contrast, the AFIS New World Fund underperformed its benchmark, MSCI All Country World Index, due to a larger weight in emerging markets, which significantly underperformed developed markets, particularly when compared to the U.S.

On the fixed income side, the AFIS Global Bond Fund outperformed its benchmark and contributed positively to the Allocation Portfolio. A considerable underweight position in the euro and the Japanese yen was the largest contributor for the Global Bond Fund’s strong performance for the past year. The AFIS Bond Fund performed relatively in line with the Barclays U.S. Aggregate Bond Index. Despite being held back by a sizable exposure in non-U.S. bonds, the portfolio’s overweight to the long end of the yield curve proved to be beneficial as the curve continued to flatten throughout the year. Additionally, security selection modestly added to the performance. On the detracting side, the AFIS High-Income Bond Fund underperformed its high yield benchmark, driven largely by company specific problems on two issuers: Revel and NII. Revel went through a financial restructuring earlier in the year, and NII fell behind in its construction process in Central America, which stirred up some worries in the marketplace.

Investment Committee

MetLife Advisers, LLC

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

MIST-2

Met Investors Series Trust

American Funds Growth Allocation Portfolio

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

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

	1 Year		5 Year		Since Inception2
American Funds Growth Allocation Portfolio
Class B		6.72		11.16		5.96
Class C		6.39		10.82		5.60
Dow Jones Moderately Aggressive Index		5.90		10.60		6.19

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 Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class 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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
American Funds AMCAP Fund (Class R-6)		12.3
American Funds Growth Fund (Class 1)		11.3
American Funds Fundamental Investors Fund (Class R-6)		11.3
American Funds American Mutual Fund (Class R-6)		10.3
American Funds Growth-Income Fund (Class 1)		10.2
American Funds Blue Chip Income and Growth Fund (Class 1)		10.2
American Funds International Growth and Income Fund (Class 1)		8.4
American Funds International Fund (Class 1)		7.7
American Funds Global Small Capitalization Fund (Class 1)		4.9
American Funds New World Fund (Class 1)		3.7

MIST-3

Met Investors Series Trust

American Funds Growth 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, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

American Funds Growth Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)	Actual		0.76	%	$	1,000.00	$	1,005.80	$	3.84
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.37	$	3.87
Class C(a)	Actual		1.06	%	$	1,000.00	$	1,003.90	$	5.35
	Hypothetical*		1.06	%	$	1,000.00	$	1,019.86	$	5.40

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

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

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

MIST-4

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Schedule of Investments as of December 31, 2014

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds AMCAP Fund (Class R-6)		13,177,849	$	370,692,882
American Funds American Mutual Fund (Class R-6)		8,356,182		310,432,156
American Funds Blue Chip Income and Growth Fund (Class 1)		20,951,711		307,780,640
American Funds Bond Fund (Class 1)		8,031,097		88,984,560
American Funds Fundamental Investors Fund (Class R-6)		6,539,508		340,446,788
American Funds Global Bond Fund (Class 1)		4,905,437		57,736,992
American Funds Global Small Capitalization Fund (Class 1)		5,711,106		149,002,764
American Funds Growth Fund (Class 1)		4,258,380		341,309,142
American Funds Growth-Income Fund (Class 1)		5,838,013		308,013,557
American Funds High-Income Bond Fund (Class 1)		8,267,338		87,137,739
American Funds International Fund (Class 1)		11,453,246		233,073,555
American Funds International Growth and Income Fund (Class 1) (a)		15,599,377		253,801,857
Investment Company Securities—(Continued)
American Funds New World Fund (Class 1)		5,350,187		110,855,868
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		4,768,131		59,124,828
Total Mutual Funds (Cost $2,444,330,751)				3,018,393,328
Total Investments—100.1% (Cost $2,444,330,751) (b)				3,018,393,328
Other assets and liabilities (net)—(0.1)%				(1,712,281	)
Net Assets—100.0%			$	3,016,681,047

(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 December 31, 2014, the aggregate cost of investments for federal income tax purposes was $2,487,980,878. The aggregate unrealized appreciation and depreciation of investments were $537,246,646 and $(6,834,196), respectively, resulting in net unrealized appreciation of $530,412,450 for federal income tax purposes.

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	3,018,393,328	$	—	$	—	$	3,018,393,328
Total Investments	$	3,018,393,328	$	—	$	—	$	3,018,393,328

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	2,764,591,471
Affiliated investments at value (b)		253,801,857
Receivable for:
Investments sold		343,560
Fund shares sold		497,575
Prepaid expenses		7,808
Total Assets		3,019,242,271
Liabilities
Payables for:
Investments purchased		140,510
Fund shares redeemed		700,624
Accrued expenses:
Management fees		160,596
Distribution and service fees		1,411,998
Deferred trustees’ fees		67,424
Other expenses		80,072
Total Liabilities		2,561,224
Net Assets	$	3,016,681,047
Net assets consist of:
Paid in surplus	$	2,256,161,652
Undistributed net investment income		38,716,708
Accumulated net realized gain		147,740,110
Unrealized appreciation on investments and affiliated investments		574,062,577
Net Assets	$	3,016,681,047
Net Assets
Class B	$	17,504,688
Class C		2,999,176,359
Capital Shares Outstanding*
Class B		1,678,468
Class C		289,926,999
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.43
Class C		10.34

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

(a) Identified cost of investments, excluding affiliated investments, was $2,191,324,179.

(b) Identified cost of affiliated investments was $253,006,572.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Underlying Portfolios	$	49,433,791
Dividends from Affiliated Underlying Portfolios		8,029,674
Total investment income		57,463,465
Expenses
Management fees		1,877,597
Administration fees		22,308
Custodian and accounting fees		25,276
Distribution and service fees—Class B		38,710
Distribution and service fees—Class C		16,443,405
Audit and tax services		29,144
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		62,519
Insurance		18,272
Miscellaneous		19,498
Total expenses		18,614,809
Net Investment Income		38,848,656
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		84,270,838
Affiliated investments		585,324
Capital gain distributions from Underlying Portfolios		109,068,931
Capital gain distributions from Affiliated Underlying Portfolios		2,391,336
Net realized gain		196,316,429
Net change in unrealized appreciation (depreciation) on:
Investments		10,381,185
Affiliated investments		(59,823,705	)
Net change in unrealized depreciation		(49,442,520	)
Net realized and unrealized gain		146,873,909
Net Increase in Net Assets From Operations	$	185,722,565

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	38,848,656		$	29,622,724
Net realized gain		196,316,429			494,731,109
Net change in unrealized appreciation (depreciation)		(49,442,520	)		78,542,884
Increase in net assets from operations		185,722,565			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		354,454,505			93,301,703
Total increase in net assets		51,330,956			520,459,514
Net Assets
Beginning of period		2,965,350,091			2,444,890,577
End of period	$	3,016,681,047		$	2,965,350,091
Undistributed net investment income
End of period	$	38,716,708		$	30,731,014

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		299,153		$	3,176,586			232,427		$	2,471,443
Reinvestments		256,258			2,498,512			79,644			787,681
Redemptions		(81,407	)		(854,196	)		(70,206	)		(746,770	)
Net increase		474,004		$	4,820,902			241,865		$	2,512,354
Class C
Sales		18,238,868		$	193,951,377			20,890,362		$	222,542,772
Reinvestments		50,138,928			486,347,602			17,779,596			174,951,225
Redemptions		(31,252,795	)		(330,665,376	)		(28,791,943	)		(306,704,648	)
Net increase		37,125,001		$	349,633,603			9,878,015		$	90,789,349
Increase derived from capital shares transactions				$	354,454,505					$	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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.76		$	10.10		$	8.80		$	9.33		$	8.29
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.16			0.15			0.16			0.16
Net realized and unrealized gain (loss) on investments		0.47			2.27			1.30			(0.56	)		0.98
Total from investment operations		0.65			2.43			1.45			(0.40	)		1.14
Less Distributions
Distributions from net investment income		(0.16	)		(0.15	)		(0.15	)		(0.13	)		(0.10	)
Distributions from net realized capital gains		(1.82	)		(0.62	)		0.00			0.00			0.00
Total distributions		(1.98	)		(0.77	)		(0.15	)		(0.13	)		(0.10	)
Net Asset Value, End of Period	$	10.43		$	11.76		$	10.10		$	8.80		$	9.33
Total Return (%) (b)		6.72			25.44			16.54			(4.41	)		13.78
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.32			0.32			0.33			0.33			0.34
Net ratio of expenses to average net assets (%) (c)		0.32			0.32			0.33			0.33			0.34	(d)
Ratio of net investment income to average net assets (%) (e)		1.67			1.44			1.57			1.70			1.90
Portfolio turnover rate (%)		9			42			17			8			13
Net assets, end of period (in millions)	$	17.5		$	14.2		$	9.7		$	6.8		$	5.1
	Class C
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.67		$	10.02		$	8.73		$	9.26		$	8.23
Income (Loss) from Investment Operations
Net investment income (a)		0.14			0.12			0.10			0.11			0.10
Net realized and unrealized gain (loss) on investments		0.47			2.26			1.30			(0.54	)		1.00
Total from investment operations		0.61			2.38			1.40			(0.43	)		1.10
Less Distributions
Distributions from net investment income		(0.12	)		(0.11	)		(0.11	)		(0.10	)		(0.07	)
Distributions from net realized capital gains		(1.82	)		(0.62	)		0.00			0.00			0.00
Total distributions		(1.94	)		(0.73	)		(0.11	)		(0.10	)		(0.07	)
Net Asset Value, End of Period	$	10.34		$	11.67		$	10.02		$	8.73		$	9.26
Total Return (%) (b)		6.39			25.11			16.16			(4.73	)		13.48
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.62			0.62			0.63			0.63			0.64
Net ratio of expenses to average net assets (%) (c)		0.62			0.62			0.63			0.63			0.64	(d)
Ratio of net investment income to average net assets (%) (e)		1.29			1.10			1.07			1.17			1.25
Portfolio turnover rate (%)		9			42			17			8			13
Net assets, end of period (in millions)	$	2,999.2		$	2,951.2		$	2,435.2		$	2,237.3		$	2,360.4

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

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

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

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

(e) 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—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

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

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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-9

Met Investors Series Trust

American Funds Growth Allocation Portfolio

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

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; and currency, interest rate, and price fluctuations.

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

The 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 year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	293,217,640	$	0	$	277,207,070

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$1,877,597		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

MIST-10

Met Investors Series Trust

American Funds Growth Allocation Portfolio

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

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 year ended December 31, 2014 are shown as Distribution and services fees in the Statement of Operations.

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 year ended December 31, 2014 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
American Funds International Growth and Income Fund (Class 1)*		11,877,502		3,971,409		(249,534	)		15,599,377
*      The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of December 31, 2014. The most recent Annual Report of the Underlying Portfolio is available without charge, upon request, on the Securities and Exchange Commission’s website at http:// www.sec.gov.
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios		Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of December 31, 2014
American Funds International Growth and Income Fund (Class 1)	$	585,324	$	2,391,336	$	8,029,674		$	253,801,857

7. Contractual Obligations

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

8. Income Tax Information

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

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$38,706,425	$	26,993,190	$	450,139,689	$	148,745,716	$	488,846,114	$	175,738,906

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$38,784,133	$	191,390,237	$	530,412,449	$	—	$	760,586,819

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

MIST-11

Met Investors Series Trust

American Funds Growth Allocation Portfolio

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

(the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

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

9. Recent Accounting Pronouncements

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

MIST-12

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of American Funds Growth Allocation 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 American Funds Growth Allocation Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the transfer agent; when replies were not received from the transfer agent, 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 American Funds Growth Allocation Portfolio of Met Investors Series Trust as of December 31 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-13

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-14

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-15

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements

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

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

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

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

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

The Board also noted that each of the investment, compliance and legal staffs of the Adviser regularly review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments.

The Board further considered the provision of investment advisory services by the Adviser to the Asset Allocation Portfolios (i.e., MetLife Asset Allocation 20 Portfolio, MetLife Asset Allocation 40 Portfolio, MetLife Asset Allocation 60 Portfolio, MetLife Asset Allocation 80 Portfolio and MetLife Asset Allocation 100 Portfolio) and the American Funds of Funds (i.e., American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio). With respect to the Asset Allocation Portfolios, the Board noted that the Adviser has hired an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and to investments

MIST-16

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

in other Portfolios of the Trusts (the “Underlying Portfolios”), which may assist the Adviser with the selection of Underlying Portfolios for inclusion in each Asset Allocation Portfolio. Additionally, the Board considered that a committee, consisting of investment professionals from across the Adviser, meets periodically to review the asset allocations and discuss the performance of the Asset Allocation Portfolios and the American Funds of Funds.

The Board further considered and found that the advisory fee to be paid to the Adviser with respect to each Asset Allocation Portfolio and American Fund of Funds was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the Underlying Portfolios in which the Portfolio invests.

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

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

The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board further considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Portfolios, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

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

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

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

MIST-17

Met Investors Series Trust

American Funds Growth Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

American Funds Growth Allocation Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreement with the Adviser regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed both the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board noted that the Portfolio outperformed its benchmark, the Growth AA Broad Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board further considered that the Portfolio outperformed its other benchmark, the Dow Jones Moderately Aggressive Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were below the Expense Group median and Expense Universe median. The Board noted that the Portfolio’s total expenses (exclusive of 12b-1 fees) were below the Expense Group median and equal to the Expense Universe median. The Board also noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size and were the lowest in the Expense Group.

MIST-18

Met Investors Series Trust

American Funds Growth Portfolio

For the year ended December 31, 2014, the American Funds Growth Portfolio had a return of 8.18% for Class C versus 13.69% for its benchmark, the S&P 500 Index¹.

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

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

	1 Year		5 Year		10 Year2
American Funds Growth Portfolio
Class C		8.18		13.23		7.39
S&P 500 Index		13.69		15.45		7.67

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

Shareholder Expense Example

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

Actual Expenses

The first line 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class C(a)	Actual		0.93	%	$	1,000.00	$	1,026.90	$	4.75
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.52	$	4.74

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

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

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Master Fund in which it invests.

MIST-4

Met Investors Series Trust

American Funds Growth Portfolio

Schedule of Investments as of December 31, 2014

Mutual Fund—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Security—100.1%
American Funds Growth Fund (Class 1) (Cost $749,426,102)		13,838,734	$	1,109,174,522
Total Investments—100.1% (Cost $749,426,102) (a)				1,109,174,522
Other assets and liabilities (net)—(0.1)%				(654,766	)
Net Assets—100.0%			$	1,108,519,756

(a) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $753,814,294. The aggregate and net unrealized appreciation of investments was $355,360,228 for federal income tax purposes.

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1		Level 2		Level 3		Total
Mutual Fund
Investment Company Security	$	1,109,174,522	$	—	$	—	$	1,109,174,522
Total Investments	$	1,109,174,522	$	—	$	—	$	1,109,174,522

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

American Funds Growth Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	1,109,174,522
Receivable for:
Fund shares sold		163,850
Prepaid expenses		2,800
Total Assets		1,109,341,172
Liabilities
Payables for:
Investments purchased		37,576
Fund shares redeemed		126,274
Accrued expenses:
Distribution and service fees		516,036
Deferred trustees’ fees		67,424
Other expenses		74,106
Total Liabilities		821,416
Net Assets	$	1,108,519,756
Net assets consist of:
Paid in surplus	$	645,083,399
Undistributed net investment income		9,449,701
Accumulated net realized gain		94,238,236
Unrealized appreciation on investments		359,748,420
Net Assets	$	1,108,519,756
Net Assets
Class C	$	1,108,519,756
Capital Shares Outstanding*
Class C		88,137,930
Net Asset Value, Offering Price and Redemption Price Per Share
Class C	$	12.58

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

(a) Identified cost of investments was $749,426,102.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Master Fund	$	15,812,080
Total investment income		15,812,080
Expenses
Administration fees		22,308
Custodian and accounting fees		25,276
Distribution and service fees—Class C		5,971,097
Audit and tax services		29,144
Legal		34,319
Trustees’ fees and expenses		43,760
Shareholder reporting		55,367
Insurance		6,704
Miscellaneous		10,636
Total expenses		6,198,611
Net Investment Income		9,613,469
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		46,559,260
Capital gain distributions from Master Fund		52,782,150
Net realized gain		99,341,410
Net change in unrealized depreciation on investments		(23,135,590	)
Net realized and unrealized gain		76,205,820
Net Increase in Net Assets From Operations	$	85,819,289

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

American Funds Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	9,613,469		$	6,027,957
Net realized gain		99,341,410			63,664,061
Net change in unrealized appreciation (depreciation)		(23,135,590	)		192,899,387
Increase in net assets from operations		85,819,289			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		5,990,824			(49,860,342	)
Total increase in net assets		22,151,142			158,603,997
Net Assets
Beginning of period		1,086,368,614			927,764,617
End of period	$	1,108,519,756		$	1,086,368,614
Undistributed net investment income
End of period	$	9,449,701		$	5,848,720

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class C
Sales		7,577,730		$	92,867,502			7,497,274		$	83,178,434
Reinvestments		6,142,767			69,658,971			5,391,142			54,127,066
Redemptions		(12,782,594	)		(156,535,649	)		(16,782,658	)		(187,165,842	)
Net increase (decrease)		937,903		$	5,990,824			(3,894,242	)	$	(49,860,342	)
Increase (decrease) derived from capital shares transactions				$	5,990,824					$	(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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.46		$	10.18		$	8.70		$	9.15		$	7.75
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.07			0.04			0.03			0.05
Net realized and unrealized gain (loss) on investments		0.82			2.82			1.47			(0.45	)		1.37
Total from investment operations		0.93			2.89			1.51			(0.42	)		1.42
Less Distributions
Distributions from net investment income		(0.07	)		(0.05	)		(0.03	)		(0.03	)		(0.02	)
Distributions from net realized capital gains		(0.74	)		(0.56	)		(0.00	)(b)		0.00			0.00
Total distributions		(0.81	)		(0.61	)		(0.03	)		(0.03	)		(0.02	)
Net Asset Value, End of Period	$	12.58		$	12.46		$	10.18		$	8.70		$	9.15
Total Return (%) (c)		8.18			29.78			17.41			(4.60	)		18.33
Ratios/Supplemental Data
Ratio of expenses to average net assets (%) (d)		0.57			0.57			0.57			0.57			0.59
Ratio of net investment income to average net assets (%)		0.89			0.60			0.46			0.35			0.59
Portfolio turnover rate (%)		9			4			3			3			2
Net assets, end of period (in millions)	$	1,108.5		$	1,086.4		$	927.8		$	885.9		$	748.2

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

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

American Funds Growth Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014, the Portfolio owned approximately 4.87% 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

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

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, 2014.

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

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; and currency, interest rate, and price fluctuations.

MIST-9

Met Investors Series Trust

American Funds Growth Portfolio

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

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 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 (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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 year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	98,782,734	$	0	$	100,004,549

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - 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 year ended December 31, 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.

MIST-10

Met Investors Series Trust

American Funds Growth Portfolio

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

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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$6,012,488	$	4,465,930	$	63,646,483	$	49,661,136	$	69,658,971	$	54,127,066

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$9,517,126	$	98,626,429	$	355,360,227	$	—	$	463,503,782

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

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

8. Recent Accounting Pronouncements

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

MIST-11

Met Investors Series Trust

American Funds Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of American Funds Growth Portfolio and the Board of Directors of Met Investors Series Trust:

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

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the transfer agent; when replies were not received from the transfer agent, 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 American Funds Growth Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-12

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-13

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-14

Met Investors Series Trust

American Funds Growth Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with MetLife Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”). The American Funds Growth Portfolio is a “feeder fund” that invests all of its assets in an American Funds Insurance Series “master fund,” and the Board, including a majority of the Independent Trustees, approved the renewal of the stand-by Advisory Agreement with the Adviser (the “Stand-by Agreement”) whereby the Adviser will manage the Portfolio’s assets and receive a fee in the event the Portfolio no longer invests all of its assets in its master fund.

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

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

At the November Meeting, the Board, including a majority of the Independent Trustees, determined to approve the renewal of the Stand-by Agreement based upon the following factors: (i) its experience with the Adviser and the nature, extent and quality of services provided by the Adviser to the Trusts; and (ii) the investment performance of the Portfolio. The Board further noted that because the Stand-by Agreement is not currently in effect: (i) the fees and expenses of the Portfolio were not affected by the Stand-by Agreement; (ii) the Adviser’s profitability from the provision of investment management services under the Agreement was not affected by the Agreement; and (iii) economies of scale in the provision of asset management services by the Adviser were not implicated by the Agreement. In approving the renewal of the Stand-by Agreement, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors.

MIST-15

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class B and C shares of the American Funds Moderate Allocation Portfolio returned 6.44% and 6.09%, respectively. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

MARKET ENVIRONMENT / CONDITIONS

After a sharp weather-related contraction in the first quarter, the U.S. economy turned the corner and ended 2014 on a strong note, with the majority of leading economic indicators pointing to continued strength. U.S. Gross Domestic Product (“GDP”) grew healthily in the second and third quarters, the strongest two quarters of expansion since 2003. Solid economic growth domestically combined with the Federal Reserve Bank’s (the “Fed”) accommodative stance with respect to interest rates provided ample support for the U.S. stock market, which delivered another strong year of performance in 2014. Economic growth around the world became increasingly divergent in 2014. While the U.S. economy was on the rise, renewed concerns over economic growth in Europe and Asia weighed on the equity markets outside the U.S. Furthermore, geopolitical tension in Eastern Europe and Iraq added to short term volatility. As the Fed finally wound down its quantitative easing program as planned, the European Central Bank initiated an easing strategy, and the Bank of Japan increased its asset purchasing program. In November, China cut interest rates unexpectedly, stepping up a campaign to prop up growth in the world’s second-largest economy as it headed toward its slowest growth in nearly a quarter century. As other central banks moved towards further stimulus, the U.S. dollar rallied strongly, which further dented the returns of international stocks in U.S. dollar terms.

The U.S. stock market, as measured by the S&P 500 Index, was the bright spot in the global equity market, advancing 13.7% over the twelve month period. Small cap stocks, represented by the S&P Small Cap 600 Index, trailed their large cap counterparts at 5.8%, despite an outperformance in the fourth quarter. Energy stocks were the bottom performing sector and the only sector that produced a negative return for the year, driven by plummeting oil prices as a result of increased production in the U.S. and a slower demand worldwide. On the other side of the spectrum, the Utilities sector delivered the best results, as investors were hungry for yields in an extended low interest rate environment. The Health Care sector followed closely behind, gaining on strong earnings reports and forward guidance. Technology stocks performed strongly as well, with semiconductor manufacturers and software firms benefitting from order expansions and merger activities. The equity markets outside the U.S., however, ended the year in negative territory in both the developed world and emerging markets. The MSCI EAFE Index and MSCI Emerging Markets Index declined 4.9% and 2.2% in U.S. dollar terms, respectively.

Contrary to many investors’ expectations of rising yields in the U.S., Treasury yields declined across the maturity spectrum in 2014. The 10-year Treasury yield dropped to 2.17% at the end of the year. As a result, the bond market rallied over the course of the past year. The yield curve continued to flatten with yields on the long end of the curve coming down significantly more than yields on the short end. While Investment Grade credit outperformed Treasuries, the High Yield sector underperformed. For the twelve month period, the Barclays U.S. Aggregate Bond Index advanced 6.0%. The Barclays Corporate High Yield Index was up 2.5%. As yields across the world declined due to further monetary easing implemented by a number of central banks, bond markets outside the U.S. on average delivered strong returns in local currency terms. However, the positive local returns were erased by a depreciation in many currencies against the U.S. dollar. The Barclays Global Aggregate ex-U.S. Index lost 3.1% in U.S. dollar terms for the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The 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.

Over the twelve month period, the Portfolio outpaced the Dow Jones Moderate Index. From an asset allocation perspective, while performance was hurt to some extent by a lower equity target allocation than the Index (50% versus 60%) during a period when equity markets generally outperformed the fixed income markets, a domestic orientation on both the equity and bond sides compared to the index added strongly to performance as U.S. markets significantly outperformed the majority of other markets in 2014. In addition, solid security selection in a number of underlying portfolios further enhanced relative performance.

Within the fixed income segment, the AFIS Global Bond Fund outperformed its benchmark and contributed positively to the Allocation Portfolio. A considerable underweight position to the euro and the Japanese yen was the largest contributor for the Global Bond Fund’s strong performance for the past year. The AFIS Bond Fund performed relatively in line with the Barclays U.S. Aggregate Bond Index. Despite being held back by a sizable exposure in non-U.S. bonds, the portfolio’s overweight to the long end of the yield curve proved to be beneficial as the curve continued to flatten throughout the year. Additionally, security selection modestly added to the performance. On the detracting side, the AFIS High-Income Bond Fund underperformed its high yield benchmark, driven largely by company specific problems on two issuers: Revel and NII. Revel went through a financial restructuring earlier in the year, and NII fell behind in its construction process in Central America, which stirred up some worries in the marketplace.

On the equity side, the AFIS Blue Chip Income and Growth Fund was the top performance contributor. The portfolio produced the best result in the Health Care sector, where both stock selection and an overweight position added value, as Health Care was the second

MIST-1

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary* — (Continued)

best performing sector in 2014. A number of bio tech stocks, such as Amgen and Gilead Sciences, made meaningful contributions to the portfolio. In addition, an underweight position in the Energy sector proved beneficial as energy stocks struggled amid plummeting oil prices, particularly in the second half of the year. Similar themes, namely strong stock selection combined with an overweight position in the Health Care sector and an underweight position in the Energy sector, also benefited the AMCAP Fund. However, a large cash position weighed on AMCAP relative performance. On the negative side, the Fundamental Investors and AFIS Growth Funds detracted from the Allocation Portfolio’s relative result. The Fundamental Investors Fund’s performance was hindered by a sizable exposure to stocks outside the U.S., which substantially underperformed domestic stocks in general. Moreover, a number of strong performers in 2013 in the portfolio, e.g., Amazon, Boeing and Airbus, gave back some of their gains in 2014, and negatively impacted the fund’s return. For the AFIS Growth Fund, underperformance was primarily attributable to unfavorable stock selection in the Energy and Consumer sectors. Within the Energy sector, the portfolio’s holdings in a number of oil & gas exploration and production stocks fell more than some other energy stocks such as integrated oil & gas and oil storage and transportation names. Within the Consumer sector, Amazon, which was one of the portfolio’s top holdings, detracted most from performance. Among underlying portfolios that invest outside the U.S., the AFIS International Fund contributed positively, driven largely by solid stock selection in the Financial sector in Asia. In contrast, the AFIS New World Fund underperformed its benchmark, MSCI All Country World Index, due to a larger weight in emerging markets, which significantly underperformed developed markets, particularly when compared to the U.S. However, the fund’s position size in the Allocation Portfolio was fairly small, and therefore the negative impact was modest.

INVESTMENT COMMITTEE

MetLife Advisers, LLC

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

MIST-2

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

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

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

	1 Year		5 Year		Since Inception2
American Funds Moderate Allocation Portfolio
Class B		6.44		8.31		5.56
Class C		6.09		8.01		5.25
Dow Jones Moderate Index		5.35		8.92		5.70

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 Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class 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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		22.0
American Funds Bond Fund (Class 1)		17.1
American Funds American Mutual Fund (Class R-6)		9.1
American Funds Growth-Income Fund (Class 1)		9.1
American Funds Blue Chip Income and Growth Fund (Class 1)		8.1
American Funds Growth Fund (Class 1)		5.1
American Funds Fundamental Investors Fund (Class R-6)		5.1
American Funds AMCAP Fund (Class R-6)		5.1
American Funds High-Income Bond Fund (Class 1)		4.9
American Funds International Fund (Class 1)		4.9

MIST-3

Met Investors Series Trust

American Funds Moderate 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, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

American Funds Moderate Allocation Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)	Actual		0.72	%	$	1,000.00	$	1,010.50	$	3.65
	Hypothetical*		0.72	%	$	1,000.00	$	1,021.58	$	3.67
Class C(a)	Actual		1.02	%	$	1,000.00	$	1,009.60	$	5.17
	Hypothetical*		1.02	%	$	1,000.00	$	1,020.06	$	5.19

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

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

^(a) The annualized expense ratio 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 December 31, 2014

Mutual Funds—100.1% of Net Assets

Security Description	Shares		Value
Investment Company Securities—100.1%
American Funds AMCAP Fund (Class R-6)		5,641,392	$	158,692,350
American Funds American Mutual Fund (Class R-6)		7,687,529		285,591,720
American Funds Blue Chip Income and Growth Fund (Class 1)		17,179,212		252,362,630
American Funds Bond Fund (Class 1) (a)		48,230,462		534,393,515
American Funds Fundamental Investors Fund (Class R-6)		3,050,902		158,829,962
American Funds Global Bond Fund (Class 1)		7,794,550		91,741,849
American Funds Global Small Capitalization Fund (Class 1)		1,194,015		31,151,840
American Funds Growth Fund (Class 1)		1,986,183		159,192,591
American Funds Growth-Income Fund (Class 1)		5,398,355		284,817,205
American Funds High-Income Bond Fund (Class 1) (a)		14,576,399		153,635,244
American Funds International Fund (Class 1)		7,507,443		152,776,473
American Funds International Growth and Income Fund (Class 1) (a)		9,065,122		147,489,536
Investment Company Securities—(Continued)
American Funds New World Fund (Class 1)		1,387,720		28,753,555
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1) (a)		55,590,909		689,327,267
Total Mutual Funds (Cost $2,786,138,942)				3,128,755,737
Total Investments—100.1% (Cost $2,786,138,942) (b)				3,128,755,737
Other assets and liabilities (net)—(0.1)%				(1,777,355	)
Net Assets—100.0%			$	3,126,978,382

(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 December 31, 2014, the aggregate cost of investments for federal income tax purposes was $2,789,042,966. The aggregate unrealized appreciation and depreciation of investments were $353,637,597 and $(13,924,826), respectively, resulting in net unrealized appreciation of $339,712,771 for federal income tax purposes.

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	3,128,755,737	$	—	$	—	$	3,128,755,737
Total Investments	$	3,128,755,737	$	—	$	—	$	3,128,755,737

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	1,603,910,175
Affiliated investments at value (b)		1,524,845,562
Receivable for:
Investments sold		495,660
Fund shares sold		96,957
Prepaid expenses		8,196
Total Assets		3,129,356,550
Liabilities
Payables for:
Fund shares redeemed		592,616
Accrued expenses:
Management fees		165,287
Distribution and service fees		1,465,628
Deferred trustees’ fees		67,424
Other expenses		87,213
Total Liabilities		2,378,168
Net Assets	$	3,126,978,382
Net assets consist of:
Paid in surplus	$	2,610,560,301
Undistributed net investment income		44,535,573
Accumulated net realized gain		129,265,713
Unrealized appreciation on investments and affiliated investments		342,616,795
Net Assets	$	3,126,978,382
Net Assets
Class B	$	8,609,067
Class C		3,118,369,315
Capital Shares Outstanding*
Class B		811,048
Class C		295,593,612
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.61
Class C		10.55

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

(a) Identified cost of investments, excluding affiliated investments, was $1,274,031,930.

(b) Identified cost of affiliated investments was $1,512,107,012.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Underlying Portfolios	$	29,933,405
Dividends from Affiliated Underlying Portfolios		34,633,271
Total investment income		64,566,676
Expenses
Management fees		1,953,432
Administration fees		22,308
Custodian and accounting fees		25,276
Distribution and service fees—Class B		18,531
Distribution and service fees—Class C		17,321,981
Audit and tax services		29,144
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		69,908
Insurance		20,035
Miscellaneous		22,272
Total expenses		19,560,967
Net Investment Income		45,005,709
Net Realized and Unrealized Gain
Net realized gain on:
Investments		67,630,928
Affiliated investments		4,243,311
Capital gain distributions from Underlying Portfolios		59,688,247
Capital gain distributions from Affiliated Underlying Portfolios		1,605,296
Net realized gain		133,167,782
Net change in unrealized appreciation (depreciation) on:
Investments		(9,623,029	)
Affiliated investments		19,408,167
Net change in unrealized appreciation		9,785,138
Net realized and unrealized gain		142,952,920
Net Increase in Net Assets From Operations	$	187,958,629

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	45,005,709		$	37,110,886
Net realized gain		133,167,782			297,583,275
Net change in unrealized appreciation		9,785,138			57,225,634
Increase in net assets from operations		187,958,629			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		96,403,643			(42,251,146	)
Total increase (decrease) in net assets		(35,395,020	)		130,189,355
Net Assets
Beginning of period		3,162,373,402			3,032,184,047
End of period	$	3,126,978,382		$	3,162,373,402
Undistributed net investment income
End of period	$	44,535,573		$	45,749,593

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		212,494		$	2,250,114			143,146		$	1,532,996
Reinvestments		69,212			697,653			36,816			374,416
Redemptions		(31,301	)		(330,340	)		(35,353	)		(381,371	)
Net increase		250,405		$	2,617,427			144,609		$	1,526,041
Class C
Sales		8,892,006		$	93,986,323			7,116,144		$	75,441,697
Reinvestments		31,778,849			319,059,639			21,629,307			219,104,878
Redemptions		(30,052,100	)		(319,259,746	)		(31,881,827	)		(338,323,762	)
Net increase (decrease)		10,618,755		$	93,786,216			(3,136,376	)	$	(43,777,187	)
Increase (decrease) derived from capital shares transactions				$	96,403,643					$	(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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.14		$	10.58		$	9.87		$	10.05		$	9.28
Income (Loss) from Investment Operations
Net investment income (a)		0.21			0.17			0.20			0.25			0.24
Net realized and unrealized gain (loss) on investments		0.44			1.21			0.90			(0.20	)		0.69
Total from investment operations		0.65			1.38			1.10			0.05			0.93
Less Distributions
Distributions from net investment income		(0.20	)		(0.22	)		(0.25	)		(0.18	)		(0.16	)
Distributions from net realized capital gains		(0.98	)		(0.60	)		(0.14	)		(0.05	)		0.00
Total distributions		(1.18	)		(0.82	)		(0.39	)		(0.23	)		(0.16	)
Net Asset Value, End of Period	$	10.61		$	11.14		$	10.58		$	9.87		$	10.05
Total Return (%) (b)		6.44			13.75			11.28			0.44			10.15
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.32			0.32			0.32			0.32			0.34
Net ratio of expenses to average net assets (%) (c)		0.32			0.32			0.32			0.32			0.34	(d)
Ratio of net investment income to average net assets (%) (e)		1.97			1.56			1.93			2.51			2.56
Portfolio turnover rate (%)		5			27			12			7			7
Net assets, end of period (in millions)	$	8.6		$	6.2		$	4.4		$	2.8		$	1.6
	Class C
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.08		$	10.51		$	9.81		$	9.99		$	9.23
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.13			0.14			0.18			0.19
Net realized and unrealized gain (loss) on investments		0.47			1.22			0.91			(0.15	)		0.72
Total from investment operations		0.62			1.35			1.05			0.03			0.91
Less Distributions
Distributions from net investment income		(0.17	)		(0.18	)		(0.21	)		(0.16	)		(0.15	)
Distributions from net realized capital gains		(0.98	)		(0.60	)		(0.14	)		(0.05	)		0.00
Total distributions		(1.15	)		(0.78	)		(0.35	)		(0.21	)		(0.15	)
Net Asset Value, End of Period	$	10.55		$	11.08		$	10.51		$	9.81		$	9.99
Total Return (%) (b)		6.09			13.52			10.84			0.19			9.91
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.62			0.62			0.62			0.62			0.64
Net ratio of expenses to average net assets (%) (c)		0.62			0.62			0.62			0.62			0.64	(d)
Ratio of net investment income to average net assets (%) (e)		1.42			1.20			1.36			1.79			2.04
Portfolio turnover rate (%)		5			27			12			7			7
Net assets, end of period (in millions)	$	3,118.4		$	3,156.1		$	3,027.8		$	2,913.1		$	2,590.2

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

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

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

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

(e) 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—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

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

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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-9

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

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

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; and currency, interest rate, and price fluctuations.

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

The 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 year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	164,223,474	$	0	$	281,240,634

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$1,953,432		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

MIST-10

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

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

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 year ended December 31, 2014 are shown as Distribution and services fees in the Statement of Operations.

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 year ended December 31, 2014 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
American Funds Bond Fund (Class 1)		48,230,064		1,237,076		(1,236,678	)		48,230,462
American Funds High-Income Bond Fund (Class 1)		14,195,596		903,553		(522,750	)		14,576,399
American Funds International Growth and Income Fund (Class 1)		7,427,913		2,030,474		(393,265	)		9,065,122
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		55,820,947		1,045,148		(1,275,186	)		55,590,909
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Affiliated Underlying Portfolios		Capital Gain Distributions from Affiliated Underlying Portfolios		Dividend Income from Affiliated Underlying Portfolios			Ending Value as of December 31, 2014
American Funds Bond Fund (Class 1)	$	2,153,755	$	191,832	$	11,580,344		$	534,393,515
American Funds High-Income Bond Fund (Class 1)		979,274		—		9,288,896			153,635,244
American Funds International Growth and Income Fund (Class 1)		888,710		1,413,464		4,673,412			147,489,536
American Funds U.S. Government/AAA - Rated Securities Fund (Class 1)		221,572		—		9,090,619			689,327,267
	$	4,243,311	$	1,605,296	$	34,633,271		$	1,524,845,562

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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$60,512,763	$	51,075,093	$	259,244,529	$	168,404,201	$	319,757,292	$	219,479,294

MIST-11

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

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

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$44,602,998	$	132,169,737	$	339,712,770	$	—	$	516,485,505

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

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

9. Recent Accounting Pronouncements

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

MIST-12

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of American Funds Moderate Allocation 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 American Funds Moderate Allocation Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the transfer agent; when replies were not received from the transfer agent, 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 American Funds Moderate Allocation Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-13

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-14

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-15

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements

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

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

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

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

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

The Board also noted that each of the investment, compliance and legal staffs of the Adviser regularly review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments.

The Board further considered the provision of investment advisory services by the Adviser to the Asset Allocation Portfolios (i.e., MetLife Asset Allocation 20 Portfolio, MetLife Asset Allocation 40 Portfolio, MetLife Asset Allocation 60 Portfolio, MetLife Asset Allocation 80 Portfolio and MetLife Asset Allocation 100 Portfolio) and the American Funds of Funds (i.e., American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio). With respect to the Asset Allocation Portfolios, the Board noted that the Adviser has hired an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and to investments

MIST-16

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

in other Portfolios of the Trusts (the “Underlying Portfolios”), which may assist the Adviser with the selection of Underlying Portfolios for inclusion in each Asset Allocation Portfolio. Additionally, the Board considered that a committee, consisting of investment professionals from across the Adviser, meets periodically to review the asset allocations and discuss the performance of the Asset Allocation Portfolios and the American Funds of Funds.

The Board further considered and found that the advisory fee to be paid to the Adviser with respect to each Asset Allocation Portfolio and American Fund of Funds was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the Underlying Portfolios in which the Portfolio invests.

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

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

The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board further considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Portfolios, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

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

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

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

MIST-17

Met Investors Series Trust

American Funds Moderate Allocation Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

American Funds Moderate Allocation Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreement with the Adviser regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one- and five-year periods ended June 30, 2014 and outperformed the median of its Performance Universe for the three-year period ended June 30, 2014. The Board also considered that the Portfolio underperformed its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board noted that the Portfolio outperformed its benchmark, the Moderate AA Broad Index, for the one- and three-year periods ended October 31, 2014 and underperformed this benchmark for the five-year period ended October 31, 2014. The Board further considered that the Portfolio outperformed its other benchmark, the Dow Jones Moderate Index, for the one- and three-year periods ended October 31, 2014 and underperformed this benchmark for the five-year period ended October 31, 2014.

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

MIST-18

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Managed by AQR Capital Management, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class B shares of the AQR Global Risk Balanced Portfolio returned 4.00%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

MARKET ENVIRONMENT / CONDITIONS

Developed equities were positive on the year, driven primarily by the U.S. where economic data continued to improve throughout the year. International equity markets also finished the year modestly positive but economic fundamentals diverged from the U.S. amid the threat of recession in Europe and Japan. Emerging markets equities ended slightly positive for the year with mixed performance across countries. Commodity exporters like Brazil suffered losses, while China outperformed emerging markets after policymakers took steps to boost credit growth and signaled a commitment to market reforms by increasing foreign access to domestic equity markets.

Developed bond markets saw strong positive returns over the year, registering gains in each quarter. Entering 2014, most forecasters expected U.S. rates to rise during the year due to the Federal Reserve Bank tapering asset purchases. Instead, falling inflation, slowing global growth, geopolitical uncertainty in Russia and the Middle East, and accommodative monetary policies outside the U.S. resulted in falling bond yields. German Bund yields also fell as the European Central Bank increased efforts to help the struggling Eurozone economy. Japanese bonds rallied as the economy slipped into a recession prompting additional stimulus.

The story was similar for inflation-linked bonds which provided solid returns over the year as slow economic activity and quantitative easing from central banks of G4 nations—Brazil, Germany, India, and Japan—persisted, resulting in lowering of real yields. However, unlike nominal bonds, lower than expected realized inflation and declining inflation expectations limited gains.

Commodities were the largest drag on performance this year, led by the energy sector which suffered from excess supply and weak demand. In the first half of the year, bad weather and geopolitical risks drove up commodity prices, but record harvests and increased energy production in the U.S. sent prices down in the second half. As oil prices were falling, the Organization of the Petroleum Exporting Countries announced that it would not be cutting production, triggering a significant sell-off in Brent and WTI crude oil. Metals were also down modestly this year on soft demand from Europe and China.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The AQR Global Risk Balanced Portfolio is a globally diversified asset-allocation portfolio. The Portfolio 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, than high-risk assets, which are given lower dollar allocations. In this way, each asset class is expected to contribute meaningfully to the size and variability of returns of the Portfolio.

To achieve its target annualized volatility level of 10%, the Portfolio is moderately levered through investments in equity, fixed income and commodity futures. The 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 uses futures, swaps on futures, and government bonds to gain its exposures. Futures were used to gain exposure in the Equity, Inflation Risk, and Nominal Interest Rate buckets. Swaps on futures were used in both the Equity Risk and Nominal Interest Rate buckets to gain exposure when holding limit, local regulation or asset coverage rules restricted investment in futures in those markets. The Portfolio does not use derivatives to gain exposure to the global inflation-linked bond market but instead buys cash bonds. Currency hedges are used to minimize currency exposures gained from non-U.S. investments. During the period, the derivatives performed as expected and facilitated Portfolio return by providing a cost-effective and liquid access to the desired market exposures.

The Portfolio returned +4.0% for the year ending December 31, 2014, underperforming the Dow Jones Moderate Index by 1.35%. Returns for the three risk categories in the Portfolio were mixed for the one year period: equities contributed +2.6%, fixed income contributed +9.6%, and inflation-sensitive assets detracted -8.2%. The Portfolio benefited from gains in equities driven by improved U.S. economic data and from the strong performance of fixed income securities. Falling inflation and slowing global growth buoyed nominal bonds. Inflation-linked bonds also benefited from the fall in real yields, but gains were limited by lower than expected realized inflation and declining inflation expectations. Late in the year, higher than expected supply in the Energy sector and weaker global demand produced one of the worst years on record for commodities, hurting Portfolio returns.

MIST-1

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Managed by AQR Capital Management, LLC

Portfolio Manager Commentary*—(Continued)

AQR’s systematic portfolio management process dynamically adjusts position sizes in inverse proportion to the volatility of the underlying assets. At the beginning of 2014, asset volatilities were close to their historical lows. As a result, the Portfolio’s positions were at or close to the maximum exposure for each asset class. As markets evolved over the year, volatility in most asset classes increased, particularly in commodities markets, causing a reduction in exposures.

The Portfolio entered the beginning of 2014 with a total market exposure of 252%, which is above our long-term average, as a result of historically low volatility across all asset classes. Portfolio exposures ranged from 209% to 260% over the year. The average asset class exposure was 42% equities, 119% nominal bonds, 48% inflation-linked bonds, and 29% commodities. At the end of the year, exposures were 39% equities, 117% nominal bonds, 36% inflation-linked bonds, and 18% commodities, for a total Portfolio exposure of 209%.

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

MIST-2

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

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

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

	1 Year		Since Inception2
AQR Global Risk Balanced Portfolio
Class B		4.00		3.84
Dow Jones Moderate Index		5.35		6.70

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 DECEMBER 31, 2014

Risk Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		116.5
Global Inflation-Linked Bonds		35.9
Global Developed Equities		30.3
Commodities - Production Weighted		17.8
Global Emerging Equities		4.8
U.S. Mid Cap Equities		2.0
U.S. Small Cap Equities		1.6

* The percentages noted above are based on the notional exposures 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

Shareholder Expense Example

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

Actual Expenses

The first line 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)	Actual		0.87	%	$	1,000.00	$	932.30	$	4.24
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.82	$	4.43

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

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

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 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 December 31, 2014

U.S. Treasury & Government Agencies—22.1% of Net Assets

Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—22.1%
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/18		330,353,952	$	329,115,125
0.125%, 04/15/19		188,892,168		186,811,332
0.125%, 01/15/23		148,650,040		143,737,602
0.125%, 07/15/24		89,102,673		85,810,062
0.375%, 07/15/23		145,296,416		143,650,498
0.625%, 01/15/24		97,695,360		98,115,157
2.125%, 01/15/19		60,054,171		64,530,068
Total U.S. Treasury & Government Agencies (Cost $1,061,727,472)				1,051,769,844
Foreign Government—18.6%
Sovereign—18.6%
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.750%, 04/15/18 (EUR)		76,480,030		95,048,934
Deutsche Bundesrepublik Inflation Linked Bonds 0.100%, 04/15/23 (EUR)		106,641,444		134,786,427
1.750%, 04/15/20 (EUR)		46,491,176		62,731,798
France Government Bond OAT 0.250%, 07/25/18 (EUR)		35,494,349		43,725,620
0.250%, 07/25/24 (EUR)		23,690,042		29,890,815
1.100%, 07/25/22 (EUR)		56,240,814		75,095,096
1.300%, 07/25/19 (EUR)		81,324,355		106,028,532
2.100%, 07/25/23 (EUR)		23,825,732		34,853,132
United Kingdom Gilt Inflation Linked 0.125%, 03/22/24 (GBP)		38,375,022		65,764,374
1.875%, 11/22/22 (GBP)		123,048,528		238,463,687
Total Foreign Government (Cost $945,773,315)				886,388,415
Short-Term Investments—58.9%
Mutual Funds—42.5%
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class, 0.010% (a)		476,058,114		476,058,114
Dreyfus Treasury & Agency Cash Management, Institutional Class, 0.010% (a)		476,051,614		476,051,614
State Street Institutional Liquid Reserve Fund, Class I, 0.060% (a) (b)		206,857,711		206,857,711
Mutual Funds—(Continued)
State Street Institutional Treasury Plus Money Market Fund, Class I, 0.000% (a) (b)		386,794,402		386,794,402
UBS Select Treasury Preferred Fund, Institutional Class, 0.010% (a)		478,767,988		478,767,988
				2,024,529,829
U.S. Treasury—16.4%
U.S. Treasury Bills 0.037%, 04/09/15 (c)		260,457,000		260,437,726
0.045%, 02/05/15 (c)		266,467,000		266,460,605
0.055%, 01/29/15 (c)		102,923,000		102,921,045
0.067%, 05/28/15 (c) (d)		96,503,000		96,477,523
0.071%, 06/04/15 (c)		54,455,000		54,438,827
				780,735,726
Total Short-Term Investments (Cost $2,805,249,481)				2,805,265,555
Total Investments— 99.6% (Cost $4,812,750,268) (e)				4,743,423,814
Other assets and liabilities (net)—0.4%				18,693,068
Net Assets—100.0%			$	4,762,116,882

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

(a) The rate shown represents the annualized seven-day yield as of December 31, 2014.

(b) All or a portion of the security was pledged as collateral against open swap contracts. As of December 31, 2014, the market value of securities pledged was $206,839,361.

(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 December 31, 2014, the market value of securities pledged was $12,566,878.

(e) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $4,845,532,458. The aggregate unrealized appreciation and depreciation of investments were $581,315,110 and $(683,423,754), respectively, resulting in net unrealized depreciation of $(102,108,644) for federal income tax purposes.

(EUR)— Euro

(GBP)— British Pound

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	3,840,000	Citibank N.A.		03/18/15	$	4,790,948	$	(141,283	)
EUR	3,840,000	Credit Suisse International		03/18/15		4,790,924		(141,260	)

§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 December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	65,261,627	Citibank N.A.		03/18/15	$	80,030,790	$	1,008,738
EUR	62,444,627	Citibank N.A.		03/18/15		76,794,465		1,183,377
EUR	61,650,259	Citibank N.A.		03/18/15		76,623,257		1,974,031
EUR	55,881,172	Citibank N.A.		03/18/15		68,959,881		1,296,154
EUR	65,261,627	Credit Suisse International		03/18/15		80,030,470		1,008,417
EUR	62,444,627	Credit Suisse International		03/18/15		76,794,470		1,183,382
EUR	61,650,260	Credit Suisse International		03/18/15		76,623,261		1,974,033
EUR	55,881,170	Credit Suisse International		03/18/15		68,959,882		1,296,158
GBP	49,478,174	Citibank N.A.		03/18/15		77,359,867		287,635
GBP	26,541,299	Citibank N.A.		03/18/15		41,475,424		132,000
GBP	22,067,879	Citibank N.A.		03/18/15		34,381,182		6,010
GBP	49,478,174	Credit Suisse International		03/18/15		77,360,473		288,241
GBP	26,541,299	Credit Suisse International		03/18/15		41,475,424		131,999
GBP	22,067,879	Credit Suisse International		03/18/15		34,381,452		6,280
Net Unrealized Appreciation							$	11,493,912

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Aluminium Futures		01/09/15		18		USD	881,700	$	(59,370	)
Aluminium Futures		01/15/15		63		USD	3,058,785		(174,960	)
Aluminium Futures		01/16/15		7		USD	335,204		(14,698	)
Aluminium Futures		01/22/15		13		USD	651,099		(55,131	)
Aluminium Futures		02/05/15		24		USD	1,216,252		(113,866	)
Aluminium Futures		03/11/15		24		USD	1,176,069		(68,271	)
Aluminium Futures		03/16/15		19		USD	906,354		(28,526	)
Aluminium Futures		03/17/15		20		USD	948,557		(24,357	)
Aluminium Futures		03/23/15		6		USD	286,517		(8,989	)
Amsterdam Index Futures		01/16/15		77		EUR	6,129,831		502,375
Australian 10 Year Treasury Bond Futures		03/16/15		1,277		AUD	161,517,293		1,733,939
CAC 40 Index Futures		01/16/15		534		EUR	21,343,741		1,809,557
Canada Government Bond Year Bond Futures		03/20/15		1,692		CAD	230,266,036		3,537,445
Cattle Feeder Futures		03/26/15		95		USD	10,258,580		64,357
Cocoa Futures		03/16/15		131		USD	3,821,731		(9,631	)
Coffee “C” Futures		03/19/15		151		USD	10,974,060		(1,540,335	)
Copper Futures		01/15/15		22		USD	3,715,297		(216,747	)
Copper Futures		01/16/15		4		USD	661,935		(26,235	)
Copper Futures		01/22/15		5		USD	833,021		(39,833	)
Copper Futures		02/05/15		8		USD	1,313,316		(46,956	)
Copper Futures		03/11/15		9		USD	1,447,451		(27,251	)
Copper Futures		03/16/15		265		USD	42,418,530		(628,030	)
Copper Futures		03/16/15		7		USD	1,112,145		(7,895	)
Copper Futures		03/17/15		9		USD	1,420,001		(476	)
Copper Futures		03/23/15		4		USD	640,511		(10,136	)
Corn Futures		03/13/15		1,955		USD	37,817,691		989,059
Cotton No. 2 Futures		03/09/15		339		USD	10,451,267		(235,502	)
DAX Index Futures		03/20/15		88		EUR	20,750,979		1,094,758
Euro Stoxx 50 Index Futures		03/20/15		2,044		EUR	61,436,183		3,148,959
Euro-Bund Futures		03/06/15		6,239		EUR	955,495,324		20,543,755
FTSE 100 Index Futures		03/20/15		1,174		GBP	72,432,201		6,455,647
FTSE JSE Top 40 Index Futures		03/19/15		666		ZAR	281,786,893		1,121,341
FTSE MIB Index Futures		03/20/15		64		EUR	5,996,892		127,283
Gold 100 oz Futures		02/25/15		244		USD	29,095,395		(203,355	)

§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 December 31, 2014

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
H-Shares Index Futures		01/29/15		584			HKD	348,832,760		$	160,683
Hang Seng Index Futures		01/29/15		118			HKD	139,030,588			64,286
IBEX 35 Index Futures		01/16/15		80			EUR	7,862,142			403,307
Japanese Government 10 Year Bond Futures		03/11/15		347			JPY	50,988,040,017			2,463,600
KOSPI 200 Index Futures		03/12/15		412			KRW	51,766,143,025			(1,366,641	)
Lead Futures		01/09/15		4			USD	209,998			(25,469	)
Lead Futures		01/15/15		11			USD	564,599			(56,308	)
Lead Futures		01/16/15		1			USD	49,796			(3,577	)
Lead Futures		01/22/15		3			USD	152,824			(13,985	)
Lead Futures		02/05/15		5			USD	247,010			(15,300	)
Lead Futures		03/11/15		5			USD	249,514			(17,327	)
Lead Futures		03/16/15		128			USD	6,493,307			(547,707	)
Lead Futures		03/16/15		4			USD	194,611			(8,825	)
Lead Futures		03/17/15		3			USD	141,159			(1,814	)
Lead Futures		03/23/15		3			USD	141,009			(1,659	)
Lean Hogs Futures		02/13/15		665			USD	24,077,631			(2,478,431	)
Live Cattle Futures		02/27/15		405			USD	27,503,951			(1,008,851	)
MSCI Taiwan Index Futures		01/29/15		198			USD	6,713,029			80,351
Nickel Futures		01/09/15		4			USD	400,406			(38,546	)
Nickel Futures		01/15/15		8			USD	784,820			(60,848	)
Nickel Futures		01/16/15		2			USD	186,899			(5,896	)
Nickel Futures		01/22/15		2			USD	184,096			(3,030	)
Nickel Futures		02/05/15		3			USD	273,786			(1,953	)
Nickel Futures		03/11/15		4			USD	389,867			(26,685	)
Nickel Futures		03/16/15		88			USD	8,582,363			(588,971	)
Nickel Futures		03/16/15		3			USD	290,799			(18,330	)
Nickel Futures		03/17/15		2			USD	187,926			(6,269	)
Nickel Futures		03/23/15		2			USD	189,258			(7,535	)
Primary Aluminum Futures		03/16/15		645			USD	32,034,213			(2,223,119	)
Russell 2000 Mini Index Futures		03/20/15		651			USD	74,194,949			3,970,621
S&P 500 E-Mini Index Futures		03/20/15		8,514			USD	843,204,530			30,502,150
S&P Midcap 400 E-Mini Index Futures		03/20/15		648			USD	90,140,758			3,728,522
S&P TSX 60 Index Futures		03/19/15		415			CAD	66,195,153			3,862,667
SGX CNX NIFTY Index Futures		01/29/15		1,377			USD	22,980,331			40,356
SPI 200 Futures		03/19/15		390			AUD	49,973,698			2,049,614
Silver Futures		03/27/15		44			USD	3,587,927			(156,147	)
Soybean Futures		03/13/15		528			USD	27,644,985			(624,585	)
Sugar No. 11 Futures		02/27/15		980			USD	18,386,903			(2,449,751	)
TOPIX Index Futures		03/12/15		1,035			JPY	14,856,515,338			(2,411,841	)
U.S. Treasury Note 10 Year Futures		03/20/15		13,798			USD	1,740,996,641			8,546,640
United Kingdom Long Gilt Bond Futures		03/27/15		1,269			GBP	148,228,052			5,385,773
Wheat Futures		03/13/15		1,245			USD	33,327,375			3,384,563
Zinc Futures		01/09/15		5			USD	293,327			(22,421	)
Zinc Futures		01/15/15		17			USD	991,562			(70,319	)
Zinc Futures		01/16/15		5			USD	281,894			(10,933	)
Zinc Futures		01/22/15		4			USD	223,597			(6,816	)
Zinc Futures		02/05/15		6			USD	333,425			(8,387	)
Zinc Futures		03/11/15		7			USD	378,895			1,856
Zinc Futures		03/16/15		172			USD	9,587,711			(228,761	)
Zinc Futures		03/16/15		6			USD	323,567			2,951
Zinc Futures		03/17/15		5			USD	266,264			5,861
Zinc Futures		03/23/15		4			USD	218,411			(794	)
Futures Contracts—Short
Aluminium Futures		01/09/15		(18	)		USD	(882,861	)		60,531
Aluminium Futures		01/15/15		(63	)		USD	(3,058,747	)		174,922

§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 December 31, 2014

Futures Contracts—(Continued)

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Aluminium Futures		01/16/15		(7	)		USD	(336,466	)	$	15,961
Aluminium Futures		01/22/15		(13	)		USD	(653,222	)		57,253
Aluminium Futures		02/05/15		(24	)		USD	(1,223,057	)		120,671
Aluminium Futures		03/11/15		(24	)		USD	(1,174,954	)		67,156
Aluminium Futures		03/16/15		(19	)		USD	(909,720	)		31,892
Aluminium Futures		03/17/15		(20	)		USD	(948,764	)		24,564
Aluminium Futures		03/23/15		(6	)		USD	(285,845	)		8,316
Copper Futures		01/15/15		(22	)		USD	(3,725,158	)		226,608
Copper Futures		01/16/15		(4	)		USD	(663,191	)		27,491
Copper Futures		01/22/15		(5	)		USD	(835,613	)		42,425
Copper Futures		02/05/15		(8	)		USD	(1,318,233	)		51,873
Copper Futures		03/11/15		(9	)		USD	(1,447,142	)		26,942
Copper Futures		03/16/15		(7	)		USD	(1,111,780	)		7,530
Copper Futures		03/16/15		(36	)		USD	(5,726,015	)		48,815
Copper Futures		03/17/15		(9	)		USD	(1,423,364	)		3,839
Copper Futures		03/23/15		(4	)		USD	(639,577	)		9,202
Lead Futures		01/09/15		(4	)		USD	(209,991	)		25,462
Lead Futures		01/15/15		(11	)		USD	(563,587	)		55,296
Lead Futures		01/16/15		(1	)		USD	(49,910	)		3,691
Lead Futures		01/22/15		(3	)		USD	(153,144	)		14,305
Lead Futures		02/05/15		(5	)		USD	(248,244	)		16,534
Lead Futures		03/11/15		(5	)		USD	(251,461	)		19,274
Lead Futures		03/16/15		(4	)		USD	(195,729	)		9,943
Lead Futures		03/16/15		(18	)		USD	(865,116	)		29,016
Lead Futures		03/17/15		(3	)		USD	(142,463	)		3,118
Lead Futures		03/23/15		(3	)		USD	(140,809	)		1,460
Nickel Futures		01/09/15		(4	)		USD	(402,423	)		40,563
Nickel Futures		01/15/15		(8	)		USD	(786,354	)		62,382
Nickel Futures		01/16/15		(2	)		USD	(187,496	)		6,492
Nickel Futures		01/22/15		(2	)		USD	(183,116	)		2,050
Nickel Futures		02/05/15		(3	)		USD	(271,551	)		(282	)
Nickel Futures		03/11/15		(4	)		USD	(392,598	)		29,415
Nickel Futures		03/16/15		(3	)		USD	(293,996	)		21,527
Nickel Futures		03/16/15		(13	)		USD	(1,242,837	)		61,995
Nickel Futures		03/17/15		(2	)		USD	(190,273	)		8,617
Nickel Futures		03/23/15		(2	)		USD	(187,781	)		6,058
Primary Aluminum Futures		03/16/15		(88	)		USD	(4,223,998	)		156,748
Zinc Futures		01/09/15		(5	)		USD	(292,864	)		21,958
Zinc Futures		01/15/15		(17	)		USD	(991,833	)		70,590
Zinc Futures		01/16/15		(5	)		USD	(280,833	)		9,872
Zinc Futures		01/22/15		(4	)		USD	(223,121	)		6,340
Zinc Futures		02/05/15		(6	)		USD	(335,294	)		10,256
Zinc Futures		03/11/15		(7	)		USD	(381,228	)		477
Zinc Futures		03/16/15		(6	)		USD	(324,185	)		(2,334	)
Zinc Futures		03/16/15		(27	)		USD	(1,451,490	)		(17,647	)
Zinc Futures		03/17/15		(5	)		USD	(266,287	)		(5,838	)
Zinc Futures		03/23/15		(4	)		USD	(218,193	)		576
Net Unrealized Appreciation										$	89,397,800

§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§ Schedule of Investments as of December 31, 2014

Swap Agreements

Total Return Swap Agreements

Maturity Date	Counterparty	Underlying Reference Instrument	Notional Amount		Market Value			Upfront Premium Paid/(Received)		Unrealized Appreciation/ (Depreciation)
01/15/15	Barclays Bank plc	Brent Crude Oil Futures	USD	173,031,480	$	(31,541,040	)	$	—	$	(31,541,040	)
01/15/15	Citibank N.A.	Brent Crude Oil Futures	USD	27,034,668		(4,905,288	)		—		(4,905,288	)
01/20/15	Barclays Bank plc	Light Sweet Crude Oil (WTI) Futures	USD	169,885,500		(22,061,250	)		—		(22,061,250	)
01/20/15	Citibank N.A.	Light Sweet Crude Oil (WTI) Futures	USD	30,738,464		(3,996,924	)		—		(3,996,924	)
01/28/15	Barclays Bank plc	Henry Hub Natural Gas Futures	USD	30,950,400		(6,913,920	)		—		(6,913,920	)
01/28/15	Citibank N.A.	Henry Hub Natural Gas Futures	USD	5,289,810		(1,129,650	)		—		(1,129,650	)
01/29/15	Bank of America N.A.	MSCI Taiwan Stock Index Futures	USD	32,349,547		450,813			—		450,813
01/29/15	Bank of America N.A.	Hang Seng China Enterprises Index Futures	HKD	170,557,832		268,712			—		268,712
01/30/15	Barclays Bank plc	NY Harbor ULSD Futures	USD	44,283,456		(4,006,598	)		—		(4,006,598	)
01/30/15	Barclays Bank plc	RBOB Gasoline Futures	USD	36,915,984		(4,147,039	)		—		(4,147,039	)
01/30/15	Citibank N.A.	NY Harbor ULSD Futures	USD	9,566,702		(864,436	)		—		(864,436	)
01/30/15	Citibank N.A.	RBOB Gasoline Futures	USD	8,763,023		(972,670	)		—		(972,670	)
02/12/15	Barclays Bank plc	Low Sulfur Gas Oil Futures	USD	61,686,000		(4,140,000	)		—		(4,140,000	)
02/12/15	Merrill Lynch	Low Sulfur Gas Oil Futures	USD	6,863,400		(399,900	)		—		(399,900	)
02/18/15	Bank of America N.A.	Ibovespa Futures	BRL	72,324,135		1,211,524			—		1,211,524
02/27/15	Merrill Lynch	Live Cattle Futures	USD	22,514,040		(794,600	)		—		(794,600	)
03/06/15	Bank of America N.A.	Euro-Bund Futures	EUR	189,710,996		3,940,001			—		3,940,001
03/11/15	Bank of America N.A.	Japanese 10 Year Government Bond Futures	JPY	32,622,700,200		1,558,522			—		1,558,522
03/13/15	Citibank N.A.	Corn No. 2 Futures	USD	991,644		20,706			—		20,706
03/13/15	Citibank N.A.	Soybean No. 2 Yellow Futures	USD	674,586		(9,311	)		—		(9,311	)
03/20/15	Bank of America N.A.	U.S. Treasury Note 10 Year Futures	USD	892,134,664		6,601,586			—		6,601,586
03/20/15	Bank of America N.A.	Swiss Market Index Futures	CHF	51,538,576		1,018,633			—		1,018,633
03/27/15	Bank of America N.A.	United Kingdom Long Gilt Futures	GBP	48,067,046		2,024,379			—		2,024,379
Totals					$	(68,787,750	)	$	—	$	(68,787,750	)

(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-9

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Consolidated§ Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,051,769,844		$	—	$	1,051,769,844
Total Foreign Government*		—			886,388,415			—		886,388,415
Short-Term Investments
Mutual Funds		2,024,529,829			—			—		2,024,529,829
U.S. Treasury		—			780,735,726			—		780,735,726
Total Short-Term Investments		2,024,529,829			780,735,726			—		2,805,265,555
Total Investments	$	2,024,529,829		$	2,718,893,985		$	—	$	4,743,423,814
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	11,776,455		$	—	$	11,776,455
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(282,543	)		—		(282,543	)
Total Forward Contracts	$	—		$	11,493,912		$	—	$	11,493,912
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	107,482,282		$	—		$	—	$	107,482,282
Futures Contracts (Unrealized Depreciation)		(18,084,482	)		—			—		(18,084,482	)
Total Futures Contracts	$	89,397,800		$	—		$	—	$	89,397,800
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	17,094,876		$	—	$	17,094,876
OTC Swap Contracts at Value (Liabilities)		—			(85,882,626	)		—		(85,882,626	)
Total OTC Swap Contracts	$	—		$	(68,787,750	)	$	—	$	(68,787,750	)

* 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-10

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Consolidated§ Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	4,743,423,814
Cash		5,306,949
Cash denominated in foreign currencies (b)		2,264,214
Cash collateral (c)		212,992,168
OTC swap contracts at market value		17,094,876
Unrealized appreciation on forward foreign currency exchange contracts		11,776,455
Receivable for:
Fund shares sold		120,138
Interest		4,354,026
Variation margin on futures contracts		220,841
Prepaid expenses		13,318
Total Assets		4,997,566,799
Liabilities
OTC swap contracts at market value		85,882,626
Cash collateral for forward foreign currency exchange contracts		80,148,574
Unrealized depreciation on forward foreign currency exchange contracts		282,543
Payables for:
OTC swap contracts		59,467,502
Fund shares redeemed		1,115,984
Variation margin on futures contracts		4,601,492
Accrued expenses:
Management fees		2,431,620
Distribution and service fees		1,022,983
Deferred trustees’ fees		50,253
Other expenses		446,340
Total Liabilities		235,449,917
Net Assets	$	4,762,116,882
Net assets consist of:
Paid in surplus	$	4,235,229,218
Undistributed net investment income		232,928,057
Accumulated net realized gain		331,068,310
Unrealized depreciation on investments, futures contracts, swap contracts and foreign currency transactions		(37,108,703	)
Net Assets	$	4,762,116,882
Net Assets
Class B	$	4,762,116,882
Capital Shares Outstanding*
Class B		437,694,600
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.88

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

(a) Identified cost of investments was $4,812,750,268.

(b) Identified cost of cash denominated in foreign currencies was $2,278,961.

(c) Includes collateral of $142,651,654 for futures contracts, $10,280,514 for OTC swap contracts and $60,060,000 for forward foreign currency exchange contracts.

Consolidated§ Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	1,031
Interest (a)		35,245,166
Total investment income		35,246,197
Expenses
Management fees		30,879,482
Administration fees		166,205
Custodian and accounting fees		715,850
Distribution and service fees—Class B		12,658,117
Audit and tax services		101,554
Legal		32,784
Trustees’ fees and expenses		43,761
Shareholder reporting		246,092
Insurance		35,617
Miscellaneous		38,511
Total expenses		44,917,973
Less management fee waiver		(875,299	)
Net expenses		44,042,674
Net Investment Loss		(8,796,477	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		4,289,066
Futures contracts		408,234,563
Swap contracts		(290,400,845	)
Foreign currency transactions		97,019,712
Capital gain distributions		4,249
Net realized gain		219,146,745
Net change in unrealized appreciation (depreciation) on:
Investments		(45,267,743	)
Futures contracts		71,581,359
Swap contracts		(45,455,110	)
Foreign currency transactions		18,625,796
Net change in unrealized depreciation		(515,698	)
Net realized and unrealized gain		218,631,047
Net Increase in Net Assets From Operations	$	209,834,570

(a) Net of foreign withholding taxes of $5,860.

§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

Consolidated§ Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(8,796,477	)	$	(38,522,989	)
Net realized gain (loss)		219,146,745			(31,061,659	)
Net change in unrealized depreciation		(515,698	)		(154,712,621	)
Increase (decrease) in net assets from operations		209,834,570			(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		(560,566,503	)		11,154,644
Total decrease in net assets		(373,934,759	)		(558,210,481	)
Net Assets
Beginning of period		5,136,051,641			5,694,262,122
End of period	$	4,762,116,882		$	5,136,051,641
Undistributed net investment income
End of period	$	232,928,057		$	6,040,407

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		5,933,583		$	66,767,523			56,965,865		$	655,496,837
Reinvestments		2,097,905			23,202,826			31,284,484			345,067,856
Redemptions		(59,286,512	)		(650,536,852	)		(93,775,605	)		(989,410,049	)
Net increase (decrease)		(51,255,024	)	$	(560,566,503	)		(5,525,256	)	$	11,154,644
Increase (decrease) derived from capital shares transactions				$	(560,566,503	)				$	11,154,644

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

See accompanying notes to consolidated financial statements.

MIST-12

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Consolidated§ Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2014			2013			2012			May 2, 2011 through December 31, 2011(a)			Period April 19, 2011 through May 2, 2011(a)
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		0.45			(0.30	)		1.11			0.36			(0.15	)
Total from investment operations		0.43			(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	$	10.88		$	10.50		$	11.52		$	10.53		$	10.36
Total Return (%) (e)		4.00			(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			0.90			0.98			1.18	(i)
Gross ratio of expenses to average net assets excluding interest expense (%)		0.89			0.88			0.89			0.95	(i)
Net ratio of expenses to average net assets (%) (j)		0.87			0.89			0.98			1.15	(i)
Net ratio of expenses to average net assets excluding interest expense (%) (j)		0.87			0.87			0.89			0.92	(i)
Ratio of net investment income (loss) to average net assets (%)		(0.17	)		(0.66	)		(0.04	)		(0.06	)(i)
Portfolio turnover rate (%)		30			173			79			8	(f)
Net assets, end of period (in millions)	$	4,762.1		$	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).

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

See accompanying notes to consolidated financial statements.

MIST-13

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Notes to Consolidated Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 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 December 31, 2014		% of Total Assets at December 31, 2014
AQR Global Risk Balanced Portfolio, Ltd.		4/19/2011	$	476,212,432		9.5	%

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 December 31, 2014

MIST-14

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

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

through the date the consolidated financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

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

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

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

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

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

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

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

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

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

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

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Notes to Consolidated Financial Statements—December 31, 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 will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

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

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

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

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

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 adjustments and deflationary sell adjustments. These adjustments have no impact on net assets or the results of operations.

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

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

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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Notes to Consolidated Financial Statements—December 31, 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 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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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 OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the 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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Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

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 December 31, 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	$	14,124,488
	Unrealized appreciation on futures contracts * (a)		42,211,152
Equity	OTC swap contracts at market value		2,949,682
	Unrealized appreciation on futures contracts * (a)		59,122,477	Unrealized depreciation on futures contracts * (a)	$	3,778,482
Commodity	OTC swap contracts at market value		20,706	OTC swap contracts at market value		85,882,626
	Unrealized appreciation on futures contracts * (a)		6,148,653	Unrealized depreciation on futures contracts * (a)		14,306,000
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		11,776,455	Unrealized depreciation on forward foreign currency exchange contracts		282,543
Total		$	136,353,613		$	104,249,651

* 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”) (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	17,074,170	$	—		$	(17,074,170	)	$	—
Citibank N.A.		5,908,651		(5,908,651	)		—			—
Credit Suisse International		5,888,510		(141,260	)		(4,710,000	)		1,037,250
	$	28,871,331	$	(6,049,911	)	$	(21,784,170	)	$	1,037,250

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

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	72,809,847	$	—		$	(72,809,847	)	$	—
Citibank N.A.		12,019,562		(5,908,651	)		(6,110,911	)		—
Credit Suisse International		141,260		(141,260	)		—			—
Merrill Lynch		1,194,500		—			(1,194,500	)		—
	$	86,165,169	$	(6,049,911	)	$	(80,115,258	)	$	—

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

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

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

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

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Commodity			Foreign Exchange		Total
Forward foreign currency transactions	$	—	$	—		$	—		$	96,361,619	$	96,361,619
Futures contracts		258,841,245		168,374,605			(18,981,287	)		—		408,234,563
Swap contracts		91,654,030		9,347,778			(391,402,653	)		—		(290,400,845	)
	$	350,495,275	$	177,722,383		$	(410,383,940	)	$	96,361,619	$	214,195,337
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Commodity			Foreign Exchange		Total
Forward foreign currency transactions	$	—	$	—		$	—		$	18,560,904	$	18,560,904
Futures contracts		104,360,683		(32,776,730	)		(2,594	)		—		71,581,359
Swap contracts		44,420,087		(3,313,230	)		(86,561,967	)		—		(45,455,110	)
	$	148,780,770	$	(36,089,960	)	$	(86,564,561	)	$	18,560,904	$	44,687,153

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

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	1,406,739,715
Futures contracts long		3,299,442,747
Futures contracts short		(40,258	)
Swap contracts		110,730,706

‡ Averages are based on activity levels during 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

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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; and 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 (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the 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 addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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Met Investors Series Trust

AQR Global Risk Balanced Portfolio

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

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

6. Investment Transactions

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

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$636,252,319	$	152,041,020	$	1,030,674,696	$	366,918,458

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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$30,879,482		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

An identical agreement was in place for the period January 1, 2014 through April 27, 2014. Amounts waived for the year ended December 31, 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 year ended December 31, 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

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Met Investors Series Trust

AQR Global Risk Balanced Portfolio

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

on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or 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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$—	$	264,208,421	$	23,202,826	$	80,859,435	$	23,202,826	$	345,067,856

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards		Total
$498,668,857	$	193,030,691	$	(164,761,630	)	$	—	$	526,937,918

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, 2014, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncements

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

MIST-23

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of AQR Global Balanced Risk 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 AQR Global Risk Balanced Portfolio and subsidiary, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for the three years in the period then ended and for the period from April 19, 2011 (commencement of operations) to December 31, 2011. 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 financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of AQR Global Risk Balanced Portfolio and subsidiary of Met Investors Series Trust as of December 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the three years in the period then ended and for the period from April 19, 2011 (commencement of operations) to December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-24

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-25

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-26

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

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

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

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

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

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

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

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

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

MIST-27

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

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

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

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

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

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

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

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

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

MIST-28

Met Investors Series Trust

AQR Global Risk Balanced Portfolio

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

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

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

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

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one-year, three-year, and since-inception (beginning May 2, 2011) periods ended June 30, 2014. The Board also considered that the Portfolio outperformed its Blended Index for the one-year period ended June 30, 2014 but underperformed its Blended Index for the three-year and since-inception periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Index, and its blended index for the one-year, three-year, and since-inception (beginning May 2, 2011) periods ended October 31, 2014. The Board also took into account management’s discussion of the Portfolio’s performance.

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

MIST-29

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Managed by BlackRock Financial Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class B shares of the BlackRock Global Tactical Strategies Portfolio returned 5.92%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

MARKET ENVIRONMENT / CONDITIONS

After a relatively benign market environment at the onset of 2014, volatility resurfaced in the second half of the year. The shift was primarily driven by an oil-led commodity sell-off, which, in October, helped push the VIX Index to its highest level since the summer of 2012. Global equity markets broadly advanced, supported by ongoing accommodative monetary policy by central banks. However, lofty valuations in many equity markets, coupled with renewed macroeconomic and geopolitical concerns, weighed on equity returns in the second half of the year.

Equity market performance varied across regions and asset classes. The U.S. led the pack, as domestic equities outperformed international and emerging-market equities. Strong job numbers and signs of improving domestic economic momentum buoyed U.S. large cap equities, while U.S. small caps benefitted from positive investor sentiment and low financing rates as the Federal Reserve (the “Fed”) remained committed to keeping interest rates low in 2014.

Outside the U.S., developed market equity performance was more of a mixed bag with Japanese equities delivering positive returns (in local currency) and Eurozone equities broadly retreating. The Japanese market was largely driven by policy-led structural and monetary reform. Given the worse-than expected deceleration in economic activity earlier in the year, policymakers in the second half of the year remained committed to reinvigorating growth and combating deflationary forces, exemplified by additional monetary easing from the Bank of Japan (the “BOJ”) and postponement of the second consumption tax. However, these efforts sent the yen to multi-year lows against a resurgent U.S. dollar, resulting in negative returns for unhedged Japanese investments.

The Eurozone similarly suffered from weak growth and deflationary forces due, in part, to high unemployment, zero wage growth, and falling oil prices. Renewed uncertainty surrounding the political situation in Greece and a lack of resolution in the Ukraine/Russia crisis also weighed on the region. Sovereign bond yields in ‘core’ countries plummeted as investors flocked to higher quality assets amidst heightened volatility, while the euro significantly depreciated against the U.S. dollar due to ongoing accommodative monetary policy by the European Central Bank (the “ECB”).

The ‘divergence’ theme also played out across emerging market equities, driven largely by central bank action and sensitivity to energy prices. China was a top performer as weakening economic data fueled speculation for further stimulus measures, while Venezuela, Russia, Brazil, and other oil exporters underperformed.

Fixed income markets were driven by central bank policy and expectations around the path of interest rates. Within the U.S., the Fed ended its bond-buying program on the back of stronger growth and employment numbers, yet rates continued to rally over the period, defying market expectations. Additionally, heightened volatility, lackluster growth outside of the U.S., and anemic sovereign bond yields lured foreign investors to the safety and relative attractiveness of U.S. bonds. Elsewhere within fixed income, high valuations and low yields, driven by the hunt for income and the energy sell-off, led extended credit sectors like high yield and bank loans to underperform core bonds for the first time since 2011.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s assets are 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 when volatility subsides.

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 (in the second and fourth quarters), 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 detracted from performance due to the rally in interest rates over the period.

We maintained a bullish domestic growth outlook throughout the year, expressed through overweight positions in the U.S. dollar, U.S. equities, and U.S. sectors well-positioned to profit from a recovery in domestic economic momentum. This view contributed to performance as both U.S. equities and the U.S. dollar advanced, supported by contained interest rates and solid macroeconomic data. On a sector basis, the Portfolio benefitted from bets in Health Care, Technology, and Financials, all of which outperformed the S&P 500 Index. However, exposure to Energy weighed on performance later in the year, driven by a plunge in oil prices and the Organization of Petroleum Exporting Countries’ (OPEC) decision to maintain existing production targets. Additionally, a modest underweight to Real Estate detracted from performance as the asset class posted impressive gains in the low interest rate environment.

In Europe, we retained the view that policymakers would successfully engineer an easing in financial conditions that would support European risk assets and further depreciate the currency. The Portfolio’s European equity overweight detracted from performance as soft growth and inflation data dampened European equity returns. However, European equity market losses were offset by a short euro position as the currency substantially weakened due to ongoing accommodative monetary policy by the ECB. During the period, we

MIST-1

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Managed by BlackRock Financial Management, Inc.

Portfolio Manager Commentary*—(Continued)

increased the Portfolio’s European equity overweight and euro underweight positions given the combination of supportive policy and stabilizing economic momentum.

With monetary policy differentiation a key focus in our currency positioning, the Portfolio remained overweight the British pound (“GBP”) versus the euro, which supported performance as the Bank of England moved closer to policy normalization. We closed out of this position in the fourth quarter given GBP weakness, coupled with relatively dovish policy statements and disappointing growth data. Similarly, we took profits on a short position to the Swiss franc—a further proxy for the Portfolio’s euro underweight—ahead of a referendum on the ‘gold-initiative’, which, if approved, could have caused the currency to break through the Swiss National Bank’s 1.20 franc per euro cap. Overall, currency positioning had a positive impact on performance.

A constructive view on Japanese reflationary prospects (i.e., equity country overweight and yen underweight) contributed to performance. Further monetary policy easing in response to ongoing softness in growth and inflation resulted in yen depreciation and equity market strength. We took profits on the Portfolio’s yen underweight during the fourth quarter as the currency substantially weakened following the conclusion of quantitative easing in the U.S. and the BOJ’s decision to ramp up its own program in an effort to stimulate the economy. We maintained the Portfolio’s long Japan equity position on attractive valuations, currency tailwinds, and extremely accommodative policy.

As with developed markets, emerging markets exhibited increased divergence, revealing attractive opportunities in select emerging economies and developed economies tied to emerging market growth. During the second and third quarters, the Portfolio held an Australian bond overweight and modest Australian equity underweight with the belief that Australia’s mining dependent economy could face headwinds as China transitions to a lower growth model. 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. Toward the end of the year, we initiated an equity overweight position in Taiwan due to attractive valuations and sentiment, as well as the country’s relatively firm macroeconomic backdrop. This position aided performance as Taiwan’s market ended the fourth quarter in positive territory, supported by solid growth and supportive earnings trends.

During the period, the Portfolio held derivatives, which, on an aggregate basis, positively impacted performance. As part of the Portfolio’s design, we use a 10-year interest rate swap to overlay 30% of total Portfolio net asset value in order to balance the sources of risk and provide diversification benefits. This position lifted performance as interest rates declined; over the period, the 10-year U.S. Treasury rate slid from 3.00% to 2.17%. Additionally, in the second quarter, the Portfolio initiated a commodity overweight position (via swaps on the S&P GSCI and S&P GSCI Energy indices) with the view that geopolitical tensions in Iraq could place upward pressure on oil prices. However, this position negatively impacted performance given the downward spiral of oil prices in the second half of the year as plentiful supply dwarfed relatively muted global demand. 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, French, Italian, Spanish, Swiss, Swedish, Japanese and Taiwanese markets, as well as to hedge out currency exposure to the yen, euro, Swiss franc, Australian dollar, and British pound. Additionally, the Portfolio used 5- and 10-year notes, long U.S. bond futures, and a long Australia 10-year bond future, to help adjust Portfolio duration according to our views.

As of December 31, 2014, the Portfolio was overweight equities, underweight fixed income, underweight real estate, and neutral to commodities. Within equities, the Portfolio was overweight developed countries (i.e., U.S., Europe, and Japan) and pro-cyclical U.S. sectors (i.e., Technology, Financials, and Health Care). Additionally, the Portfolio was underweight emerging market equities, yet held a modest equity overweight to Taiwan. Within fixed income, the Portfolio favored core U.S. bonds and maintained a tactical U.S. duration underweight. In terms of currency positioning, the Portfolio remained overweight to the U.S. dollar and underweight to the euro.

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

MIST-2

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

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

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

	1 Year		Since Inception2
BlackRock Global Tactical Strategies Portfolio
Class B		5.92		5.84
Dow Jones Moderate Index		5.35		6.70

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Financial Select Sector SPDR Fund		12.8
iShares Core Total U.S. Bond Market ETF		10.7
iShares Barclays 1-3 Year Credit Bond Fund		6.2
iShares iBoxx $ Investment Grade Corporate Bond ETF		5.9
Technology Select Sector SPDR Fund		5.8
Vanguard Total Bond Market ETF		5.5
Health Care Select Sector SPDR Fund		5.1
Energy Select Sector SPDR Fund		4.9
iShares MSCI EAFE Index Fund		4.2
Powershares QQQ Trust - Series 1		3.7

MIST-3

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

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

Actual Expenses

The first line 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)(b)	Actual		0.90	%	$	1,000.00	$	1,001.80	$	4.54
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.67	$	4.58

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

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

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 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 December 31, 2014

Investment Company Securities—73.0% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Consumer Discretionary Select Sector SPDR Fund (a)		3,290,430	$	237,404,524
Energy Select Sector SPDR Fund (a)		4,889,874		387,082,426
Financial Select Sector SPDR Fund		40,743,929		1,007,597,364
Health Care Select Sector SPDR Fund (a)		5,821,952		398,105,078
Industrial Select Sector SPDR Fund (a)		1,729,908		97,860,896
iShares Barclays 1-3 Year Credit Bond Fund (a) (b)		4,618,949		485,821,056
iShares Barclays Intermediate Credit Bond Fund (a) (b)		1,173,627		128,312,640
iShares Core Total U.S. Bond Market ETF (b)		7,646,966		842,083,896
iShares iBoxx $ Investment Grade Corporate Bond ETF (a) (b)		3,858,200		460,707,662
iShares MSCI EAFE Index Fund (a) (b)		5,418,553		329,664,764
iShares MSCI EMU ETF (a) (b)		1,694,629		61,565,872
Powershares QQQ Trust - Series 1 (a)		2,813,708		290,515,351
Technology Select Sector SPDR Fund (a)		11,005,261		455,067,542
Vanguard Short-Term Corporate Bond ETF (a)		1,458,405		116,132,790
Vanguard Total Bond Market ETF		5,264,314		433,621,544
Total Investment Company Securities (Cost $5,207,126,115)				5,731,543,405
Short-Term Investments—36.7%
Mutual Funds—12.9%
SSgA USD Liquidity Fund, S2 Shares 0.044% (c)		19,891,864		19,891,864
State Street Navigator Securities Lending MET Portfolio (d)		992,611,618		992,611,618
				1,012,503,482
Repurchase Agreement—23.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $1,866,366,099 on 01/02/15, collateralized by $1,896,625,000 U.S. Government Agency obligations with rates ranging from of 0.125% - 5.000%, maturity dates ranging from 08/24/15 - 03/31/18, with a value of $1,903,703,135.		1,866,366,099		1,866,366,099
Total Short-Term Investments (Cost $2,878,869,581)				2,878,869,581
Total Investments—109.7% (Cost $8,085,995,696) (e)				8,610,412,986
Other assets and liabilities (net)—(9.7)%				(763,531,120	)
Net Assets—100.0%			$	7,846,881,866

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

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $1,043,343,560 and the collateral received consisted of cash in the amount of $992,611,618 and non-cash collateral with a value of $80,271,594. 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.

(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 December 31, 2014.

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

(e) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $8,090,759,417. The aggregate unrealized appreciation and depreciation of investments were $767,912,900 and $(248,259,331), respectively, resulting in net unrealized appreciation of $519,653,569 for federal income tax purposes.

(ETF)— Exchange-Traded Fund

§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 December 31, 2014

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Australian Currency Futures		03/16/15		1,415			USD	116,543,857		$	(1,617,557	)
British Pound Currency Futures		03/16/15		3,460			USD	339,353,470			(2,652,220	)
CAC 40 Index Futures		01/16/15		978			EUR	39,297,654			3,063,129
DAX Index Futures		03/20/15		290			EUR	68,024,745			4,042,330
Euro Stoxx 50 Index Futures		03/20/15		19,034			EUR	564,318,697			38,741,600
FTSE 100 Index Futures		03/20/15		397			GBP	24,334,647			2,430,916
FTSE MIB Index Futures		03/20/15		427			EUR	39,049,974			2,011,516
IBEX 35 Index Futures		01/16/15		414			EUR	40,674,655			2,101,552
Japanese Yen Currency Futures		03/16/15		3,250			USD	344,424,763			(5,246,638	)
Nikkei 225 Index Futures		03/12/15		4,420			JPY	79,347,275,659			(18,519,583	)
OMX 30 Index Futures		01/16/15		3,000			SEK	419,157,690			2,676,823
Swiss Franc Currency Futures		03/16/15		1,149			USD	148,632,457			(3,944,632	)
Futures Contracts—Short
Euro Currency Futures		03/16/15		(337	)		USD	(52,443,232	)		1,442,495
U.S. Treasury Long Bond Futures		03/20/15		(126	)		USD	(17,724,785	)		(490,090	)
U.S. Treasury Note 5 Year Futures		03/31/15		(4,715	)		USD	(561,175,316	)		421,837
Net Unrealized Appreciation										$	24,461,478

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)
0.000%		01/21/15	Deutsche Bank AG	TAIEX Index		TWD	5,065,797,351	$	4,750,479		$	—	$	4,750,479
0.1200%		03/05/15	JPMorgan Chase Bank N.A.	S&P GSCI Index		USD	228,328,071		(28,354,661	)		—		(28,354,661	)
0.1643%		06/23/15	JPMorgan Chase Bank N.A.	S&P GSCI Energy Index		USD	86,911,781		(6,017,927	)		—		(6,017,927	)
Totals								$	(29,622,109	)	$	—	$	(29,622,109	)

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	112,000,000	$	4,547,021
Pay		3-Month USD-LIBOR		2.685	%		06/25/24		USD	424,000,000		15,912,974
Pay		3-Month USD-LIBOR		2.700	%		06/26/24		USD	785,000,000		30,483,685
Pay		3-Month USD-LIBOR		2.635	%		06/27/24		USD	400,000,000		13,264,640
Pay		3-Month USD-LIBOR		2.640	%		06/30/24		USD	400,000,000		13,498,520
Pay		3-Month USD-LIBOR		2.365	%		12/30/24		USD	42,000,000		299,561
Pay		3-Month USD-LIBOR		2.471	%		11/04/24		USD	80,000,000		1,383,912
Total											$	79,390,313

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(LIBOR)— London Interbank Offered Rate

(SEK)— Swedish Krona

(TWD)— Taiwanese Dollar

(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 December 31, 2014

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1			Level 2			Level 3		Total
Total Investment Company Securities	$	5,731,543,405		$	—		$	—	$	5,731,543,405
Short-Term Investments
Mutual Funds		1,012,503,482			—			—		1,012,503,482
Repurchase Agreement		—			1,866,366,099			—		1,866,366,099
Total Short-Term Investments		1,012,503,482			1,866,366,099			—		2,878,869,581
Total Investments	$	6,744,046,887		$	1,866,366,099		$	—	$	8,610,412,986
Collateral for securities loaned (Liability)	$	—		$	(992,611,618	)	$	—	$	(992,611,618	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	56,932,198		$	—		$	—	$	56,932,198
Futures Contracts (Unrealized Depreciation)		(32,470,720	)		—			—		(32,470,720	)
Total Futures Contracts	$	24,461,478		$	—		$	—	$	24,461,478
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	79,390,313		$	—	$	79,390,313
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	4,750,479		$	—	$	4,750,479
OTC Swap Contracts at Value (Liabilities)		—			(34,372,588	)		—		(34,372,588	)
Total OTC Swap Contracts	$	—		$	(29,622,109	)	$	—	$	(29,622,109	)

§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

December 31, 2014

Assets
Investments at value (a) (b)	$	4,435,890,997
Affiliated investments at value (c) (d)		2,308,155,890
Repurchase Agreement		1,866,366,099
Cash		16,789,489
Cash denominated in foreign currencies (e)		408,113
Cash collateral (f)		252,273,000
OTC swap contracts at market value		4,750,479
Receivable for:
Open OTC swap contracts cash collateral		900,000
Fund shares sold		15,936
Variation margin on swap contracts		2,303,683
Prepaid expenses		20,554
Total Assets		8,887,874,240
Liabilities
OTC swap contracts at market value		34,372,588
Cash collateral for OTC swap contracts		5,300,000
Collateral for securities loaned		992,611,618
Payables for:
Fund shares redeemed		1,123,536
Variation margin on futures contracts		1,193,066
Interest on OTC swap contracts		20,509
Accrued expenses:
Management fees		4,226,800
Distribution and service fees		1,678,005
Deferred trustees’ fees		50,253
Other expenses		415,999
Total Liabilities		1,040,992,374
Net Assets	$	7,846,881,866
Net assets consist of:
Paid in surplus	$	6,851,109,352
Undistributed net investment income		120,488,474
Accumulated net realized gain		275,787,021
Unrealized appreciation on investments, affiliated investments, futures contracts, swap contracts and foreign currency transactions		599,497,019
Net Assets	$	7,846,881,866
Net Assets
Class B	$	7,846,881,866
Capital Shares Outstanding*
Class B		716,524,806
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.95

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

(a) Identified cost of investments, excluding repurchase agreement and affiliated investments, was $3,958,184,475.

(b) Includes securities loaned at value of $703,590,694.

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

(d) Includes securities loaned at value of $339,752,866.

(e) Identified cost of cash denominated in foreign currencies was $418,707.

(f) Includes collateral of $132,963,000 for futures contracts, $92,990,000 for centrally cleared swap contracts and $26,320,000 for OTC swap contracts.

Consolidated§ Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Underlying ETFs	$	57,869,024
Dividends from affiliated investments		58,301,169
Interest		94,898
Securities lending income		3,844,043
Total investment income		120,109,134
Expenses
Management fees		51,871,941
Administration fees		229,344
Custodian and accounting fees		568,147
Distribution and service fees—Class B		19,719,977
Audit and tax services		50,374
Legal		38,431
Trustees’ fees and expenses		43,761
Shareholder reporting		268,595
Insurance		49,300
Miscellaneous		45,420
Total expenses		72,885,290
Less management fee waiver		(2,193,996	)
Net expenses		70,691,294
Net Investment Income		49,417,840
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		138,685,949
Affiliated investments		163,688,963
Futures contracts		97,259,199
Swap contracts		(132,569,513	)
Foreign currency transactions		(1,693,969	)
Capital gain distributions from Underlying ETFs		2,088,045
Net realized gain		267,458,674
Net change in unrealized appreciation (depreciation) on:
Investments		143,251,087
Affiliated investments		(140,275,090	)
Futures contracts		(53,808,670	)
Swap contracts		191,966,733
Foreign currency transactions		851,792
Net change in unrealized appreciation		141,985,852
Net realized and unrealized gain		409,444,526
Net Increase in Net Assets From Operations	$	458,862,366

§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

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	49,417,840		$	43,279,202
Net realized gain		267,458,674			434,121,452
Net change in unrealized appreciation		141,985,852			256,873,791
Increase in net assets from operations		458,862,366			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		75,515,382			587,431,812
Total increase in net assets		29,118,884			1,059,187,273
Net Assets
Beginning of period		7,817,762,982			6,758,575,709
End of period	$	7,846,881,866		$	7,817,762,982
Undistributed net investment income
End of period	$	120,488,474		$	87,982,769

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		8,542,798		$	92,870,143			69,546,352		$	732,102,877
Reinvestments		48,582,583			505,258,864			25,561,732			262,518,984
Redemptions		(47,882,117	)		(522,613,625	)		(38,460,912	)		(407,190,049	)
Net increase		9,243,264		$	75,515,382			56,647,172		$	587,431,812
Increase derived from capital shares transactions				$	75,515,382					$	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
	Year Ended December 31,
	2014			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)		0.07			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		0.63			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	$	10.95		$	11.05		$	10.39		$	9.52
Total Return (%) (d)		5.92			10.31			9.14			(3.41	)(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (g)		0.92			0.92			0.93			0.96	(f)
Net ratio of expenses to average net assets (%) (g)(h)		0.90			0.91			0.93			0.92	(f)
Ratio of net investment income to average net assets (%) (i)		0.63			0.58			1.37			1.45	(f)
Portfolio turnover rate (%)		25			51			62			75	(e)
Net assets, end of period (in millions)	$	7,846.9		$	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—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014		% of Total Assets at December 31, 2014
BlackRock Global Tactical Strategies Portfolio, Ltd.		5/14/2013	$	29,508,759		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

MIST-11

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

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

these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the consolidated financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

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

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

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

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

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

Investments in 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 that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

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

MIST-12

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

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

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

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

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

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

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

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.

MIST-13

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

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

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, futures transactions, controlled foreign corporation reversal, 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 for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $1,866,366,099, 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 December 31, 2014.

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

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

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

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

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

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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

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

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.

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 December 31, 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)	$	79,390,313
	Unrealized appreciation on futures contracts** (a)		421,837	Unrealized depreciation on futures contracts** (a)	$	490,090
Equity	Unrealized appreciation on futures contracts** (a)		55,067,865	Unrealized depreciation on futures contracts** (a)		18,519,583
Commodity	OTC swap contracts at market value		4,750,479	OTC swap contracts at market value (b)		34,372,588
Foreign Exchange	Unrealized appreciation on futures contracts** (a)		1,442,495	Unrealized depreciation on futures contracts** (a)		13,461,046
Total		$	141,072,989			$66,843,307

* 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 payable of $20,509.

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Met Investors Series Trust

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Notes to Consolidated Financial Statements—December 31, 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”)(see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Received†			Net Amount*
Deutsche Bank AG	$	4,750,479	$	—	$	(4,750,479	)	$	—

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

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Pledged†			Net Amount**
JPMorgan Chase Bank N.A.	$	34,372,588	$	—	$	(26,320,000	)	$	8,052,588

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

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

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

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

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Commodity			Foreign Exchange			Total
Futures contracts	$	(1,569,984	)	$	163,556,878		$	—		$	(64,727,695	)	$	97,259,199
Swap contracts		12,989,062			564,960			(146,123,535	)		—			(132,569,513	)
	$	11,419,078		$	164,121,838		$	(146,123,535	)	$	(64,727,695	)	$	(35,310,314	)
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity			Foreign Exchange			Total
Futures contracts	$	7,291,952		$	(52,537,871	)	$	—		$	(8,562,751	)	$	(53,808,670	)
Swap contracts		221,588,842			—			(29,622,109	)		—			191,966,733
	$	228,880,794		$	(52,537,871	)	$	(29,622,109	)	$	(8,562,751	)	$	138,158,063

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

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	598,316,625
Futures contracts short		(393,220,417	)
Swap contracts		2,348,563,474

‡ Averages are based on activity levels during 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; and currency, interest rate, and price fluctuations.

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

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

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 (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the 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 addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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

6. Investment Transactions

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

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	1,391,874,856	$	0	$	1,392,287,871

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$51,871,941		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 to April 27, 2014. Amounts waived, if applicable, for the period ended December 31, 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 year ended December 31, 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.

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Notes to Consolidated Financial Statements—December 31, 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 year ended December 31, 2014 were as follows:

Underlying ETF/Security	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 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 ETF		3,858,200		—		—			3,858,200
iShares MSCI EAFE Index ETF		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 ETFs		Dividend Income from Underlying ETFs			Ending Value as of December 31, 2014
iShares Barclays 1-3 Year Credit Bond Fund	$	—	$	—	$	4,550,298		$	485,821,056
iShares Barclays Intermediate Credit Bond Fund		—		—		3,156,433			128,312,640
iShares Core S&P 500 ETF		94,031,751		—		713,833			—
iShares Core Total U.S. Bond Market ETF		—		—		20,177,392			842,083,896
iShares iBoxx $ Investment Grade Corporate Bond ETF		—		—		15,622,056			460,707,662
iShares MSCI EAFE Index ETF		—		—		12,253,434			329,664,764
iShares MSCI EMU ETF		—		—		1,827,723			61,565,872
iShares Russell 2000 Index Fund		69,657,212		—		—			—
	$	163,688,963	$	—	$	58,301,169		$	2,308,155,890

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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$281,859,284	$	254,272,314	$	223,399,580	$	8,246,670	$	505,258,864	$	262,518,984

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$297,629,256	$	136,588,256	$	561,605,256	$	—	$	995,822,768

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, 2014, the Portfolio had no accumulated capital losses.

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

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

11. Recent Accounting Pronouncements

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

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Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock Global Tactical Strategies 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 BlackRock Global Tactical Strategies Portfolio and subsidiary, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related consolidated statement of operations for the year then ended, and the consolidated statements of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the three years in the period then ended and for the period from May 2, 2011 (commencement of operations) to December 31, 2011. 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 financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with custodians, brokers and the transfer agent; when the 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 referred to above present fairly, in all material respects, the financial position of BlackRock Global Tactical Strategies Portfolio and subsidiary of Met Investors Series Trust as of December 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the three years in the period then ended and for the period from May 2, 2011 (commencement of operations) to December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-22

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-23

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-24

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

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

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

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

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

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

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

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

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

MIST-25

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

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

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

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

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

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

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

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

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

MIST-26

Met Investors Series Trust

BlackRock Global Tactical Strategies Portfolio

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

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

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

BlackRock Global Tactical Strategies Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and BlackRock Financial Management, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying portfolios in which the Portfolio invests.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year period ended June 30, 2014 and underperformed the median of its Performance Universe for the three-year and since-inception (beginning May 2, 2011) periods ended June 30, 2014. The Board also considered that the Portfolio underperformed its Blended Index for the one-year, three-year, and since-inception periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Dow Jones Moderate Index, and its blended index, for the one-year period ended October 31, 2014 and underperformed its benchmark and its blended index for the three-year and since-inception periods ended October 31, 2014. The Board also took into account management’s discussion of the Portfolio’s performance and the peer group used for comparative purposes.

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

MIST-27

Met Investors Series Trust

BlackRock High Yield Portfolio

Managed by BlackRock Financial Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the BlackRock High Yield Portfolio returned 3.41% and 3.30%, respectively. The Portfolio’s benchmark, the Barclays U.S. Corporate High Yield 2% Issuer Capped Index¹, returned 2.46%.

MARKET ENVIRONMENT / CONDITIONS

Weak energy markets plagued the last quarter of 2014, furthering the high yield asset drawdowns that started after a string of retail outflows in July. The high yield universe tumbled during the fourth quarter, largely due to significant oil price declines, bringing year-to-date returns for the U.S. high yield market to 2.46%. Results marked a material reversal from the nearly 6% returns the asset class generated through the first half of the year. Additionally, with rates descending on the year, duration-sensitive products soared in 2014, with 10-year U.S. Treasuries, investment grade bonds and emerging market bonds all well ahead of initial expectations to begin the year. Equities finished on top again, with the S&P 500 Index returning 13.69%. Higher-quality credits within high yield also outperformed during December and the fourth quarter in what was likely a move toward more defensive sector positioning by investors.

The high yield market witnessed $107.6 billion in 2014 volumes, which trumps the previous record of $82.4 billion in 2013. By and large, new issue deal proceeds remained focused on refinancing (54%) in 2014, a theme that has prevailed throughout the post-crisis period as companies have looked to enhance their liquidity profiles. The demand for high yield paper remained challenged, with $6.9 billion exiting retail funds in December and $1.3 billion over the fourth quarter, expanding the 2014 outflow sum to -$20.6 billion.

December default activity increased, with two companies defaulting for $18.6 billion in bonds and loans outstanding, including the fourth largest default on record. In the fourth quarter, seven companies defaulted for $21.4 billion, and for the year 28 companies defaulted for $70.2 billion. However, if TXU and Caesars were excluded, the total for 2014 would be only $16.0 billion, the lowest annual default volume since 2007 when it was just $4.5 billion. The trailing 12-month high yield par-weighted default rate increased to 2.96%, and excluding TXU is only 1.63%. Importantly, default rates remain well below the 25-year average of 4.0% as a durable corporate fundamental backdrop has kept default activity subdued over the last few years.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Portfolio exposure to names in the Gaming, Independent Energy, and Automotive sectors boosted returns, while positioning in the Retailers and Electric sectors detracted. Bank loans underperformed high yield bonds for the year to date, but the Portfolio’s tactical 11% loan allocation was positive overall, especially within the Gaming sector. Tactical equity-like exposures, also chiefly within Gaming, helped performance as well.

The Portfolio utilized 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 credit risk and/or foreign exchange positions in the Portfolio. During the period, the Portfolio used equity index 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 in 2014, we favored select equity/equity-like assets that we believe have greater upside potential relative to low-rated high yield bonds from the same issuers. As a balance to these trades we were active in liquid hedge instruments, which are an effective way to protect against general market volatility. We expected rates to be higher by year-end 2014, so we maintained a shorter-duration bias at the portfolio level. This view was executed by underweighting higher-rated (duration-sensitive) high yield bonds, as well as owning bank loans and non-bond investments (equities). During the period, the Portfolio increased its exposure to names in the Gaming and Banking sectors, while reducing risk in the Electric and Oil Field Services sectors.

As of December 31, 2014, the Portfolio’s top overweights relative to the benchmark index included Ally Financial (Banking) and Caesars Entertainment Corp. (Gaming).

James Keenan

David Delbos

Mitch Garfin

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

MIST-1

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

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

	1 Year		5 Year		10 Year		Since Inception2
BlackRock High Yield Portfolio
Class A		3.41		9.55		7.37		—
Class B		3.30		9.29		—		8.57
Barclays U.S. Corporate High Yield 2% Issuer Capped Index		2.46		8.98		7.73		—

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 DECEMBER 31, 2014

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		75.9
Floating Rate Loans		10.5
Common Stocks		8.9
Asset-Backed Securities		1.8
Convertible Preferred Stocks		1.2
Convertible Bonds		1.0
Preferred Stocks		0.9

MIST-2

Met Investors Series Trust

BlackRock High Yield Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

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

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

BlackRock High Yield Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.69	%	$	1,000.00	$	978.50	$	3.44
	Hypothetical*		0.69	%	$	1,000.00	$	1,021.73	$	3.52
Class B	Actual		0.94	%	$	1,000.00	$	978.30	$	4.69
	Hypothetical*		0.94	%	$	1,000.00	$	1,020.47	$	4.79

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

MIST-3

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—75.9% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.1%
CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp.
5.625%, 02/15/24 (144A) (a)		243,000	$	244,215
MDC Partners, Inc.
6.750%, 04/01/20 (144A)		525,000		540,750
				784,965
Aerospace/Defense—1.2%
LMI Aerospace, Inc.
7.375%, 07/15/19 (144A)		372,000		362,700
Meccanica Holdings USA, Inc.
6.250%, 07/15/19 (144A) (a)		278,000		303,020
National Air Cargo Group, Inc.
12.375%, 09/02/15 (b) (c)		1,715,086		1,715,086
TransDigm, Inc.
5.500%, 10/15/20		760,000		742,900
6.000%, 07/15/22		3,675,000		3,665,813
6.500%, 07/15/24		2,415,000		2,427,075
				9,216,594
Airlines—0.9%
American Airlines Pass-Through Trust
6.000%, 01/15/17 (144A)		3,295,000		3,393,850
Continental Airlines Pass-Through Certificates
6.125%, 04/29/18		900,000		956,250
Virgin Australia Trust
7.125%, 10/23/18 (144A)		1,861,767		1,912,966
8.500%, 10/23/16 (144A)		803,133		819,196
				7,082,262
Apparel—0.1%
Levi Strauss & Co.
6.875%, 05/01/22		388,000		417,100
William Carter Co. (The)
5.250%, 08/15/21		485,000		499,550
				916,650
Auto Manufacturers—0.7%
CNH Industrial Finance Europe S.A.
2.750%, 03/18/19 (EUR)		785,000		962,681
General Motors Co.
4.875%, 10/02/23		130,000		139,100
5.200%, 04/01/45 (d)		915,000		965,325
6.250%, 10/02/43 (d)		1,460,000		1,744,116
Jaguar Land Rover Automotive plc
5.000%, 02/15/22 (GBP)		770,000		1,267,959
				5,079,181
Auto Parts & Equipment—1.0%
Affinia Group, Inc.
7.750%, 05/01/21		295,000		303,850
Delphi Corp.
5.000%, 02/15/23 (d)		390,000		416,317
6.125%, 05/15/21 (a)		225,000		245,250
Auto Parts & Equipment—(Continued)
IDQ Holdings, Inc.
11.500%, 04/01/17 (144A)		500,000		530,000
Lear Corp.
Escrow (g)		1,395,000		12,206
Escrow (g)		1,530,000		13,387
Pittsburgh Glass Works LLC
8.000%, 11/15/18 (144A)		302,000		318,610
Schaeffler Holding Finance B.V.
5.750%, 11/15/21 (EUR) (e)		290,000		373,724
6.250%, 11/15/19 (144A) (e)		1,019,000		1,049,570
6.750%, 11/15/22 (144A) (a) (e)		2,610,000		2,727,450
6.875%, 08/15/18 (EUR) (e)		930,000		1,170,361
Titan International, Inc.
6.875%, 10/01/20 (a)		890,000		783,200
				7,943,925
Banks—1.9%
Bank of America Corp.
5.125%, 12/29/49 (f)		2,115,000		2,039,653
6.250%, 09/29/49 (f)		3,050,000		3,014,733
6.500%, 10/29/49 (a) (f)		1,170,000		1,190,943
CIT Group, Inc.
5.000%, 08/01/23		2,300,000		2,363,250
5.500%, 02/15/19 (144A)		746,000		787,030
6.000%, 04/01/36		1,550,000		1,520,937
6.625%, 04/01/18 (144A)		145,000		157,325
HSH Nordbank AG
0.879%, 02/14/17 (EUR) (f)		295,000		293,604
0.919%, 02/14/17 (EUR) (f)		285,000		283,651
Novo Banco S.A.
2.625%, 05/08/17 (EUR)		400,000		450,316
4.000%, 01/21/19 (EUR)		200,000		234,135
4.750%, 01/15/18 (EUR)		1,000,000		1,185,923
Wells Fargo & Co.
5.900%, 12/29/49 (d) (f)		1,100,000		1,108,250
				14,629,750
Beverages—0.1%
Constellation Brands, Inc.
3.875%, 11/15/19 (a)		442,000		445,315
4.250%, 05/01/23		193,000		191,552
				636,867
Building Materials—1.0%
BMBG Bond Finance SCA
5.082%, 10/15/20 (EUR) (f)		100,000		121,123
Builders FirstSource, Inc.
7.625%, 06/01/21 (144A) (a)		546,000		559,650
Building Materials Corp. of America
5.375%, 11/15/24 (144A)		1,725,000		1,720,687
Cemex S.A.B. de C.V.
5.700%, 01/11/25 (144A) (a)		835,000		809,950
5.875%, 03/25/19 (144A) (a)		505,000		512,575
CPG Merger Sub LLC
8.000%, 10/01/21 (144A) (a)		1,675,000		1,712,688

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Building Materials—(Continued)
Kerneos Corporate SAS
4.832%, 03/01/21 (EUR) (f)		100,000	$	120,768
5.750%, 03/01/21 (EUR)		131,000		161,489
Ply Gem Industries, Inc.
6.500%, 02/01/22 (a)		820,000		770,800
Spie BondCo 3 SCA
11.000%, 08/15/19 (EUR)		107,000		144,203
Unifrax I LLC / Unifrax Holding Co.
7.500%, 02/15/19 (144A)		535,000		526,975
USG Corp.
9.750%, 01/15/18		674,000		768,360
				7,929,268
Chemicals—1.1%
Axalta Coating Systems U.S. Holdings, Inc. / Axalta Coating Systems Dutch Holding B
5.750%, 02/01/21 (EUR)		260,000		330,369
7.375%, 05/01/21 (144A)		960,000		1,017,600
Axiall Corp.
4.875%, 05/15/23 (a)		310,000		292,563
Celanese U.S. Holdings LLC
4.625%, 11/15/22		330,000		326,700
Chemtura Corp.
5.750%, 07/15/21 (a)		522,000		508,950
Huntsman International LLC
4.875%, 11/15/20		511,000		507,167
5.125%, 04/15/21 (EUR)		892,000		1,118,006
8.625%, 03/15/21		305,000		327,113
INEOS Group Holdings S.A.
5.750%, 02/15/19 (EUR)		170,000		197,480
6.125%, 08/15/18 (144A) (a)		538,000		515,135
Momentive Performance Materials, Inc.
3.880%, 10/24/21		1,398,000		1,184,805
Escrow (b) (g) (h)		1,398,000		0
Nexeo Solutions LLC / Nexeo Solutions Finance Corp.
8.375%, 03/01/18		315,000		305,550
NOVA Chemicals Corp.
5.000%, 05/01/25 (144A)		413,000		409,903
Perstorp Holding AB
8.750%, 05/15/17 (144A) (a)		585,000		574,762
Rayonier AM Products, Inc.
5.500%, 06/01/24 (144A)		154,000		126,473
Rockwood Specialties Group, Inc.
4.625%, 10/15/20		599,000		618,467
				8,361,043
Coal—1.0%
Arch Coal, Inc.
7.000%, 06/15/19 (a)		815,000		240,425
7.250%, 10/01/20 (a)		343,000		111,475
7.250%, 06/15/21		253,000		73,686
CONSOL Energy, Inc.
5.875%, 04/15/22 (144A)		4,554,000		4,235,220
Coal—(Continued)
Peabody Energy Corp.
6.000%, 11/15/18 (a)		1,400,000		1,270,500
6.250%, 11/15/21 (d)		632,000		540,360
6.500%, 09/15/20 (a)		884,000		766,870
7.875%, 11/01/26		967,000		821,950
				8,060,486
Commercial Services—3.0%
AA Bond Co., Ltd.
9.500%, 07/31/43 (GBP)		616,000		1,055,628
Anna Merger Sub, Inc.
7.750%, 10/01/22 (144A)		790,000		799,875
Ashtead Capital, Inc.
5.625%, 10/01/24 (144A)		895,000		917,375
6.500%, 07/15/22 (144A)		1,998,000		2,122,875
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
5.500%, 04/01/23 (a)		405,000		413,100
Brand Energy & Infrastructure Services, Inc.
8.500%, 12/01/21 (144A)		679,000		611,100
Ceridian HCM Holding, Inc.
11.000%, 03/15/21 (144A) (a)		3,107,000		3,398,778
EC Finance plc
5.125%, 07/15/21 (EUR)		445,000		555,973
Hertz Corp. (The)
5.875%, 10/15/20 (a)		210,000		211,575
6.750%, 04/15/19		575,000		592,250
Igloo Holdings Corp.
8.250%, 12/15/17 (144A) (e)		509,000		514,090
Interactive Data Corp.
5.875%, 04/15/19 (144A) (a)		1,555,000		1,543,338
IVS F. S.p.A
7.125%, 04/01/20 (EUR)		719,000		887,601
Jaguar Holding Co. II / Jaguar Merger Subordinated, Inc.
9.500%, 12/01/19 (144A)		855,000		916,988
Laureate Education, Inc.
9.750%, 09/01/19 (144A) (a)		1,921,000		1,978,630
Live Nation Entertainment, Inc.
7.000%, 09/01/20 (144A)		383,000		404,065
Safway Group Holding LLC / Safway Finance Corp.
7.000%, 05/15/18 (144A) (a)		666,000		632,700
TMF Group Holding B.V.
9.875%, 12/01/19 (EUR)		420,000		522,197
Truven Health Analytics, Inc.
10.625%, 06/01/20		405,000		394,875
United Rentals North America, Inc.
5.750%, 11/15/24		927,000		954,810
6.125%, 06/15/23		997,000		1,046,850
7.375%, 05/15/20		660,000		712,800
7.625%, 04/15/22		492,000		540,954
8.250%, 02/01/21		430,000		468,700

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
Verisure Holding AB
8.750%, 09/01/18 (EUR)		117,000	$	150,948
8.750%, 12/01/18 (EUR)		288,000		370,805
				22,718,880
Computers—0.1%
SunGard Data Systems, Inc.
6.625%, 11/01/19		955,000		964,550
Distribution/Wholesale—1.6%
American Builders & Contractors Supply Co., Inc.
5.625%, 04/15/21 (144A)		490,000		492,450
H&E Equipment Services, Inc.
7.000%, 09/01/22 (a)		1,022,000		1,051,383
HD Supply, Inc.
5.250%, 12/15/21 (144A)		3,984,000		4,053,720
7.500%, 07/15/20		2,841,000		2,975,947
11.000%, 04/15/20		3,228,000		3,679,920
Rexel S.A.
6.125%, 12/15/19 (144A)		202,000		208,060
VWR Funding, Inc.
7.250%, 09/15/17		170,000		177,650
				12,639,130
Diversified Financial Services—3.0%
Ally Financial, Inc.
5.125%, 09/30/24 (a)		1,372,000		1,392,580
8.000%, 11/01/31 (d)		8,496,000		10,827,982
DFC Finance Corp.
10.500%, 06/15/20 (144A)		1,055,000		894,113
E*TRADE Financial Corp.
5.375%, 11/15/22		1,053,000		1,076,693
General Motors Financial Co., Inc.
6.750%, 06/01/18 (d)		960,000		1,087,200
Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
4.875%, 03/15/19 (d)		1,295,000		1,291,762
5.875%, 02/01/22 (d)		1,957,000		1,965,562
6.000%, 08/01/20 (d)		748,000		770,590
Jefferies Finance LLC / JFIN Co-Issuer Corp.
6.875%, 04/15/22 (144A)		1,692,000		1,548,180
7.375%, 04/01/20 (144A)		505,000		469,650
Lehman Brothers Holdings, Inc.
Zero Coupon, 02/05/14 (EUR) (g) (h)		4,500,000		857,623
Escrow (g) (h)		489,000		71,516
Escrow (g) (h)		1,740,000		254,475
4.750%, 01/16/14 (EUR) (g) (h)		2,140,000		414,321
5.375%, 10/17/12 (EUR) (g) (h)		350,000		67,763
				22,990,010
Electric—2.0%
AES Corp.
4.875%, 05/15/23		455,000		451,588
5.500%, 03/15/24		166,000		168,457
Electric—(Continued)
Calpine Corp.
5.375%, 01/15/23 (a)		1,562,000		1,577,620
5.750%, 01/15/25		1,003,000		1,015,537
5.875%, 01/15/24 (144A)		1,110,000		1,182,150
6.000%, 01/15/22 (144A)		319,000		339,735
Dynegy Finance I, Inc. / Dynegy Finance II, Inc.
6.750%, 11/01/19 (144A)		2,215,000		2,253,762
7.375%, 11/01/22 (144A)		340,000		345,950
FPL Energy National Wind Portfolio LLC
6.125%, 03/25/19 (144A)		5,415		5,415
Homer City Generation L.P.
8.137%, 10/01/19 (e)		398,286		413,222
8.734%, 10/01/26 (e)		1,084,139		1,116,663
Mirant Mid Atlantic Pass-Through Trust
9.125%, 06/30/17		543,207		583,947
10.060%, 12/30/28		871,019		945,056
NRG Energy, Inc.
6.250%, 05/01/24 (144A)		798,000		811,965
7.875%, 05/15/21		838,000		902,945
NRG REMA LLC
9.237%, 07/02/17		79,929		80,728
9.681%, 07/02/26		418,000		443,080
Texas Competitive Electric Holdings Co. LLC / TCEH Finance, Inc.
10.500%, 11/01/16 (g)		31,017,000		2,946,615
				15,584,435
Electrical Components & Equipment—0.1%
Belden, Inc.
5.500%, 04/15/23 (EUR)		901,000		1,126,472
Electronics—0.1%
Trionista Holdco GmbH
5.000%, 04/30/20 (EUR)		416,000		520,999
Trionista TopCo GmbH
6.875%, 04/30/21 (EUR)		211,000		269,363
				790,362
Energy - Alternate Sources—0.1%
CE Energy A/S
7.000%, 02/01/21 (EUR)		385,000		464,705
Engineering & Construction—1.0%
Abengoa Greenfield S.A.
6.500%, 10/01/19 (144A)		1,151,000		984,105
AECOM Technology Corp.
5.750%, 10/15/22 (144A)		384,000		392,640
5.875%, 10/15/24 (144A)		1,526,000		1,560,335
Aguila 3 S.A.
7.875%, 01/31/18 (144A) (a)		701,000		678,218
Aldesa Financial Services S.A.
7.250%, 04/01/21 (EUR)		485,000		495,615
Astaldi S.p.A.
7.125%, 12/01/20 (EUR)		710,000		877,521

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Engineering & Construction—(Continued)
Novafives SAS
4.082%, 06/30/20 (EUR) (f)		230,000	$	273,998
4.500%, 06/30/21 (EUR)		160,000		189,300
Obrascon Huarte Lain S.A.
4.750%, 03/15/22 (EUR)		345,000		397,204
Officine Maccaferri S.p.A.
5.750%, 06/01/21 (EUR)		383,000		448,143
SBA Communications Corp.
4.875%, 07/15/22 (144A)		1,240,000		1,193,500
Weekley Homes LLC / Weekley Finance Corp.
6.000%, 02/01/23		505,000		479,750
				7,970,329
Entertainment—0.6%
Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp.
5.375%, 06/01/24 (144A)		405,000		402,975
DreamWorks Animation SKG, Inc.
6.875%, 08/15/20 (144A)		433,000		443,825
Gamenet S.p.A.
7.250%, 08/01/18 (EUR)		536,000		532,451
Greektown Holdings LLC / Greektown Mothership Corp.
8.875%, 03/15/19 (144A)		615,000		613,462
Intralot Capital Luxembourg S.A.
6.000%, 05/15/21 (EUR)		258,000		262,305
NAI Entertainment Holdings / NAI Entertainment Holdings Finance Corp.
5.000%, 08/01/18 (144A) (a)		409,000		419,225
Regal Entertainment Group
5.750%, 02/01/25		271,000		249,320
Six Flags Entertainment Corp.
5.250%, 01/15/21 (144A)		955,000		955,000
Vougeot Bidco plc
7.875%, 07/15/20 (GBP)		282,000		454,909
Waterford Gaming LLC / Waterford Gaming Financial Corp.
8.625%, 09/15/49 (144A) (g)		351,486		14,059
				4,347,531
Environmental Control—0.2%
ADS Waste Holdings, Inc.
8.250%, 10/01/20		388,000		388,000
Bilbao Luxembourg S.A.
10.500%, 12/01/18 (EUR) (e)		269,344		338,957
Covanta Holding Corp.
5.875%, 03/01/24		369,000		375,457
6.375%, 10/01/22		384,000		407,040
				1,509,454
Food—0.6%
Bakkavor Finance 2 plc
8.750%, 06/15/20 (GBP)		396,000		640,351
Food—(Continued)
Boparan Finance plc
4.375%, 07/15/21 (EUR)		220,000		222,286
5.500%, 07/15/21 (GBP)		300,000		390,430
Findus Bondco S.A.
9.125%, 07/01/18 (EUR)		362,000		462,130
9.500%, 07/01/18 (GBP)		264,000		433,073
R&R Ice Cream plc
5.500%, 05/15/20 (GBP)		105,000		159,326
R&R Pik plc
9.250%, 05/15/18 (EUR) (e)		526,000		639,669
Smithfield Foods, Inc.
5.875%, 08/01/21 (144A)		352,000		359,040
6.625%, 08/15/22		331,000		345,895
Univeg Holding B.V.
7.875%, 11/15/20 (EUR)		240,000		274,294
WhiteWave Foods Co. (The)
5.375%, 10/01/22		350,000		360,500
				4,286,994
Food Service—0.2%
Aramark Services, Inc.
5.750%, 03/15/20		1,169,000		1,206,992
Brakes Capital
7.125%, 12/15/18 (GBP)		185,000		284,737
				1,491,729
Forest Products & Paper—0.1%
Clearwater Paper Corp.
4.500%, 02/01/23 (a)		679,000		662,025
Healthcare - Products—0.7%
3AB Optique Developpement SAS
5.625%, 04/15/19 (EUR)		450,000		468,289
Alere, Inc.
6.500%, 06/15/20		269,000		270,345
7.250%, 07/01/18		210,000		218,400
8.625%, 10/01/18		816,000		844,560
DJO Finance LLC / DJO Finance Corp.
8.750%, 03/15/18 (a)		354,000		368,160
Hologic, Inc.
6.250%, 08/01/20		908,000		944,320
IDH Finance plc
6.000%, 12/01/18 (GBP)		397,000		618,455
6.000%, 12/01/18 (144A) (GBP)		100,000		155,782
Mallinckrodt International Finance S.A.
5.750%, 08/01/22 (144A)		525,000		539,438
Teleflex, Inc.
6.875%, 06/01/19		805,000		839,213
				5,266,962
Healthcare - Services—3.7%
Acadia Healthcare Co., Inc.
5.125%, 07/01/22		435,000		428,475

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Amsurg Corp.
5.625%, 07/15/22 (144A)		1,891,000	$	1,938,275
Care UK Health & Social Care plc
5.560%, 07/15/19 (GBP) (f)		480,000		693,515
CHS/Community Health Systems, Inc.
6.875%, 02/01/22 (a)		1,049,000		1,111,284
DaVita HealthCare Partners, Inc.
5.125%, 07/15/24		2,728,000		2,782,560
HCA Holdings, Inc.
7.750%, 05/15/21		1,850,000		1,970,250
HCA, Inc.
4.750%, 05/01/23 (a)		1,238,000		1,259,665
5.000%, 03/15/24		2,685,000		2,758,837
5.250%, 04/15/25 (a)		775,000		809,875
5.875%, 03/15/22		2,735,000		2,994,825
5.875%, 05/01/23 (a)		672,000		708,120
6.500%, 02/15/20		1,127,000		1,262,804
Kindred Healthcare, Inc.
6.375%, 04/15/22 (144A) (a)		357,000		340,043
MPH Acquisition Holdings LLC
6.625%, 04/01/22 (144A)		470,000		480,575
Tenet Healthcare Corp.
4.375%, 10/01/21		1,028,000		1,020,290
4.500%, 04/01/21 (a)		260,000		260,650
4.750%, 06/01/20		435,000		441,525
5.000%, 03/01/19 (144A)		865,000		866,081
5.500%, 03/01/19 (144A) (a)		1,945,000		1,988,763
6.000%, 10/01/20		1,546,000		1,660,141
6.250%, 11/01/18		397,000		430,745
8.125%, 04/01/22		1,225,000		1,368,938
Voyage Care Bondco plc
6.500%, 08/01/18 (GBP)		704,000		1,118,377
				28,694,613
Holding Companies - Diversified—0.3%
Carlson Travel Holdings, Inc.
7.500%, 08/15/19 (144A) (e)		249,000		250,867
Co-operative Group Holdings
6.875%, 07/08/20 (GBP) (i)		360,000		579,354
Monitchem HoldCo 3 S.A.
5.250%, 06/15/21 (EUR)		160,000		190,704
WaveDivision Escrow LLC / WaveDivision Escrow Corp.
8.125%, 09/01/20 (144A)		1,323,000		1,408,995
				2,429,920
Home Builders—2.5%
Allegion U.S. Holding Co., Inc.
5.750%, 10/01/21		257,000		271,778
Ashton Woods USA LLC / Ashton Woods Finance Co.
6.875%, 02/15/21 (144A)		744,000		708,660
Beazer Homes USA, Inc.
5.750%, 06/15/19 (a)		1,344,000		1,290,240
6.625%, 04/15/18		1,003,000		1,048,135
7.500%, 09/15/21		551,000		553,755
Home Builders—(Continued)
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp.
6.125%, 07/01/22 (144A)		793,000		824,720
K Hovnanian Enterprises, Inc.
7.250%, 10/15/20 (144A)		1,501,000		1,553,535
9.125%, 11/15/20 (144A)		255,000		271,575
Lennar Corp.
4.750%, 11/15/22		910,000		891,800
PulteGroup, Inc.
6.375%, 05/15/33		750,000		750,000
Ryland Group, Inc. (The)
6.625%, 05/01/20		480,000		508,800
Shea Homes L.P. / Shea Homes Funding Corp.
8.625%, 05/15/19		1,554,000		1,631,700
Standard Pacific Corp.
5.875%, 11/15/24 (a)		378,000		378,000
8.375%, 01/15/21 (a)		3,283,000		3,717,997
Taylor Morrison Communities, Inc. / Monarch Communities, Inc.
5.250%, 04/15/21 (144A)		870,000		856,950
TRI Pointe Holdings, Inc.
4.375%, 06/15/19 (144A)		875,000		862,969
5.875%, 06/15/24 (144A)		595,000		595,000
William Lyon Homes, Inc.
8.500%, 11/15/20		1,990,000		2,144,225
Woodside Homes Co. LLC / Woodside Homes Finance, Inc.
6.750%, 12/15/21 (144A)		660,000		656,700
				19,516,539
Home Furnishings—0.1%
DFS Furniture Holdings plc
7.625%, 08/15/18 (GBP)		160,000		257,538
Magnolia BC S.A.
9.000%, 08/01/20 (EUR)		400,000		462,772
				720,310
Household Products/Wares—0.2%
Armored Autogroup, Inc.
9.250%, 11/01/18 (a)		700,000		696,500
Spectrum Brands, Inc.
6.375%, 11/15/20		310,000		323,175
6.625%, 11/15/22		425,000		449,437
				1,469,112
Insurance—0.7%
A-S Co-Issuer Subsidiary, Inc. / A-S Merger Sub LLC
7.875%, 12/15/20 (144A)		1,162,000		1,185,240
AIG Life Holdings, Inc.
7.570%, 12/01/45 (144A) (d)		1,000,000		1,321,445
CNO Financial Group, Inc.
6.375%, 10/01/20 (144A)		330,000		348,150
Galaxy Bidco, Ltd.
6.375%, 11/15/20 (GBP)		210,000		318,960

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Genworth Holdings, Inc.
4.800%, 02/15/24 (a)		410,000	$	332,357
Hockey Merger Sub 2, Inc.
7.875%, 10/01/21 (144A)		795,000		791,025
Pension Insurance Corp. plc
6.500%, 07/03/24 (GBP)		300,000		480,925
Radian Group, Inc.
5.500%, 06/01/19		538,000		551,450
				5,329,552
Internet—0.8%
Equinix, Inc.
5.375%, 01/01/22		93,000		93,874
5.750%, 01/01/25		472,000		476,130
United Group B.V.
7.875%, 11/15/20 (EUR)		340,000		437,748
Zayo Group LLC / Zayo Capital, Inc.
8.125%, 01/01/20		2,700,000		2,862,000
10.125%, 07/01/20 (a)		2,357,000		2,655,868
				6,525,620
Iron/Steel—0.6%
Ovako AB
6.500%, 06/01/19 (EUR)		350,000		410,812
Ryerson, Inc. / Joseph T Ryerson & Son, Inc.
9.000%, 10/15/17		885,000		909,338
Steel Dynamics, Inc.
5.125%, 10/01/21 (144A) (a)		1,155,000		1,176,656
5.250%, 04/15/23		329,000		333,935
5.500%, 10/01/24 (144A)		739,000		757,475
6.375%, 08/15/22		260,000		275,600
ThyssenKrupp AG
3.125%, 10/25/19 (EUR)		665,000		847,452
				4,711,268
Leisure Time—0.3%
Brunswick Corp.
4.625%, 05/15/21 (144A)		324,000		317,520
Cirsa Funding Luxembourg S.A.
8.750%, 05/15/18 (EUR)		967,000		1,200,834
Jarden Corp.
7.500%, 05/01/17		655,000		717,225
TUI AG
4.500%, 10/01/19 (EUR)		106,000		135,128
				2,370,707
Lodging—2.4%
Caesars Entertainment Operating Co., Inc.
9.000%, 02/15/20		14,720,000		10,848,975
Felcor Lodging L.P.
5.625%, 03/01/23		532,000		526,680
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp.
5.625%, 10/15/21		1,188,000		1,241,460
Lodging—(Continued)
MGM Resorts International
5.250%, 03/31/20 (a)		509,000		505,182
6.000%, 03/15/23 (a)		1,720,000		1,728,600
6.625%, 12/15/21		183,000		192,150
6.750%, 10/01/20		381,000		400,050
7.750%, 03/15/22 (a)		225,000		249,188
8.625%, 02/01/19		209,000		236,954
Station Casinos LLC
7.500%, 03/01/21 (a)		2,108,000		2,160,700
				18,089,939
Machinery - Construction & Mining—0.1%
BlueLine Rental Finance Corp.
7.000%, 02/01/19 (144A)		531,000		544,275
Machinery - Diversified—0.1%
Galapagos S.A.
5.375%, 06/15/21 (EUR)		165,000		197,602
Selecta Group B.V.
6.500%, 06/15/20 (EUR)		615,000		703,251
				900,853
Media—6.9%
AMC Networks, Inc.
4.750%, 12/15/22 (a)		250,000		242,500
7.750%, 07/15/21		405,000		433,350
Cablevision Systems Corp.
5.875%, 09/15/22 (a)		737,000		746,213
CCO Holdings LLC / CCO Holdings Capital Corp.
5.125%, 02/15/23		1,869,000		1,826,947
5.250%, 09/30/22 (a)		1,725,000		1,720,687
CCOH Safari LLC
5.500%, 12/01/22		1,767,000		1,793,505
5.750%, 12/01/24		3,788,000		3,830,615
Cequel Communications Holdings I LLC / Cequel Capital Corp.
5.125%, 12/15/21 (144A) (a)		1,200,000		1,164,000
Clear Channel Worldwide Holdings, Inc.
6.500%, 11/15/22		2,158,000		2,213,253
7.625%, 03/15/20		946,000		995,665
Columbus International, Inc.
7.375%, 03/30/21 (144A) (a)		1,360,000		1,414,400
DISH DBS Corp.
4.250%, 04/01/18		1,725,000		1,761,656
5.000%, 03/15/23		1,290,000		1,248,075
5.125%, 05/01/20 (a)		989,000		996,418
5.875%, 11/15/24 (144A)		2,424,000		2,436,120
Gannett Co., Inc.
4.875%, 09/15/21 (144A)		682,000		676,885
5.125%, 10/15/19		469,000		479,553
5.125%, 07/15/20		275,000		280,500
5.500%, 09/15/24 (144A) (a)		508,000		509,270
6.375%, 10/15/23		1,338,000		1,418,280

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Harron Communications L.P. / Harron Finance Corp.
9.125%, 04/01/20 (144A)		690,000	$	752,100
iHeartCommunications, Inc.
9.000%, 12/15/19 (a)		1,059,000		1,043,115
9.000%, 03/01/21		731,000		716,380
9.000%, 09/15/22 (144A)		1,445,000		1,416,100
LIN Television Corp.
5.875%, 11/15/22 (144A)		485,000		480,150
Midcontinent Communications & Midcontinent Finance Corp.
6.250%, 08/01/21 (144A)		605,000		611,050
MPL 2 Acquisition Canco, Inc.
9.875%, 08/15/18 (144A)		1,151,000		1,237,325
NBCUniversal Enterprise, Inc.
5.250%, 03/29/49 (144A)		255,000		264,563
Nexstar Broadcasting, Inc.
6.875%, 11/15/20		509,000		528,088
Nielsen Finance LLC / Nielsen Finance Co.
5.000%, 04/15/22 (144A)		545,000		547,725
Numericable-SFR
5.375%, 05/15/22 (EUR)		345,000		430,826
5.625%, 05/15/24 (EUR)		685,000		857,895
6.000%, 05/15/22 (144A)		2,437,000		2,450,403
6.250%, 05/15/24 (144A) (a)		2,140,000		2,156,050
Radio One, Inc.
9.250%, 02/15/20 (144A)		1,025,000		891,750
RCN Telecom Services LLC / RCN Capital Corp.
8.500%, 08/15/20 (144A)		995,000		1,024,850
Sinclair Television Group, Inc.
5.625%, 08/01/24 (144A)		566,000		547,605
Sirius XM Radio, Inc.
6.000%, 07/15/24 (144A)		740,000		758,500
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
4.000%, 01/15/25 (EUR)		584,000		719,919
5.500%, 01/15/23 (144A)		1,160,000		1,212,200
5.625%, 04/15/23 (EUR)		104,000		136,290
Unitymedia Kabel BW GmbH
9.500%, 03/15/21 (EUR)		1,029,000		1,391,446
Univision Communications, Inc.
6.875%, 05/15/19 (144A)		404,000		420,665
8.500%, 05/15/21 (144A)		1,204,000		1,282,260
VTR Finance B.V.
6.875%, 01/15/24 (144A) (a)		1,061,000		1,082,220
Wave Holdco LLC / Wave Holdco Corp.
8.250%, 07/15/19 (144A) (e)		1,350,000		1,356,750
				53,309,117
Metal Fabricate/Hardware—0.8%
Eco-Bat Finance plc
7.750%, 02/15/17 (EUR)		1,037,000		1,166,984
Metal Fabricate/Hardware—(Continued)
Wise Metals Group LLC / Wise Alloys Finance Corp.
8.750%, 12/15/18 (144A)		4,904,000		5,149,200
				6,316,184
Mining—0.5%
Alcoa, Inc.
5.125%, 10/01/24 (d)		2,628,000		2,785,076
First Quantum Minerals, Ltd.
7.250%, 05/15/22 (144A)		282,000		253,800
Global Brass & Copper, Inc.
9.500%, 06/01/19		575,000		621,000
Imperial Metals Corp.
7.000%, 03/15/19 (144A) (a)		110,000		101,200
				3,761,076
Miscellaneous Manufacturing—0.3%
CTP Transportation Products LLC / CTP Finance, Inc.
8.250%, 12/15/19 (144A)		500,000		527,500
Gates Global LLC / Gates Global Co.
5.750%, 07/15/22 (EUR)		465,000		519,066
Hydra Dutch Holdings 2 B.V.
5.582%, 04/15/19 (EUR) (f)		675,000		741,705
SPX Corp.
6.875%, 09/01/17		495,000		540,788
				2,329,059
Office/Business Equipment—0.4%
CDW LLC / CDW Finance Corp.
5.500%, 12/01/24		2,105,000		2,107,631
6.000%, 08/15/22 (a)		1,105,000		1,140,913
				3,248,544
Oil & Gas—7.2%
Antero Resources Finance Corp.
5.375%, 11/01/21		978,000		946,215
6.000%, 12/01/20		325,000		324,188
Atwood Oceanics, Inc.
6.500%, 02/01/20		725,000		659,750
Baytex Energy Corp.
5.125%, 06/01/21 (144A) (a)		356,000		302,600
Berry Petroleum Co. LLC
6.375%, 09/15/22		898,000		682,480
6.750%, 11/01/20		463,000		370,400
Bonanza Creek Energy, Inc.
5.750%, 02/01/23 (a)		1,150,000		908,500
6.750%, 04/15/21		1,425,000		1,254,000
California Resources Corp.
6.000%, 11/15/24 (144A) (a)		2,825,000		2,387,125
Carrizo Oil & Gas, Inc.
7.500%, 09/15/20		247,000		237,120
8.625%, 10/15/18		1,437,000		1,437,000
Chaparral Energy, Inc.
7.625%, 11/15/22		685,000		448,675

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Chesapeake Energy Corp.
5.750%, 03/15/23 (a)		2,418,000	$	2,490,540
6.125%, 02/15/21		662,000		695,100
6.625%, 08/15/20		851,000		904,187
6.875%, 11/15/20 (a)		1,089,000		1,170,675
Concho Resources, Inc.
5.500%, 10/01/22		1,009,000		1,019,090
5.500%, 04/01/23		1,179,000		1,184,541
CrownRock L.P. / CrownRock Finance, Inc.
7.125%, 04/15/21 (144A)		1,006,000		943,125
Denbury Resources, Inc.
5.500%, 05/01/22 (a)		280,000		256,200
Diamondback Energy, Inc.
7.625%, 10/01/21		1,225,000		1,195,906
EnQuest plc
7.000%, 04/15/22 (144A) (a)		381,000		236,220
Halcon Resources Corp.
8.875%, 05/15/21 (a)		1,748,000		1,315,370
9.250%, 02/15/22 (a)		465,000		342,938
9.750%, 07/15/20		850,000		637,500
Hilcorp Energy I L.P. / Hilcorp Finance Co.
5.000%, 12/01/24 (144A)		938,000		825,440
7.625%, 04/15/21 (144A)		970,000		974,850
8.000%, 02/15/20 (144A) (a)		245,000		249,900
Jones Energy Holdings LLC / Jones Energy Finance Corp.
6.750%, 04/01/22 (144A)		550,000		418,000
Laredo Petroleum, Inc.
7.375%, 05/01/22 (a)		315,000		294,525
Legacy Reserves L.P. / Legacy Reserves Finance Corp.
6.625%, 12/01/21 (a)		431,000		351,265
6.625%, 12/01/21 (144A)		545,000		444,175
Linn Energy LLC / Linn Energy Finance Corp.
6.250%, 11/01/19 (a)		896,000		757,120
7.750%, 02/01/21		285,000		240,113
8.625%, 04/15/20 (a)		455,000		395,850
MEG Energy Corp.
6.500%, 03/15/21 (144A)		1,222,000		1,115,075
7.000%, 03/31/24 (144A) (a)		2,437,000		2,205,485
Memorial Resource Development Corp.
5.875%, 07/01/22 (144A)		2,623,000		2,373,815
Newfield Exploration Co.
6.875%, 02/01/20 (a)		545,000		553,175
Oasis Petroleum, Inc.
6.500%, 11/01/21		835,000		759,850
6.875%, 01/15/23 (a)		480,000		436,800
Offshore Group Investment, Ltd.
7.500%, 11/01/19 (a)		552,000		411,240
Pacific Drilling S.A.
5.375%, 06/01/20 (144A)		291,000		237,165
Parsley Energy LLC / Parsley Finance Corp.
7.500%, 02/15/22 (144A)		1,179,000		1,117,102
Penn Virginia Corp.
8.500%, 05/01/20		627,000		501,600
Oil & Gas—(Continued)
Precision Drilling Corp.
5.250%, 11/15/24 (144A) (a)		1,365,000		1,119,300
6.625%, 11/15/20		235,000		211,500
QEP Resources, Inc.
5.250%, 05/01/23		400,000		374,000
5.375%, 10/01/22		411,000		388,395
Range Resources Corp.
5.000%, 08/15/22 (a)		217,000		217,000
5.000%, 03/15/23 (a)		284,000		284,000
5.750%, 06/01/21 (a)		39,000		40,268
Rosetta Resources, Inc.
5.875%, 06/01/22		515,000		463,500
5.875%, 06/01/24 (a)		501,000		445,890
RSP Permian, Inc.
6.625%, 10/01/22 (144A)		634,000		589,620
Sanchez Energy Corp.
6.125%, 01/15/23 (144A) (a)		1,541,000		1,294,440
SandRidge Energy, Inc.
7.500%, 02/15/23 (a)		990,000		623,700
8.750%, 01/15/20 (a)		288,000		194,400
Seven Generations Energy, Ltd.
8.250%, 05/15/20 (144A)		4,275,000		4,104,000
Seventy Seven Energy, Inc.
6.500%, 07/15/22		432,000		252,720
SM Energy Co.
6.125%, 11/15/22 (144A)		2,050,000		1,927,000
6.500%, 01/01/23		163,000		156,480
Summit Midstream Holdings LLC / Summit Midstream Finance Corp.
5.500%, 08/15/22		851,000		808,450
7.500%, 07/01/21		776,000		814,800
Trafigura Beheer B.V.
6.375%, 04/08/15 (EUR)		490,000		596,779
Triangle USA Petroleum Corp.
6.750%, 07/15/22 (144A)		425,000		280,500
Ultra Petroleum Corp.
5.750%, 12/15/18 (144A)		198,000		182,655
Vanguard Natural Resources LLC / VNR Finance Corp.
7.875%, 04/01/20		830,000		716,082
Whiting Petroleum Corp.
5.000%, 03/15/19 (a)		1,165,000		1,089,275
6.500%, 10/01/18 (a)		315,000		303,975
WPX Energy, Inc.
5.250%, 09/15/24 (a)		614,000		571,020
				55,061,739
Oil & Gas Services—0.3%
BIBBY Offshore Services plc
7.500%, 06/15/21 (GBP)		420,000		576,059
Calfrac Holdings L.P.
7.500%, 12/01/20 (144A)		1,574,000		1,330,030
Hiland Partners L.P. / Hiland Partner Finance Corp.
7.250%, 10/01/20 (144A)		215,000		204,250

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas Services—(Continued)
Key Energy Services, Inc.
6.750%, 03/01/21		330,000	$	204,600
Pioneer Energy Services Corp.
6.125%, 03/15/22		79,000		60,040
				2,374,979
Packaging & Containers—3.1%
Ardagh Packaging Finance plc / Ardagh Holdings USA, Inc.
4.250%, 01/15/22 (EUR)		700,000		835,134
6.000%, 06/30/21 (144A) (a)		680,000		649,400
6.250%, 01/31/19 (144A) (a)		769,000		751,697
Ball Corp.
4.000%, 11/15/23		486,000		468,990
Berry Plastics Corp.
5.500%, 05/15/22 (a)		587,000		595,805
Beverage Packaging Holdings Luxembourg II S.A. / Beverage Packaging Holdings II
5.625%, 12/15/16 (144A)		696,000		682,080
6.000%, 06/15/17 (144A)		1,125,000		1,096,875
Constellium NV
4.625%, 05/15/21 (EUR)		490,000		514,955
5.750%, 05/15/24 (144A) (a)		1,172,000		1,019,640
8.000%, 01/15/23 (144A)		2,355,000		2,343,225
Crown Americas LLC / Crown Americas Capital Corp. III
6.250%, 02/01/21		271,000		285,228
Crown Americas LLC / Crown Americas Capital Corp. IV
4.500%, 01/15/23		469,000		454,930
Crown European Holdings S.A.
4.000%, 07/15/22 (EUR)		490,000		615,159
Greif Nevada Holdings, Inc.
7.375%, 07/15/21 (144A) (EUR)		330,000		471,194
Novelis, Inc.
8.375%, 12/15/17		350,000		363,125
8.750%, 12/15/20		4,902,000		5,196,120
OI European Group B.V.
4.875%, 03/31/21 (EUR)		726,000		961,251
Pactiv LLC
7.950%, 12/15/25		1,713,000		1,721,565
8.375%, 04/15/27		405,000		407,025
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.750%, 10/15/20		460,000		471,500
6.875%, 02/15/21		145,000		151,344
7.125%, 04/15/19		147,000		151,961
7.875%, 08/15/19		1,638,000		1,726,042
9.000%, 04/15/19		355,000		367,425
9.875%, 08/15/19		859,000		910,540
Sealed Air Corp.
8.375%, 09/15/21 (144A)		51,000		56,993
SGD Group SAS
5.625%, 05/15/19 (EUR)		310,000		365,738
Packaging & Containers—(Continued)
Tekni-Plex, Inc.
9.750%, 06/01/19 (144A)		516,000		559,860
				24,194,801
Pharmaceuticals—1.4%
Capsugel S.A.
7.000%, 05/15/19 (144A) (e)		369,000		372,690
Catamaran Corp.
4.750%, 03/15/21		475,000		475,000
Endo Finance LLC & Endo Finco, Inc.
7.000%, 12/15/20 (144A)		238,000		249,900
7.250%, 01/15/22 (144A) (a)		255,000		272,850
Grifols Worldwide Operations, Ltd.
5.250%, 04/01/22 (144A)		629,000		643,278
JLL/Delta Dutch Newco B.V.
7.500%, 02/01/22 (144A) (a)		360,000		365,400
Omnicare, Inc.
4.750%, 12/01/22		296,000		299,700
5.000%, 12/01/24		250,000		256,250
Par Pharmaceutical Cos., Inc.
7.375%, 10/15/20 (a)		1,287,000		1,344,915
Pinnacle Merger Sub, Inc.
9.500%, 10/01/23 (144A)		214,000		231,120
Valeant Pharmaceuticals International, Inc.
5.625%, 12/01/21 (144A) (a)		1,182,000		1,190,865
6.375%, 10/15/20 (144A)		2,598,000		2,714,910
6.750%, 08/15/18 (144A)		1,846,000		1,963,719
6.750%, 08/15/21 (144A)		230,000		240,350
7.000%, 10/01/20 (144A)		51,000		53,805
7.250%, 07/15/22 (144A)		330,000		351,863
				11,026,615
Pipelines—3.5%
Access Midstream Partners L.P. / ACMP Finance Corp.
4.875%, 03/15/24		823,000		835,345
5.875%, 04/15/21		948,000		988,290
6.125%, 07/15/22		1,077,000		1,144,313
Atlas Pipeline Partners L.P. / Atlas Pipeline Finance Corp.
5.875%, 08/01/23		118,000		116,820
Energy Transfer Equity L.P.
5.875%, 01/15/24		1,808,000		1,835,120
Genesis Energy L.P. / Genesis Energy Finance Corp.
5.750%, 02/15/21		166,000		154,380
Kinder Morgan, Inc.
6.700%, 02/15/27		62,930		66,824
7.750%, 01/15/32 (d)		3,171,000		3,900,330
7.800%, 08/01/31 (d)		525,000		639,256
MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp.
6.250%, 06/15/22		731,000		756,585
6.500%, 08/15/21 (a)		845,000		870,350

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
NGPL PipeCo LLC
7.119%, 12/15/17 (144A) (a)		1,132,000	$	1,112,190
9.625%, 06/01/19 (144A)		445,000		446,113
Penn Virginia Resource Partners L.P. / Penn Virginia Resource Finance Corp.
6.500%, 05/15/21		1,896,000		1,914,960
Regency Energy Partners L.P. / Regency Energy Finance Corp.
4.500%, 11/01/23		1,639,000		1,503,782
Rockies Express Pipeline LLC
6.000%, 01/15/19 (144A)		1,200,000		1,203,000
6.875%, 04/15/40 (144A)		280,000		298,200
Rose Rock Midstream L.P. / Rose Rock Finance Corp.
5.625%, 07/15/22		660,000		617,100
Sabine Pass Liquefaction LLC
5.625%, 04/15/23		1,443,000		1,410,532
5.750%, 05/15/24 (a)		5,841,000		5,731,481
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp.
6.375%, 08/01/22 (a)		450,000		455,625
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp.
6.250%, 10/15/22 (144A)		1,159,000		1,156,103
				27,156,699
Real Estate—1.4%
Annington Finance No. 5 plc
13.000%, 01/15/23 (GBP) (e)		463,271		895,348
Crescent Resources LLC / Crescent Ventures, Inc.
10.250%, 08/15/17 (144A)		1,570,000		1,683,825
Kennedy-Wilson, Inc.
5.875%, 04/01/24		435,000		436,087
Realogy Group LLC
7.625%, 01/15/20 (144A)		2,896,000		3,098,720
9.000%, 01/15/20 (144A) (a)		280,000		306,600
Realogy Group LLC / Realogy Co-Issuer Corp.
4.500%, 04/15/19 (144A) (a)		1,649,000		1,632,510
5.250%, 12/01/21 (144A) (a)		924,000		898,590
Rialto Holdings LLC / Rialto Corp.
7.000%, 12/01/18 (144A)		545,000		553,175
RPG Byty Sro
6.750%, 05/01/20 (EUR)		755,000		941,178
Tropicana Entertainment LLC / Tropicana Finance Corp.
9.625%, 12/15/14 (b) (g) (h)		70,000		0
				10,446,033
Real Estate Investment Trusts—0.4%
Crown Castle International Corp.
5.250%, 01/15/23 (a)		1,266,000		1,291,320
Geo Group, Inc. (The)
5.875%, 10/15/24		915,000		926,437
Real Estate Investment Trusts—(Continued)
iStar Financial, Inc.
4.000%, 11/01/17		340,000		330,650
5.000%, 07/01/19		235,000		227,950
				2,776,357
Retail—1.8%
Asbury Automotive Group, Inc.
6.000%, 12/15/24 (144A)		566,000		575,905
BC ULC / New Red Finance, Inc.
6.000%, 04/01/22 (144A)		1,340,000		1,373,500
CST Brands, Inc.
5.000%, 05/01/23		676,000		682,760
Debenhams plc
5.250%, 07/15/21 (GBP)		570,000		864,904
Dufry Finance SCA
5.500%, 10/15/20 (144A)		346,000		359,913
Hema Bondco I B.V.
6.250%, 06/15/19 (EUR)		907,000		921,957
Hillman Group, Inc. (The)
6.375%, 07/15/22 (144A)		532,000		510,720
Neiman Marcus Group Ltd., Inc.
8.000%, 10/15/21 (144A) (a)		2,517,000		2,661,728
PC Nextco Holdings LLC / PC Nextco Finance, Inc.
8.750%, 08/15/19		474,000		476,370
Penske Automotive Group, Inc.
5.375%, 12/01/24 (a)		324,000		328,050
5.750%, 10/01/22		1,109,000		1,150,588
Punch Taverns Finance plc
6.061%, 10/15/27 (144A) (GBP) (f)		449,000		678,827
Rite Aid Corp.
9.250%, 03/15/20 (a)		400,000		436,500
Sally Holdings LLC / Sally Capital, Inc.
5.500%, 11/01/23		393,000		410,685
Sonic Automotive, Inc.
5.000%, 05/15/23		227,000		220,190
THOM Europe SAS
7.375%, 07/15/19 (EUR)		590,000		678,233
Travis Perkins plc
4.375%, 09/15/21 (GBP)		351,000		551,964
Twin Set-Simona Barbieri S.p.A.
5.957%, 07/15/19 (EUR) (f)		266,000		278,420
Unique Pub Finance Co. plc (The)
6.542%, 03/30/21 (GBP)		259,440		416,494
				13,577,708
Semiconductors—0.5%
Micron Technology, Inc.
5.500%, 02/01/25 (144A)		2,190,000		2,211,900
NXP B.V. / NXP Funding LLC
5.750%, 02/15/21 (144A)		530,000		556,500
5.750%, 03/15/23 (144A)		745,000		784,112
Sensata Technologies B.V.
5.625%, 11/01/24 (144A)		325,000		337,188
				3,889,700

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Shipbuilding—0.1%
Huntington Ingalls Industries, Inc.
5.000%, 12/15/21 (144A)		422,000	$	429,385
Software—2.4%
BMC Software Finance, Inc.
8.125%, 07/15/21 (144A)		352,000		330,880
Epicor Software Corp.
8.625%, 05/01/19 (a)		888,000		932,400
First Data Corp.
6.750%, 11/01/20 (144A)		1,002,000		1,069,635
7.375%, 06/15/19 (144A)		1,838,000		1,934,495
8.250%, 01/15/21 (144A)		2,453,000		2,624,710
8.750%, 01/15/22 (144A) (e)		369,000		396,675
10.625%, 06/15/21		1,126,000		1,275,195
11.250%, 01/15/21		60,000		68,100
11.750%, 08/15/21		1,949,000		2,236,477
IMS Health, Inc.
6.000%, 11/01/20 (144A)		502,000		517,060
Infor Software Parent LLC / Infor Software Parent, Inc.
7.125%, 05/01/21 (144A) (a) (e)		1,912,000		1,873,760
Infor U.S., Inc.
9.375%, 04/01/19		2,055,000		2,198,850
MSCI, Inc.
5.250%, 11/15/24 (144A)		1,378,000		1,426,230
Nuance Communications, Inc.
5.375%, 08/15/20 (144A)		1,070,000		1,072,675
Sophia L.P. / Sophia Finance, Inc.
9.750%, 01/15/19 (144A)		549,000		586,058
				18,543,200
Storage/Warehousing—0.1%
Mobile Mini, Inc.
7.875%, 12/01/20		540,000		561,600
Telecommunications—9.2%
Alcatel-Lucent USA, Inc.
4.625%, 07/01/17 (144A) (a)		1,190,000		1,201,900
6.450%, 03/15/29		578,000		551,990
6.750%, 11/15/20 (144A)		2,330,000		2,459,315
Altice Financing S.A.
6.500%, 01/15/22 (144A)		1,290,000		1,260,975
Altice S.A.
7.250%, 05/15/22 (EUR)		1,005,000		1,231,302
7.750%, 05/15/22 (144A)		1,325,000		1,327,484
Avaya, Inc.
7.000%, 04/01/19 (144A)		655,000		638,625
10.500%, 03/01/21 (144A) (a)		680,000		581,400
CenturyLink, Inc.
5.625%, 04/01/20		1,039,000		1,077,962
6.450%, 06/15/21 (a)		215,000		230,588
CommScope, Inc.
5.000%, 06/15/21 (144A)		512,000		504,320
5.500%, 06/15/24 (144A)		527,000		519,095
Consolidated Communications, Inc.
6.500%, 10/01/22 (144A)		665,000		666,663

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Digicel Group, Ltd.
7.125%, 04/01/22 (144A)		1,550,000	$	1,441,500
8.250%, 09/30/20 (144A)		1,116,000		1,082,520
Digicel, Ltd.
6.000%, 04/15/21 (144A) (a)		3,947,000		3,690,445
DigitalGlobe, Inc.
5.250%, 02/01/21 (144A) (a)		173,000		164,350
Frontier Communications Corp.
6.250%, 09/15/21		785,000		788,925
Inmarsat Finance plc
4.875%, 05/15/22 (144A) (a)		655,000		648,450
Intelsat Jackson Holdings S.A.
5.500%, 08/01/23 (a)		2,005,000		1,992,769
6.625%, 12/15/22		1,660,000		1,705,650
Intelsat Luxembourg S.A.
6.750%, 06/01/18		1,145,000		1,167,900
7.750%, 06/01/21		1,796,000		1,800,490
Level 3 Communications, Inc.
8.875%, 06/01/19		980,000		1,038,996
Level 3 Escrow II, Inc.
5.375%, 08/15/22 (144A)		2,410,000		2,422,050
Level 3 Financing, Inc.
6.125%, 01/15/21 (a)		205,000		212,175
7.000%, 06/01/20		1,142,000		1,203,382
8.125%, 07/01/19		1,556,000		1,653,250
8.625%, 07/15/20		810,000		873,787
Nokia Oyj
6.625%, 05/15/39 (a)		642,000		709,410
Orange S.A.
4.000%, 10/29/49 (EUR) (f)		475,000		597,749
Play Finance 2 S.A.
5.250%, 02/01/19 (EUR)		550,000		688,821
Sprint Capital Corp.
6.875%, 11/15/28		1,205,000		1,060,400
8.750%, 03/15/32		960,000		928,800
Sprint Communications, Inc.
7.000%, 03/01/20 (144A)		1,822,000		1,967,760
9.000%, 11/15/18 (144A) (d)		3,190,000		3,628,306
Sprint Corp.
7.125%, 06/15/24		1,515,000		1,408,950
7.875%, 09/15/23		3,377,000		3,333,774
T-Mobile USA, Inc.
6.000%, 03/01/23		840,000		842,100
6.375%, 03/01/25		2,675,000		2,717,800
6.500%, 01/15/24		1,000,000		1,025,000
6.633%, 04/28/21		784,000		804,580
6.731%, 04/28/22		504,000		519,120
Telecom Italia S.p.A.
4.500%, 01/25/21 (EUR)		695,000		918,566
4.875%, 09/25/20 (EUR)		467,000		625,990
5.875%, 05/19/23 (GBP)		1,000,000		1,690,331
6.375%, 06/24/19 (GBP)		700,000		1,199,107
Telefonica Europe B.V.
4.200%, 12/29/49 (EUR) (f)		300,000		368,007
Telenet Finance V Luxembourg SCA
6.250%, 08/15/22 (EUR)		910,000		1,198,366
6.750%, 08/15/24 (EUR)		543,000		735,944

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Virgin Media Finance plc
7.000%, 04/15/23 (GBP)		513,000	$	867,525
Virgin Media Secured Finance plc
6.000%, 04/15/21 (GBP)		2,808,000		4,606,321
Wind Acquisition Finance S.A.
4.000%, 07/15/20 (EUR)		1,587,000		1,883,767
4.082%, 07/15/20 (EUR) (f)		805,000		930,256
Windstream Corp.
6.375%, 08/01/23		90,000		84,150
7.750%, 10/15/20 (a)		455,000		468,650
7.750%, 10/01/21 (a)		425,000		433,500
				70,381,308
Textiles—0.2%
Polymer Group, Inc.
6.875%, 06/01/19 (144A)		165,000		158,400
Springs Industries, Inc.
6.250%, 06/01/21		1,103,000		1,097,485
				1,255,885
Transportation—1.0%
CEVA Group plc
9.000%, 09/01/21 (144A) (a)		322,000		302,680
Florida East Coast Holdings Corp.
6.750%, 05/01/19 (144A)		1,686,000		1,669,140
Global Ship Lease, Inc.
10.000%, 04/01/19 (144A)		2,535,000		2,554,012
JCH Parent, Inc.
10.500%, 03/15/19 (144A) (e)		2,112,000		1,953,600
Watco Cos. LLC / Watco Finance Corp.
6.375%, 04/01/23 (144A)		617,000		610,830
XPO Logistics, Inc.
7.875%, 09/01/19 (144A)		490,000		512,050
				7,602,312
Trucking & Leasing—0.1%
Jurassic Holdings III, Inc.
6.875%, 02/15/21 (144A)		531,000		493,830
Total Corporate Bonds & Notes (Cost $595,844,119)				583,493,398
Floating Rate Loans (l)—10.5%
Advertising—0.1%
Affinion Group, Inc.
2nd Lien Term Loan, 8.500%, 10/12/18		1,150,000		1,037,156
Term Loan B, 6.750%, 04/30/18		99,250		93,171
				1,130,327
Aerospace/Defense—0.7%
BE Aerospace, Inc.
Term Loan B, 4.000%, 12/16/21		1,225,000		1,225,000
Aerospace/Defense—(Continued)
Sequa Corp.
Term Loan B, 5.250%, 06/19/17		3,758,609		3,674,041
Silver II U.S. Holdings LLC
Term Loan, 4.000%, 12/13/19		725,807		675,757
				5,574,798
Air Freight & Logistics—0.1%
Ceva Logistics Canada ULC
Term Loan, 6.500%, 03/19/21		105,258		98,910
Ceva Logistics U.S. Holdings, Inc.
Term Loan, 6.500%, 03/19/21		842,064		791,277
				890,187
Airlines—0.2%
Northwest Airlines, Inc.
Term Loan, 1.556%, 09/10/18		1,091,333		1,038,131
Term Loan, 2.176%, 03/10/17		743,333		720,104
				1,758,235
Chemicals—0.5%
Ascend Performance Materials LLC
Term Loan B, 6.750%, 04/10/18		3,325,950		3,059,874
OXEA Finance LLC
2nd Lien Term Loan, 8.250%, 07/15/20		560,000		536,200
				3,596,074
Coal—0.3%
American Energy - Marcellus LLC
1st Lien Term Loan, 5.250%, 08/04/20		380,772		336,983
American Energy - Utica LLC
2nd Lien Term Loan, 5.500%, 09/30/18 (h)		1,813,035		1,658,927
Arch Coal, Inc.
Term Loan B, 6.250%, 05/16/18		724,519		602,437
				2,598,347
Commercial Services—0.3%
Hertz Corp. (The)
Term Loan B2, 3.500%, 03/11/18		334,150		326,353
Interactive Data Corp.
Term Loan, 4.750%, 05/02/21		1,815,875		1,807,250
				2,133,603
Computers—0.1%
Dell, Inc.
Term Loan C, 3.750%, 10/29/18		691,512		689,413
Distribution/Wholesale—0.1%
HD Supply, Inc.
Term Loan B, 4.000%, 06/28/18		956,549		949,176
Electric—1.2%
Calpine Corp.
Term Loan B1, 0.000%, 04/01/18 (j)		81,788		81,174
Term Loan B3, 4.000%, 10/09/19		763,048		754,941

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (l)—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Energy Future Intermediate Holding Co. LLC
Term Loan, 4.250%, 06/19/16		1,925,723	$	1,928,733
Texas Competitive Electric Holdings Co. LLC
Extended Revolver, 4.648%, 10/10/16		915,000		594,750
Extended Term Loan, 4.648%, 10/10/17		5,704,315		3,693,544
Non-Extended Term Loan, 4.648%, 10/10/15		269,710		176,210
Term Loan, 3.750%, 05/05/16		2,110,693		2,122,566
				9,351,918
Entertainment—0.6%
Amaya Holdings B.V.
1st Lien Term Loan, 5.000%, 08/01/21		571,854		568,565
2nd Lien Term Loan, 8.000%, 08/01/22		2,580,000		2,560,650
Diamond Resorts Corp.
Term Loan, 5.500%, 05/09/21		1,417,875		1,410,786
				4,540,001
Forest Products & Paper—0.2%
Wilsonart LLC
Term Loan B, 4.000%, 10/31/19		1,293,601		1,258,027
Health Care Equipment & Supplies—0.0%
Surgery Center Holdings, Inc.
1st Lien Term Loan, 5.250%, 11/03/20		365,287		356,612
Healthcare-Services—0.2%
Community Health Systems, Inc.
Term Loan D, 4.250%, 01/27/21		1,220,515		1,219,668
Household Products/Wares—0.2%
Spin Holdco, Inc.
Term Loan B, 4.250%, 11/14/19		1,255,493		1,238,230
Internet—0.2%
Zayo Group LLC
Term Loan B, 4.000%, 07/02/19		1,449,820		1,439,323
Internet Software & Services—0.3%
Travelport Finance (Luxembourg) S.a.r.l.
Term Loan B, 6.000%, 09/02/21		2,630,000		2,630,658
Lodging—1.5%
Caesars Entertainment Operating Co.
Extended Term Loan B6, 6.985%, 03/01/17		3,028,654		2,676,573
Term Loan B7, 9.750%, 01/28/18		3,169,048		2,810,946
Caesars Entertainment Resort Properties LLC
Term Loan B, 7.000%, 10/11/20		3,704,680		3,516,360
Hilton Worldwide Finance LLC
Term Loan B2, 3.500%, 10/26/20		235,674		233,258
La Quinta Intermediate Holdings LLC
Term Loan B, 4.000%, 04/14/21		848,411		839,503
MGM Resorts International
Term Loan B, 3.500%, 12/20/19		222,229		217,368
Station Casinos LLC
Term Loan B, 4.250%, 03/02/20		1,569,674		1,542,205
				11,836,213
Machinery—0.6%
Gates Global, Inc.
Term Loan B, 4.250%, 07/05/21		4,329,150		4,221,696
Media—1.0%
Advantage Sales & Marketing, Inc.
1st Lien Term Loan, 4.250%, 07/23/21		603,327		598,236
2nd Lien Term Loan, 7.500%, 07/25/22		955,000		944,973
Delayed Draw Term Loan, 4.250%, 07/23/21		20,111		19,941
Cengage Learning Acquisitions, Inc.
1st Lien Term Loan, 7.000%, 03/31/20		3,269,413		3,240,805
Term Loan, 0.000%, 07/03/15 (j)		295,300		0
Clear Channel Communications, Inc.
Term Loan B, 3.819%, 01/29/16		198,932		196,881
Term Loan D, 6.919%, 01/30/19		2,631,109		2,485,577
Univision Communications, Inc.
Term Loan C4, 4.000%, 03/01/20		588,458		576,689
				8,063,102
Mining—0.1%
Novelis, Inc.
Term Loan, 3.750%, 03/10/17		555,046		550,710
Office/Business Equipment—0.1%
Brand Energy & Infrastructure Services, Inc.
Term Loan B, 4.750%, 11/26/20		453,854		440,238
Pharmaceuticals—0.1%
Grifols Worldwide Operations USA, Inc.
Term Loan B, 3.169%, 02/27/21		676,795		668,674
Par Pharmaceutical Cos., Inc.
Term Loan B2, 4.000%, 09/30/19		224,433		219,477
				888,151
Real Estate—0.0%
Realogy Corp.
Extended Letter of Credit, 4.670%, 10/10/16		128,859		127,648
Retail—0.3%
BJ’s Wholesale Club, Inc.
2nd Lien Term Loan, 8.500%, 03/26/20		550,000		542,667
Neiman Marcus Group, Inc. (The)
Term Loan, 4.250%, 10/25/20		1,301,875		1,277,102
Rite Aid Corp.
2nd Lien Term Loan, 5.750%, 08/21/20		350,000		351,969
				2,171,738
Semiconductors—0.2%
CEVA Intercompany B.V.
Term Loan, 6.500%, 03/19/21		610,496		573,676
Freescale Semiconductor, Inc.
Term Loan B4, 4.250%, 02/28/20		704,579		688,726
				1,262,402

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (l)—(Continued)

Security Description	Shares/ Principal Amount*		Value
Software—1.2%
First Data Corp.
Extended Term Loan, 3.667%, 03/23/18		6,796,857	$	6,669,416
Term Loan, 3.667%, 09/24/18		200,000		196,312
Kronos, Inc.
2nd Lien Term Loan, 9.750%, 04/30/20		1,906,969		1,948,684
Tibco Software Inc.
Term Loan B, 6.500%, 11/04/20		355,000		344,350
				9,158,762
Telecommunications—0.0%
Hawaiian Telcom Communications, Inc.
Term Loan B, 5.000%, 06/06/19		262,400		262,400
Transportation—0.1%
CEVA Group plc
Term Loan, 6.500%, 03/19/21		583,293		548,114
Total Floating Rate Loans (Cost $83,464,017)				80,885,771
Common Stocks—8.9%
Auto Components—1.1%
Goodyear Tire & Rubber Co. (The) (a)		281,706		8,048,340
Lear Corp.		2,395		234,902
				8,283,242
Banks—0.6%
Citigroup, Inc. (a)		84,080		4,549,569
Capital Markets—1.9%
American Capital, Ltd. (a) (k)		902,905		13,191,442
E*Trade Financial Corp. (a) (k)		50,299		1,220,002
Uranium Participation Corp. (k)		28,400		125,891
				14,537,335
Chemicals—0.5%
Advanced Emissions Solutions, Inc. (a) (k)		11,202		255,294
Huntsman Corp. (a)		171,764		3,912,784
LyondellBasell Industries NV - Class A		8		635
				4,168,713
Consumer Finance—2.0%
Ally Financial, Inc. (k)		93,787		2,215,249
Ally Financial, Inc. (Private Placement) (k)		562,960		13,297,115
				15,512,364
Containers & Packaging—0.0%
Smurfit Kappa Group plc		520		11,692
Diversified Telecommunication Services—0.3%
Broadview Networks Holdings, Inc. (k)		52,943		116,473
Level 3 Communications, Inc. (a) (k)		38,560		1,904,093
				2,020,566
Hotels, Restaurants & Leisure—0.4%
Amaya, Inc. (k)		119,418		2,934,571
Household Durables—0.1%
Stanley-Martin Communities LLC (b) (k) (c)		450		633,150
Insurance—1.0%
American International Group, Inc.		131,638		7,373,045
Media—0.2%
Cengage Learning, Inc.		26,678		642,500
Clear Channel Outdoor Holdings, Inc. - Class A (a)		31,744		336,169
HMH Publishing Co., Ltd. (k)		47,825		990,461
				1,969,130
Metals & Mining—0.0%
African Minerals, Ltd. (b) (k)		159,753		24,899
Oil, Gas & Consumable Fuels—0.5%
General Maritime Corp. (144A) (b) (c)		262,836		4,058,188
Packaging & Containers—0.1%
Constellium NV - Class A (k)		25,003		410,799
Paper & Forest Products—0.0%
Ainsworth Lumber Co., Ltd. (144A) (k)		10,657		30,545
Ainsworth Lumber Co., Ltd. (k)		53,942		154,611
				185,156
Trading Companies & Distributors—0.2%
HD Supply Holdings, Inc. (a) (k)		61,680		1,818,943
Total Common Stocks (Cost $61,193,547)				68,491,362
Asset-Backed Securities—1.8%
Asset-Backed - Other—1.8%
Adams Mill CLO, Ltd.
3.697%, 07/15/26 (144A) (f)		250,000		229,568
ALM VIII, Ltd.
2.981%, 01/20/26 (144A) (f)		500,000		481,092
3.431%, 01/20/26 (144A) (f)		550,000		508,902
4.731%, 01/20/26 (144A) (f)		500,000		442,663
ALM XIV, Ltd.
3.684%, 07/28/26 (144A) (f)		250,000		232,266
5.084%, 07/28/26 (144A) (f)		250,000		218,644
Apidos CLO XVIII
3.884%, 07/22/26 (144A) (f)		550,000		518,500
Atlas Senior Loan Fund, Ltd.
3.246%, 07/16/26 (144A) (f)		250,000		241,654
3.696%, 07/16/26 (144A) (f)		250,000		231,102
Avalon IV Capital, Ltd.
3.078%, 04/17/23 (144A) (f)		250,000		246,428

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Battalion CLO, Ltd.
3.582%, 10/22/25 (144A) (f)		500,000	$	463,331
Benefit Street Partners CLO, Ltd.
3.731%, 07/20/26 (144A) (f)		500,000		468,194
Carlyle Global Market Strategies CLO, Ltd.
6.331%, 07/20/23 (144A) (f)		290,000		290,339
Cedar Funding III CLO, Ltd.
3.032%, 05/20/26 (144A) (f)		320,000		304,798
3.789%, 05/20/26 (144A) (f)		270,000		251,678
CIFC Funding, Ltd.
2.952%, 07/22/26 (144A) (f)		250,000		238,445
3.552%, 07/22/26 (144A) (f)		250,000		230,724
Flatiron CLO, Ltd.
3.828%, 01/17/26 (144A) (f)		500,000		475,235
Galaxy XVIII CLO, Ltd.
3.234%, 10/15/26 (144A) (f)		250,000		242,142
Jamestown CLO, Ltd.
3.734%, 07/15/26 (144A) (f)		250,000		232,707
LCM X L.P.
5.731%, 04/15/22 (144A) (f)		1,000,000		961,991
Madison Park Funding VIII, Ltd.
3.032%, 04/22/22 (144A) (f)		250,000		248,402
4.082%, 04/22/22 (144A) (f)		250,000		249,437
Madison Park Funding XIV, Ltd.
3.831%, 07/20/26 (144A) (f)		250,000		236,458
Oaktree EIF II, Ltd.
2.604%, 11/15/25 (144A) (f)		1,500,000		1,470,150
Octagon Investment Partners XII, Ltd.
5.732%, 05/05/23 (144A) (f)		400,000		386,460
Octagon Investment Partners XX, Ltd.
3.885%, 08/12/26 (144A) (f)		250,000		236,004
5.485%, 08/12/26 (144A) (f)		250,000		227,535
Palmer Square CLO, Ltd.
2.778%, 10/17/22 (144A) (f)		400,000		390,488
4.078%, 10/17/22 (144A) (f)		300,000		297,027
5.978%, 10/17/22 (144A) (f)		260,000		258,058
Steele Creek CLO, Ltd.
2.484%, 08/21/26 (144A) (f)		250,000		243,301
TICP CLO II, Ltd.
1.681%, 07/20/26 (144A) (f)		500,000		493,980
Voya CLO, Ltd.
3.829%, 07/25/26 (144A) (f)		500,000		468,020
Washington Mill CLO, Ltd.
3.231%, 04/20/26 (144A) (f)		250,000		241,625
3.681%, 04/20/26 (144A) (f)		320,000		296,952
WhiteHorse IX, Ltd.
2.919%, 07/17/26 (144A) (f)		250,000		236,628
Whitehorse VIII, Ltd.
2.982%, 05/01/26 (144A) (f)		345,000		328,163
Total Asset-Backed Securities (Cost $14,030,008)				13,819,091
Convertible Preferred Stocks—1.2%
Security Description	Shares/ Principal Amount*		Value
Oil & Gas—0.1%
Chesapeake Energy Corp.
5.750%, 12/31/49		899		957,435
Hotels, Restaurants & Leisure—1.1%
Amaya, Inc.
Zero Coupon, 12/31/49 (CAD) (c)		7,581,000		8,548,037
Total Convertible Preferred Stocks (Cost $8,025,689)				9,505,472
Convertible Bonds—1.0%
Coal—0.1%
Alpha Natural Resources, Inc.
3.750%, 12/15/17 (a)		1,702,000		849,936
Diversified Financial Services—0.0%
E*Trade Financial Corp.
Zero Coupon, 08/31/19 (144A)		76,000		179,693
Zero Coupon, 08/31/19		11,000		26,008
				205,701
Insurance—0.1%
Radian Group, Inc.
2.250%, 03/01/19 (a)		363,000		583,750
3.000%, 11/15/17 (a)		169,000		258,253
				842,003
Retail—0.1%
Enterprise Funding, Ltd.
3.500%, 09/10/20 (GBP)		300,000		429,940
Telecommunications—0.7%
Nokia Oyj
5.000%, 10/26/17 (EUR)		1,400,000		4,598,215
Telecom Italia Finance S.A.
6.125%, 11/15/16 (EUR)		300,000		425,454
Telefonica S.A.
6.000%, 07/24/17 (EUR)		400,000		497,088
				5,520,757
Total Convertible Bonds (Cost $8,166,797)				7,848,337
Preferred Stocks—0.9%
Banks—0.5%
GMAC Capital Trust I, 8.125% (f)		143,228		3,778,355
Consumer Finance—0.1%
Ally Financial, Inc., 8.500% (f)		22,812		613,186

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Preferred Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Diversified Financial Services—0.3%
Marsico Parent Superholdco LLC (144A) (b) (k)		25	$	0
RBS Capital Funding Trust VII, 6.080%		90,156		2,198,905
				2,198,905
Total Preferred Stocks (Cost $6,532,015)				6,590,446
Warrant—0.0%
Media—0.0%
HMH Publishing Co., Ltd., Expires 06/22/19 (k) (c) (Cost $16)		1,601		9,529
Short-Term Investments—11.8%
Mutual Fund—11.5%
State Street Navigator Securities Lending MET Portfolio (m)		88,057,829		88,057,829
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $1,990,178 on 01/02/15, collateralized by $2,060,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $2,031,234.		1,990,178		1,990,178
Total Short-Term Investments (Cost $90,048,007)				90,048,007
Total Investments—112.0% (Cost $867,304,215) (n)				860,691,413
Other assets and liabilities (net)—(12.0)%				(91,958,791	)
Net Assets—100.0%			$	768,732,622

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

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $89,944,671 and the collateral received consisted of cash in the amount of $88,057,829 and non-cash collateral with a value of $8,257,735. 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 December 31, 2014, these securities represent 1.2% 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 December 31, 2014, the market value of restricted securities was $17,768,990, which is 2.3% 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 December 31, 2014, the value of securities pledged amounted to $30,277,834.

(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 December 31, 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 December 31, 2014, these securities represent 0.4% 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 December 31, 2014, at which time the interest rate will be determined.

(k) Non-income producing security.

(l) 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.

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

(n) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $869,715,340. The aggregate unrealized appreciation and depreciation of investments were $23,983,313 and $(33,007,240), respectively, resulting in net unrealized depreciation of $(9,023,927) for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $240,991,688, which is 31.3% of net assets.

(CAD)— Canadian Dollar

(CLO)— Collateralized Loan Obligation

(EUR)— Euro

(GBP)— British Pound

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Restricted Securities	Acquisition Date	Shares/ Principal Amount		Cost		Value
Amaya Inc.	02/12/14	$	7,581,000	$	6,986,453	$	8,548,037
General Maritime Corp.	12/11/13		262,836		4,862,466		4,058,188
HMH Publishing Co., Ltd.	06/22/14		1,601		16		9,529
National Air Cargo Group, Inc.	08/20/10		1,715,086		1,715,086		1,715,086
Stanley-Martin Communities LLC	10/22/07		450		282,182		633,150
Sterling Entertainment Enterprises LLC	12/28/12		2,750,000		2,750,000		2,805,000
							17,768,990

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
CAD	745,000	Standard Chartered Bank		01/21/15	$	663,218	$	(22,233	)
CAD	1,570,000	State Street Bank and Trust		01/21/15		1,385,997		(35,194	)
EUR	620,000	BNP Paribas S.A.		01/21/15		762,071		(11,712	)
EUR	625,000	BNP Paribas S.A.		01/21/15		783,758		(27,347	)
EUR	244,000	Bank of America N.A.		01/21/15		298,589		(3,286	)
EUR	394,000	Bank of America N.A.		01/21/15		493,087		(16,246	)
EUR	1,330,000	Bank of America N.A.		01/21/15		1,657,349		(47,708	)
EUR	367,000	Citibank N.A.		01/21/15		456,770		(12,606	)
EUR	50,000	Deutsche Bank AG		01/21/15		63,403		(2,890	)
EUR	112,000	Goldman Sachs & Co.		01/21/15		137,906		(2,357	)
EUR	345,000	Goldman Sachs & Co.		01/21/15		433,442		(15,903	)
EUR	462,000	Goldman Sachs & Co.		01/21/15		571,536		(12,397	)
EUR	964,000	Goldman Sachs & Co.		01/21/15		1,193,558		(26,871	)
EUR	500,000	State Street Bank and Trust		01/21/15		619,559		(14,431	)
EUR	519,000	State Street Bank and Trust		01/21/15		647,981		(19,858	)
EUR	300,000	UBS AG		01/21/15		373,134		(10,057	)
EUR	300,000	UBS AG		01/21/15		368,735		(5,658	)
GBP	335,000	BNP Paribas S.A.		01/21/15		525,266		(3,200	)
GBP	194,000	Bank of America N.A.		01/21/15		304,100		(1,770	)
GBP	354,000	UBS AG		01/21/15		567,860		(16,185	)
Contracts to Deliver
CAD	13,735,000	Barclays Bank plc		01/21/15		12,228,400		411,028
CAD	1,770,000	JPMorgan Chase Bank N.A.		01/21/15		1,580,949		58,069
CAD	2,715,000	Toronto Dominion Bank		01/21/15		2,378,245		42,303
EUR	171,000	BNP Paribas S.A.		01/21/15		216,812		9,858
EUR	48,438,000	JPMorgan Chase Bank N.A.		01/21/15		61,799,622		3,177,213
EUR	360,000	UBS AG		01/21/15		451,976		16,284
EUR	232,000	UBS AG		01/21/15		289,416		8,636
GBP	15,279,000	Barclays Bank plc		01/21/15		24,361,754		550,886
Net Unrealized Appreciation							$	3,966,368

Futures Contracts

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Depreciation
Russell 2000 Mini Index Futures		03/20/15		(104	)		USD	(11,878,657	)	$	(608,623	)
S&P 500 E-Mini Index Futures		03/20/15		(501	)		USD	(49,996,178	)		(1,416,442	)
Net Unrealized Depreciation										$	(2,025,065	)

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Reverse Repurchase Agreements

Counterparty	Interest Rate			Settlement Date		Maturity Date(a)	Principal Amount			Net Closing Amount
Barclays Bank plc		(1.750	)%		06/25/14	OPEN		USD	562,480	$	562,480
Credit Suisse Securities (USA) LLC		0.500	%		12/22/14	OPEN		USD	597,000		597,000
Credit Suisse Securities (USA) LLC		0.650	%		12/09/14	OPEN		USD	810,919		810,919
Credit Suisse Securities (USA) LLC		0.500	%		12/16/14	OPEN		USD	915,750		915,750
Barclays Bank plc		0.600	%		10/03/14	OPEN		USD	2,031,000		2,031,000
Deutsche Bank Securities, Inc.		0.600	%		12/19/14	OPEN		USD	2,265,000		2,265,000
Credit Suisse Securities (USA) LLC		0.500	%		12/22/14	12/19/16		USD	3,615,000		3,615,000
Deutsche Bank Securities, Inc.		0.600	%		11/10/14	OPEN		USD	7,637,000		7,637,000
Deutsche Bank Securities, Inc.		0.600	%		12/19/14	OPEN		USD	9,001,000		9,001,000
Total										$	27,435,149

(a) Certain agreements have no stated maturity and can be terminated by either party at any time.

Securities pledged as collateral against open reverse repurchase agreements are noted in the Schedule of Investments. A security in the amount of $31,125 has been received at the custodian bank as collateral for reverse repurchase agreements.

Swap Agreements

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

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at December 31, 2014(b)	Notional Amount(c)			Unrealized Depreciation
Markit CDX North America High Yield Index, Series 23		5.000%		12/20/19	3.557%		USD	32,454,250	$	(38,412)

OTC Credit Default Swaps on Corporate Issues—Sell Protection (a)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid		Unrealized Appreciation
CCO Holdings LLC / CCO Holdings Capital Corp. 7.250%, due 10/30/17		8.000%		09/20/17	Deutsche Bank AG		1.235%		USD	1,500,000	$	271,237	$	—	$	271,237
Techem GmbH 6.125% due 10/01/19		5.000%		09/20/18	Credit Suisse International		1.303%		EUR	700,000		114,713		77,889		36,824
Techem GmbH 6.125% due 10/01/19		5.000%		09/20/18	Credit Suisse International		1.303%		EUR	241,000		39,494		27,744		11,750
Techem GmbH 6.125% due 10/01/19		5.000%		12/20/18	Credit Suisse International		1.417%		EUR	235,788		39,783		25,951		13,832
Techem GmbH 6.125% due 10/01/19		5.000%		06/20/19	Barclays Bank plc		1.656%		EUR	456,000		80,043		66,852		13,191
Techem GmbH 5.000% due 06/20/19		5.000%		06/20/19	Credit Suisse International		1.688%		EUR	3,195,000		555,223		487,209		68,014
Techem GmbH 6.125% due 10/01/19		5.000%		06/20/19	Credit Suisse International		1.656%		EUR	760,000		133,406		110,623		22,783
Totals											$	1,233,899	$	796,268	$	437,631

A security in the amount of $873,595 has been received at the custodian bank as collateral for swap contracts.

(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-21

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 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.

(CAD)— Canadian Dollar

(EUR)— Euro

(GBP)— British Pound

(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 December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Advertising	$	—	$	784,965	$	—	$	784,965
Aerospace/Defense		—		7,501,508		1,715,086		9,216,594
Airlines		—		7,082,262		—		7,082,262
Apparel		—		916,650		—		916,650
Auto Manufacturers		—		5,079,181		—		5,079,181
Auto Parts & Equipment		—		7,943,925		—		7,943,925
Banks		—		14,629,750		—		14,629,750
Beverages		—		636,867		—		636,867
Building Materials		—		7,929,268		—		7,929,268
Chemicals		—		8,361,043		0		8,361,043
Coal		—		8,060,486		—		8,060,486
Commercial Services		—		22,718,880		—		22,718,880
Computers		—		964,550		—		964,550
Distribution/Wholesale		—		12,639,130		—		12,639,130
Diversified Financial Services		—		22,990,010		—		22,990,010
Electric		—		15,584,435		—		15,584,435
Electrical Components & Equipment		—		1,126,472		—		1,126,472
Electronics		—		790,362		—		790,362
Energy-Alternate Sources		—		464,705		—		464,705
Engineering & Construction		—		7,970,329		—		7,970,329
Entertainment		—		4,347,531		—		4,347,531

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Environmental Control	$	—	$	1,509,454	$	—	$	1,509,454
Food		—		4,286,994		—		4,286,994
Food Service		—		1,491,729		—		1,491,729
Forest Products & Paper		—		662,025		—		662,025
Healthcare - Products		—		5,266,962		—		5,266,962
Healthcare - Services		—		28,694,613		—		28,694,613
Holding Companies - Diversified		—		2,429,920		—		2,429,920
Home Builders		—		19,516,539		—		19,516,539
Home Furnishings		—		720,310		—		720,310
Household Products/Wares		—		1,469,112		—		1,469,112
Insurance		—		5,329,552		—		5,329,552
Internet		—		6,525,620		—		6,525,620
Iron/Steel		—		4,711,268		—		4,711,268
Leisure Time		—		2,370,707		—		2,370,707
Lodging		—		18,089,939		—		18,089,939
Machinery - Construction & Mining		—		544,275		—		544,275
Machinery - Diversified		—		900,853		—		900,853
Media		—		50,504,117		2,805,000		53,309,117
Metal Fabricate/Hardware		—		6,316,184		—		6,316,184
Mining		—		3,761,076		—		3,761,076
Miscellaneous Manufacturing		—		2,329,059		—		2,329,059
Office/Business Equipment		—		3,248,544		—		3,248,544
Oil & Gas		—		55,061,739		—		55,061,739
Oil & Gas Services		—		2,374,979		—		2,374,979
Packaging & Containers		—		24,194,801		—		24,194,801
Pharmaceuticals		—		11,026,615		—		11,026,615
Pipelines		—		27,156,699		—		27,156,699
Real Estate		—		10,446,033		0		10,446,033
Real Estate Investment Trusts		—		2,776,357		—		2,776,357
Retail		—		13,577,708		—		13,577,708
Semiconductors		—		3,889,700		—		3,889,700
Shipbuilding		—		429,385		—		429,385
Software		—		18,543,200		—		18,543,200
Storage/Warehousing		—		561,600		—		561,600
Telecommunications		—		70,381,308		—		70,381,308
Textiles		—		1,255,885		—		1,255,885
Transportation		—		7,602,312		—		7,602,312
Trucking & Leasing		—		493,830		—		493,830
Total Corporate Bonds & Notes		—		578,973,312		4,520,086		583,493,398
Total Floating Rate Loans*		—		80,885,771		—		80,885,771
Common Stocks
Auto Components		8,283,242		—		—		8,283,242
Banks		4,549,569		—		—		4,549,569
Capital Markets		14,537,335		—		—		14,537,335
Chemicals		4,168,713		—		—		4,168,713
Consumer Finance		2,215,249		13,297,115		—		15,512,364
Containers & Packaging		—		11,692		—		11,692
Diversified Telecommunication Services		2,020,566		—		—		2,020,566
Hotels, Restaurants & Leisure		2,934,571		—		—		2,934,571
Household Durables		—		—		633,150		633,150
Insurance		7,373,045		—		—		7,373,045
Media		336,169		1,632,961		—		1,969,130
Metals & Mining		—		—		24,899		24,899
Oil, Gas & Consumable Fuels		—		—		4,058,188		4,058,188
Packaging & Containers		410,799		—		—		410,799
Paper & Forest Products		185,156		—		—		185,156
Trading Companies & Distributors		1,818,943		—		—		1,818,943
Total Common Stocks		48,833,357		14,941,768		4,716,237		68,491,362

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Total Asset-Backed Securities*	$	—		$	13,819,091		$	—	$	13,819,091
Total Convertible Preferred Stocks*		—			9,505,472			—		9,505,472
Total Convertible Bonds*		—			7,848,337			—		7,848,337
Preferred Stocks
Banks		3,778,355			—			—		3,778,355
Consumer Finance		613,186			—			—		613,186
Diversified Financial Services		2,198,905			—			0		2,198,905
Total Preferred Stocks		6,590,446			—			0		6,590,446
Total Warrant*		—			9,529			—		9,529
Short—Term Investments
Mutual Fund		88,057,829			—			—		88,057,829
Repurchase Agreement		—			1,990,178			—		1,990,178
Total Short—Term Investments		88,057,829			1,990,178			—		90,048,007
Total Investments	$	143,481,632		$	707,973,458		$	9,236,323	$	860,691,413
Collateral for Securities Loaned (Liability)	$	—		$	(88,057,829	)	$	—	$	(88,057,829	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	4,274,277		$	—	$	4,274,277
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(307,909	)		—		(307,909	)
Total Forward Contracts	$	—		$	3,966,368		$	—	$	3,966,368
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(2,025,065	)	$	—		$	—	$	(2,025,065	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Depreciation)	$	—		$	(38,412	)	$	—	$	(38,412	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	1,233,899		$	—	$	1,233,899
Total Reverse Repurchase Agreements (Liability)	$	—		$	(27,435,149	)	$	—	$	(27,435,149	)

* 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 in to Level 3		Transfers out of Level 3			Balance as of December 31, 2014		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at December 31, 2014
Corporate Bonds & Notes
Aerospace & Defense	$	2,066,353	$	0		$	—	$	(351,267	)(a)	$	—	$	—		$	1,715,086	$	0
Chemical		—		0			0		—			—		0			0		0
Media		2,750,000		55,000			—		—			—		—			2,805,000		55,000
Real Estate		0		—			—		—			—		—			0		—
Common Stocks
Diversified Telecommunications Services		189,005		—			—		—			—		(189,005	)		—		—
Household Durables		620,550		12,600			—		—			—		—			633,150		12,600
Metals & Mining		—		(499,557	)		—		—			524,456		—			24,899		(499,557	)
Oil, Gas & Combustable Fuels		1,631,534		(804,278	)		3,230,932		—			—		—			4,058,188		(804,278	)
Preferred Stocks
Diversified Financial Services		0		—			—		—			—		—			0		—
Warrants
Media		3,222		—			—		—			—		(3,222	)		—		—
Total	$	7,260,664	$	(1,236,235	)	$	3,230,932	$	(351,267	)	$	524,456	$	(192,227	)	$	9,236,323	$	(1,236,235	)

(a) Sales include principal reductions.

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

BlackRock High Yield Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Common Stocks in the amount of $524,456 were transferred into Level 3 due to trading halts on the securities’ respective exchanges which resulted in the lack of observable inputs.

Common Stocks in the amount of $189,005 were transferred out of Level 3 due to the resumption of trading activity which resulted in the availability of significant observable inputs.

Following is quantitative information about Level 3 fair value measurements:

	Fair Value at December 31, 2014		Valuation Technique(s)	Unobservable Input	Range						Weighted Average			Relationship Between Fair Value and Input; if input value increases then Fair Value:
Corporate Bonds & Notes
Aerospace & Defense	$	1,715,086	Par	Call Price	$	100.00		$	100.00		$	100.00			Increase
Media		2,805,000	Market Comparable Companies	Enterprise Value/LTM EBITDA		10.0x			14.2x			10.5x			Increase
			Discounted Cash Flow	Internal Rate of Return		9.00	%		11.00	%		9.90	%		Decrease
Common Stock
Household Durables		633,150	Market Comparable Companies	Equity/Tangible Book Value		0.8x			2.1x			1.3x			Increase
Oil, Gas & Consumable Fuels		4,058,188	Merger & Acquisition Transaction	Net Asset Value	$	15.44		$	15.44		$	15.44			Increase

See accompanying notes to financial statements.

MIST-25

Met Investors Series Trust

BlackRock High Yield Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	860,691,413
Cash		230,619
Cash denominated in foreign currencies (c)		801,598
Cash collateral (d)		4,432,000
OTC swap contracts at market value (e)		1,233,899
Unrealized appreciation on forward foreign currency exchange contracts		4,274,277
Receivable for:
Investments sold		3,750,517
Fund shares sold		147,457
Dividends and interest		10,987,752
Variation margin on futures contracts		709,595
Interest on OTC swap contracts		15,352
Variation margin on swap contracts		30,541
Prepaid expenses		2,171
Total Assets		887,307,191
Liabilities
Reverse repurchase agreements		27,435,149
Cash collateral (f)		715,000
Unrealized depreciation on forward foreign currency exchange contracts		307,909
Collateral for securities loaned		88,057,829
Payables for:
Investments purchased		1,077,101
Fund shares redeemed		279,900
Accrued expenses:
Management fees		392,285
Distribution and service fees		58,106
Deferred trustees’ fees		67,424
Other expenses		183,866
Total Liabilities		118,574,569
Net Assets	$	768,732,622
Net assets consist of:
Paid in surplus	$	709,530,361
Undistributed net investment income		57,025,627
Accumulated net realized gain		6,513,107
Unrealized depreciation on investments, futures contracts, swap contracts and foreign currency transactions		(4,336,473	)
Net Assets	$	768,732,622
Net Assets
Class A	$	495,698,808
Class B		273,033,814
Capital Shares Outstanding*
Class A		60,294,562
Class B		33,561,035
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	8.22
Class B		8.14

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

(a) Identified cost of investments was $867,304,215.

(b) Includes securities loaned at value of $89,944,671.

(c) Identified cost of cash denominated in foreign currencies was $804,875.

(d) Includes collateral of $2,837,000 for futures contracts and $1,595,000 for centrally cleared swap contracts.

(e) Net premium paid on OTC swap contracts was $796,268.

(f) Includes collateral of $400,000 for OTC swap contracts and $315,000 for reverse repurchase agreements.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	1,693,220
Interest (a)		50,093,976
Securities lending income		315,175
Total investment income		52,102,371
Expenses
Management fees		4,977,598
Administration fees		19,715
Custodian and accounting fees		304,752
Distribution and service fees—Class B		766,197
Interest expense		126,767
Audit and tax services		73,338
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		78,108
Insurance		5,373
Miscellaneous		16,734
Total expenses		6,446,662
Net Investment Income		45,655,709
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		20,193,401
Futures contracts		(2,497,567	)
Written options		(3,571	)
Swap contracts		(1,814,014	)
Foreign currency transactions		3,582,740
Net realized gain		19,460,989
Net change in unrealized appreciation (depreciation) on:
Investments		(40,149,135	)
Futures contracts		(1,737,097	)
Swap contracts		785,067
Foreign currency transactions		5,943,151
Net change in unrealized depreciation		(35,158,014	)
Net realized and unrealized loss		(15,697,025	)
Net Increase in Net Assets From Operations	$	29,958,684

(a) Net of foreign withholding taxes of $1,294.

See accompanying notes to financial statements.

MIST-26

Met Investors Series Trust

BlackRock High Yield Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	45,655,709		$	52,896,564
Net realized gain		19,460,989			37,400,619
Net change in unrealized depreciation		(35,158,014	)		(10,492,276	)
Increase in net assets from operations		29,958,684			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	)
Decrease in net assets from capital share transactions		(18,612,421	)		(68,008,509	)
Total decrease in net assets		(78,533,141	)		(67,286,622	)
Net Assets
Beginning of period		847,265,763			914,552,385
End of period	$	768,732,622		$	847,265,763
Undistributed net investment income
End of period	$	57,025,627		$	53,669,309

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		11,132,160		$	92,750,541			19,515,643		$	168,265,167
Reinvestments		6,964,453			56,969,227			5,784,726			48,418,154
Redemptions		(18,523,055	)		(154,702,014	)		(30,621,408	)		(271,693,816	)
Net decrease		(426,442	)	$	(4,982,246	)		(5,321,039	)	$	(55,010,495	)
Class B
Sales		8,398,737		$	71,047,469			10,678,244		$	91,286,248
Reinvestments		4,057,975			32,910,177			3,690,116			30,664,866
Redemptions		(14,083,717	)		(117,587,821	)		(15,888,593	)		(134,949,128	)
Net decrease		(1,627,005	)	$	(13,630,175	)		(1,520,233	)	$	(12,998,014	)
Decrease derived from capital shares transactions				$	(18,612,421	)				$	(68,008,509	)

See accompanying notes to financial statements.

MIST-27

Met Investors Series Trust

BlackRock High Yield Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	8.86		$	8.93		$	8.36		$	8.70		$	8.02
Income (Loss) from Investment Operations
Net investment income (a)		0.48			0.54			0.59			0.59			0.63
Net realized and unrealized gain (loss) on investments		(0.16	)		0.26			0.73			(0.35	)		0.62
Total from investment operations		0.32			0.80			1.32			0.24			1.25
Less Distributions
Distributions from net investment income		(0.55	)		(0.62	)		(0.64	)		(0.58	)		(0.57	)
Distributions from net realized capital gains		(0.41	)		(0.25	)		(0.11	)		0.00			0.00
Total distributions		(0.96	)		(0.87	)		(0.75	)		(0.58	)		(0.57	)
Net Asset Value, End of Period	$	8.22		$	8.86		$	8.93		$	8.36		$	8.70
Total Return (%) (b)		3.65	(d)		9.52			16.80	(c)		2.50			16.10
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.68			0.69			0.65			0.65			0.65
Ratio of expenses to average net assets excluding interest expense (%)		0.67			0.66			0.65			0.65			0.65
Ratio of net investment income to average net assets (%)		5.60			6.18			6.90			6.91			7.60
Portfolio turnover rate (%)		70			108			85			99			99
Net assets, end of period (in millions)	$	495.7		$	538.3		$	589.6		$	518.4		$	679.1
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	8.78		$	8.85		$	8.29		$	8.64		$	7.98
Income (Loss) from Investment Operations
Net investment income (a)		0.45			0.51			0.56			0.56			0.60
Net realized and unrealized gain (loss) on investments		(0.15	)		0.27			0.74			(0.34	)		0.62
Total from investment operations		0.30			0.78			1.30			0.22			1.22
Less Distributions
Distributions from net investment income		(0.53	)		(0.60	)		(0.63	)		(0.57	)		(0.56	)
Distributions from net realized capital gains		(0.41	)		(0.25	)		(0.11	)		0.00			0.00
Total distributions		(0.94	)		(0.85	)		(0.74	)		(0.57	)		(0.56	)
Net Asset Value, End of Period	$	8.14		$	8.78		$	8.85		$	8.29		$	8.64
Total Return (%) (b)		3.42	(d)		9.33			16.54	(c)		2.34			15.77
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.93			0.94			0.90			0.90			0.90
Ratio of expenses to average net assets excluding interest expense (%)		0.92			0.91			0.90			0.90			0.90
Ratio of net investment income to average net assets (%)		5.34			5.94			6.65			6.66			7.29
Portfolio turnover rate (%)		70			108			85			99			99
Net assets, end of period (in millions)	$	273.0		$	309.0		$	324.9		$	270.4		$	238.0

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

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

(c) 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.

(d) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio 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-28

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

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

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

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

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

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

MIST-29

Met Investors Series Trust

BlackRock High Yield Portfolio

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

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

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

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

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

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

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

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

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

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

MIST-30

Met Investors Series Trust

BlackRock High Yield Portfolio

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

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, swap transactions, return of capital adjustments 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $1,990,178, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

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

For the year ended December 31, 2014, the Portfolio had an outstanding reverse repurchase agreement balance for 365 days. The average amount of borrowings was $30,623,263 and the weighted average interest rate was 0.41% during the 365 day period.

MIST-31

Met Investors Series Trust

BlackRock High Yield Portfolio

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

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

Counterparty	Reverse Repurchase Agreements		Collateral Pledged			Net Amount1
Barclays Bank	$	2,593,480	$	(2,593,480	)		—
Credit Suisse Securities (USA) LLC		5,938,669		(5,938,669	)
Deutsche Bank Securities, Inc.		18,903,000		(18,903,000	)		—
	$	27,435,149	$	(27,435,149	)		—

¹  Collateral with a value of $30,277,834 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.

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

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either

MIST-32

Met Investors Series Trust

BlackRock High Yield Portfolio

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

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

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

3. Investments in Derivative Instruments

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

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

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

MIST-33

Met Investors Series Trust

BlackRock High Yield Portfolio

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

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

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

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

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

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

Written Options

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

Put Options	Number of Contracts			Premium Received
Options outstanding December 31, 2013		—			—
Options written		10,800			512,382
Options bought back		(4,900	)		(199,123	)
Options expired		(5,900	)		(313,259	)
Options outstanding December 31, 2014		—			—

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

MIST-34

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 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-35

Met Investors Series Trust

BlackRock High Yield Portfolio

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

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

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

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

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

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

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Credit	OTC swap contracts at market value (a)	$	1,233,899
				Unrealized depreciation on centrally cleared swap contracts* (b)	$	38,412
Equity				Unrealized depreciation on futures contracts** (b)		2,025,065
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		4,274,277	Unrealized depreciation on forward foreign currency exchange contracts		307,909
Total		$	5,508,176		$	2,371,386

* 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 $15,352.

(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.

MIST-36

Met Investors Series Trust

BlackRock High Yield Portfolio

Notes to Financial Statements—December 31, 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”)(see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	1,041,957	$	—		$	—		$	1,041,957
BNP Paribas S.A.		9,858		(9,858	)		—			—
Credit Suisse International		882,619		—			(873,595	)		9,024
Deutsche Bank AG		271,237		(2,890	)		(268,347	)		—
JPMorgan Chase Bank N.A.		3,235,282		—			—			3,235,282
Toronto Dominion Bank		42,303		—			—			42,303
UBS AG		24,920		(24,920	)		—			—
	$	5,508,176	$	(37,668	)	$	(1,141,942	)	$	4,328,566

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

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Bank of America N.A.	$	69,010	$	—		$	—	$	69,010
BNP Paribas S.A.		42,259		(9,858	)		—		32,401
Citibank N.A.		12,606		—			—		12,606
Deutsche Bank AG		2,890		(2,890	)		—		—
Goldman Sachs & Co.		57,528		—			—		57,528
Standard Chartered Bank		22,233		—			—		22,233
State Street Bank and Trust		69,483		—			—		69,483
UBS AG		31,900		(24,920	)		—		6,980
	$	307,909	$	(37,668	)	$	—	$	270,241

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

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

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

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

Statement of Operations Location—Net Realized Gain (Loss)	Credit			Equity			Foreign Exchange		Total
Investments (a)	$	—		$	(1,206,849	)	$	—	$	(1,206,849	)
Forward foreign currency transactions		—			—			4,175,178		4,175,178
Futures contracts		—			(2,497,567	)		—		(2,497,567	)
Swap contracts		(1,814,014	)		—			—		(1,814,014	)
Written options		—			(3,571	)		—		(3,571	)
	$	(1,814,014	)	$	(3,707,987	)	$	4,175,178	$	(1,346,823	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Credit			Equity			Foreign Exchange		Total
Forward foreign currency transactions	$	—		$	—		$	6,046,192	$	6,046,192
Futures contracts		—			(1,737,097	)		—		(1,737,097	)
Swap contracts		785,067			—			—		785,067
	$	785,067		$	(1,737,097	)	$	6,046,192	$	5,094,162

MIST-37

Met Investors Series Trust

BlackRock High Yield Portfolio

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

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

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	144,167
Forward foreign currency transactions		113,055,877
Futures contracts short		(17,146	)
Swap contracts		25,680,848
Written options		(150,000	)

‡ Averages are based on activity levels during 2014.

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

4. Certain Risks

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

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

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

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-38

Met Investors Series Trust

BlackRock High Yield Portfolio

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

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

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

5. Investment Transactions

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

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	588,305,097	$	0	$	680,934,491

The Portfolio engaged in security transactions with other accounts managed by BlackRock Financial Management, Inc. that amounted to $441,799 in sales of investments, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$4,977,598		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 year ended December 31, 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.

MIST-39

Met Investors Series Trust

BlackRock High Yield Portfolio

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

Changes in the value of participants’ deferral accounts are reflected as Trustees’ fees and expenses in the Statement of Operations. The portion of the accrued obligations allocated to the Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

7. Contractual Obligations

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

8. Income Tax Information

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

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$70,879,327	$	67,414,452	$	19,000,077	$	11,668,568	$	89,879,404	$	79,083,020

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards		Total
$64,109,784	$	4,097,914	$	(8,938,013	)	$	—	$	59,269,685

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

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

MIST-40

Met Investors Series Trust

BlackRock High Yield Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of BlackRock High Yield 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 BlackRock High Yield Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of BlackRock High Yield Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-41

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-42

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-43

Met Investors Series Trust

BlackRock High Yield Portfolio

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

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

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

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

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

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

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

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

MIST-44

Met Investors Series Trust

BlackRock High Yield Portfolio

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

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

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

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

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

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

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

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

MIST-45

Met Investors Series Trust

BlackRock High Yield Portfolio

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

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

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

BlackRock High Yield Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and BlackRock Financial Management, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the medians of its Performance Universes and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Barclays U.S. Corporate High Yield 2% Issuer Capped Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-Advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio’s current size.

MIST-46

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Managed by CBRE Clarion Securities LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Clarion Global Real Estate Portfolio returned 13.67%, 13.27%, and 13.42%, respectively. The Portfolio’s benchmark, the FTSE EPRA/NAREIT Developed Index¹, returned 15.89%.

MARKET ENVIRONMENT / CONDITIONS

Global property stocks finished the year with strong returns in the fourth quarter, thereby generating a solid double-digit total return in 2014, handily exceeding the performance generated by broad equities and fixed income indices. Positive total return was generated in each of the major geographic regions for the quarter and year, with the U.S. real estate investment trust (“REIT”) market being a stand-out delivering a total return of 30.4% for the year, about half of which was generated during the fourth quarter. Performance among European property companies and those in the Asia-Pacific region was also positive for the year, although the dispersion of returns was high. Property company returns were strong for a number of reasons including attractive and rising dividends, strong earnings growth via both organic as well as external growth, and rising real estate values during the year. Interest rates and inflationary pressures remained lower than what was expected at the beginning of the year.

Real estate stocks continue to benefit from a favorable environment of continued low interest rates, limited new supply, and improving demand for real estate space, leading to higher occupancies, rents and values. Economic conditions are improving in most of the developed markets around the globe, although the rate of improvement varies dramatically, from relatively robust in the U.S. and U.K., to tepid recoveries in the eurozone and Japan, to deceleration in China. Sentiment toward growth has recently been dampened by increased geopolitical events, including trade sanctions with Russia and regional conflict in the Middle East. Inflationary pressures remain low, aided by a softening in the price of commodities, particularly a lower price of oil, which has recently become accentuated. This bodes well for continued low intermediate and long-term interest rates. Despite the U.S. Federal Reserve Bank completing its quantitative easing program and potentially increasing short-term policy rates sometime next year, the outlook for long-term interest rates remains relatively benign. Many market observers are calling for a “new normal” of long-term rates well below those observed in the late 20th century. This combination of slow and steady economic growth and low long-term interest rates bodes well for real estate and real estate securities, which generate a material component of total return from current yield. Low levels of new construction globally also suggest that owners of existing properties should continue to enjoy improved pricing power. With visible earnings growth in the 6-7% range for this year and next, and dividends growing at about the same pace as earnings, real estate companies continue to offer investors an attractive investment option anchored by current income via the dividend.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Portfolio performance trailed the benchmark during the one year period, primarily as the result of positioning in the Asia-Pacific region. Relative performance in the Asia-Pacific region proved to be challenging, as positioning in Japan was the primary detractor from relative performance during the year. Japanese property companies underperformed despite significant monetary and fiscal stimulus from the Japanese government and clear evidence of improving property fundamentals. Positive contributors to relative return for the year included stock selection in both the Americas and Europe, where selection among the U.S. office, mall and apartment REITs added value as did positions in office companies in London and residential companies in Germany. The Portfolio’s underweight positioning in Canada added considerable relative value for the year, given the underperformance of Canadian real estate companies amidst tepid economic growth.

In the U.S., we prefer the industrial and apartment sectors as well as coastal central business district office and high-end mall companies; we are more cautious on the storage, net lease and healthcare sectors. Over the year, Portfolio positioning emphasized property types which can benefit the most from improving economic conditions. By geography, this includes many of the gateway cities located in the northeast and in California, such as New York, San Francisco and Los Angeles. We have expected the apartment and mall companies to continue to perform well as job growth and consumer spending continues to improve. At period end, we remained cautious on the more bond-like sectors of net lease and healthcare properties, but take into account potential syndicate activity and takeover possibilities in our portfolio positioning. We additionally recognized the attractiveness of current yield via the dividend in some of these lower growth sectors.

Investments in Europe focused on companies with higher growth characteristics, such as London office companies and German residential, both which have reported steadily improving rental growth. Elsewhere on the Continent, the Portfolio included select value names which offer a high level of cash flow and dividend yield. Although many of the companies and markets are characterized by slow growth, we believed that real estate fundamentals likely improve over time, albeit gradually. At year end, the investment market remained extremely active with elevated demand for prime properties in London and Paris. We also believed that there may be more merger and acquisition activity involving euro zone property companies.

As of year end, positioning in the Asia-Pacific region continued to tread carefully around decelerating economic growth in mainland China, and ever-changing government policies aimed at limiting price appreciation for the residential sectors in Hong Kong, Singapore and mainland China. We have nonetheless “picked our spots” depending on what we believe to be priced into the market. We have been more positive on the office and retail property types in these markets, and selective on residential, depending on the market. We continued to favor the Tokyo office market, which is showing continued improved

MIST-1

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Managed by CBRE Clarion Securities LLC

Portfolio Manager Commentary*—(Continued)

occupancies and accelerating rental growth after years of stagnation. Land values in Tokyo have recently improved and office vacancy has tightened. While gradual, improvement in Tokyo office rents remained steady and visible.

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

MIST-2

Met Investors Series Trust

Clarion Global Real Estate Portfolio

A $10,000 INVESTMENT COMPARED TO THE FTSE EPRA /NAREIT DEVELOPED INDEX

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

	1 Year		5 Year		10 Year
Clarion Global Real Estate Portfolio
Class A		13.67		10.41		5.63
Class B		13.27		10.13		5.36
Class E		13.42		10.24		5.47
FTSE EPRA /NAREIT Developed Index		15.89		12.03		6.90

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Simon Property Group, Inc. (REIT)		3.6
Mitsui Fudosan Co., Ltd.		3.4
Equity Residential (REIT)		3.3
Mitsubishi Estate Co., Ltd.		3.0
Health Care REIT, Inc. (REIT)		2.9
Sun Hung Kai Properties, Ltd.		2.7
ProLogis, Inc. (REIT)		2.7
Host Hotels & Resorts, Inc. (REIT)		2.7
Vornado Realty Trust (REIT)		2.2
AvalonBay Communities, Inc. (REIT)		2.2

Top Countries

	% of Net Assets
United States		49.2
Japan		13.7
United Kingdom		7.9
Hong Kong		7.6
Australia		6.6
France		4.2
Singapore		4.1
Germany		3.1
Canada		1.2
Netherlands		1.1

MIST-3

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

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

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Clarion Global Real Estate Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.64	%	$	1,000.00	$	1,019.70	$	3.26
	Hypothetical*		0.64	%	$	1,000.00	$	1,021.98	$	3.26
Class B	Actual		0.89	%	$	1,000.00	$	1,018.10	$	4.53
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.72	$	4.53
Class E	Actual		0.79	%	$	1,000.00	$	1,018.90	$	4.02
	Hypothetical*		0.79	%	$	1,000.00	$	1,021.22	$	4.02

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

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

MIST-4

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—99.2% of Net Assets

Security Description	Shares		Value
Australia—6.6%
Federation Centres, Ltd. (REIT) (a)		8,522,900	$	19,835,891
Goodman Group (REIT) (a)		5,982,883		27,580,901
Investa Office Fund (REIT) (a)		3,971,907		11,731,674
Mirvac Group (REIT)		18,353,527		26,506,222
Scentre Group (REIT) (b)		4,276,791		12,161,231
Stockland (REIT) (a)		6,643,078		22,191,625
Westfield Corp. (REIT) (b)		1,267,459		9,266,674
				129,274,218
Canada—1.2%
Boardwalk Real Estate Investment Trust (REIT)		159,700		8,459,234
Canadian Real Estate Investment Trust (REIT)		182,300		7,184,986
RioCan Real Estate Investment Trust (REIT)		329,600		7,498,131
				23,142,351
France—4.2%
Icade S.A. (REIT) (a)		145,346		11,638,446
Klepierre (REIT)		592,350		25,514,422
Mercialys S.A. (REIT)		329,000		7,338,653
Unibail-Rodamco SE (Euronext Amsterdam) (REIT)		146,562		37,459,425
Unibail-Rodamco SE (Euronext Paris) (REIT)		5,219		1,344,201
				83,295,147
Germany—3.1%
Deutsche Annington Immobilien SE		198,544		6,753,565
Deutsche Wohnen AG		67,100		1,594,312
GAGFAH S.A. (b)		957,482		21,423,192
LEG Immobilien AG (b)		408,564		30,650,997
				60,422,066
Hong Kong—7.6%
China Overseas Land & Investment, Ltd.		4,548,000		13,451,181
Hang Lung Properties, Ltd.		2,557,300		7,126,909
Hongkong Land Holdings, Ltd.		3,661,645		24,645,416
Link REIT (The) (REIT)		3,172,800		19,785,202
New World Development Co., Ltd.		12,798,400		14,639,137
Sun Hung Kai Properties, Ltd.		3,541,600		53,553,970
Swire Properties, Ltd.		5,497,900		16,260,864
				149,462,679
Japan—13.7%
GLP J-REIT (REIT)		7,739		8,575,839
Japan Hotel REIT Investment Corp. (REIT)		7,182		4,598,414
Japan Real Estate Investment Corp. (REIT)		3,979		19,149,396
Japan Retail Fund Investment Corp. (REIT)		12,183		25,691,925
Kenedix Realty Investment Corp. (REIT) (a)		2,050		11,508,322
Mitsubishi Estate Co., Ltd.		2,766,756		58,556,601
Mitsui Fudosan Co., Ltd.		2,517,574		67,711,456
Nippon Prologis REIT, Inc. (REIT)		5,081		11,015,250
NTT Urban Development Corp.		710,000		7,122,314
Orix JREIT, Inc. (REIT) (a)		8,521		11,928,139
Sumitomo Realty & Development Co., Ltd.		808,300		27,535,108
Tokyo Tatemono Co., Ltd.		457,300		3,330,357
Japan—(Continued)
United Urban Investment Corp. (REIT)		8,367		13,142,344
				269,865,465
Netherlands—1.1%
Corio NV (REIT)		115,906		5,656,513
Eurocommercial Properties NV (REIT) (a)		164,257		6,967,761
Nieuwe Steen Investments NV (REIT) (c)		2,032,540		9,051,332
				21,675,606
Singapore—4.1%
CapitaCommercial Trust (REIT) (a)		14,984,500		19,834,924
CapitaLand, Ltd. (a)		10,441,300		25,942,372
Global Logistic Properties, Ltd. (a)		11,528,400		21,560,523
Suntec Real Estate Investment Trust (REIT) (a)		8,297,200		12,264,591
				79,602,410
Sweden—0.4%
Hufvudstaden AB - A Shares		522,248		6,779,116
Switzerland—0.5%
PSP Swiss Property AG (b)		108,541		9,345,771
United Kingdom—7.9%
British Land Co. plc (REIT)		2,699,510		32,429,437
Derwent London plc (REIT)		510,040		23,822,536
Great Portland Estates plc (REIT)		1,879,424		21,479,434
Hammerson plc (REIT)		2,603,177		24,330,591
Land Securities Group plc (REIT)		2,343,012		41,925,552
Safestore Holdings plc (REIT)		1,927,700		6,967,985
Unite Group plc		588,637		4,265,077
				155,220,612
United States—48.8%
American Realty Capital Properties, Inc. (REIT)		2,126,081		19,241,033
AvalonBay Communities, Inc. (REIT) (a)		260,480		42,559,827
BioMed Realty Trust, Inc. (REIT) (a)		655,700		14,123,778
Boston Properties, Inc. (REIT)		153,962		19,813,370
Brandywine Realty Trust (REIT)		556,300		8,889,674
Brixmor Property Group, Inc. (REIT)		554,200		13,766,328
Cousins Properties, Inc. (REIT)		489,800		5,593,516
DCT Industrial Trust, Inc. (REIT)		272,327		9,711,181
DDR Corp. (REIT) (a)		1,549,433		28,447,590
Douglas Emmett, Inc. (REIT)		756,359		21,480,596
Duke Realty Corp. (REIT)		1,151,023		23,250,665
Equity Residential (REIT)		908,150		65,241,496
Essex Property Trust, Inc. (REIT)		159,830		33,020,878
General Growth Properties, Inc. (REIT)		1,437,044		40,424,048
Health Care REIT, Inc. (REIT)		750,357		56,779,514
Healthcare Realty Trust, Inc. (REIT)		498,975		13,631,997
Healthcare Trust of America, Inc. (REIT) - Class A (a)		433,450		11,677,143
Highwoods Properties, Inc. (REIT) (a)		109,478		4,847,686
Hilton Worldwide Holdings, Inc. (b)		561,700		14,654,753
Host Hotels & Resorts, Inc. (REIT)		2,209,777		52,526,399
Kilroy Realty Corp. (REIT)		418,000		28,871,260

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
United States—(Continued)
Kimco Realty Corp. (REIT)		726,900	$	18,274,266
Lexington Realty Trust (REIT) (a)		673,539		7,395,458
Liberty Property Trust (REIT)		51,785		1,948,670
Macerich Co. (The) (REIT)		236,088		19,692,100
Paramount Group, Inc. (REIT) (b)		984,800		18,307,432
Pebblebrook Hotel Trust (REIT)		212,500		9,696,375
Post Properties, Inc. (REIT)		272,700		16,026,579
ProLogis, Inc. (REIT)		1,236,092		53,189,039
Public Storage (REIT)		115,660		21,379,751
Ramco-Gershenson Properties Trust (REIT)		370,900		6,950,666
Simon Property Group, Inc. (REIT)		384,239		69,973,764
SL Green Realty Corp. (REIT) (a)		346,660		41,259,473
Spirit Realty Capital, Inc. (REIT)		1,656,600		19,696,974
Strategic Hotels & Resorts, Inc. (REIT) (b)		1,023,400		13,539,582
Sun Communities, Inc. (REIT) (a)		192,300		11,626,458
Sunstone Hotel Investors, Inc. (REIT)		525,800		8,680,958
Tanger Factory Outlet Centers, Inc. (REIT) (a)		218,567		8,078,236
Taubman Centers, Inc. (REIT)		128,832		9,845,341
UDR, Inc. (REIT)		1,063,875		32,788,627
Vornado Realty Trust (REIT)		363,652		42,805,477
				959,707,958
Total Common Stocks (Cost $1,665,701,755)				1,947,793,399
Warrant—0.0%
Hong Kong—0.0%
Sun Hung Kai Properties, Ltd., Expires 04/22/16 (b) (Cost $0)		168,800		426,645
Short-Term Investments—5.5%
Mutual Fund—5.1%
State Street Navigator Securities Lending MET Portfolio (d)		100,616,231		100,616,231
Repurchase Agreement—0.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $8,296,313 on 01/02/15, collateralized by $8,475,000 U.S. Treasury Bill at 0.000% due 08/20/15 with a value of $8,466,525.		8,296,313		8,296,313
Total Short-Term Investments (Cost $108,912,544)				108,912,544
Total Investments—104.7% (Cost $1,774,614,299) (e)				2,057,132,588
Other assets and liabilities (net)—(4.7)%				(92,128,996	)
Net Assets—100.0%			$	1,965,003,592

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

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $94,843,277 and the collateral received consisted of cash in the amount of $100,616,231. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

(b) Non-income producing security.

(c) Illiquid security. As of December 31, 2014, these securities represent 0.5% of net assets.

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

(e) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,832,189,744. The aggregate unrealized appreciation and depreciation of investments were $253,014,004 and $(28,071,160), respectively, resulting in net unrealized appreciation of $224,942,844 for federal income tax purposes.

(REIT)— A Real Estate Investment Trust is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interest.

Ten Largest Industries as of December 31, 2014	% of Net Assets
Retail REIT’s		21.3
Diversified REIT’s		15.7
Office REIT’s		13.5
Diversified Real Estate Activities		13.2
Residential REIT’s		10.7
Specialized REIT’s		9.9
Real Estate Operating Companies		7.7
Industrial REIT’s		5.6
Hotels, Resorts & Cruise Lines		1.0
Real Estate Development		0.7

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	129,274,218		$	—	$	129,274,218
Canada		23,142,351		—			—		23,142,351
France		1,344,201		81,950,946			—		83,295,147
Germany		—		60,422,066			—		60,422,066
Hong Kong		—		149,462,679			—		149,462,679
Japan		—		269,865,465			—		269,865,465
Netherlands		—		21,675,606			—		21,675,606
Singapore		—		79,602,410			—		79,602,410
Sweden		—		6,779,116			—		6,779,116
Switzerland		—		9,345,771			—		9,345,771
United Kingdom		—		155,220,612			—		155,220,612
United States		959,707,958		—			—		959,707,958
Total Common Stocks		984,194,510		963,598,889			—		1,947,793,399
Total Warrant*		426,645		—			—		426,645
Short-Term Investments
Mutual Fund		100,616,231		—			—		100,616,231
Repurchase Agreement		—		8,296,313			—		8,296,313
Total Short-Term Investments		100,616,231		8,296,313			—		108,912,544
Total Investments	$	1,085,237,386	$	971,895,202		$	—	$	2,057,132,588
Collateral for securities loaned (Liability)	$	—	$	(100,616,231	)	$	—	$	(100,616,231	)

* 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

December 31, 2014

Assets
Investments at value (a) (b)	$	2,057,132,588
Receivable for:
Investments sold		24,777,384
Fund shares sold		975,103
Dividends		7,725,036
Prepaid expenses		5,237
Total Assets		2,090,615,348
Liabilities
Collateral for securities loaned		100,616,231
Payables for:
Investments purchased		22,264,945
Fund shares redeemed		1,182,090
Accrued expenses:
Management fees		996,306
Distribution and service fees		153,631
Deferred trustees’ fees		67,424
Other expenses		331,129
Total Liabilities		125,611,756
Net Assets	$	1,965,003,592
Net assets consist of:
Paid in surplus	$	1,936,744,510
Undistributed net investment income		12,158,819
Accumulated net realized loss		(266,371,814	)
Unrealized appreciation on investments and foreign currency transactions		282,472,077
Net Assets	$	1,965,003,592
Net Assets
Class A	$	1,228,276,698
Class B		691,416,800
Class E		45,310,094
Capital Shares Outstanding*
Class A		98,830,919
Class B		55,918,234
Class E		3,650,994
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.43
Class B		12.36
Class E		12.41

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

(a) Identified cost of investments was $1,774,614,299.

(b) Includes securities loaned at value of $94,843,277.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	51,670,627
Interest		513
Securities lending income		563,474
Total investment income		52,234,614
Expenses
Management fees		11,471,028
Administration fees		44,910
Custodian and accounting fees		556,251
Distribution and service fees—Class B		1,612,168
Distribution and service fees—Class E		66,256
Audit and tax services		51,648
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		177,640
Insurance		12,066
Miscellaneous		16,698
Total expenses		14,086,745
Less broker commission recapture		(246,473	)
Net expenses		13,840,272
Net Investment Income		38,394,342
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		151,686,859
Foreign currency transactions		(337,867	)
Net realized gain		151,348,992
Net change in unrealized appreciation (depreciation) on:
Investments		55,402,675
Foreign currency transactions		(33,298	)
Net change in unrealized appreciation		55,369,377
Net realized and unrealized gain		206,718,369
Net Increase in Net Assets From Operations	$	245,112,711

(a) Net of foreign withholding taxes of $3,312,468.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	38,394,342		$	35,328,399
Net realized gain		151,348,992			115,426,447
Net change in unrealized appreciation (depreciation)		55,369,377			(90,627,675	)
Increase in net assets from operations		245,112,711			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 (decrease) in net assets from capital share transactions		(16,568,464	)		188,328,915
Total increase in net assets		196,023,269			128,095,548
Net Assets
Beginning of period		1,768,980,323			1,640,884,775
End of period	$	1,965,003,592		$	1,768,980,323
Undistributed (distributions in excess of) net investment income
End of period	$	12,158,819		$	(14,766,382	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		6,814,925		$	78,205,262			13,771,107		$	161,126,875
Reinvestments		2,040,529			23,262,027			6,916,165			80,780,804
Redemptions		(17,702,714	)		(210,017,444	)		(6,954,377	)		(81,838,491	)
Net increase (decrease)		(8,847,260	)	$	(108,550,155	)		13,732,895		$	160,069,188
Class B
Sales		6,188,707		$	71,902,954			6,422,374		$	72,661,651
Fund subscription in kind (a)		11,028,735			126,168,723			0			0
Reinvestments		751,208			8,533,728			3,143,932			36,595,373
Redemptions		(9,509,141	)		(112,468,877	)		(7,402,764	)		(83,620,087	)
Net increase		8,459,509		$	94,136,528			2,163,542		$	25,636,937
Class E
Sales		399,419		$	4,780,019			584,704		$	6,696,848
Reinvestments		63,616			725,223			255,510			2,984,361
Redemptions		(648,455	)		(7,660,079	)		(619,786	)		(7,058,419	)
Net increase (decrease)		(185,420	)	$	(2,154,837	)		220,428		$	2,622,790
Increase (decrease) derived from capital shares transactions				$	(16,568,464	)				$	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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.14		$	11.50		$	9.32		$	10.23		$	9.58
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.24			0.27			0.23			0.27
Net realized and unrealized gain (loss) on investments		1.26			0.23			2.15			(0.73	)		1.20
Total from investment operations		1.50			0.47			2.42			(0.50	)		1.47
Less Distributions
Distributions from net investment income		(0.21	)		(0.83	)		(0.24	)		(0.41	)		(0.82	)
Total distributions		(0.21	)		(0.83	)		(0.24	)		(0.41	)		(0.82	)
Net Asset Value, End of Period	$	12.43		$	11.14		$	11.50		$	9.32		$	10.23
Total Return (%) (b)		13.67			3.76			26.30			(5.28	)		16.28
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.64			0.65			0.66			0.67			0.69
Ratio of net investment income to average net assets (%)		2.07			2.12			2.54			2.35			2.86
Portfolio turnover rate (%)		39	(c)		36			43			31			55
Net assets, end of period (in millions)	$	1,228.3		$	1,200.0		$	1,080.7		$	939.0		$	859.6
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.09		$	11.45		$	9.28		$	10.20		$	9.55
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.21			0.24			0.21			0.24
Net realized and unrealized gain (loss) on investments		1.24			0.23			2.14			(0.74	)		1.21
Total from investment operations		1.46			0.44			2.38			(0.53	)		1.45
Less Distributions
Distributions from net investment income		(0.19	)		(0.80	)		(0.21	)		(0.39	)		(0.80	)
Total distributions		(0.19	)		(0.80	)		(0.21	)		(0.39	)		(0.80	)
Net Asset Value, End of Period	$	12.36		$	11.09		$	11.45		$	9.28		$	10.20
Total Return (%) (b)		13.27			3.55			25.99			(5.59	)		16.10
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.89			0.90			0.91			0.92			0.94
Ratio of net investment income to average net assets (%)		1.84			1.86			2.29			2.09			2.60
Portfolio turnover rate (%)		39	(c)		36			43			31			55
Net assets, end of period (in millions)	$	691.4		$	526.2		$	518.7		$	443.6		$	461.3

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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.13		$	11.49		$	9.31		$	10.22		$	9.57
Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.22			0.25			0.22			0.25
Net realized and unrealized gain (loss) on investments		1.25			0.24			2.15			(0.74	)		1.21
Total from investment operations		1.48			0.46			2.40			(0.52	)		1.46
Less Distributions
Distributions from net investment income		(0.20	)		(0.82	)		(0.22	)		(0.39	)		(0.81	)
Total distributions		(0.20	)		(0.82	)		(0.22	)		(0.39	)		(0.81	)
Net Asset Value, End of Period	$	12.41		$	11.13		$	11.49		$	9.31		$	10.22
Total Return (%) (b)		13.42			3.63			26.13			(5.41	)		16.14
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.79			0.80			0.81			0.82			0.84
Ratio of net investment income to average net assets (%)		1.92			1.96			2.38			2.17			2.68
Portfolio turnover rate (%)		39	(c)		36			43			31			55
Net assets, end of period (in millions)	$	45.3		$	42.7		$	41.5		$	35.3		$	41.9

(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) Excludes the effect of subscriptions in kind activity for the year ended December 31, 2014.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

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

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

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

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

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

MIST-12

Met Investors Series Trust

Clarion Global Real Estate Portfolio

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

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

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

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

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

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

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

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

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

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

MIST-13

Met Investors Series Trust

Clarion Global Real Estate Portfolio

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

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

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

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

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $8,296,313, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

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

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

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

MIST-14

Met Investors Series Trust

Clarion Global Real Estate Portfolio

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

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

3. Certain Risks

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

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

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

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

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

4. Investment Transactions

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

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	751,623,079	$	0	$	859,685,836

MIST-15

Met Investors Series Trust

Clarion Global Real Estate Portfolio

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

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$11,471,028		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 year ended December 31, 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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$32,520,978	$	120,360,538	$	—	$	—	$	32,520,978	$	120,360,538

MIST-16

Met Investors Series Trust

Clarion Global Real Estate Portfolio

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

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Total
$61,701,237	$	—	$	224,915,812	$	(258,290,542	)	$	28,326,507

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

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $123,716,494.

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

Expiring 12/31/17		Expiring 12/31/18		Total
$	170,595,335	$	87,695,207	$	258,290,542

8. Recent Accounting Pronouncements

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

MIST-17

Met Investors Series Trust

Clarion Global Real Estate Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of the Clarion Global Real Estate 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 Clarion Global Real Estate Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Clarion Global Real Estate Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-18

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-19

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-20

Met Investors Series Trust

Clarion Global Real Estate Portfolio

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

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

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

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

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

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

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

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

MIST-21

Met Investors Series Trust

Clarion Global Real Estate Portfolio

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

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

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

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

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

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

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

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

MIST-22

Met Investors Series Trust

Clarion Global Real Estate Portfolio

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

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

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

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

Clarion Global Real Estate Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and CBRE Clarion Securities, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2014. The Board also considered that the Portfolio outperformed its Lipper Index for the one-year period ended June 30, 2014 and underperformed its Lipper Index for the three- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the FTSE EPRA/NAREIT Developed Index, for the one-year period ended October 31, 2014 and underperformed its benchmark for the three- and five-year periods ended October 31, 2014.

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

MIST-23

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Managed By ClearBridge Investments, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the ClearBridge Aggressive Growth Portfolio returned 19.12%, 18.89%, and 18.94%, respectively. The Portfolio’s benchmark, the Russell 3000 Growth Index¹, returned 12.44%.

MARKET ENVIRONMENT / CONDITIONS

Entering 2014, we expected a tougher period for equities broadly and a more difficult stock picking environment. Performance has mostly played out this way although market conditions varied considerably over the course of the year. The first half of the year was a continuation of the strong performance of 2013 with lower volatility and light trading volumes. From July on, however, we experienced a real change in the market with several severe corrections. From mid-September through mid-October the S&P 500 Index lost over 9% and volatility spiked due to global growth concerns and geopolitical risks in Russia and the Middle East. In early December, the benchmark dropped 5% as oil prices plunged. In both cases, the market rebounded strongly, recouping losses in a matter of days.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the one year period ended December 31, 2014, both stock selection and sector allocation made positive contributions to the Portfolio’s outperformance relative to the benchmark Russell 3000 Growth Index. In particular, stock selection in the Health Care, Information Technology (“IT”) and Consumer Discretionary sectors made significant contributions to relative performance. An overweight to the Health Care sector also contributed significantly to relative performance for the period.

Leading individual contributors to relative Portfolio performance during the period included Forest Laboratories, Amgen, UnitedHealth Group and Biogen Idec in the Health Care sector, as well as SanDisk in the IT sector.

Stock selection in the Energy, Materials and Industrials sectors was a significant detractor from relative performance for the period, as was an overweight to the Energy sector.

In terms of individual positions, leading detractors from relative Portfolio performance for the period included Core Laboratories and Weatherford International in the Energy sector, Cree in the IT sector, Freeport-McMoRan in the Materials sector, and Fluor in the Industrials sector

During the period, the Portfolio added new positions in ProQR Therapeutics in the Health Care sector and Nuance Communications in the IT sector. The Portfolio received shares of Actavis in the Health Care sector as a result of its acquisition of Forest Laboratories, and shares of NOW, Inc. in the Energy sector as a result of a spinoff from existing holding National Oilwell Varco. The Portfolio also acquired several classes of share of companies that are part of, or spinoffs from, Liberty Media Corp.

During the year ended December 31, 2014, the Portfolio’s positioning with regard to sector weightings was largely consistent, with average allocations concentrated in the Health Care (37.35%), Consumer Discretionary (19.53%), IT (18.15%), Energy (14.78%), Industrials (8.79%), and Materials (1.09%) sectors. The Portfolio had no holdings in the Consumer Staples, Financials, Telecom or Utilities sectors. As always, the Portfolio’s sector allocations were a function of our bottom up stock selection process.

While heightened volatility may have caused some investors to become defensive in the second half of the year, we have maintained the same growth strategy and long-term outlook for the stocks in the Portfolio. At the close of the period, we continued to look for the same characteristics in stocks that acquirers in an active M&A market are seeking: growth through strong free cash flow generation, pricing power and the ability to gain share in new markets.

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

MIST-1

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 3000 GROWTH INDEX

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

	1 Year		5 Year		10 Year
ClearBridge Aggressive Growth Portfolio
Class A		19.12		21.54		9.53
Class B		18.89		21.26		9.26
Class E		18.94		21.38		9.38
Russell 3000 Growth Index		12.44		15.89		8.50

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Biogen Idec, Inc.		8.7
Amgen, Inc.		7.4
UnitedHealth Group, Inc.		7.1
Comcast Corp. - Special Class A		6.0
Actavis plc		5.5
Anadarko Petroleum Corp.		5.3
Seagate Technology plc		4.4
SanDisk Corp.		3.9
Vertex Pharmaceuticals, Inc.		3.0
Pall Corp.		3.0

Top Sectors

	% of Net Assets
Health Care		38.8
Consumer Discretionary		20.3
Information Technology		19.5
Energy		11.2
Industrials		9.2
Materials		0.8

MIST-2

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

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

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

ClearBridge Aggressive Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.56	%	$	1,000.00	$	1,037.70	$	2.88
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.38	$	2.85
Class B(a)	Actual		0.81	%	$	1,000.00	$	1,036.60	$	4.16
	Hypothetical*		0.81	%	$	1,000.00	$	1,021.12	$	4.13
Class E(a)	Actual		0.71	%	$	1,000.00	$	1,036.90	$	3.65
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.63	$	3.62

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

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

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

MIST-3

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—99.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.1%
Engility Holdings, Inc. (a)		57,266	$	2,450,985
L-3 Communications Holdings, Inc.		582,900		73,567,809
				76,018,794
Biotechnology—20.2%
Agios Pharmaceuticals, Inc. (a) (b)		30,800		3,450,832
Amgen, Inc.		1,710,100		272,401,829
Biogen Idec, Inc. (a)		937,860		318,356,577
ImmunoGen, Inc. (a) (b)		499,700		3,048,170
Isis Pharmaceuticals, Inc. (a) (b)		498,335		30,767,203
ProQR Therapeutics NV (a)		88,300		1,913,461
Vertex Pharmaceuticals, Inc. (a)		932,672		110,801,433
				740,739,505
Commercial Services & Supplies—2.4%
ADT Corp. (The) (b)		701,612		25,419,403
Tyco International plc		1,473,125		64,611,262
				90,030,665
Communications Equipment—0.1%
ARRIS Group, Inc. (a)		122,915		3,710,804
Construction & Engineering—0.9%
Fluor Corp.		519,410		31,491,828
Electronic Equipment, Instruments & Components—2.5%
Dolby Laboratories, Inc. - Class A		295,300		12,733,336
TE Connectivity, Ltd.		1,269,625		80,303,781
				93,037,117
Energy Equipment & Services—5.7%
Core Laboratories NV (b)		514,070		61,863,184
Frank’s International NV (b)		30,500		507,215
National Oilwell Varco, Inc.		916,878		60,083,015
Weatherford International plc (a) (b)		7,614,500		87,186,025
				209,639,439
Health Care Equipment & Supplies—2.5%
Covidien plc		901,025		92,156,837
Wright Medical Group, Inc. (a) (b)		56,921		1,529,467
				93,686,304
Health Care Providers & Services—7.1%
UnitedHealth Group, Inc.		2,580,450		260,857,690
Internet & Catalog Retail—2.0%
Liberty Interactive Corp. - Class A (a)		1,867,200		54,933,024
Liberty TripAdvisor Holdings, Inc. - Class A (a)		154,420		4,153,898
Liberty Ventures - Series A (a)		419,879		15,837,836
				74,924,758
Internet Software & Services—1.1%
Facebook, Inc. - Class A (a)		535,500		41,779,710
Machinery—3.6%
Pall Corp.		1,094,100		110,733,861
Pentair plc		339,804		22,569,782
				133,303,643
Media—18.3%
AMC Networks, Inc. - Class A (a) (b)		825,825		52,662,860
Cablevision Systems Corp. - Class A (b)		3,043,100		62,809,584
CBS Corp. - Class B		323,200		17,885,888
Comcast Corp. - Class A		795,200		46,129,552
Comcast Corp. - Special Class A (b)		3,814,400		219,575,936
DIRECTV (a)		799,375		69,305,813
Liberty Broadband Corp. - Class A (a) (b)		117,647		5,892,938
Liberty Broadband Corp. - Class C (a) (b)		235,294		11,722,347
Liberty Global plc - Class A (a) (b)		299,400		15,031,377
Liberty Global plc - Series C (a)		299,400		14,464,014
Liberty Media Corp. - Class A (a)		470,588		16,597,639
Liberty Media Corp. - Class C (a)		941,176		32,969,395
Madison Square Garden Co. (The) - Class A (a) (b)		858,150		64,584,369
Starz - Class A (a) (b)		513,888		15,262,474
Viacom, Inc. - Class B		344,700		25,938,675
				670,832,861
Metals & Mining—0.9%
Freeport-McMoRan, Inc.		770,800		18,005,888
Nucor Corp. (b)		274,700		13,474,035
				31,479,923
Oil, Gas & Consumable Fuels—5.5%
Anadarko Petroleum Corp.		2,369,860		195,513,450
Newfield Exploration Co. (a)		205,400		5,570,448
				201,083,898
Pharmaceuticals—9.0%
Actavis plc (a) (b)		786,777		202,524,268
Mallinckrodt plc (a) (b)		143,915		14,251,902
Teva Pharmaceutical Industries, Ltd. (ADR)		298,100		17,143,731
Valeant Pharmaceuticals International, Inc. (a)		663,070		94,891,948
				328,811,849
Semiconductors & Semiconductor Equipment—4.6%
Broadcom Corp. - Class A		2,035,545		88,200,165
Cree, Inc. (a) (b)		1,087,200		35,029,584
Intel Corp. (b)		1,288,348		46,754,149
				169,983,898
Software—2.8%
Advent Software, Inc. (b)		8,700		266,568
Autodesk, Inc. (a)		944,300		56,714,658
Citrix Systems, Inc. (a)		616,100		39,307,180
Nuance Communications, Inc. (a) (b)		400,000		5,708,000
				101,996,406

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Technology Hardware, Storage & Peripherals—8.3%
SanDisk Corp. (b)		1,443,190	$	141,403,756
Seagate Technology plc (b)		2,448,500		162,825,250
				304,229,006
Trading Companies & Distributors—0.2%
NOW, Inc. (a) (b)		229,219		5,897,805
Total Common Stocks (Cost $2,368,999,330)				3,663,535,903
Rights—0.0%
Health Care Equipment & Supplies—0.0%
Wright Medical Group, Inc. (a)		229,340		1,096,245
Media—0.0%
Liberty Broadband Corp., Expires 01/09/15 (a) (b)		70,589		670,596
Total Rights (Cost $573,350)				1,766,841
Short-Term Investments—12.6%
Mutual Fund—12.3%
State Street Navigator Securities Lending MET Portfolio (c)		452,480,341		452,480,341
Repurchase Agreement—0.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $9,131,366 on 01/02/15, collateralized by $9,305,000 U.S. Treasury Note at 0.250% due 08/15/15 with a value of $9,316,631.		9,131,366		9,131,366
Total Short-Term Investments (Cost $461,611,707)				461,611,707
Total Investments—112.4% (Cost $2,831,184,387) (d)				4,126,914,451
Other assets and liabilities (net)—(12.4)%				(454,473,400	)
Net Assets—100.0%			$	3,672,441,051

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

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $437,715,633 and the collateral received consisted of cash in the amount of $452,480,341 and non-cash collateral with a value of $7,788. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

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

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $2,829,789,712. The aggregate unrealized appreciation and depreciation of investments were $1,375,974,877 and $(78,850,138), respectively, resulting in net unrealized appreciation of $1,297,124,739 for federal income tax purposes.

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

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	3,663,535,903	$	—		$	—	$	3,663,535,903
Total Rights*		1,766,841		—			—		1,766,841
Short-Term Investments
Mutual Fund		452,480,341		—			—		452,480,341
Repurchase Agreement		—		9,131,366			—		9,131,366
Total Short-Term Investments		452,480,341		9,131,366			—		461,611,707
Total Investments	$	4,117,783,085	$	9,131,366		$	—	$	4,126,914,451
Collateral for securities loaned (Liability)	$	—	$	(452,480,341	)	$	—	$	(452,480,341	)

* 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

December 31, 2014

Assets
Investments at value (a) (b)	$	4,126,914,451
Receivable for:
Fund shares sold		1,321,009
Dividends		849,724
Prepaid expenses		9,348
Total Assets		4,129,094,532
Liabilities
Collateral for securities loaned		452,480,341
Payables for:
Fund shares redeemed		1,836,099
Accrued expenses:
Management fees		1,694,848
Distribution and service fees		290,241
Deferred trustees’ fees		136,415
Other expenses		215,537
Total Liabilities		456,653,481
Net Assets	$	3,672,441,051
Net assets consist of:
Paid in surplus	$	3,154,297,269
Undistributed net investment income		12,004,584
Accumulated net realized loss		(789,579,866	)
Unrealized appreciation on investments and foreign currency transactions		1,295,719,064
Net Assets	$	3,672,441,051
Net Assets
Class A	$	2,285,051,904
Class B		1,335,934,907
Class E		51,454,240
Capital Shares Outstanding*
Class A		143,043,404
Class B		85,686,666
Class E		3,269,134
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.97
Class B		15.59
Class E		15.74

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

(a) Identified cost of investments was $2,831,184,387.

(b) Includes securities loaned at value of $437,715,633.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	33,585,635
Securities lending income		557,740
Total investment income		34,143,375
Expenses
Management fees		17,825,732
Administration fees		74,324
Custodian and accounting fees		215,607
Distribution and service fees—Class B		2,821,339
Distribution and service fees—Class E		64,675
Audit and tax services		47,779
Legal		24,099
Trustees’ fees and expenses		41,749
Shareholder reporting		165,270
Insurance		18,130
Miscellaneous		17,560
Total expenses		21,316,264
Less management fee waiver		(359,469	)
Less broker commission recapture		(8,541	)
Net expenses		20,948,254
Net Investment Income		13,195,121
Net Realized and Unrealized Gain
Net realized gain on investments		270,279,442
Net change in unrealized appreciation (depreciation) on:
Investments		285,991,670
Foreign currency transactions		(19,087	)
Net change in unrealized appreciation		285,972,583
Net realized and unrealized gain		556,252,025
Net Increase in Net Assets From Operations	$	569,447,146

(a) Net of foreign withholding taxes of $196,320.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	13,195,121		$	6,270,261
Net realized gain		270,279,442			88,294,221
Net change in unrealized appreciation		285,972,583			576,561,657
Increase in net assets from operations		569,447,146			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		860,283,324			124,107,518
Total increase in net assets		1,424,037,703			788,841,543
Net Assets
Beginning of period		2,248,403,348			1,459,561,805
End of period	$	3,672,441,051		$	2,248,403,348
Undistributed net investment income
End of period	$	12,004,584		$	5,973,062

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		11,450,519		$	165,200,393			24,795,424		$	296,086,154
Shares issued through acquisition (a)		52,772,184			743,032,347			0			0
Reinvestments		334,046			4,659,929			484,256			5,041,108
Redemptions		(32,745,499	)		(484,905,741	)		(19,304,630	)		(220,349,977	)
Net increase		31,811,250		$	427,986,928			5,975,050		$	80,777,285
Class B
Sales		10,599,811		$	154,932,775			14,022,239		$	159,108,442
Shares issued through acquisition (a)		37,694,063			519,047,253			0			0
Reinvestments		71,900			980,727			126,839			1,291,219
Redemptions		(18,072,447	)		(262,049,156	)		(10,434,473	)		(116,158,981	)
Net increase		30,293,327		$	412,911,599			3,714,605		$	44,240,680
Class E
Sales		485,039		$	7,145,254			449,876		$	5,186,622
Shares issued through acquisition (a)		3,216,498			44,677,162			0			0
Reinvestments		3,787			52,111			5,821			59,787
Redemptions		(2,290,344	)		(32,489,730	)		(543,104	)		(6,156,856	)
Net increase (decrease)		1,414,980		$	19,384,797			(87,407	)	$	(910,447	)
Increase derived from capital shares transactions				$	860,283,324					$	124,107,518

(a) See Note 8 of Notes to Financial Statements.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.45		$	9.26		$	7.81		$	7.55		$	6.09
Income (Loss) from Investment Operations
Net investment income (a)		0.07			0.05			0.05			0.02			0.01
Net realized and unrealized gain on investments		2.50			4.19			1.42			0.25			1.45
Total from investment operations		2.57			4.24			1.47			0.27			1.46
Less Distributions
Distributions from net investment income		(0.05	)		(0.05	)		(0.02	)		(0.01	)		(0.00	)(b)
Total distributions		(0.05	)		(0.05	)		(0.02	)		(0.01	)		(0.00	)(b)
Net Asset Value, End of Period	$	15.97		$	13.45		$	9.26		$	7.81		$	7.55
Total Return (%) (c)		19.12			45.90			18.81			3.55			24.05
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.57			0.61			0.64			0.65			0.68
Net ratio of expenses to average net assets (%) (d)		0.56			0.61			0.64			0.65			0.68
Ratio of net investment income to average net assets (%)		0.50			0.43			0.61			0.27			0.19
Portfolio turnover rate (%)		0	(e)		7			4			6			1
Net assets, end of period (in millions)	$	2,285.1		$	1,496.3		$	974.5		$	657.9		$	585.2
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.13		$	9.04		$	7.63		$	7.39		$	5.97
Income (Loss) from Investment Operations
Net investment income (a)		0.04			0.02			0.03			0.00	(f)		0.00	(f)
Net realized and unrealized gain on investments		2.44			4.10			1.38			0.24			1.42
Total from investment operations		2.48			4.12			1.41			0.24			1.42
Less Distributions
Distributions from net investment income		(0.02	)		(0.03	)		(0.00	)(b)		0.00			0.00
Total distributions		(0.02	)		(0.03	)		(0.00	)(b)		0.00			0.00
Net Asset Value, End of Period	$	15.59		$	13.13		$	9.04		$	7.63		$	7.39
Total Return (%) (c)		18.89			45.60			18.51			3.25			23.79
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82			0.86			0.89			0.90			0.93
Net ratio of expenses to average net assets (%) (d)		0.81			0.86			0.89			0.90			0.93
Ratio of net investment income (loss) to average net assets (%)		0.25			0.18			0.31			0.04			(0.06	)
Portfolio turnover rate (%)		0	(e)		7			4			6			1
Net assets, end of period (in millions)	$	1,335.9		$	727.5		$	467.3		$	421.4		$	197.5

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
	Year Ended December 31,
	2014			2013			2012			2011		2010
Net Asset Value, Beginning of Period	$	13.26		$	9.12		$	7.70		$	7.44	$	6.01
Income (Loss) from Investment Operations
Net investment income (a)		0.05			0.03			0.03			0.01		0.00	(f)
Net realized and unrealized gain on investments		2.46			4.14			1.40			0.25		1.43
Total from investment operations		2.51			4.17			1.43			0.26		1.43
Less Distributions
Distributions from net investment income		(0.03	)		(0.03	)		(0.01	)		0.00		0.00
Total distributions		(0.03	)		(0.03	)		(0.01	)		0.00		0.00
Net Asset Value, End of Period	$	15.74		$	13.26		$	9.12		$	7.70	$	7.44
Total Return (%) (c)		18.94			45.85			18.57			3.49		23.79
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72			0.76			0.79			0.80		0.83
Net ratio of expenses to average net assets (%) (d)		0.71			0.76			0.79			0.80		0.83
Ratio of net investment income to average net assets (%)		0.36			0.28			0.40			0.18		0.00	(g)
Portfolio turnover rate (%)		0	(e)		7			4			6		1
Net assets, end of period (in millions)	$	51.5		$	24.6		$	17.7		$	17.2	$	3.3

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

(e) Rounds to less than 1%.

(f) Net investment income was less than $0.01.

(g) 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—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

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

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

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

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

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

MIST-11

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

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

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

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

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

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

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

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

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

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

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

MIST-12

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

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

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

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

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

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

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $9,131,366, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

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

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

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

MIST-13

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

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

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

3. Certain Risks

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

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

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

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

4. Investment Transactions

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

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	7,921,979	$	0	$	341,625,874

The Portfolio engaged in security transactions with other accounts managed by Clearbridge Investments, LLC that amounted to $63,015,900 in sales of investments, which are included above.

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.

MIST-14

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

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

5. Investment Management Fees and Other Transactions with Affiliates

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

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$17,825,732		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.

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. The waiver reflects 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 had 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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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-15

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

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

6. Contractual Obligations

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

7. Income Tax Information

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

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$5,692,767	$	6,392,114	$	—	$	—	$	5,692,767	$	6,392,114

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Total
$12,140,999	$	—	$	1,297,113,743	$	(790,974,545	)	$	518,280,197

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

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $270,148,522.

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

Expiring 12/31/16			Expiring 12/31/17		Expiring 12/31/18		Total
$	646,544,237	*	$	130,530,096	$	13,900,212	$	790,974,545

* 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;

MIST-16

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

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

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 year ended December 31, 2014 are as follows:

Net Investment income	$	14,159,995	(a)
Net realized and unrealized gain on investments	$	616,885,954	(b)
Net increase in net assets from operations	$	631,045,949

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) $13,195,121 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) $1,295,719,064 unrealized appreciation as reported, minus $958,055,577 pro-forma December 31, 2013 unrealized appreciation, plus $270,279,442 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, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of ClearBridge Aggressive Growth 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 ClearBridge Aggressive Growth Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of ClearBridge Aggressive Growth Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-18

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-19

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-20

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

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

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

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

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

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

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

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

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

MIST-21

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

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

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

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

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

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

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

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

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

MIST-22

Met Investors Series Trust

ClearBridge Aggressive Growth Portfolio

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

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

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

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

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

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Russell 3000 Growth Index, for the one-, three-, and five-year periods ended October 31, 2014.

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

MIST-23

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Managed by Goldman Sachs Asset Management, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the Goldman Sachs Mid Cap Value Portfolio returned 13.57% and 13.23%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 14.75%.

MARKET ENVIRONMENT / CONDITIONS

The S&P 500 Index declined 0.25% in December, but finished the fourth quarter up 4.93% and gained 13.69% for the year as a whole. Diverging global economies, strong merger and acquisition (“M&A”) activity, weakening oil prices and declining U.S. interest rates were major themes affecting U.S. equities throughout 2014. The U.S. economic recovery accelerated through the year, particularly compared to other developed markets, which helped fuel U.S. corporate earnings growth and strong equity returns. Furthermore, the decline in unemployment to 5.8% and lower energy prices gave new hope to the potential for a broader consumer recovery. U.S. equity market volatility picked up during the second half of the year from exceptionally low levels mid-year, but the S&P 500 Index had no more than three consecutive down days during 2014, a feat not seen since 1928. M&A activity rose to its highest annual level since 2007, largely due to transactions within the Information Technology and Health Care sectors, which handily outperformed the broader market. Following the unexpected decline in U.S. interest rates, Real Estate Investment Trusts (REITs) and the Utilities sector also outperformed the broader market. The Energy sector underperformed during 2014, as concerns over rising U.S. supply and weakening global demand triggered a collapse in U.S. and global crude oil prices.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the year ended December 31, 2014, stock selection within the Consumer Discretionary and Utilities sectors detracted from relative returns, while selection in the Consumer Staples and Materials sectors contributed to results.

Over the previous year, Triumph Group, Inc. was the top detractor from performance at the Portfolio level. Its shares were under pressure throughout the year due to execution challenges on their 747-8 program and a lackluster growth environment, as well as timing of anticipated margin improvements. Despite underperformance in 2014, we anticipated an improvement in demand in 2015 and remained positive regarding management’s ability to meet expectations. At period end, we remained confident in management’s ability to achieve significant synergies from the acquisitions completed in 2014 and drive long-term shareholder value. Also during the year, the Portfolio’s investment in Southwestern Energy Co., another oil and natural gas exploration and production company, was a top detractor from performance, driven by weaker natural gas prices. During the fourth quarter, Southwestern Energy closed its previously announced acquisition of Marcellus and Utica shale assets from Chesapeake Energy and announced a $1 billion share buyback program. At year end, we continued to believe that Southwestern Energy has an underappreciated resource base, specifically in the Marcellus and Fayetteville Shales, and its newly acquired assets further enhance the company’s position and growth opportunities. Additionally, we remained positive on the company’s operational leverage to higher natural gas prices and encouraged by the management team’s commitment to disciplined growth, cost reductions, and shareholder returns.

Keurig Green Mountain, Inc., the leader in specialty coffee and coffeemakers, was the overall top contributor to performance. We initiated the Portfolio’s position in the company earlier this year given our conviction 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. The company’s share price rallied after the announcement that Coca-Cola agreed to purchase a 10% stake in the firm. Recognizing the quality of the business, Coca-Cola entered into a 10-year agreement to explore producing Coca-Cola products for use with Green Mountain’s Keurig Cold beverage system. However, following the stock’s strong second-half performance, we exited the Portfolio’s position and redeployed capital into names where we saw greater upside potential.

Another top contributor for the year was the Portfolio’s position in Kroger Co. Strong quarterly earnings, driven by solid execution, helped the company maintain its positive momentum throughout the year. In our view, Kroger has consistently been able to gain market share, driven by a focus on low prices, high convenience and healthy choices. Its margins appeared to have stabilized and can begin to expand following many years of investment to improve its competitive positioning. We also believed its acquisition of Harris Teeter Supermarkets could provide synergies and boost its earnings per share over the next two to three years. Furthermore, industry consolidation could be beneficial for the company due to its strong market share and stable cash flows.

At the end of the period, the top two overweight sectors in the Portfolio relative to the Russell Midcap Value Index were Consumer Discretionary and Consumer Staples, while the top two underweight sectors were Utilities and Financials. Also at the end of the period, the top two active weights relative to the Russell Midcap Value Index were the Portfolio’s positions in Gap, Inc. and FirstEnergy Corp.

MIST-1

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Managed by Goldman Sachs Asset Management, L.P.

Portfolio Manager Commentary*—(Continued)

Regardless of the market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintained 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 continued to focus on undervalued companies that we believe are in control of their own future, 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 maintained 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.

Dolores Bamford

Andrew Braun

Sean Gallagher

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

MIST-2

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

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

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

	1 Year		5 Year		10 Year
Goldman Sachs Mid Cap Value Portfolio
Class A		13.57		15.90		9.17
Class B		13.23		15.61		8.89
Russell Midcap Value Index		14.75		17.43		9.43

¹ The Russell Midcap Value Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with lower price-to-book ratios and higher forecasted growth values.

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

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

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
FirstEnergy Corp.		2.1
Sempra Energy		2.0
Gap, Inc. (The)		1.9
Lincoln National Corp.		1.9
Cigna Corp.		1.8
Principal Financial Group, Inc.		1.6
Brixmor Property Group, Inc.		1.5
Fifth Third Bancorp		1.5
Navient Corp.		1.5
ConAgra Foods, Inc.		1.5

Top Sectors

	% of Net Assets
Financials		28.5
Consumer Discretionary		14.3
Information Technology		12.2
Health Care		9.1
Industrials		8.9
Utilities		7.3
Consumer Staples		6.6
Materials		5.8
Energy		4.2

MIST-3

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

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

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Goldman Sachs Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.75	%	$	1,000.00	$	1,045.40	$	3.87
	Hypothetical*		0.75	%	$	1,000.00	$	1,021.43	$	3.82
Class B	Actual		1.00	%	$	1,000.00	$	1,044.20	$	5.15
	Hypothetical*		1.00	%	$	1,000.00	$	1,020.16	$	5.09

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

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

MIST-4

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—96.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.6%
Alliant Techsystems, Inc.		81,937	$	9,525,176
Textron, Inc.		196,272		8,265,014
Triumph Group, Inc. (a)		133,089		8,946,243
				26,736,433
Airlines—0.4%
United Continental Holdings, Inc. (b)		47,415		3,171,589
Banks—5.7%
Fifth Third Bancorp		560,701		11,424,283
Huntington Bancshares, Inc.		1,047,281		11,017,396
M&T Bank Corp. (a)		64,457		8,097,088
Signature Bank (b)		56,263		7,086,888
Zions Bancorporation		167,777		4,783,322
				42,408,977
Beverages—0.8%
Molson Coors Brewing Co. - Class B		77,007		5,738,562
Building Products—1.8%
Armstrong World Industries, Inc. (b)		114,959		5,876,704
Fortune Brands Home & Security, Inc.		164,496		7,446,734
				13,323,438
Capital Markets—2.5%
Invesco, Ltd.		257,537		10,177,862
Raymond James Financial, Inc.		149,883		8,586,797
				18,764,659
Chemicals—3.2%
Axalta Coating Systems, Ltd. (b)		184,411		4,798,374
Celanese Corp. - Series A		95,944		5,752,802
CF Industries Holdings, Inc.		26,215		7,144,636
Valspar Corp. (The)		69,139		5,979,141
				23,674,953
Communications Equipment—1.7%
Brocade Communications Systems, Inc.		559,419		6,623,521
Juniper Networks, Inc.		276,533		6,172,216
				12,795,737
Consumer Finance—2.7%
Navient Corp.		521,261		11,264,450
SLM Corp.		872,168		8,887,392
				20,151,842
Containers & Packaging—1.0%
Packaging Corp. of America		96,499		7,531,747
Diversified Financial Services—1.8%
NASDAQ OMX Group, Inc. (The)		131,063		6,285,782
Voya Financial, Inc.		164,237		6,960,364
				13,246,146
Electric Utilities—2.1%
FirstEnergy Corp. (a)		406,200		15,837,738
Electronic Equipment, Instruments & Components—0.3%
Keysight Technologies, Inc. (b)		66,484		2,245,165
Energy Equipment & Services—0.3%
Oil States International, Inc. (b)		45,695		2,234,485
Food & Staples Retailing—1.8%
Kroger Co. (The)		94,619		6,075,486
Whole Foods Market, Inc. (a)		141,865		7,152,833
				13,228,319
Food Products—3.0%
ConAgra Foods, Inc.		306,913		11,134,804
Tyson Foods, Inc. - Class A (a)		274,156		10,990,914
				22,125,718
Health Care Equipment & Supplies—1.4%
Zimmer Holdings, Inc.		90,395		10,252,601
Health Care Providers & Services—4.8%
Cardinal Health, Inc.		114,569		9,249,155
Cigna Corp.		127,563		13,127,508
Envision Healthcare Holdings, Inc. (b)		104,602		3,628,644
Laboratory Corp. of America Holdings (b)		93,900		10,131,810
				36,137,117
Health Care Technology—0.5%
Allscripts Healthcare Solutions, Inc. (b)		311,012		3,971,623
Hotels, Restaurants & Leisure—2.4%
MGM Resorts International (b)		384,073		8,211,481
Starwood Hotels & Resorts Worldwide, Inc.		115,513		9,364,639
				17,576,120
Household Durables—2.0%
Mohawk Industries, Inc. (b)		50,140		7,789,750
Toll Brothers, Inc. (b)		209,778		7,189,092
				14,978,842
Household Products—1.1%
Energizer Holdings, Inc.		66,738		8,579,837
Independent Power and Renewable Electricity Producers—0.9%
NRG Energy, Inc.		252,329		6,800,267
Insurance—8.7%
Arthur J. Gallagher & Co.		143,782		6,769,256
Everest Re Group, Ltd.		52,196		8,888,979
Genworth Financial, Inc. - Class A (b)		255,501		2,171,758
Lincoln National Corp.		248,798		14,348,181
Principal Financial Group, Inc.		234,922		12,201,849
Unum Group		148,130		5,166,774
Validus Holdings, Ltd.		142,806		5,935,017

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Insurance—(Continued)
XL Group plc		287,161	$	9,869,724
				65,351,538
Internet & Catalog Retail—1.4%
Expedia, Inc.		51,556		4,400,820
Liberty Interactive Corp. - Class A (b)		194,745		5,729,398
				10,130,218
Internet Software & Services—1.1%
AOL, Inc. (b)		91,744		4,235,820
Pandora Media, Inc. (a) (b)		229,860		4,098,404
				8,334,224
IT Services—1.3%
Xerox Corp.		678,558		9,404,814
Machinery—0.7%
Terex Corp.		192,875		5,377,355
Media—3.1%
AMC Networks, Inc. - Class A (b)		125,051		7,974,502
Liberty Broadband Corp. - Class A (b)		18,320		917,649
Liberty Broadband Corp. - Class C (b)		37,266		1,856,592
Liberty Media Corp. - Class A (b)		73,282		2,584,656
Liberty Media Corp. - Class C (b)		188,273		6,595,203
Scripps Networks Interactive, Inc. - Class A (a)		42,458		3,195,814
				23,124,416
Metals & Mining—1.6%
Carpenter Technology Corp. (a)		109,735		5,404,449
Reliance Steel & Aluminum Co.		55,760		3,416,415
TimkenSteel Corp.		93,722		3,470,526
				12,291,390
Multi-Utilities—4.2%
PG&E Corp.		201,607		10,733,557
SCANA Corp. (a)		99,148		5,988,539
Sempra Energy		134,669		14,996,740
				31,718,836
Oil, Gas & Consumable Fuels—3.9%
Chesapeake Energy Corp. (a)		388,430		7,601,575
Cimarex Energy Co.		37,036		3,925,816
Energen Corp.		9,900		631,224
Southwestern Energy Co. (a) (b)		361,617		9,868,528
Tesoro Corp. (a)		91,165		6,778,118
				28,805,261
Pharmaceuticals—2.4%
Endo International plc (b)		152,038		10,964,980
Mylan, Inc. (b)		122,335		6,896,024
				17,861,004
Professional Services—0.4%
Dun & Bradstreet Corp. (The)		22,636		2,738,051
Real Estate Investment Trusts—7.1%
AvalonBay Communities, Inc.		63,316		10,345,201
Brixmor Property Group, Inc.		462,727		11,494,139
DDR Corp.		485,745		8,918,278
RLJ Lodging Trust		234,291		7,855,777
Starwood Property Trust, Inc. (a)		402,189		9,346,873
Taubman Centers, Inc.		70,619		5,396,704
				53,356,972
Road & Rail—2.0%
Hertz Global Holdings, Inc. (b)		365,566		9,117,216
Kansas City Southern		50,517		6,164,590
				15,281,806
Semiconductors & Semiconductor Equipment—4.5%
Altera Corp.		185,768		6,862,270
Analog Devices, Inc.		89,102		4,946,943
Atmel Corp. (a) (b)		681,774		5,723,493
Broadcom Corp. - Class A		118,574		5,137,811
Maxim Integrated Products, Inc.		348,632		11,110,902
				33,781,419
Software—2.6%
Check Point Software Technologies, Ltd. (a) (b)		70,449		5,535,178
Citrix Systems, Inc. (b)		83,384		5,319,899
Informatica Corp. (b)		119,202		4,545,768
Red Hat, Inc. (b)		63,184		4,368,542
				19,769,387
Specialty Retail—4.1%
Gap, Inc. (The)		344,773		14,518,391
GNC Holdings, Inc. - Class A		88,112		4,137,739
Staples, Inc.		404,622		7,331,751
Urban Outfitters, Inc. (a) (b)		143,532		5,042,279
				31,030,160
Technology Hardware, Storage & Peripherals—0.7%
NetApp, Inc.		128,691		5,334,242
Textiles, Apparel & Luxury Goods—1.3%
Fossil Group, Inc. (b)		46,457		5,144,648
PVH Corp.		37,832		4,848,928
				9,993,576
Total Common Stocks (Cost $640,800,747)				725,196,584
Rights—0.0%
Media—0.0%
Liberty Broadband Corp., Expires 01/09/15 (b) (Cost $0)		11,118		105,621

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Short-Term Investments—12.3%

Security Description	Shares/ Principal Amount*		Value
Mutual Fund—8.9%
State Street Navigator Securities Lending MET Portfolio (c)		66,904,201	$	66,904,201
Repurchase Agreement—3.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $25,080,311 on 01/02/15, collateralized by $25,585,000 Federal Home Loan Bank at 0.200% due 08/24/15 with a value of $25,585,000.		25,080,311		25,080,311
Total Short-Term Investments (Cost $91,984,512)				91,984,512
Total Investments—109.2% (Cost $732,785,259) (d)				817,286,717
Other assets and liabilities (net)—(9.2)%				(68,587,022	)
Net Assets—100.0%			$	748,699,695

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

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $66,209,004 and the collateral received consisted of cash in the amount of $66,904,201 and non-cash collateral with a value of $1,633,815. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

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

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $734,779,080. The aggregate unrealized appreciation and depreciation of investments were $92,367,164 and $(9,859,527), respectively, resulting in net unrealized appreciation of $82,507,637 for federal income tax purposes.

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	725,196,584	$	—		$	—	$	725,196,584
Total Rights*		105,621		—			—		105,621
Short-Term Investments
Mutual Fund		66,904,201		—			—		66,904,201
Repurchase Agreement		—		25,080,311			—		25,080,311
Total Short-Term Investments		66,904,201		25,080,311			—		91,984,512
Total Investments	$	792,206,406	$	25,080,311		$	—	$	817,286,717
Collateral for securities loaned (Liability)	$	—	$	(66,904,201	)	$	—	$	(66,904,201	)

* 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

December 31, 2014

Assets
Investments at value (a) (b)	$	817,286,717
Cash		45,946
Receivable for:
Investments sold		768,709
Fund shares sold		53,881
Dividends		1,051,092
Prepaid expenses		1,922
Total Assets		819,208,267
Liabilities
Collateral for securities loaned		66,904,201
Payables for:
Investments purchased		2,539,157
Fund shares redeemed		391,196
Accrued expenses:
Management fees		452,090
Distribution and service fees		47,192
Deferred trustees’ fees		67,424
Other expenses		107,312
Total Liabilities		70,508,572
Net Assets	$	748,699,695
Net assets consist of:
Paid in surplus	$	486,561,984
Undistributed net investment income		7,397,538
Accumulated net realized gain		170,238,715
Unrealized appreciation on investments		84,501,458
Net Assets	$	748,699,695
Net Assets
Class A	$	525,134,246
Class B		223,565,449
Capital Shares Outstanding*
Class A		32,147,234
Class B		13,724,616
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	16.34
Class B		16.29

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

(a) Identified cost of investments was $732,785,259.

(b) Includes securities loaned at value of $66,209,004.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	14,292,357
Securities lending income		76,725
Total investment income		14,369,082
Expenses
Management fees		6,001,562
Administration fees		20,014
Custodian and accounting fees		92,521
Distribution and service fees—Class B		542,551
Audit and tax services		39,510
Legal		34,319
Trustees’ fees and expenses		43,760
Shareholder reporting		58,588
Insurance		5,370
Miscellaneous		12,995
Total expenses		6,851,190
Less broker commission recapture		(97,541	)
Net expenses		6,753,649
Net Investment Income		7,615,433
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		172,408,539
Futures contracts		(1,826,641	)
Net realized gain		170,581,898
Net change in unrealized depreciation on investments		(74,541,994	)
Net realized and unrealized gain		96,039,904
Net Increase in Net Assets From Operations	$	103,655,337

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	7,615,433		$	8,672,619
Net realized gain		170,581,898			189,058,934
Net change in unrealized appreciation (depreciation)		(74,541,994	)		71,562,850
Increase in net assets from operations		103,655,337			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		(215,012,894	)		11,325,875
Total increase (decrease) in net assets		(306,716,136	)		235,690,330
Net Assets
Beginning of period		1,055,415,831			819,725,501
End of period	$	748,699,695		$	1,055,415,831
Undistributed net investment income
End of period	$	7,397,538		$	7,782,605

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		745,178		$	11,581,159			6,037,861		$	94,610,806
Reinvestments		10,723,183			156,236,786			2,463,604			35,919,353
Redemptions		(26,632,402	)		(402,992,633	)		(7,012,517	)		(110,997,914	)
Net increase (decrease)		(15,164,041	)	$	(235,174,688	)		1,488,948		$	19,532,245
Class B
Sales		1,825,154		$	28,555,772			2,075,283		$	32,429,771
Reinvestments		2,688,784			39,121,793			618,859			9,010,595
Redemptions		(2,936,587	)		(47,515,771	)		(3,084,321	)		(49,646,736	)
Net increase (decrease)		1,577,351		$	20,161,794			(390,179	)	$	(8,206,370	)
Increase (decrease) derived from capital shares transactions				$	(215,012,894	)				$	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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	17.76		$	14.05		$	11.96		$	12.82		$	10.41
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.15			0.19			0.13			0.09
Net realized and unrealized gain (loss) on investments		1.84			4.32			2.01			(0.91	)		2.45
Total from investment operations		2.00			4.47			2.20			(0.78	)		2.54
Less Distributions
Distributions from net investment income		(0.15	)		(0.18	)		(0.11	)		(0.08	)		(0.13	)
Distributions from net realized capital gains		(3.27	)		(0.58	)		0.00			0.00			0.00
Total distributions		(3.42	)		(0.76	)		(0.11	)		(0.08	)		(0.13	)
Net Asset Value, End of Period	$	16.34		$	17.76		$	14.05		$	11.96		$	12.82
Total Return (%) (b)		13.57			32.95			18.46			(6.13	)		24.56
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.75			0.74			0.75			0.76			0.77
Ratio of net investment income to average net assets (%)		0.98			0.95			1.45			1.05			0.85
Portfolio turnover rate (%)		85			112			81			74			98
Net assets, end of period (in millions)	$	525.1		$	840.2		$	643.9		$	529.5		$	432.6
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	17.72		$	14.02		$	11.94		$	12.80		$	10.40
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.11			0.16			0.10			0.07
Net realized and unrealized gain (loss) on investments		1.83			4.31			2.00			(0.90	)		2.44
Total from investment operations		1.94			4.42			2.16			(0.80	)		2.51
Less Distributions
Distributions from net investment income		(0.10	)		(0.14	)		(0.08	)		(0.06	)		(0.11	)
Distributions from net realized capital gains		(3.27	)		(0.58	)		0.00			0.00			0.00
Total distributions		(3.37	)		(0.72	)		(0.08	)		(0.06	)		(0.11	)
Net Asset Value, End of Period	$	16.29		$	17.72		$	14.02		$	11.94		$	12.80
Total Return (%) (b)		13.23			32.65			18.12			(6.29	)		24.23
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		1.00			0.99			1.00			1.01			1.02
Ratio of net investment income to average net assets (%)		0.69			0.70			1.18			0.78			0.64
Portfolio turnover rate (%)		85			112			81			74			98
Net assets, end of period (in millions)	$	223.6		$	215.2		$	175.8		$	164.6		$	147.8

(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.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

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

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

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

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

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

MIST-11

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

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

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

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

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

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

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

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

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

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 Real Estate Investment Trusts (REITs) 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

MIST-12

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

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

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

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

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $25,080,311, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

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

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

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

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

3. 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—December 31, 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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 24, 2014 through April 29, 2014, the Portfolio had bought and sold $246,589,664 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized losses in the amount of $1,826,641 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; and currency, interest rate, and price fluctuations.

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

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

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

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

MIST-14

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

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

5. Investment Transactions

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

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	705,693,365	$	0	$	1,124,518,201

During the year ended December 31, 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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$6,001,562		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 year ended December 31, 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 year ended December 31, 2014 the Portfolio paid brokerage commissions to affiliated brokers/dealers:

Affiliate	Commission
Goldman Sachs & Co.	$	42,979

MIST-15

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

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

7. Contractual Obligations

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

8. Income Tax Information

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

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$77,779,694	$	17,717,033	$	117,578,885	$	27,212,915	$	195,358,579	$	44,929,948

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

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$70,559,102	$	109,138,400	$	82,507,634	$	—	$	262,205,136

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

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

9. Recent Accounting Pronouncements

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

MIST-16

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Goldman Sachs Mid Cap Value 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 Goldman Sachs Mid Cap Value Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Goldman Sachs Mid Cap Value Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-17

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

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

Trustees and Officers

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

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-18

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

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

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

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

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

MIST-19

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

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

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

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

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

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

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

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

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

MIST-20

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

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

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

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

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

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

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

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

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

MIST-21

Met Investors Series Trust

Goldman Sachs Mid Cap Value Portfolio

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

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

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

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

Goldman Sachs Mid Cap Value Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Goldman Sachs Asset Management, L.P. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

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

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size and were the lowest in the Expense Group. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe at the Portfolio’s current size.

MIST-22

Met Investors Series Trust

Harris Oakmark International Portfolio

Managed by Harris Associates L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Harris Oakmark International Portfolio returned -5.52%, -5.79%, and -5.67%, respectively. The Portfolio’s benchmark, the MSCI EAFE Index¹, returned -4.90%.

MARKET ENVIRONMENT / CONDITIONS

Over the course of 2014, major global markets and Portfolio holdings were affected by a variety of circumstances. Currency movement was one such circumstance. The U.S. dollar appreciated versus the Australian dollar (+9%), the euro (+14%) and the yen (nearly +14%) for the year. The immediate impact of this appreciation caused lower U.S. dollar returns of those non-U.S. based assets as currency declines were absorbed. Over the medium term, a weak currency effect usually complements the earnings results of most non-U.S.-based multinationals, and subsequently, has a positive influence on foreign share prices. An additional event that affected markets was the rapid decline of oil prices, with both Brent Crude and West Texas Intermediate (WTI) plummeting around 50% in 2014. Overall, this drop has translated to measurable positives for global economic growth and corporate earnings, most especially for users of transportation fuels, petrochemical, plastics and fertilizers. However, it also proved challenging for energy companies and those countries that depend on oil exports. Lastly, markets were challenged by the ongoing situation in Ukraine, as sanctions on imports from and exports to Russia saw businesses struggle to maintain normal operations and unload a surplus of goods that would have otherwise been dealt to Russia.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Both country weightings and stock selection contributed to the Portfolio’s underperformance relative to its benchmark for the period. Holdings in the U.K., the Netherlands, Hong Kong and Japan were the main detractors from relative results for the year. Performance compared with the benchmark was helped most by holdings in Germany, Italy and France.

In terms of absolute collective performance, only three of 14 countries in which we were invested delivered positive absolute returns for the year, with the most significant losses coming from the Netherlands (-13%), the U.K. (-10%) and Hong Kong (-9%). Of the 19 underlying holdings in these countries, only seven delivered positive returns for the period. Israel (+22%), Italy (+15%) and Canada (+10%) generated positive collective absolute returns for full-year 2014.

The Portfolio’s worst detractors for the year were Tesco (U.K.), Honda Motor (Japan) and Credit Suisse Group (Switzerland). The unexpected departure of the CEO, a large profit warning, and an accounting discrepancy led us to reassess our estimates of Tesco. We reduced the Portfolio’s position in the company by approximately two-thirds in the third quarter and sold all shares in Tesco by the end of the year.

Honda Motor’s share price was pressured in 2014 as a result of earnings reports that missed market expectations and costly vehicle recalls. During the second quarter of the year, Honda issued a recall of about two million vehicles related to possible faulty air bags (supplied by an outside components maker). In addition, the probe initiated by the National Highway Traffic Safety Administration regarding Honda’s failure to report air bag malfunction incidents remains ongoing. However, based on similar circumstances involving vehicle manufacturer’s recalls, we assessed that Honda’s liability will not materially impact its shareholders. We were also pleased that Honda’s fiscal first-quarter results showed an increase in net income (+19.6%) and total revenues (+5.4%) from the same period as last year and total sales in the U.S. for October increased 5.8% from a year ago. Lastly, global auto demand remains strong, which has worked to the benefit of Honda and helped improve its performance.

Credit Suisse Group’s share price declined in 2014 as the company worked to settle its U.S. tax evasion case that ultimately resulted in a $2.6 billion fine. Investors also showed concern over potential regulatory changes to capital ratios. However, considering Credit Suisse’s current level of capital, management’s ongoing efforts to minimize risk, its drive to increase shareholder returns, and the earnings power of the private banking business, we were comfortable with the company’s capital position and balance sheet. The management team also issued $5 billion of senior debt in the second quarter of 2014, its first large senior debt sale in three years. Despite its settlement with the U.S. authorities, the deal attracted $10 billion of demand. We believe this illustrated that Credit Suisse’s fundamentals are sound and it is still an attractive investment.

The Portfolio’s top contributors to performance for the year were AMP (Australia), Intesa Sanpaolo (Italy) and Olympus (Japan). AMP’s release of its fiscal full-year 2013 financial results and the subsequent release of its fiscal first-half results prompted its stock price to advance, with underlying profit beating consensus expectations. We met with AMP’s then new CEO Craig Meller in the second quarter of 2014 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 share price gained value in the first three quarters of the year as fears over Italy’s banking system and government receded. We have always believed these fears were overblown and that Italy was in much better long-term fiscal health than many of its periphery countries. Intesa’s CEO has committed to return EUR 10 billion to shareholders via dividends over the next four years. This constitutes a cumulative payout ratio in excess of 70%. Even with this return of capital to shareholders, Intesa should be over-capitalized compared with Basel III requirements, leaving the door open for additional capital returns. Additionally, management is in the process of increasing investments in fee-based businesses, including asset management and insurance, and exiting non-core businesses and investments. In our view, at year end Intesa Sanpaolo’s strategy remained solid.

MIST-1

Met Investors Series Trust

Harris Oakmark International Portfolio

Managed by Harris Associates L.P.

Portfolio Manager Commentary*—(Continued)

Investors remained optimistic throughout the year with regard to Olympus’ performance in the medical equipment business. Endoscope sales in North America rose in 2014 and offset weaker performance in Japan. During the third quarter, management forecasted 10% current-year medical segment growth owing to higher surgery revenues and greater sales of endoscopes in emerging markets, especially in China, where medical sales were growing at about 20%. We met with Yasuo Takeuchi, Director and member of the company’s board, who stated that Olympus is investing JPY 18 billion for the current fiscal year in its medical business, mostly to enlarge the sales staff and enhance its research and development capabilities in the surgical business.

Currency hedging was actively utilized throughout the year, as we still believe that many currencies are overvalued compared to the U.S. dollar. Approximately 23% of the Portfolio’s Australian dollar, 25% of the Portfolio’s Swiss franc and 14% of the Portfolio’s Swedish krona exposure were hedged at year-end.

The Portfolio finished the year with most of its equity assets invested in Europe (outside of the U.K.) and within that region, Switzerland (18%) held the most Portfolio weight. The U.K. (17%) held the next largest weighting. Both Canada and Israel (both less than 1%) account for the smallest Portfolio weightings, as these countries contained only one holding each.

As active value managers, we believe that today’s market provides exploitable opportunities, and we are constantly looking for ways to capitalize on these opportunities in order to add value for our shareholders. The issues that came to light in 2014 exemplify why a company’s nation of domicile is far less important to us than where it derives its revenues. What carries more weight in our analysis is the economics of a business, the company’s ownership structure and the alignment of management with shareholders. In 2014, it appears the U.S.-domiciled companies trumped all others, but the investing world has a history of restoring equilibrium to such imbalances. With that in mind, we continue to seek out value wherever we may find it, and all things considered we found that company valuations continue to be compelling.

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

MIST-2

Met Investors Series Trust

Harris Oakmark International Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EAFE INDEX

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

	1 Year		5 Year		10 Year
Harris Oakmark International Portfolio
Class A		-5.52		9.93		8.05
Class B		-5.79		9.67		7.78
Class E		-5.67		9.77		7.89
MSCI EAFE Index		-4.90		5.33		4.43

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Credit Suisse Group AG		4.9
BNP Paribas S.A.		3.7
Daimler AG		3.2
Cie Financiere Richemont S.A.		3.2
Honda Motor Co., Ltd.		3.2
Allianz SE		3.1
Bayerische Motoren Werke (BMW) AG		3.0
Intesa Sanpaolo S.p.A.		3.0
Daiwa Securities Group, Inc.		2.8
Experian plc		2.8

Top Countries

	% of Net Assets
Switzerland		17.6
United Kingdom		16.0
France		14.5
Japan		10.8
Germany		10.5
Netherlands		6.3
Italy		5.3
Sweden		4.1
Australia		3.6
United States		3.6

MIST-3

Met Investors Series Trust

Harris Oakmark International Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

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

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Harris Oakmark International Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.82	%	$	1,000.00	$	924.60	$	3.98
	Hypothetical*		0.82	%	$	1,000.00	$	1,021.07	$	4.18
Class B(a)	Actual		1.07	%	$	1,000.00	$	923.30	$	5.19
	Hypothetical*		1.07	%	$	1,000.00	$	1,019.81	$	5.45
Class E(a)	Actual		0.97	%	$	1,000.00	$	923.80	$	4.70
	Hypothetical*		0.97	%	$	1,000.00	$	1,020.32	$	4.94

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

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

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

MIST-4

Met Investors Series Trust

Harris Oakmark International Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—95.9% of Net Assets

Security Description	Shares		Value
Australia—3.6%
AMP, Ltd.		11,732,882	$	52,211,301
Orica, Ltd. (a)		4,457,953		68,321,488
				120,532,789
Canada—0.2%
Thomson Reuters Corp. (a)		164,100		6,620,216
France—14.5%
BNP Paribas S.A.		2,109,976		123,991,235
Christian Dior S.A.		179,171		30,612,635
Danone S.A.		1,045,739		68,795,499
Kering		391,500		75,268,862
LVMH Moet Hennessy Louis Vuitton S.A.		342,400		54,145,106
Pernod-Ricard S.A.		431,400		47,832,319
Publicis Groupe S.A.		450,915		32,295,965
Safran S.A.		788,300		48,519,051
				481,460,672
Germany—10.5%
Allianz SE		613,300		101,902,059
Bayerische Motoren Werke (BMW) AG		919,400		99,850,360
Continental AG		8,800		1,868,702
Daimler AG		1,287,400		107,408,582
SAP SE		523,500		37,014,325
				348,044,028
Hong Kong—1.4%
Melco Crown Entertainment, Ltd. (ADR) (a)		1,876,500		47,663,100
Ireland—2.8%
Experian plc		5,420,400		91,429,789
Israel—0.2%
Check Point Software Technologies, Ltd. (a) (b)		92,300		7,252,011
Italy—5.3%
Exor S.p.A.		273,000		11,137,668
Intesa Sanpaolo S.p.A.		34,385,600		99,472,052
Prada S.p.A. (a)		11,692,800		65,929,826
				176,539,546
Japan—10.8%
Canon, Inc.		744,300		23,640,366
Daiwa Securities Group, Inc. (a)		12,108,000		94,292,428
Honda Motor Co., Ltd.		3,612,700		105,056,223
Meitec Corp.		271,300		8,007,964
Olympus Corp. (b)		607,900		21,419,912
Secom Co., Ltd. (a)		253,500		14,564,108
Toyota Motor Corp.		1,450,400		90,447,766
				357,428,767
Netherlands—6.3%
Akzo Nobel NV		222,161		15,405,682
CNH Industrial NV (a)		11,205,100		90,328,878
Netherlands—(Continued)
Heineken Holding NV		326,734		20,480,527
Koninklijke Ahold NV		536,779		9,541,802
Koninklijke Philips NV		2,499,278		72,566,938
				208,323,827
South Korea—2.6%
Samsung Electronics Co., Ltd.		71,795		86,301,327
Sweden—4.1%
Atlas Copco AB - B Shares		1,412,194		36,185,857
Hennes & Mauritz AB - B Shares		707,700		29,356,679
SKF AB - B Shares		2,904,900		61,110,274
Swedish Match AB		353,344		11,021,165
				137,673,975
Switzerland—17.6%
Adecco S.A. (b)		989,625		67,793,221
Cie Financiere Richemont S.A.		1,195,300		105,876,482
Credit Suisse Group AG (b)		6,475,966		162,344,853
Holcim, Ltd. (b)		1,173,600		83,337,471
Kuehne & Nagel International AG (a)		532,800		72,424,206
Nestle S.A.		675,800		49,537,182
Schindler Holding AG (Participation Certificate)		286,900		41,397,623
				582,711,038
United Kingdom—16.0%
Diageo plc		3,143,700		90,164,929
G4S plc		1,896,000		8,159,569
GlaxoSmithKline plc		2,329,900		49,848,329
Lloyds Banking Group plc (b)		66,718,100		78,785,156
Meggitt plc		5,014,278		40,080,907
Schroders plc		1,529,662		63,397,556
Schroders plc (non-voting shares)		10,427		337,036
Smiths Group plc		2,252,244		38,119,469
Willis Group Holdings plc (a)		1,908,200		85,506,442
Wolseley plc		483,876		27,546,281
WPP plc		2,324,100		48,216,230
				530,161,904
Total Common Stocks (Cost $3,156,544,170)				3,182,142,989
Short-Term Investments—10.8%
Mutual Fund—7.2%
State Street Navigator Securities Lending MET Portfolio (c)		239,971,078		239,971,078

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Harris Oakmark International Portfolio

Schedule of Investments as of December 31, 2014

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreement—3.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $120,343,349 on 01/02/15, collateralized by $122,420,000 U.S. Government Agency obligations with rates ranging from 0.110% - 1.500%, maturity dates ranging from 01/09/15 - 01/31/19 with a value of $122,752,938.		120,343,349	$	120,343,349
Total Short-Term Investments (Cost $360,314,427)				360,314,427
Total Investments—106.7% (Cost $3,516,858,597) (d)				3,542,457,416
Other assets and liabilities (net)—(6.7)%				(222,062,459	)
Net Assets—100.0%			$	3,320,394,957

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

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $234,324,064 and the collateral received consisted of cash in the amount of $239,971,078 and non-cash collateral with a value of $6,998,538. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

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

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $3,551,994,667. The aggregate unrealized appreciation and depreciation of investments were $186,483,749 and $(196,021,000), respectively, resulting in net unrealized depreciation of $(9,537,251) for federal income tax purposes.

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

Ten Largest Industries as of December 31, 2014 (Unaudited)	% of Net Assets
Automobiles		12.1
Textiles, Apparel & Luxury Goods		10.0
Capital Markets		9.7
Banks		9.1
Insurance		7.2
Machinery		6.9
Professional Services		5.0
Beverages		4.8
Food Products		3.6
Industrial Conglomerates		3.3

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	12,711,000	State Street Bank and Trust		06/17/15	$	10,687,790	$	(427,919	)
AUD	15,394,000	State Street Bank and Trust		06/17/15		12,558,425		(132,932	)
SEK	47,377,000	State Street Bank and Trust		03/18/15		6,456,154		(377,107	)
SEK	51,023,000	State Street Bank and Trust		03/18/15		7,396,996		(850,124	)
SEK	99,397,000	State Street Bank and Trust		03/18/15		13,065,487		(311,641	)
Contracts to Deliver
AUD	62,293,000	State Street Bank and Trust		06/17/15	$	55,681,221	$	5,400,511
CHF	145,938,000	State Street Bank and Trust		09/16/15		151,293,800		3,625,253
SEK	352,344,000	State Street Bank and Trust		03/18/15		52,480,250		7,270,221
Net Unrealized Appreciation							$	14,196,262

(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 December 31, 2014

Fair Value Hierarchy

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

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

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

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

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

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

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	120,532,789		$	—	$	120,532,789
Canada		6,620,216		—			—		6,620,216
France		—		481,460,672			—		481,460,672
Germany		—		348,044,028			—		348,044,028
Hong Kong		47,663,100		—			—		47,663,100
Ireland		—		91,429,789			—		91,429,789
Israel		7,252,011		—			—		7,252,011
Italy		—		176,539,546			—		176,539,546
Japan		—		357,428,767			—		357,428,767
Netherlands		—		208,323,827			—		208,323,827
South Korea		—		86,301,327			—		86,301,327
Sweden		—		137,673,975			—		137,673,975
Switzerland		—		582,711,038			—		582,711,038
United Kingdom		85,506,442		444,655,462			—		530,161,904
Total Common Stocks		147,041,769		3,035,101,220			—		3,182,142,989
Short-Term Investments
Mutual Fund		239,971,078		—			—		239,971,078
Repurchase Agreement		—		120,343,349			—		120,343,349
Total Short-Term Investments		239,971,078		120,343,349			—		360,314,427
Total Investments	$	387,012,847	$	3,155,444,569		$	—	$	3,542,457,416
Collateral for securities loaned (Liability)	$	—	$	(239,971,078	)	$	—	$	(239,971,078	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	16,295,985		$	—	$	16,295,985
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(2,099,723	)		—		(2,099,723	)
Total Forward Contracts	$	—	$	14,196,262		$	—	$	14,196,262

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Harris Oakmark International Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	3,542,457,416
Unrealized appreciation on forward foreign currency exchange contracts		16,295,985
Receivable for:
Investments sold		9,333,732
Fund shares sold		1,501,005
Dividends		7,944,329
Prepaid expenses		9,341
Total Assets		3,577,541,808
Liabilities
Due to bank cash denominated in foreign currencies (c)		5,489,349
Unrealized depreciation on forward foreign currency exchange contracts		2,099,723
Collateral for securities loaned		239,971,078
Payables for:
Investments purchased		5,801,501
Fund shares redeemed		630,994
Accrued expenses:
Management fees		2,132,744
Distribution and service fees		291,786
Deferred trustees’ fees		67,424
Other expenses		662,252
Total Liabilities		257,146,851
Net Assets	$	3,320,394,957
Net assets consist of:
Paid in surplus	$	2,928,031,147
Undistributed net investment income		87,416,523
Accumulated net realized gain		265,672,931
Unrealized appreciation on investments and foreign currency transactions		39,274,356
Net Assets	$	3,320,394,957
Net Assets
Class A	$	1,903,622,983
Class B		1,287,407,347
Class E		129,364,627
Capital Shares Outstanding*
Class A		119,404,443
Class B		82,194,084
Class E		8,203,689
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.94
Class B		15.66
Class E		15.77

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

(a) Identified cost of investments was $3,516,858,597.

(b) Includes securities loaned at value of $234,324,064.

(c) Identified cost of cash denominated in foreign currencies due to bank was $5,536,513.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	99,736,339
Securities lending income		3,443,942
Total investment income		103,180,281
Expenses
Management fees		26,914,192
Administration fees		81,107
Custodian and accounting fees		1,793,091
Distribution and service fees—Class B		3,379,131
Distribution and service fees—Class E		211,526
Audit and tax services		53,721
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		210,098
Insurance		22,380
Miscellaneous		26,777
Total expenses		32,770,103
Less management fee waiver		(628,806	)
Net expenses		32,141,297
Net Investment Income		71,038,984
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		326,122,278
Futures contracts		869,881
Foreign currency transactions		9,313,618
Net realized gain		336,305,777
Net change in unrealized appreciation (depreciation) on:
Investments		(620,799,683	)
Foreign currency transactions		21,019,628
Net change in unrealized depreciation		(599,780,055	)
Net realized and unrealized loss		(263,474,278	)
Net Decrease in Net Assets From Operations	$	(192,435,294	)

(a) Net of foreign withholding taxes of $9,302,363.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Harris Oakmark International Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	71,038,984		$	57,402,577
Net realized gain		336,305,777			553,954,256
Net change in unrealized appreciation (depreciation)		(599,780,055	)		301,826,281
Increase (decrease) in net assets from operations		(192,435,294	)		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		240,929,389			(267,313,853	)
Total increase (decrease) in net assets		(384,612,973	)		556,513,305
Net Assets
Beginning of period		3,705,007,930			3,148,494,625
End of period	$	3,320,394,957		$	3,705,007,930
Undistributed net investment income
End of period	$	87,416,523		$	97,061,701

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		6,627,066		$	112,469,627			11,913,450		$	197,537,987
Reinvestments		15,065,685			253,254,171			3,595,980			55,521,937
Redemptions		(16,042,559	)		(279,251,145	)		(29,878,876	)		(502,723,353	)
Net increase (decrease)		5,650,192		$	86,472,653			(14,369,446	)	$	(249,663,429	)
Class B
Sales		8,507,973		$	144,082,806			8,985,193		$	152,590,784
Reinvestments		9,830,791			162,699,591			1,995,427			30,390,349
Redemptions		(9,369,611	)		(157,893,264	)		(12,075,347	)		(200,888,411	)
Net increase (decrease)		8,969,153		$	148,889,133			(1,094,727	)	$	(17,907,278	)
Class E
Sales		705,693		$	12,072,397			1,252,067		$	21,113,827
Reinvestments		1,030,229			17,153,306			225,077			3,443,670
Redemptions		(1,390,810	)		(23,658,100	)		(1,433,998	)		(24,300,643	)
Net increase		345,112		$	5,567,603			43,146		$	256,854
Increase (decrease) derived from capital shares transactions				$	240,929,389					$	(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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	19.13		$	15.06		$	11.85		$	13.78		$	12.05
Income (Loss) from Investment Operations
Net investment income (a)		0.37			0.31			0.29			0.24			0.16
Net realized and unrealized gain (loss) on investments		(1.31	)		4.22			3.16			(2.17	)		1.83
Total from investment operations		(0.94	)		4.53			3.45			(1.93	)		1.99
Less Distributions
Distributions from net investment income		(0.48	)		(0.46	)		(0.24	)		(0.00	)(b)		(0.26	)
Distributions from net realized capital gains		(1.77	)		0.00			0.00			0.00			0.00
Total distributions		(2.25	)		(0.46	)		(0.24	)		(0.00	)(b)		(0.26	)
Net Asset Value, End of Period	$	15.94		$	19.13		$	15.06		$	11.85		$	13.78
Total Return (%) (c)		(5.52	)		30.80			29.47			(13.98	)		16.67
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83			0.83			0.83			0.85			0.85
Net ratio of expenses to average net assets (%) (d)		0.81			0.81			0.81			0.83			0.84
Ratio of net investment income to average net assets (%)		2.12			1.79			2.26			1.79			1.33
Portfolio turnover rate (%)		45			58			41			48			51
Net assets, end of period (in millions)	$	1,903.6		$	2,176.6		$	1,929.3		$	1,775.7		$	1,479.3
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.84		$	14.84		$	11.67		$	13.61		$	11.91
Income (Loss) from Investment Operations
Net investment income (a)		0.32			0.25			0.25			0.21			0.13
Net realized and unrealized gain (loss) on investments		(1.29	)		4.17			3.13			(2.15	)		1.81
Total from investment operations		(0.97	)		4.42			3.38			(1.94	)		1.94
Less Distributions
Distributions from net investment income		(0.44	)		(0.42	)		(0.21	)		0.00			(0.24	)
Distributions from net realized capital gains		(1.77	)		0.00			0.00			0.00			0.00
Total distributions		(2.21	)		(0.42	)		(0.21	)		0.00			(0.24	)
Net Asset Value, End of Period	$	15.66		$	18.84		$	14.84		$	11.67		$	13.61
Total Return (%) (c)		(5.79	)		30.49			29.25			(14.25	)		16.42
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.08			1.08			1.08			1.10			1.10
Net ratio of expenses to average net assets (%) (d)		1.06			1.06			1.06			1.08			1.09
Ratio of net investment income to average net assets (%)		1.88			1.50			1.98			1.60			1.07
Portfolio turnover rate (%)		45			58			41			48			51
Net assets, end of period (in millions)	$	1,287.4		$	1,379.5		$	1,102.6		$	948.2		$	975.9

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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.95		$	14.92		$	11.74		$	13.67		$	11.96
Income (Loss) from Investment Operations
Net investment income (a)		0.34			0.27			0.27			0.23			0.15
Net realized and unrealized gain (loss) on investments		(1.29	)		4.20			3.13			(2.16	)		1.80
Total from investment operations		(0.95	)		4.47			3.40			(1.93	)		1.95
Less Distributions
Distributions from net investment income		(0.46	)		(0.44	)		(0.22	)		0.00			(0.24	)
Distributions from net realized capital gains		(1.77	)		0.00			0.00			0.00			0.00
Total distributions		(2.23	)		(0.44	)		(0.22	)		0.00			(0.24	)
Net Asset Value, End of Period	$	15.77		$	18.95		$	14.92		$	11.74		$	13.67
Total Return (%) (c)		(5.67	)		30.65			29.27			(14.12	)		16.50
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.98			0.98			0.98			1.00			1.00
Net ratio of expenses to average net assets (%) (d)		0.96			0.96			0.96			0.98			0.99
Ratio of net investment income to average net assets (%)		1.98			1.60			2.10			1.74			1.22
Portfolio turnover rate (%)		45			58			41			48			51
Net assets, end of period (in millions)	$	129.4		$	148.9		$	116.6		$	101.9		$	134.9

(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) 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—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

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

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

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

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

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

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Met Investors Series Trust

Harris Oakmark International Portfolio

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

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

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

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

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

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

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

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

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

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

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Met Investors Series Trust

Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $120,343,349, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

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Met Investors Series Trust

Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 24, 2014 through April 29, 2014, the Portfolio had bought and sold $102,216,216 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	16,295,985	Unrealized depreciation on forward foreign currency exchange contracts	$	2,099,723

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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Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 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”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
State Street Bank and Trust	$	16,295,985	$	(2,099,723	)	$	—	$	14,196,262

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 December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
State Street Bank and Trust	$	2,099,723	$	(2,099,723	)	$	—	$	—

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity		Foreign Exchange		Total
Forward foreign currency transactions	$	—	$	10,804,860	$	10,804,860
Futures contracts		869,881		—		869,881
	$	869,881	$	10,804,860	$	11,674,741
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity		Foreign Exchange		Total
Forward foreign currency transactions	$	—	$	21,701,082	$	21,701,082

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	406,194,280

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with

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Notes to Financial Statements—December 31, 2014—(Continued)

relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	1,548,497,471	$	0	$	1,675,160,899

During the year ended December 31, 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.

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Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$26,914,192		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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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.

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Harris Oakmark International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$89,997,780	$	89,355,956	$	343,109,288	$	—	$	433,107,068	$	89,355,956

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards		Total
$149,195,091	$	253,302,178	$	(10,066,034	)	$	—	$	392,431,235

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Harris Oakmark International Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Harris Oakmark International 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 Harris Oakmark International, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Harris Oakmark International Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-20

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-21

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-22

Met Investors Series Trust

Harris Oakmark International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-23

Met Investors Series Trust

Harris Oakmark International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-24

Met Investors Series Trust

Harris Oakmark International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Harris Oakmark International Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Harris Associates, L.P. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2014. The Board also considered that the Portfolio underperformed its Lipper Index for the one-year period ended June 30, 2014 and outperformed its Lipper Index for the three- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the MSCI EAFE Index, for the three- and five-year periods ended October 31, 2014 and underperformed its benchmark for the one-year period ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were below the Expense Group median and the Sub-advised Expense Universe median and equal to the Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-25

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class B shares of the Invesco Balanced-Risk Allocation Portfolio returned 5.58%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

MARKET ENVIRONMENT / CONDITIONS

Capital markets departed from the consensus of investor expectations in the beginning of 2014. Equities, which had become investors’ preferred asset class coming into 2014, were off to their weakest start to the year since 2009. Government bonds—the most loathed asset class coming into the year—generated attractive gains in the first quarter as investors sought safe havens from equity and commodity volatility as well as geopolitical issues, including the crisis in Crimea and comments over the U.S. Federal Reserve (the “Fed”) policy. 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, bond yields fell as geopolitical concerns out of Russia and the Middle East rekindled demand for safe-haven assets. Equities climbed 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 metals prices rose on geopolitical fears. Agriculture prices tailed off over the second quarter as more favorable weather patterns helped to alleviate concerns over poor crop yields.

The third quarter saw yields decline as geopolitical concerns and evidence of slowing economic activity in Europe and Asia created safe haven demand. Developed equity markets were choppy as U.S. small caps, U.K. and Hong Kong equities trended lower while Japanese, European, and U.S. large cap equities posted gains. Commodities were the clear loser for the quarter as all four complexes registered price declines largely in response to the strength of the U.S. dollar and, in many cases, a strong supply outlook.

The year ended with several key events that shaped asset returns for the fourth quarter. The most impactful was the ending of the third round of quantitative easing, the Fed’s asset purchase program, in October. Another key event was the Organization of Petroleum Exporting Countries’ (“OPEC”) decision not to curtail production of crude oil in the face of a mounting supply glut and evidence of slowing demand. In the face of these events, government bond yields fell throughout the final quarter as investors sought safety. Stock markets contended with heightened volatility and ended mixed. Across commodities, agriculture posted nominal gains while metals and particularly energy-related commodity prices contracted.

Overall for the fiscal year, high quality bonds produced the largest returns and equities contributed as well, particularly in the U.S. and Japan. Commodities struggled across the board with many energy related commodities down double digits.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Invesco Balanced-Risk Allocation Portfolio strategically balances the amount of risk exposure to equities, fixed income and commodities and targets a strategic risk level of 8%. This is intended to limit the impact of surprise outcomes on the Portfolio. Secondarily, the Portfolio tactically shifts from the strategic equal risk in order to emphasize those assets that are more likely to outperform cash on a monthly basis. Tactical allocation is applied at the individual asset level and aggregated with the strategic allocation allowing the Portfolio risk target to fluctuate between 6% and 10%.

Positive absolute performance from strategic equity, strategic fixed income and the overall tactical allocation drove results for the reporting period. Strategic commodity exposure was the largest detractor but tactical shifts to underweight the asset class helped offset losses. Volatility within equities provided a headwind in the tactical equity allocation over the year. Overall, the Portfolio was positive on an absolute basis and relative to the Dow Jones Moderate Index.

Government bond markets led results for the first quarter as investors sought to avoid the volatility of equity and commodity markets. Commodities added to performance as well, mainly led by price appreciation across the soy complex. Energy commodities were challenged after being the dominant performer in 2013. Equities were the weakest asset class to start the year, pulling back after impressive gains in 2013. The tactical allocation process within bonds was additive to returns during the first quarter. Conversely, contribution from the tactical element within the equity segment detracted from results. Within commodities, positive results from being underweight across the complexes early in the period were reversed as prices rebounded strongly in March.

All three asset classes added to results in the second quarter with bonds leading the way. Bond markets saw yields contract as geopolitical concerns out of Russia and the Middle East rekindled demand for safe-haven assets. Despite beginning the year weak, equities posted strong results as investor sentiment continued to shake off weaker than expected fundamental data. Across the commodity complexes, energy produced gains, precious metals prices advanced as they enjoyed safe-haven demand in the midst of geopolitical issues, and industrial metals led results. Agricultural commodities ended negative as weather turned more favorable, improving estimates for crop yields. Tactical positioning in the second quarter helped results as general overweights to equity and bond markets were rewarded.

Government bonds led results as all six markets the Portfolio invests in ended in positive territory for the third quarter. Factors driving bond yields lower included ongoing geopolitical concerns from Russia and Ukraine as well as the Islamic State of Iraq and Syria (ISIS) campaign in the Middle East. In aggregate, tactical overweights in bonds aided results during the third quarter. Developed equities delivered mixed results for the quarter as Japanese, European and U.S. large cap equities made headway while U.S. small caps, U.K.

MIST-1

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

and Hong Kong equity prices retreated. Tactical results from the equity allocation were slightly negative for the quarter, impacted by the negative results in September. Commodities weighed heavily on results, with the asset class vastly underperformed bonds and equities. Agricultural commodities were particularly weak, driven by substantial price declines in the main grain category as a result of increased expectations for global crop production. Precious metals were restrained by U.S. dollar strength, the energy complex also struggled, while major industrial metals drifted lower owing to an increase in mine production. Tactical commodity exposure had no meaningful impact on performance during the quarter.

The year ended with bonds leading the way. Investors sought refuge in high quality government bonds as volatility was reintroduced by the ending of QE3, resulting in equity price weakness early in the fourth quarter. However, solid economic data points served as a catalyst to lift share prices into the end of November. The decision by OPEC not to curtail production rates of crude oil resulted in stocks ending 2014 with a whimper rather than a bang. Commodities saw mixed performance over the quarter. Agricultural commodities posted gains in aggregate, industrial metals prices were soft due to weak economic data, and precious metals also saw modest price declines for the final quarter. The clear loser was the energy complex which was strongly negative on increased supply and weakening demand. The tactical allocation process aided results, with the fixed income and commodity allocations accounting for the bulk of the positive contribution.

The Portfolio is principally implemented with derivative instruments that include futures 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.

Positioning continued to overweight all sovereign bond markets, with the risk contribution from the bond sleeve hitting the maximum allowable target of 50%. Within equities, the Portfolio was neutral in Europe and Hong Kong, underweight the U.K. and had overweights to the U.S. and Japan. Within commodities, the Portfolio was underweight every asset, with the exception of copper, which had a marginal overweight.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		Since Inception2
Invesco Balanced-Risk Allocation Portfolio
Class B		5.58		5.11
Dow Jones Moderate Index		5.35		9.30

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 DECEMBER 31, 2014

Risk Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		85.4
Global Developed Equities		39.4
Commodities - Production Weighted		21.3

* The percentages noted above are based on the notional exposures 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

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)	Actual		0.90	%	$	1,000.00	$	992.50	$	4.52
	Hypothetical*		0.90	%	$	1,000.00	$	1,020.67	$	4.58

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 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 December 31, 2014

U.S. Treasury & Government Agencies—4.2% of Net Assets

Security Description	Principal Amount*/ Notional Amount*/ Shares		Value
U.S. Treasury—4.2%
U.S. Treasury Floating Rate Notes
0.085%, 01/31/16 (a) (b)		19,360,000	$	19,354,715
0.109%, 04/30/16 (a) (c)		26,156,000		26,154,770
0.110%, 07/31/16 (a)		10,300,000		10,299,784
Total U.S. Treasury & Government Agencies (Cost $55,824,673)				55,809,269
Commodity-Linked Securities—2.2%
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 2 Agriculture Commodity Index multiplied by 2), 09/21/15 (144A)		9,220,000		8,297,078
Cargill, Inc. Commodity Linked Note, one month LIBOR rate minus 0.010% (linked to Monthly Rebalance Commodity Excess Return Index, multiplied by 2), 09/15/15 (144A)		18,380,000		16,302,361
Royal Bank of Canada Commodity Linked EMTN, Commodity Linked EMTN, U.S. Federal Funds (Effective) Rate minus 0.040% (linked to Royal Bank of Canada Enhanced Agriculture Basket 01 Excess Return Index, multiplied by 2), 08/24/15 (144A) (a)		4,630,000		4,627,940
Total Commodity-Linked Securities (Cost $32,230,000)				29,227,379
Short-Term Investments—91.7%
Municipals—1.8%
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 0.100%, 08/01/47 (a)		132,000		132,000
				24,432,000
Mutual Funds—20.8%
Premier Portfolio, Institutional Class 0.016% (d) (e)		43,003,154		43,003,154
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class 0.000% (d) (e)		195,268,089		195,268,089
STIT-Liquid Assets Portfolio, Institutional Class 0.052% (d) (e)		43,003,154		43,003,154
				281,274,397
Security Description	Principal Amount*		Value
U.S. Treasury—3.3%
U.S. Treasury Bills
0.048%, 01/22/15 (b) (f)		6,060,000		6,059,823
0.081%, 06/04/15 (b) (f)		6,390,000		6,387,794
0.087%, 01/08/15 (b) (c) (f)		4,330,000		4,329,918
0.096%, 06/11/15 (b) (f)		8,880,000		8,876,227
0.108%, 06/18/15 (f)		4,020,000		4,017,983
0.124%, 01/29/15 (b) (c) (f)		8,620,000		8,619,836
0.192%, 01/15/15 (b) (c) (f)		6,490,000		6,489,934
				44,781,515
Certificates of Deposit—12.0%
Bank of Tokyo Mitsubishi UFJ, Ltd. (NY)
0.150%, 01/12/15 (f)		5,000,000		5,000,000
DNB Bank ASA
0.160%, 01/14/15 (f)		39,500,000		39,500,000
Nordea Bank Finland plc (NY)
0.150%, 03/09/15 (f)		40,000,000		40,000,000
Swedbank (Sparbank)
0.100%, 01/05/15 (f)		33,000,000		33,000,000
Toronto-Dominion Bank
0.170%, 01/08/15 (f)		45,000,000		45,000,000
				162,500,000
Commercial Paper—53.8%
Abbey National North America LLC
0.105%, 01/16/15 (f)		4,500,000		4,499,794
Apple, Inc.
0.069%, 02/03/15 (144A) (f)		25,000,000		24,998,396
0.069%, 02/09/15 (144A) (f)		20,000,000		19,998,483
Bank of Montreal
0.180%, 02/10/15 (f)		25,000,000		24,999,445
Barton Capital LLC
0.164%, 02/18/15 (144A) (f)		39,000,000		39,000,000
BMW U.S. Capital LLC
0.096%, 01/20/15 (144A) (f)		19,000,000		18,998,997
0.109%, 02/18/15 (144A) (f)		21,000,000		20,996,920
Cancara Asset Securitisation LLC
0.127%, 01/06/15 (f)		5,000,000		4,999,896
0.130%, 01/12/15 (144A) (f)		35,000,000		34,998,503
CDP Financial, Inc.
0.159%, 02/17/15 (144A) (f)		22,000,000		21,995,404
0.160%, 03/13/15 (144A) (f)		18,500,000		18,494,162
0.202%, 06/09/15 (144A) (f)		5,000,000		4,995,583
Chariot Funding LLC
0.212%, 06/01/15 (f)		25,000,000		24,977,979
0.222%, 06/02/15 (144A) (f)		15,000,000		14,986,067
Charta LLC
0.179%, 02/24/15 (f)		11,500,000		11,496,895
Coca-Cola Co. (The)
0.084%, 01/13/15 (144A) (f)		15,000,000		14,999,550
0.110%, 02/24/15 (144A) (f)		20,000,000		19,996,700
0.200%, 03/12/15 (144A) (f)		10,000,000		9,996,111

§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 December 31, 2014

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Commercial Paper—(Continued)
Collateralized Commercial Paper II Co. LLC
0.170%, 01/05/15 (f)		10,000,000	$	9,999,767
Gotham Funding Corp.
0.158%, 01/12/15 (144A) (f)		10,000,000		9,999,481
Jupiter Securitization Co. LLC
0.232%, 06/04/15 (144A) (f)		10,000,000		9,990,161
0.252%, 06/09/15 (144A) (f)		15,000,000		14,983,438
Landesbank Hessen-Thueringen
0.126%, 01/09/15 (144A) (f)		29,500,000		29,499,082
Liberty Funding LLC
0.169%, 02/18/15 (144A) (f)		40,000,000		39,990,933
Microsoft Corp.
0.078%, 01/28/15 (f)		40,000,000		39,997,600
National Australia Funding Delaware, Inc.
0.180%, 01/15/15 (144A) (f)		40,000,000		39,997,045
Nieuw Amsterdam Receivables Corp.
0.140%, 01/13/15 (144A) (f)		40,135,000		40,132,993
PepsiCo, Inc.
0.098%, 01/26/15 (144A) (f)		18,000,000		17,998,750
Proctor & Gamble Co.
0.108%, 01/29/15 (f)		30,000,000		29,997,433
Regency Market No. 1 LLC
0.151%, 01/15/15 (144A) (f)		40,000,000		39,997,511
0.155%, 01/21/15 (144A) (f)		4,000,000		3,999,644
Scaldis Capital LLC
0.218%, 02/13/15 (f)		5,000,000		4,998,686
Thunder Bay Funding LLC
0.230%, 03/04/15 (144A) (f)		35,000,000		34,986,136
Toyota Motor Credit Corp.
0.201%, 03/27/15 (f)		25,000,000		24,988,195
				726,985,740
Total Short-Term Investments (Cost $1,239,972,565)				1,239,973,652
Total Investments—98.1% (Cost $1,328,027,238) (g)				1,325,010,300
Other assets and liabilities (net)—1.9%				26,322,236
Net Assets—100.0%			$	1,351,332,536

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(b) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $27,213,011.

(c) All or a portion of the security was pledged as collateral against open swap contracts. As of December 31, 2014, the market value of securities pledged was $8,610,828.

(d) Affiliated Issuer. (See Note 8 of the Notes to Consolidated Financial Statements for a summary of transactions in securities of affiliated issuers.)

(e) The rate shown represents the annualized seven-day yield as of December 31, 2014.

(f) The rate shown represents current yield to maturity.

(g) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,328,027,300. The aggregate unrealized appreciation and depreciation of investments were $1,595,746 and $(4,612,746), respectively, resulting in net unrealized depreciation of $(3,017,000) for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $575,257,429, which is 42.6% of net assets.

(EMTN)— Euro Medium-Term Note

(LIBOR)— London InterBank Offered Rate

§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 December 31, 2014

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Australian 10 Year Treasury Bond Futures		03/16/15		2,375		AUD	300,427,344	$	3,197,883
Brent Crude Oil Futures		01/15/15		250		USD	18,163,340		(3,830,840	)
Canada Government Bond Year Bond Futures		03/20/15		1,658		CAD	225,654,872		3,452,649
Euro Stoxx 50 Index Futures		03/20/15		2,630		EUR	81,513,591		1,070,058
Euro-Bund Futures		03/06/15		1,097		EUR	168,004,886		3,611,399
FTSE 100 Index Futures		03/20/15		947		GBP	59,459,850		3,597,602
Gasoline RBOB Futures		01/30/15		231		USD	15,187,555		(905,241	)
Hang Seng Index Futures		01/29/15		483		HKD	565,659,176		704,632
Japanese Government 10 Year Bond Futures		03/11/15		94		JPY	13,808,974,000		695,325
Russell 2000 Mini Index Futures		03/20/15		547		USD	62,813,217		2,865,073
S&P 500 E-Mini Index Futures		03/20/15		687		USD	68,492,600		2,007,340
Silver Futures		03/27/15		291		USD	23,967,356		(1,270,810	)
TOPIX Index Futures		03/12/15		800		JPY	11,511,452,448		(2,099,286	)
U.S. Treasury Long Bond Futures		03/20/15		874		USD	122,769,700		3,577,925
United Kingdom Long Gilt Bond Futures		03/27/15		1,227		GBP	142,783,337		6,047,330
WTI Light Sweet Crude Oil Futures		01/16/15		275		USD	18,859,769		(4,210,519	)
Net Unrealized Appreciation								$	18,510,520

Swap Agreements

OTC 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	26,381,652	$	(295,203	)	$	—	$	(295,203	)
	0.3000%		04/13/15	Canadian Imperial Bank of Commerce	CIBC Dynamic Roll LME Copper Excess Return Index		USD	26,664,029		(629,636	)		—		(629,636	)
	0.000%		01/30/15	Goldman Sachs & Co.	Hang Seng Index Futures		HKD	250,750,935		295,741			—		295,741
	0.000%		03/27/15	Goldman Sachs & Co.	R-Long Gilt Futures		GBP	19,268,165		708,048			—		708,048
	0.3800%		10/16/15	Morgan Stanley	S&P GSCI Aluminum Dynamic Roll Index ER		USD	16,524,278		(481,496	)		—		(481,496	)
	0.2500%		05/07/15	Bank of America Corp.	MLCX Dynamic Enhanced Copper Excess Return Index		USD	25,691,749		—			—		—
	0.3300%		07/08/15	Macquarie Bank, Ltd.	Macquarie Commodity Customized Product Index		USD	9,866,664		(254,998	)		—		(254,998	)
	0.1400%		02/24/15	Bank of America Corp.	Merrill Lynch Gold Excess Return Index		USD	22,360,170		—			—		—
	0.0900%		04/22/15	JP Morgan Chase Bank N.A.	S&P GSCI Gold Index Excess Return		USD	18,574,425		67,705			—		67,705
Totals									$	(589,839	)	$	—	$	(589,839	)

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(EUR)— Euro

(GBP)— British Pound

(HKD)— Hong Kong Dollar

(JPY)— Japanese Yen

(USD)— United States Dollar

Cash in the amount of $440,098 has been deposited in a segregated account held by the counterparty as collateral for swap contracts.

§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 December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	55,809,269		$	—	$	55,809,269
Total Commodity-Linked Securities*		—			29,227,379			—		29,227,379
Short-Term Investments
Municipals		—			24,432,000			—		24,432,000
Mutual Funds		281,274,397			—			—		281,274,397
U.S. Treasury		—			44,781,515			—		44,781,515
Certificates of Deposit		—			162,500,000			—		162,500,000
Commercial Paper		—			726,985,740			—		726,985,740
Total Short-Term Investments		281,274,397			958,699,255			—		1,239,973,652
Total Investments	$	281,274,397		$	1,043,735,903		$	—	$	1,325,010,300
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	30,827,216		$	—		$	—	$	30,827,216
Futures Contracts (Unrealized Depreciation)		(12,316,696	)		—			—		(12,316,696	)
Total Futures Contracts	$	18,510,520		$	—		$	—	$	18,510,520
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	1,071,494		$	—	$	1,071,494
OTC Swap Contracts at Value (Liabilities)		—			(1,661,333	)		—		(1,661,333	)
Total OTC Swap Contracts	$	—		$	(589,839	)	$	—	$	(589,839	)

* 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

December 31, 2014

Assets
Investments at value (a)	$	1,043,735,903
Affiliated investments at value (b)		281,274,397
Cash		419,655
Cash collateral for futures contracts		28,395,000
OTC swap contracts at market value		1,071,494
Receivable for:
Investments sold		24,115
Fund shares sold		27,499
Interest		126,096
Variation margin on futures contracts		166,074
Prepaid expenses		3,488
Total Assets		1,355,243,721
Liabilities
OTC swap contracts at market value		1,661,333
Payables for:
Fund shares redeemed		1,033,363
Interest on OTC swap contracts		21,258
Accrued expenses:
Management fees		695,968
Distribution and service fees		287,072
Deferred trustees’ fees		42,155
Other expenses		170,036
Total Liabilities		3,911,185
Net Assets	$	1,351,332,536
Net assets consist of:
Paid in surplus	$	1,224,539,918
Undistributed net investment income		37,667,173
Accumulated net realized gain		74,171,717
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		14,953,728
Net Assets	$	1,351,332,536
Net Assets
Class B	$	1,351,332,536
Capital Shares Outstanding*
Class B		127,010,725
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.64

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,046,752,841.

(b) Identified cost of affiliated investments was $281,274,397.

Consolidated§ Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from affiliated investments	$	87,514
Interest		1,589,590
Total investment income		1,677,104
Expenses
Management fees		8,562,678
Administration fees		81,162
Custodian and accounting fees		186,432
Distribution and service fees—Class B		3,359,449
Interest expense		137,957
Audit and tax services		79,225
Legal		38,911
Trustees’ fees and expenses		43,761
Shareholder reporting		90,062
Insurance		8,581
Miscellaneous		9,454
Total expenses		12,597,672
Less management fee waiver		(407,557	)
Net expenses		12,190,115
Net Investment Loss		(10,513,011	)
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		2,377,741
Futures contracts		93,570,286
Swap contracts		(12,755,550	)
Foreign currency transactions		(1,877,318	)
Net realized gain		81,315,159
Net change in unrealized appreciation (depreciation) on:
Investments		(4,717,314	)
Futures contracts		6,679,496
Swap contracts		(1,009,439	)
Foreign currency transactions		199,639
Net change in unrealized appreciation		1,152,382
Net realized and unrealized gain		82,467,541
Net Increase in Net Assets From Operations	$	71,954,530

§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

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(10,513,011	)	$	(9,928,766	)
Net realized gain		81,315,159			19,880,065
Net change in unrealized appreciation		1,152,382			11,341,937
Increase in net assets from operations		71,954,530			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		1,426,135			358,775,383
Total increase in net assets		10,866,853			367,378,860
Net Assets
Beginning of period		1,340,465,683			973,086,823
End of period	$	1,351,332,536		$	1,340,465,683
Undistributed net investment income (loss)
End of period	$	37,667,173		$	(25,346	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		8,227,235		$	87,209,317			53,328,028		$	563,181,207
Reinvestments		6,087,031			62,513,812			1,213,170			12,689,759
Redemptions		(13,978,245	)		(148,296,994	)		(20,645,200	)		(217,095,583	)
Net increase		336,021		$	1,426,135			33,895,998		$	358,775,383
Increase derived from capital shares transactions				$	1,426,135					$	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
	Year Ended December 31,
	2014			2013			2012(a)
Net Asset Value, Beginning of Period	$	10.58		$	10.49		$	10.00
Income (Loss) from Investment Operations
Net investment loss (b)		(0.08	)		(0.08	)		(0.06	)
Net realized and unrealized gain on investments		0.65			0.27			0.69
Total from investment operations		0.57			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	$	10.64		$	10.58		$	10.49
Total Return (%) (c)		5.58			1.86			6.34	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.94			0.93			1.03	(e)
Gross ratio of expenses to average net assets excluding interest expense (%)		0.93			0.91			1.03	(e)
Net ratio of expenses to average net assets (%) (f)		0.91			0.90			0.90	(e)
Net ratio of expenses to average net assets excluding interest expense (%) (f)		0.90			0.88			0.90	(e)
Ratio of net investment loss to average net assets (%)		(0.78	)		(0.76	)		(0.80	)(e)
Portfolio turnover rate (%)		44			34			0	(g)
Net assets, end of period (in millions)	$	1,351.3		$	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—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014		% of Total Assets at December 31, 2014
Invesco Balanced-Risk Allocation Portfolio, Ltd.		4/23/2012	$	295,428,718		21.8	%

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 December 31, 2014

MIST-12

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated§ Financial Statements—December 31, 2014—(Continued)

through the date the consolidated financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

MIST-13

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated§ Financial Statements—December 31, 2014—(Continued)

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

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.

MIST-14

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated§ Financial Statements—December 31, 2014—(Continued)

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 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 Revenue Service for three fiscal years after the returns are filed. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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.

MIST-15

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated§ Financial Statements—December 31, 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 OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the 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

MIST-16

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated§ Financial Statements—December 31, 2014—(Continued)

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 December 31, 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	$	708,048
	Unrealized appreciation on futures contracts* (b)		20,582,511
Equity	OTC swap contracts at market value		295,741
	Unrealized appreciation on futures contracts* (b)		10,244,705	Unrealized depreciation on futures contracts*(b)	$	2,099,286
Commodity	OTC swap contracts at market value (a)		67,705	OTC swap contracts at market value (a)		1,661,333
				Unrealized depreciation on futures contracts*(b)		10,217,410
Total		$	31,898,710		$	13,978,029

* 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 $21,258.

(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”) (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Received†			Net Amount*
Goldman Sachs & Co.	$	1,003,789	$	—	$	(440,098	)(1)	$	563,691
JP Morgan Chase Bank N.A.		67,705		—		—			67,705
	$	1,071,494	$	—	$	(440,098	)	$	631,396

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Pledged†			Net Amount**
Barclays Bank plc	$	295,203	$	—	$	(295,203	)	$	—
Canadian Imperial Bank of Commerce		629,636		—		(629,636	)		—
Macquarie Bank, Ltd.		254,998		—		(254,998	)		—
Morgan Stanley		481,496		—		(277,987	)		203,509
	$	1,661,333	$	—	$	(1,457,824	)	$	203,509

* Net amount represents the net amount receivable from the counterparty in the event of default.

(1) Collateral was received into a segregated account in the counterparty’s name at the custodian.

MIST-17

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated§ Financial Statements—December 31, 2014—(Continued)

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Commodity			Total
Futures contracts	$	104,392,466	$	22,732,938		$	(33,555,118	)	$	93,570,286
Swap contracts		4,658,212		(1,542,658	)		(15,871,104	)		(12,755,550	)
	$	109,050,678	$	21,190,280		$	(49,426,222	)	$	80,814,736
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Commodity			Total
Futures contracts	$	31,049,598	$	(14,094,909	)	$	(10,275,193	)	$	6,679,496
Swap contracts		708,048		295,741			(2,013,228	)		(1,009,439	)
	$	31,757,646	$	(13,799,168	)	$	(12,288,421	)	$	5,670,057

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	912,243,225
Swap contracts		1,279,575

‡ Averages are based on activity levels during 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; and 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 (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated§ Financial Statements—December 31, 2014—(Continued)

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 addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$55,823,887	$	5,330,000	$	0	$	34,146,404

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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$8,562,678		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 year ended December 31, 2014 are shown as a management fee waiver in the Consolidated Statement of Operations.

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated§ Financial Statements—December 31, 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 year ended December 31, 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 year ended December 31, 2014 is as follows:

Security Description	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
Premier Portfolio, Institutional Class		18,281,408		291,345,135		(266,623,389	)		43,003,154
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class		187,352,201		211,561,539		(203,645,651	)		195,268,089
STIT-Liquid Assets Portfolio, Institutional Class		18,281,407		291,345,135		(266,623,388	)		43,003,154

Security Description	Net Realized Gain/(Loss) on sales of Affiliated Investments		Capital Gain Distributions from Affiliated Investments		Dividend Income from Affiliated Investments		Ending Value as of December 31, 2014
Premier Portfolio, Institutional Class	$	—	$	—	$	7,673	$	43,003,154
STIC (Global Series) plc - U.S. Dollar Liquidity Portfolio, Institutional Class		—		—		55,227		195,268,089
STIT-Liquid Assets Portfolio, Institutional Class		—		—		24,614		43,003,154
	$	—	$	—	$	87,514	$	281,274,397

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.

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Notes to Consolidated§ Financial Statements—December 31, 2014—(Continued)

10. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$37,239,673	$	9,883,370	$	25,274,139	$	2,806,389	$	62,513,812	$	12,689,759

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards		Total
$84,556,374	$	50,101,461	$	(7,823,062	)	$	—	$	126,834,773

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, 2014, the Portfolio had no accumulated capital losses.

11. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Invesco Balanced-Risk 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 the Invesco Balanced-Risk Allocation Portfolio and subsidiary, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related consolidated statement of operations for the year then ended, the consolidated statement of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the two years in the period then ended and for the period from April 23, 2012 (commencement of operations) to December 31, 2012. 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 financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from the 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 referred to above present fairly, in all material respects, the financial position of the Invesco Balanced-Risk Allocation Portfolio and subsidiary of Met Investors Series Trust as of December 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from April 23, 2012 (commencement of operations) to December 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

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Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-26

Met Investors Series Trust

Invesco Balanced-Risk Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Invesco Balanced-Risk Allocation Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Blended Index for the one-year and since-inception (beginning April 23, 2012) periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Dow Jones Moderate Index, and its blended benchmark for the one-year and since-inception periods ended October 31, 2014. The Board noted that the Portfolio commenced operations on April 23, 2012 and, thus, has limited performance history.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the average of the Sub-advised Expense Group and above the average of the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-27

Met Investors Series Trust

Invesco Comstock Portfolio

Managed By Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the Invesco Comstock Portfolio returned 9.60% and 9.31%. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 13.45%.

MARKET ENVIRONMENT / CONDITIONS

The prolonged “good but not great” economic environment and historically low interest rates led U.S. equity markets higher during the year ending December 31, 2014. The U.S. economy continued along a path of slow growth amidst the U.S. Federal Reserve Bank’s (the “Fed”) gradual reduction of bond purchases, which ultimately ended in October. In the early months of 2014, equity markets turned more volatile, pulling back as investors began to worry that stocks may have risen too far, too fast in 2013. Unusually cold winter weather also impacted consumers and sentiment but only for a while, and corporate earnings bounced back and were generally strong throughout the year. Stocks rallied through the summer, with the S&P 500 Index surpassing the 2,000 level by the end of August despite upheaval in Ukraine and signs of economic sluggishness in China. As investors wrestled with the evidence that U.S. growth appeared to be on stronger footing than the rest of the world, in mid-September the price of oil began a freefall, along with U.S. equities. Despite the unknown economic impact of significantly lower oil prices for an unforeseeable period, equity markets stabilized and recovered even through a subsequent December sell-off to end the year on a positive note overall.

For the one year period, most U.S. broad equity market indexes delivered double-digit gains. Sector performance within the Russell 1000 Value Index was mixed for the year, with Information Technology (“IT”), Utilities and Health Care returning over 20%, while Materials and Telecommunication Services posted low single-digit returns, and Energy was the only sector with an absolute negative return.

PORTFOLIO REVIEW / PERIOD END POSITIONING

On the negative side, stock selection and an overweight within the Energy sector was the largest detractor from Portfolio performance for the period, with most of the underperformance occurring from mid-September to year-end due to the free-falling price of oil. Notably, within oil services & equipment, Weatherford International was one of the largest detractors on an absolute and relative basis, posting negative returns for the year, after being a relative and absolute contributor for the first two quarters of 2014. Also, not owning Exxon Mobil was a large detractor, as it was one of the few energy companies to post positive performance.

Weak stock selection within Consumer Discretionary also dampened relative performance. Viacom in media and General Motors in automobiles were the two largest detractors within the sector. General Motors continued to erode investor confidence after the firm announced a recall on ignition switches after a 10-year delay.

Weak stock selection within Health Care also detracted from relative performance, mainly from holdings within the pharmaceutical and biotechnology industries. Sanofi (France) posted double-digit negative returns and was an absolute and relative detractor to performance for the year.

Stock selection and an underweight within Financials also hurt relative performance. Not owning any real estate investment trusts (REITs) was one of the largest detractors within the sector, as real estate posted strong performance for the year. Also, strong gains in holdings such as Allstate Corp. were offset by anemic returns from Citigroup, Inc., who disappointed investors as the Federal Reserve failed to pass company plans for returning capital to shareholders and also declined to raise the company’s dividend early in the year.

Having a material underweight in Utilities detracted from relative performance, as Utilities was one of the best performing sectors of the Russell 1000 Value Index benchmark during the period.

On the positive side of sector performance, we used currency forward contracts during the year for the purpose of hedging currency exposure of non-U.S.-based companies held in the Portfolio. Derivatives were used solely for the purpose of hedging and not for speculative purposes or leverage. The use of currency forward contracts had a large positive impact on the Portfolio’s performance relative to the Russell 1000 Value Index for the reporting period.

Strong stock selection and an underweight in the Materials sector also enhanced relative Portfolio performance. Notably, Alcoa, Inc. had a large positive impact to absolute and relative performance, posting returns of almost 50% for the year. Additionally, having no exposure to miners, like Freeport-McMoRan, Inc. (not held in the Portfolio), boosted Portfolio performance, as margins and earnings were negatively affected by gold and other metals experiencing declines during 2014.

An overweight to the IT sector and select stocks boosted performance as well. Within the hardware and equipment industry, Hewlett-Packard was a clear contributor, as the stock posted strong returns for the period.

MIST-1

Met Investors Series Trust

Invesco Comstock Portfolio

Managed By Invesco Advisers, Inc.

Portfolio Manager Commentary*—(Continued)

At year end, although the Portfolio was underweight Financials and overweight in Energy compared to the benchmark, we maintained a favorable view on large diversified financials companies and had been taking advantage of weakness in the Energy sector to add to the Portfolio’s Energy position. At year end, the Portfolio’s exposure in each sector had a higher beta than the benchmark.

Kevin Holt

Devin Armstrong

Matthew Seinsheimer

Jay Warwick

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Invesco Comstock Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
Invesco Comstock Portfolio
Class A		9.60		14.97		7.27
Class B		9.31		14.68		7.01
Russell 1000 Value Index		13.45		15.42		7.75

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 Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Citigroup, Inc.		4.5
JPMorgan Chase & Co.		3.3
General Electric Co.		2.5
Suncor Energy, Inc.		2.3
Royal Dutch Shell plc - Class A (ADR)		2.2
Carnival Corp.		2.2
Bank of America Corp.		2.0
Cisco Systems, Inc.		2.0
Merck & Co., Inc.		2.0
Wells Fargo & Co.		1.9

Top Sectors

	% of Net Assets
Financials		23.5
Consumer Discretionary		16.9
Energy		14.9
Health Care		12.8
Information Technology		12.6
Industrials		7.1
Consumer Staples		4.7
Materials		1.7
Telecommunication Services		1.5
Utilities		1.0

MIST-3

Met Investors Series Trust

Invesco Comstock Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Invesco Comstock Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.56	%	$	1,000.00	$	1,027.30	$	2.86
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.38	$	2.85
Class B(a)	Actual		0.81	%	$	1,000.00	$	1,026.10	$	4.14
	Hypothetical*		0.81	%	$	1,000.00	$	1,021.12	$	4.13

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(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 December 31, 2014

Common Stocks—96.7% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.1%
Honeywell International, Inc.		232,872	$	23,268,571
Textron, Inc.		883,261		37,194,121
				60,462,692
Auto Components—1.8%
Johnson Controls, Inc.		1,024,913		49,544,294
Automobiles—1.9%
General Motors Co.		1,514,108		52,857,510
Banks—15.1%
Bank of America Corp.		3,128,975		55,977,363
Citigroup, Inc.		2,337,427		126,478,175
Fifth Third Bancorp		1,562,616		31,838,301
JPMorgan Chase & Co.		1,477,641		92,470,774
PNC Financial Services Group, Inc. (The)		539,896		49,254,712
U.S. Bancorp		255,772		11,496,951
Wells Fargo & Co.		990,228		54,284,299
				421,800,575
Capital Markets—6.1%
Bank of New York Mellon Corp. (The)		1,016,252		41,229,344
Goldman Sachs Group, Inc. (The)		158,792		30,778,653
Morgan Stanley		1,322,194		51,301,127
State Street Corp.		623,027		48,907,620
				172,216,744
Communications Equipment—2.0%
Cisco Systems, Inc.		1,982,608		55,146,241
Diversified Telecommunication Services—1.5%
Verizon Communications, Inc.		517,564		24,211,644
Vivendi S.A. (a)		687,932		17,160,572
				41,372,216
Electric Utilities—0.6%
FirstEnergy Corp.		403,234		15,722,094
Electrical Equipment—1.0%
Emerson Electric Co.		473,429		29,224,772
Electronic Equipment, Instruments & Components—0.9%
Corning, Inc.		1,084,265		24,862,196
Energy Equipment & Services—3.3%
Halliburton Co.		628,674		24,725,748
Noble Corp. plc (b)		1,111,331		18,414,755
Weatherford International plc (a)		4,288,115		49,098,917
				92,239,420
Food & Staples Retailing—1.5%
CVS Health Corp.		236,077		22,736,576
Wal-Mart Stores, Inc.		222,161		19,079,187
				41,815,763
Food Products—3.2%
ConAgra Foods, Inc.		1,324,895		48,067,191
Mondelez International, Inc. - Class A		556,693		20,221,873
Unilever NV		531,408		20,746,168
				89,035,232
Health Care Equipment & Supplies—0.7%
Medtronic, Inc.		261,160		18,855,752
Health Care Providers & Services—2.7%
Anthem, Inc.		260,933		32,791,450
Express Scripts Holding Co. (a)		275,024		23,286,282
UnitedHealth Group, Inc.		198,294		20,045,541
				76,123,273
Hotels, Restaurants & Leisure—2.2%
Carnival Corp.		1,355,291		61,435,341
Household Durables—0.7%
Newell Rubbermaid, Inc.		530,216		20,195,927
Industrial Conglomerates—2.5%
General Electric Co.		2,784,131		70,354,990
Insurance—2.3%
Aflac, Inc.		395,731		24,175,207
Allstate Corp. (The)		565,704		39,740,706
				63,915,913
Internet Software & Services—2.3%
eBay, Inc. (a)		862,439		48,400,077
Yahoo!, Inc. (a)		330,859		16,711,688
				65,111,765
Machinery—1.3%
Ingersoll-Rand plc		598,672		37,949,818
Media—7.4%
CBS Corp. - Class B		234,576		12,981,436
Comcast Corp. - Class A		736,410		42,719,144
Time Warner Cable, Inc.		251,733		38,278,520
Time Warner, Inc.		219,940		18,787,275
Twenty-First Century Fox, Inc. - Class B		1,082,540		39,934,901
Viacom, Inc. - Class B		712,997		53,653,024
				206,354,300
Metals & Mining—0.8%
Alcoa, Inc.		1,457,536		23,014,493
Multi-Utilities—0.5%
PG&E Corp.		253,711		13,507,574
Multiline Retail—2.5%
Kohl’s Corp. (b)		659,311		40,244,343
Target Corp.		395,017		29,985,741
				70,230,084

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Invesco Comstock Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Oil, Gas & Consumable Fuels—11.6%
BP plc (ADR) (b)		1,297,366	$	49,455,592
California Resources Corp. (a)		134,922		743,420
Chevron Corp.		294,698		33,059,222
Devon Energy Corp.		469,520		28,739,319
Murphy Oil Corp. (b)		662,426		33,465,761
Occidental Petroleum Corp.		337,306		27,190,237
QEP Resources, Inc.		1,188,387		24,029,185
Royal Dutch Shell plc - Class A (ADR)		934,733		62,580,374
Suncor Energy, Inc.		2,068,829		65,747,386
				325,010,496
Paper & Forest Products—0.9%
International Paper Co.		490,447		26,278,150
Pharmaceuticals—9.4%
AbbVie, Inc.		331,465		21,691,070
Bristol-Myers Squibb Co.		414,500		24,467,935
GlaxoSmithKline plc (ADR)		251,405		10,745,050
Merck & Co., Inc.		968,436		54,997,480
Novartis AG		508,821		46,794,987
Pfizer, Inc.		1,430,499		44,560,044
Roche Holding AG (ADR)		715,399		24,316,412
Sanofi (ADR)		789,828		36,024,055
				263,597,033
Semiconductors & Semiconductor Equipment—1.1%
Intel Corp.		859,401		31,187,662
Software—4.8%
Autodesk, Inc. (a)		207,980		12,491,279
Citrix Systems, Inc. (a)		402,275		25,665,145
Microsoft Corp.		1,151,389		53,482,019
Symantec Corp.		1,628,983		41,791,559
				133,430,002
Technology Hardware, Storage & Peripherals—1.5%
Hewlett-Packard Co.		1,061,682		42,605,299
Textiles, Apparel & Luxury Goods—0.5%
Fossil Group, Inc. (a)		121,462		13,450,702
Total Common Stocks (Cost $2,109,049,041)				2,708,908,323
Short-Term Investments—5.1%
Security Description	Shares/ Principal Amount*		Value
Mutual Fund—2.0%
State Street Navigator Securities Lending MET Portfolio (c)		56,339,040		56,339,040
Repurchase Agreement—3.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $85,472,293 on 01/02/15, collateralized by $87,215,000 U.S. Government Agency Obligations with rates ranging from 0.000% - 0.250%, maturity dates ranging from 08/15/15 - 08/24/15, with a value of $87,185,669.		85,472,293		85,472,293
Total Short-Term Investments (Cost $141,811,333)				141,811,333
Total Investments—101.8% (Cost $2,250,860,374) (d)				2,850,719,656
Other assets and liabilities (net)—(1.8)%				(50,074,613	)
Net Assets—100.0%			$	2,800,645,043

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $78,628,925 and the collateral received consisted of cash in the amount of $56,339,040 and non-cash collateral with a value of $24,711,836. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $2,254,875,675. The aggregate unrealized appreciation and depreciation of investments were $646,804,152 and $(50,960,171), respectively, resulting in net unrealized appreciation of $595,843,981 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation
CAD	14,203,843	Barclays Bank plc		01/16/15	$	12,311,450	$	89,387
CAD	14,203,843	Canadian Imperial Bank of Commerce		01/16/15		12,314,225		92,162
CAD	14,203,843	Deutsche Bank AG		01/16/15		12,307,535		85,472
CAD	14,203,844	Goldman Sachs International		01/16/15		12,305,798		83,734
CHF	15,393,702	Barclays Bank plc		01/16/15		15,871,923		385,955

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Invesco Comstock Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation
CHF	15,393,702	Canadian Imperial Bank of Commerce		01/16/15	$	15,875,688	$	389,719
CHF	15,393,702	Deutsche Bank AG		01/16/15		15,871,988		386,020
CHF	15,393,702	Goldman Sachs International		01/16/15		15,872,905		386,937
EUR	22,334,922	Canadian Imperial Bank of Commerce		01/16/15		27,675,202		645,656
EUR	22,334,922	Deutsche Bank AG		01/16/15		27,672,499		642,953
EUR	22,334,921	Goldman Sachs International		01/16/15		27,680,338		650,793
EUR	22,334,921	Royal Bank of Canada		01/16/15		27,672,364		642,819
GBP	8,100,520	Barclays Bank plc		01/16/15		12,720,692		96,305
GBP	8,100,520	Canadian Imperial Bank of Commerce		01/16/15		12,719,720		95,333
GBP	8,100,520	Deutsche Bank AG		01/16/15		12,719,866		95,479
GBP	8,100,519	Goldman Sachs International		01/16/15		12,719,354		94,969
Net Unrealized Appreciation							$	4,863,693

(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.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Invesco Comstock Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	60,462,692	$	—		$	—	$	60,462,692
Auto Components		49,544,294		—			—		49,544,294
Automobiles		52,857,510		—			—		52,857,510
Banks		421,800,575		—			—		421,800,575
Capital Markets		172,216,744		—			—		172,216,744
Communications Equipment		55,146,241		—			—		55,146,241
Diversified Telecommunication Services		24,211,644		17,160,572			—		41,372,216
Electric Utilities		15,722,094		—			—		15,722,094
Electrical Equipment		29,224,772		—			—		29,224,772
Electronic Equipment, Instruments & Components		24,862,196		—			—		24,862,196
Energy Equipment & Services		92,239,420		—			—		92,239,420
Food & Staples Retailing		41,815,763		—			—		41,815,763
Food Products		89,035,232		—			—		89,035,232
Health Care Equipment & Supplies		18,855,752		—			—		18,855,752
Health Care Providers & Services		76,123,273		—			—		76,123,273
Hotels, Restaurants & Leisure		61,435,341		—			—		61,435,341
Household Durables		20,195,927		—			—		20,195,927
Industrial Conglomerates		70,354,990		—			—		70,354,990
Insurance		63,915,913		—			—		63,915,913
Internet Software & Services		65,111,765		—			—		65,111,765
Machinery		37,949,818		—			—		37,949,818
Media		206,354,300		—			—		206,354,300
Metals & Mining		23,014,493		—			—		23,014,493
Multi-Utilities		13,507,574		—			—		13,507,574
Multiline Retail		70,230,084		—			—		70,230,084
Oil, Gas & Consumable Fuels		325,010,496		—			—		325,010,496
Paper & Forest Products		26,278,150		—			—		26,278,150
Pharmaceuticals		216,802,046		46,794,987			—		263,597,033
Semiconductors & Semiconductor Equipment		31,187,662		—			—		31,187,662
Software		133,430,002		—			—		133,430,002
Technology Hardware, Storage & Peripherals		42,605,299		—			—		42,605,299
Textiles, Apparel & Luxury Goods		13,450,702		—			—		13,450,702
Total Common Stocks		2,644,952,764		63,955,559			—		2,708,908,323
Short-Term Investments
Mutual Fund		56,339,040		—			—		56,339,040
Repurchase Agreement		—		85,472,293			—		85,472,293
Total Short-Term Investments		56,339,040		85,472,293			—		141,811,333
Total Investments	$	2,701,291,804	$	149,427,852		$	—	$	2,850,719,656
Collateral for securities loaned (Liability)	$	—	$	(56,339,040	)	$	—	$	(56,339,040	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	4,863,693		$	—	$	4,863,693

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Invesco Comstock Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	2,850,719,656
Cash		149,668
Cash denominated in foreign currencies (c)		35
Unrealized appreciation on forward foreign currency exchange contracts		4,863,693
Receivable for:
Fund shares sold		57,555
Dividends		4,115,240
Prepaid expenses		7,523
Total Assets		2,859,913,370
Liabilities
Collateral for securities loaned		56,339,040
Payables for:
Fund shares redeemed		1,137,267
Accrued expenses:
Management fees		1,279,445
Distribution and service fees		257,491
Deferred trustees’ fees		67,424
Other expenses		187,660
Total Liabilities		59,268,327
Net Assets	$	2,800,645,043
Net assets consist of:
Paid in surplus	$	2,039,060,405
Undistributed net investment income		73,661,773
Accumulated net realized gain		83,239,295
Unrealized appreciation on investments and foreign currency transactions		604,683,570
Net Assets	$	2,800,645,043
Net Assets
Class A	$	1,587,593,202
Class B		1,213,051,841
Capital Shares Outstanding*
Class A		100,531,817
Class B		77,165,502
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.79
Class B		15.72

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,250,860,374.

(b) Includes securities loaned at value of $78,628,925.

(c) Identified cost of cash denominated in foreign currencies was $35.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	68,646,353
Securities lending income		393,336
Total investment income		69,039,689
Expenses
Management fees		15,605,346
Administration fees		64,364
Custodian and accounting fees		246,249
Distribution and service fees—Class B		2,681,017
Audit and tax services		39,511
Legal		34,319
Trustees’ fees and expenses		43,760
Shareholder reporting		131,633
Insurance		17,397
Miscellaneous		20,747
Total expenses		18,884,343
Less management fee waiver		(640,985	)
Net expenses		18,243,358
Net Investment Income		50,796,331
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		344,717,224
Futures contracts		851,256
Foreign currency transactions		22,418,417
Net realized gain		367,986,897
Net change in unrealized appreciation (depreciation) on:
Investments		(164,578,872	)
Foreign currency transactions		5,555,733
Net change in unrealized depreciation		(159,023,139	)
Net realized and unrealized gain		208,963,758
Net Increase in Net Assets From Operations	$	259,760,089

(a) Net of foreign withholding taxes of $1,342,937.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Invesco Comstock Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	50,796,331		$	36,913,205
Net realized gain		367,986,897			178,565,397
Net change in unrealized appreciation (depreciation)		(159,023,139	)		517,725,167
Increase in net assets from operations		259,760,089			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	)
Decrease in net assets from capital share transactions		(90,670,600	)		(173,198,654	)
Total increase in net assets		140,248,194			529,022,566
Net Assets
Beginning of period		2,660,396,849			2,131,374,283
End of period	$	2,800,645,043		$	2,660,396,849
Undistributed net investment income
End of period	$	73,661,773		$	29,288,320

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		1,649,454		$	24,172,475			9,589,741		$	117,901,033
Fund subscription in kind		559,403			8,195,260	(a)		0			0
Reinvestments		1,510,366			21,749,261			1,987,096			23,547,092
Redemptions		(33,330,015	)		(500,326,589	)		(21,265,646	)		(272,140,082	)
Net decrease		(29,610,792	)	$	(446,209,593	)		(9,688,809	)	$	(130,691,957	)
Class B
Sales		4,513,337		$	66,951,747			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		(11,430,848	)		(172,035,827	)		(9,746,396	)		(123,642,078	)
Net increase (decrease)		24,618,872		$	355,538,993			(3,389,165	)	$	(42,506,697	)
Decrease derived from capital shares transactions				$	(90,670,600	)				$	(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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.58		$	10.90		$	9.32		$	9.55		$	8.43
Income (Loss) from Investment Operations
Net investment income (a)		0.30			0.20			0.19			0.17			0.13
Net realized and unrealized gain (loss) on investments		1.08			3.65			1.55			(0.27	)		1.14
Total from investment operations		1.38			3.85			1.74			(0.10	)		1.27
Less Distributions
Distributions from net investment income		(0.17	)		(0.17	)		(0.16	)		(0.13	)		(0.15	)
Total distributions		(0.17	)		(0.17	)		(0.16	)		(0.13	)		(0.15	)
Net Asset Value, End of Period	$	15.79		$	14.58		$	10.90		$	9.32		$	9.55
Total Return (%) (b)		9.60			35.64			18.76			(1.17	)		15.12
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.58			0.59			0.60			0.61			0.64
Net ratio of expenses to average net assets (%) (c)		0.56			0.57			0.58			0.61			0.64
Ratio of net investment income to average net assets (%)		1.97			1.59			1.90			1.81			1.51
Portfolio turnover rate (%)		23	(d)		14			17			25			29
Net assets, end of period (in millions)	$	1,587.6		$	1,897.6		$	1,524.2		$	1,406.5		$	828.0
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.52		$	10.85		$	9.28		$	9.52		$	8.41
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.17			0.17			0.14			0.11
Net realized and unrealized gain (loss) on investments		1.10			3.64			1.53			(0.27	)		1.13
Total from investment operations		1.34			3.81			1.70			(0.13	)		1.24
Less Distributions
Distributions from net investment income		(0.14	)		(0.14	)		(0.13	)		(0.11	)		(0.13	)
Total distributions		(0.14	)		(0.14	)		(0.13	)		(0.11	)		(0.13	)
Net Asset Value, End of Period	$	15.72		$	14.52		$	10.85		$	9.28		$	9.52
Total Return (%) (b)		9.31			35.39			18.43			(1.48	)		14.85
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.83			0.84			0.85			0.86			0.89
Net ratio of expenses to average net assets (%) (c)		0.81			0.82			0.83			0.86			0.89
Ratio of net investment income to average net assets (%)		1.60			1.33			1.65			1.50			1.28
Portfolio turnover rate (%)		23	(d)		14			17			25			29
Net assets, end of period (in millions)	$	1,213.1		$	762.8		$	607.1		$	555.3		$	582.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Excludes the effect of subscriptions in kind activity for the year ended December 31, 2014.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-12

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-13

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $85,472,293, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MIST-14

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 25, 2014 through April 29, 2014, the Portfolio had bought and sold $226,654,764 in equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts.

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 December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	4,863,693

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—December 31, 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”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Received†		Net Amount*
Barclays Bank plc	$	571,647	$	—	$	—	$	571,647
Canadian Imperial Bank of Commerce		1,222,870		—		—		1,222,870
Deutsche Bank AG		1,209,924		—		—		1,209,924
Goldman Sachs International		1,216,433		—		—		1,216,433
Royal Bank of Canada		642,819		—		—		642,819
	$	4,863,693	$	—	$	—	$	4,863,693

* 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 year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity		Foreign Exchange		Total
Forward foreign currency transactions	$	—	$	22,803,173	$	22,803,173
Futures contracts		851,256		—		851,256
	$	851,256	$	22,803,173	$	23,654,429
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity		Foreign Exchange		Total
Forward foreign currency transactions	$	—	$	5,603,120	$	5,603,120

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	287,523,691

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master

MIST-16

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

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 and subscriptions in kind, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	628,192,821	$	0	$	1,139,469,011

The Portfolio engaged in security transactions with other accounts managed by Invesco Advisers, Inc. that amounted to $1,227,571 in sales of investments, which are included above.

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$15,605,346		0.650	%	First $500 million
		0.600	%	$500 million to $1 billion
		0.525	%	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.

MIST-17

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 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
0.025%	$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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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, 2014 and 2013 were as follows:

Ordinary Income			Long- Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$28,841,295	$	30,982,549	$	—	$	—	$	28,841,295	$	30,982,549

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$78,592,891	$	87,254,597	$	595,804,574	$	—	$	761,652,062

MIST-18

Met Investors Series Trust

Invesco Comstock Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $248,523,529.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-19

Met Investors Series Trust

Invesco Comstock Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Invesco Comstock 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 Invesco Comstock Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Invesco Comstock Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-21

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-22

Met Investors Series Trust

Invesco Comstock Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-23

Met Investors Series Trust

Invesco Comstock Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-24

Met Investors Series Trust

Invesco Comstock Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Invesco Comstock Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Russell 1000 Value Index, for the one-, three- and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-25

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Managed By Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Invesco Mid Cap Value Portfolio returned 9.96%, 9.64%, and 9.74%, respectively. The Portfolio’s benchmark, the Russell Midcap Value Index¹, returned 14.75%.

MARKET ENVIRONMENT / CONDITIONS

The year ended December 31, 2014, was characterized by steady improvement in the U.S. economy and strong domestic equity market returns. As the year began, the U.S. equity market turned volatile in the first four months of 2014 as investors worried that stocks may have risen too far, too fast in 2013. Adding to investor uncertainty was political upheaval in Ukraine and signs of economic sluggishness in the U.S. and China. Investors began to show confidence in the economic recovery and stocks rallied through the summer, with the S&P 500 Index surpassing the 2,000 level by the end of August. As expected, the Federal Reserve reduced monthly purchases of securities or quantitative easing throughout 2014, finally ending all purchases in October. In September, the price of oil began a steep descent, and equity markets followed suit. By the end of the year, the price of oil had hit its lowest point in several years, and equities also moved in tandem; however the major domestic equity indexes reversed course and rallied in late December, finishing 2014 on a positive note.

PORTFOLIO REVIEW / PERIOD END POSITIONING

For the one year period ending December 31, 2014, the Invesco Mid Cap Value Portfolio delivered a positive return, but underperformed its benchmark, the Russell Midcap Value Index.

Stock selection in the Consumer Discretionary sector was the largest detractor from the Portfolio’s relative and absolute return. Performance in the sector was driven primarily by specialty retailers, Ascena Retail Group and Express. Ascena was the largest detractor, as weakness in sales at two of its store chains, Justice and Lane Bryant, led to disappointing earnings. Stock selection and an underweight position in the Financials sector was another detractor from relative results. Performance was negatively impacted by the Portfolio’s substantial underexposure to Real Estate Investment Trusts (“REITs”) relative to the benchmark. REITs comprise a large portion of the sector within the Index, and these securities had double digit returns, outperforming both the Financials sector and overall Index. Similarly, the Portfolio’s underweight in Utilities detracted from relative returns, as Utilities was one of the best performing sectors for the period. However, the Utilities sector contained one of the Portfolio’s top contributors, Edison International.

In the latter part of the year, Energy stocks came under pressure due to rapidly falling oil prices; however, despite a negative absolute return, stock selection within the sector was the largest positive contributor to the Portfolio’s relative performance. The Telecommunications sector also had a positive impact on performance. Within the sector, tw telecom was the Portfolio’s top contributor for the period. In June, Level 3 Communications (not a Portfolio holding) entered into an agreement to acquire tw telecom at a premium, and as such, tw telecom’s stock rose sharply.

Currency forward contracts were used during the year, for the purpose of hedging currency exposure of non-U.S.-based companies held in the Portfolio. The use of these contracts had a slight positive impact on the Portfolio’s performance relative to the benchmark.

During the year, we increased the Portfolio’s exposure to Information Technology, Financials, Health Care and Industrials, and decreased our exposure to Consumer Discretionary, Energy, Materials and Consumer Staples. At the end of the period, the Portfolio’s largest overweights versus the benchmark were in Industrials and Health Care, while the largest underweights were in Utilities and Financials.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-1

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP VALUE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
Invesco Mid Cap Value Portfolio
Class A		9.96		14.95		6.74		—
Class B		9.64		14.65		6.47		—
Class E		9.74		—		—		16.87
Russell Midcap Value Index		14.75		17.43		9.43		—

¹ The Russell Midcap Value Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with lower price-to-book ratios and 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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Citrix Systems, Inc.		3.1
Johnson Controls, Inc.		3.0
Universal Health Services, Inc. - Class B		2.9
Forest City Enterprises, Inc. - Class A		2.9
Teradata Corp.		2.7
ConAgra Foods, Inc.		2.7
FNF Group		2.5
Textron, Inc.		2.5
Comerica, Inc.		2.5
Owens Corning		2.4

Top Sectors

	% of Net Assets
Financials		27.0
Industrials		19.0
Information Technology		12.8
Health Care		11.7
Consumer Discretionary		9.7
Energy		4.6
Materials		4.3
Utilities		3.1
Consumer Staples		2.6
Telecommunication Services		2.4

MIST-2

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Invesco Mid Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.68	%	$	1,000.00	$	1,019.00	$	3.46
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.78	$	3.47
Class B(a)	Actual		0.93	%	$	1,000.00	$	1,017.80	$	4.73
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.52	$	4.74
Class E(a)	Actual		0.83	%	$	1,000.00	$	1,018.20	$	4.22
	Hypothetical*		0.83	%	$	1,000.00	$	1,021.02	$	4.23

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MIST-3

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—97.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.5%
Textron, Inc.		793,699	$	33,422,665
Air Freight & Logistics—1.4%
UTi Worldwide, Inc. (a) (b)		1,533,673		18,511,433
Auto Components—5.1%
Dana Holding Corp.		1,313,332		28,551,838
Johnson Controls, Inc.		837,604		40,489,777
				69,041,615
Banks—8.3%
BB&T Corp.		815,390		31,710,517
Comerica, Inc.		708,563		33,189,091
Wintrust Financial Corp.		609,454		28,498,069
Zions Bancorporation		652,701		18,608,505
				112,006,182
Building Products—4.5%
Masco Corp.		1,096,113		27,622,048
Owens Corning		912,956		32,692,954
				60,315,002
Capital Markets—6.5%
American Capital, Ltd. (a)		1,680,041		24,545,399
Northern Trust Corp.		445,422		30,021,443
Stifel Financial Corp. (a)		636,131		32,455,403
				87,022,245
Chemicals—4.3%
Eastman Chemical Co.		389,506		29,547,925
WR Grace & Co. (a)		290,530		27,713,657
				57,261,582
Commercial Services & Supplies—0.9%
Clean Harbors, Inc. (a) (b)		252,999		12,156,602
Communications Equipment—2.3%
Ciena Corp. (a) (b)		1,601,055		31,076,477
Diversified Telecommunication Services—2.4%
Level 3 Communications, Inc. (a)		646,146		31,906,689
Electric Utilities—2.2%
Edison International		445,418		29,165,971
Electrical Equipment—2.0%
Babcock & Wilcox Co. (The) (b)		885,116		26,819,015
Energy Equipment & Services—1.9%
Amec Foster Wheeler plc		1,471,764		19,262,406
Amec Foster Wheeler plc (ADR)		507,634		6,568,784
				25,831,190
Food Products—2.6%
ConAgra Foods, Inc.		979,514	$	35,536,768
Health Care Equipment & Supplies—2.3%
CareFusion Corp. (a)		517,333		30,698,540
Health Care Providers & Services—7.5%
Brookdale Senior Living, Inc. (a)		797,339		29,238,421
HealthSouth Corp. (b)		843,102		32,425,703
Universal Health Services, Inc. - Class B		354,010		39,387,153
				101,051,277
Insurance—9.3%
ACE, Ltd.		178,922		20,554,559
Arthur J. Gallagher & Co.		408,011		19,209,158
FNF Group		978,167		33,697,853
Marsh & McLennan Cos., Inc.		490,337		28,066,890
Willis Group Holdings plc		516,986		23,166,143
				124,694,603
IT Services—2.7%
Teradata Corp. (a) (b)		843,018		36,823,026
Life Sciences Tools & Services—1.9%
PerkinElmer, Inc.		570,541		24,949,758
Machinery—7.1%
Ingersoll-Rand plc		513,440		32,546,962
Pentair plc		446,415		29,650,884
Snap-on, Inc.		237,869		32,526,207
				94,724,053
Media—1.3%
Gannett Co., Inc.		534,918		17,079,932
Multi-Utilities—0.9%
CenterPoint Energy, Inc.		543,127		12,725,466
Oil, Gas & Consumable Fuels—2.7%
Newfield Exploration Co. (a)		467,917		12,689,909
Williams Cos., Inc. (The)		511,292		22,977,462
				35,667,371
Real Estate Management & Development—2.9%
Forest City Enterprises, Inc. - Class A (a)		1,807,013		38,489,377
Road & Rail—0.7%
Swift Transportation Co. (a)		307,260		8,796,854
Software—5.4%
Cadence Design Systems, Inc. (a) (b)		1,624,024		30,807,735
Citrix Systems, Inc. (a)		644,613		41,126,310
				71,934,045

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—3.3%
Advance Auto Parts, Inc.		186,543	$	29,712,569
Ascena Retail Group, Inc. (a)		1,155,035		14,507,240
				44,219,809
Technology Hardware, Storage & Peripherals—2.3%
Diebold, Inc. (b)		269,366		9,330,838
NetApp, Inc.		533,272		22,104,125
				31,434,963
Total Common Stocks (Cost $1,162,945,624)				1,303,362,510
Short-Term Investments—13.1%
Mutual Fund—9.7%
State Street Navigator Securities Lending MET Portfolio (c)		129,796,380		129,796,380
Repurchase Agreement—3.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $45,471,855 on 01/02/15, collateralized by $46,325,000 U.S. Treasury Note at 0.250% due 08/15/15 with a value of $46,382,906.		45,471,855		45,471,855
Total Short-Term Investments (Cost $175,268,235)				175,268,235
Total Investments—110.3% (Cost $1,338,213,859) (d)				1,478,630,745
Other assets and liabilities (net)—(10.3)%				(137,851,794	)
Net Assets—100.0%			$	1,340,778,951

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $130,265,224 and the collateral received consisted of cash in the amount of $129,796,380 and non-cash collateral with a value of $5,870,640. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,338,214,401. The aggregate unrealized appreciation and depreciation of investments were $168,116,879 and $(27,700,535), respectively, resulting in net unrealized appreciation of $140,416,344 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation
GBP	5,910,692	Bank of New York Mellon Corp.		01/09/15	$	9,291,076	$	78,955
GBP	5,913,751	State Street Bank and Trust		01/09/15		9,298,368		81,480
Net Unrealized Appreciation							$	160,435

(GBP)— British Pound

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	33,422,665	$	—		$	—	$	33,422,665
Air Freight & Logistics		18,511,433		—			—		18,511,433
Auto Components		69,041,615		—			—		69,041,615
Banks		112,006,182		—			—		112,006,182
Building Products		60,315,002		—			—		60,315,002
Capital Markets		87,022,245		—			—		87,022,245
Chemicals		57,261,582		—			—		57,261,582
Commercial Services & Supplies		12,156,602		—			—		12,156,602
Communications Equipment		31,076,477		—			—		31,076,477
Diversified Telecommunication Services		31,906,689		—			—		31,906,689
Electric Utilities		29,165,971		—			—		29,165,971
Electrical Equipment		26,819,015		—			—		26,819,015
Energy Equipment & Services		6,568,784		19,262,406			—		25,831,190
Food Products		35,536,768		—			—		35,536,768
Health Care Equipment & Supplies		30,698,540		—			—		30,698,540
Health Care Providers & Services		101,051,277		—			—		101,051,277
Insurance		124,694,603		—			—		124,694,603
IT Services		36,823,026		—			—		36,823,026
Life Sciences Tools & Services		24,949,758		—			—		24,949,758
Machinery		94,724,053		—			—		94,724,053
Media		17,079,932		—			—		17,079,932
Multi-Utilities		12,725,466		—			—		12,725,466
Oil, Gas & Consumable Fuels		35,667,371		—			—		35,667,371
Real Estate Management & Development		38,489,377		—			—		38,489,377
Road & Rail		8,796,854		—			—		8,796,854
Software		71,934,045		—			—		71,934,045
Specialty Retail		44,219,809		—			—		44,219,809
Technology Hardware, Storage & Peripherals		31,434,963		—			—		31,434,963
Total Common Stocks		1,284,100,104		19,262,406			—		1,303,362,510
Short-Term Investments
Mutual Fund		129,796,380		—			—		129,796,380
Repurchase Agreement		—		45,471,855			—		45,471,855
Total Short-Term Investments		129,796,380		45,471,855			—		175,268,235
Total Investments	$	1,413,896,484	$	64,734,261		$	—	$	1,478,630,745
Collateral for securities loaned (Liability)	$	—	$	(129,796,380	)	$	—	$	(129,796,380	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	160,435		$	—	$	160,435

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,478,630,745
Cash		127,792
Cash denominated in foreign currencies (c)		22
Unrealized appreciation on forward foreign currency exchange contracts		160,435
Receivable for:
Investments sold		638,029
Fund shares sold		124,803
Dividends		1,857,380
Prepaid expenses		3,452
Total Assets		1,481,542,658
Liabilities
Collateral for securities loaned		129,796,380
Payables for:
Investments purchased		8,958,893
Fund shares redeemed		811,856
Accrued expenses:
Management fees		710,504
Distribution and service fees		189,451
Deferred trustees’ fees		85,931
Other expenses		210,692
Total Liabilities		140,763,707
Net Assets	$	1,340,778,951
Net assets consist of:
Paid in surplus	$	1,131,754,998
Undistributed net investment income		6,641,667
Accumulated net realized gain		61,808,637
Unrealized appreciation on investments and foreign currency transactions		140,573,649
Net Assets	$	1,340,778,951
Net Assets
Class A	$	431,368,339
Class B		871,306,532
Class E		38,104,080
Capital Shares Outstanding*
Class A		21,189,870
Class B		43,524,560
Class E		1,887,153
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	20.36
Class B		20.02
Class E		20.19

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,338,213,859.

(b) Includes securities loaned at value of $130,265,224.

(c) Identified cost of cash denominated in foreign currencies was $22.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	16,398,290
Interest		29
Securities lending income		247,385
Total investment income		16,645,704
Expenses
Management fees		8,285,106
Administration fees		30,239
Custodian and accounting fees		96,953
Distribution and service fees—Class B		2,116,503
Distribution and service fees—Class E		58,843
Audit and tax services		39,510
Legal		52,857
Trustees’ fees and expenses		43,761
Shareholder reporting		305,890
Insurance		7,974
Miscellaneous		13,117
Total expenses		11,050,753
Less management fee waiver		(225,026	)
Less broker commission recapture		(88,738	)
Net expenses		10,736,989
Net Investment Income		5,908,715
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		61,970,593
Futures contracts		(71,583	)
Foreign currency transactions		968,207
Net realized gain		62,867,217
Net change in unrealized appreciation on:
Investments		55,372,189
Foreign currency transactions		156,763
Net change in unrealized appreciation		55,528,952
Net realized and unrealized gain		118,396,169
Net Increase in Net Assets From Operations	$	124,304,884

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,908,715		$	6,865,899
Net realized gain		62,867,217			315,240,416
Net change in unrealized appreciation (depreciation)		55,528,952			(22,332,558	)
Increase in net assets from operations		124,304,884			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		232,762,651			(141,989,467	)
Total increase in net assets		144,314,999			148,785,358
Net Assets
Beginning of period		1,196,463,952			1,047,678,594
End of period	$	1,340,778,951		$	1,196,463,952
Undistributed net investment income
End of period	$	6,641,667		$	6,214,876

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		4,924,347		$	92,479,547			842,899		$	16,987,156
Reinvestments		3,438,913			63,482,336			162,110			3,052,538
Redemptions		(2,812,267	)		(56,697,460	)		(2,705,253	)		(54,794,205	)
Net increase (decrease)		5,550,993		$	99,264,423			(1,700,244	)	$	(34,754,511	)
Class B
Sales		1,462,513		$	29,089,618			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		(6,763,078	)		(136,061,717	)		(7,302,722	)		(145,890,608	)
Net increase (decrease)		7,837,406		$	132,753,067			(4,999,984	)	$	(100,343,404	)
Class E
Sales		26,529		$	532,168			69,965		$	1,409,481
Reinvestments		390,054			7,149,693			17,453			326,720
Redemptions		(340,291	)		(6,936,700	)		(431,778	)		(8,627,753	)
Net increase (decrease)		76,292		$	745,161			(344,360	)	$	(6,891,552	)
Increase (decrease) derived from capital shares transactions				$	232,762,651					$	(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-8

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	22.73		$	17.57		$	15.38		$	16.04		$	12.84
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.16			0.23			0.10			0.12
Net realized and unrealized gain (loss) on investments		1.70			5.18			2.07			(0.64	)		3.19
Total from investment operations		1.83			5.34			2.30			(0.54	)		3.31
Less Distributions
Distributions from net investment income		(0.16	)		(0.18	)		(0.11	)		(0.12	)		(0.11	)
Distributions from net realized capital gains		(4.04	)		0.00			0.00			0.00			0.00
Total distributions		(4.20	)		(0.18	)		(0.11	)		(0.12	)		(0.11	)
Net Asset Value, End of Period	$	20.36		$	22.73		$	17.57		$	15.38		$	16.04
Total Return (%) (b)		9.96			30.63			15.00			(3.46	)		25.84
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69			0.70			0.69			0.73			0.75
Net ratio of expenses to average net assets (%) (c)		0.67			0.69			0.69			0.73			0.75
Ratio of net investment income to average net assets (%)		0.62			0.78			1.37			0.65			0.86
Portfolio turnover rate (%)		42	(g)		144			66			47			77
Net assets, end of period (in millions)	$	431.4		$	355.5		$	304.7		$	35.6		$	42.5
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	22.42		$	17.34		$	15.18		$	15.84		$	12.69
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.11			0.16			0.06			0.08
Net realized and unrealized gain (loss) on investments		1.67			5.12			2.07			(0.64	)		3.15
Total from investment operations		1.75			5.23			2.23			(0.58	)		3.23
Less Distributions
Distributions from net investment income		(0.11	)		(0.15	)		(0.07	)		(0.08	)		(0.08	)
Distributions from net realized capital gains		(4.04	)		0.00			0.00			0.00			0.00
Total distributions		(4.15	)		(0.15	)		(0.07	)		(0.08	)		(0.08	)
Net Asset Value, End of Period	$	20.02		$	22.42		$	17.34		$	15.18		$	15.84
Total Return (%) (b)		9.64			30.30			14.70			(3.70	)		25.53
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.94			0.95			0.94			0.98			1.00
Net ratio of expenses to average net assets (%) (c)		0.92			0.94			0.94			0.98			1.00
Ratio of net investment income to average net assets (%)		0.38			0.53			1.00			0.41			0.62
Portfolio turnover rate (%)		42	(g)		144			66			47			77
Net assets, end of period (in millions)	$	871.3		$	800.0		$	705.4		$	357.1		$	382.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012(d)
Net Asset Value, Beginning of Period	$	22.58		$	17.46		$	16.44
Income (Loss) from Investment Operations
Net investment income (a)		0.10			0.13			0.14
Net realized and unrealized gain on investments		1.68			5.15			0.88
Total from investment operations		1.78			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	$	20.19		$	22.58		$	17.46
Total Return (%) (b)		9.74			30.46			6.20	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84			0.85			0.84	(f)
Net ratio of expenses to average net assets (%) (c)		0.82			0.84			0.84	(f)
Ratio of net investment income to average net assets (%)		0.47			0.62			1.26	(f)
Portfolio turnover rate (%)		42	(g)		144			66
Net assets, end of period (in millions)	$	38.1		$	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) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Commencement of operations was April 25, 2012.

(e) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

(g) Excludes the effect of subscriptions in kind activity for the year ended December 31, 2014.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-11

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-12

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $45,471,855, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MIST-13

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the period April 29, 2014 through April 30, 2014, the Portfolio had bought and sold $40,681,847 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	160,435

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-14

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 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”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Received†		Net Amount*
Bank of New York Mellon Corp.	$	78,955	$	—	$	—	$	78,955
State Street Bank and Trust		81,480		—		—		81,480
	$	160,435	$	—	$	—	$	160,435

* 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 year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity			Foreign Exchange		Total
Forward foreign currency transactions	$	—		$	965,163	$	965,163
Futures contracts		(71,583	)		—		(71,583	)
	$	(71,583	)	$	965,163	$	893,580
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity			Foreign Exchange		Total
Forward foreign currency transactions	$	—		$	160,435	$	160,435

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	13,738,353

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

MIST-15

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

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 addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities and subscriptions in kind, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	530,330,032	$	0	$	563,856,127

The Portfolio engaged in security transactions with other accounts managed by Invesco Advisers, Inc. that amounted to $4,614,517 in purchases of investments, which are included above.

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$8,285,106		0.700	%	First $200 million
		0.650	%	$200 million to $500 million
		0.625	%	Over $500 million

MIST-16

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 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:

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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$6,402,653	$	8,998,932	$	206,349,883	$	—	$	212,752,536	$	8,998,932

MIST-17

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$48,866,058	$	19,831,151	$	140,412,675	$	—	$	209,109,884

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-18

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Invesco Mid Cap Value 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 Invesco Mid Cap Value Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Invesco Mid Cap Value Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-19

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-20

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-21

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-22

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-23

Met Investors Series Trust

Invesco Mid Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Invesco Mid Cap Value Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the one-, three- and five-year periods ended June 30, 2014. The Board took into account that the Portfolio underperformed its benchmark, the Russell Midcap Value Index, for the one-, three- and five-year periods ended October 31, 2014. The Board further noted that Invesco assumed portfolio management responsibilities for the Portfolio effective October 1, 2013 and that performance prior to that date represents that of the previous sub-adviser. The Board took into account management’s discussion of the Portfolio’s performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe at the Portfolio’s current size. The Board further considered that the Adviser had agreed to waive fees and/or reimburse expenses during the past year. The Board noted the Portfolio’s advisory fee and two-tiered sub-advisory fee.

MIST-24

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Managed by Invesco Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Invesco Small Cap Growth Portfolio returned 8.18%, 7.91%, and 8.04%, respectively. The Portfolio’s benchmark, the Russell 2000 Growth Index¹, returned 5.60%.

MARKET ENVIRONMENT / CONDITIONS

The persistent “good but not great” economic environment and historically low interest rates led U.S. equity markets higher during the year ending December 31, 2014. The U.S. economy carried on a slow growth path and the U.S. Federal Reserve Bank continued to reduce monthly purchases of securities throughout 2014, finally ending all purchases in October. In the early months of 2014, equity markets turned more volatile, pulling back as investors began to worry that stocks may have risen too far, too fast in 2013. Unusually cold winter weather also impacted consumers and sentiment, but only for a while and corporate earnings bounced back and were generally strong through the year. Stocks rallied through the summer, with the S&P 500 Index surpassing the 2,000 level by the end of August despite upheaval in Ukraine and signs of economic sluggishness in China. As investors wrestled with the evidence that U.S. growth appeared to be on stronger footing than the rest of the world, in mid-September the price of oil began a freefall, along with U.S. equities. Despite the unknown economic impact of significantly lower oil prices for an unforeseeable period, equity markets stabilized and recovered even through a subsequent December sell-off to end the year on a positive note overall.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio did well in this environment, posting a positive return and solidly outperforming the benchmark Russell 2000 Growth Index due to stock selection decisions across most sectors. The Portfolio particularly outperformed in the Health Care, Consumer Discretionary and Industrials sectors. These sectors more than offset underperformance in the Energy sector, where the Portfolio’s modest overweight exposure impacted performance as oil prices plummeted.

The Portfolio outperformed by the widest margin in the Health Care sector due primarily to stock selection. Intermune Pharmaceuticals was the Portfolio’s largest contributor. During the year, the biotechnology company reported better than expected trial results and confirmed efficacy of their key lung disease treatment. The stock outperformed on this news and then further appreciated when the company was subsequently acquired for a significant premium. Exact Sciences also benefitted performance based on the promising outlook for adoption of their non-invasive screening tool for colorectal cancer.

The Portfolio also outperformed in the Consumer Discretionary sector due to stock selection. Top contributors in this sector included Jack in the Box which reported strong sales and earnings growth throughout the year and Domino’s Pizza which benefitted from its investments in on-line and mobile technology to increase market share.

In the fall, the impact of unexpected new oil supply and decreased global demand hit oil markets simultaneously. As the commodity price tumbled, energy stocks fell and were the worst performing sector of the Index by a wide margin. The Portfolio underperformed in the sector primarily due to a modest overweight, as most of the Portfolio’s energy stocks held up better than those of the Index. However, a few Portfolio holdings did underperform including Oasis Petroleum and Laredo Petroleum, two exploration and production companies which trailed the broader Energy sector.

Portfolio positioning is based primarily on our bottom-up stock selection process, and our long term investment horizon leads to relatively low turnover. Portfolio positioning did not change dramatically during the year. At period end, within modest ranges, Industrials and Information Technology were the largest overweight exposures relative to the benchmark, while Consumer Discretionary and Health Care stocks represented underweights.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-1

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
Invesco Small Cap Growth Portfolio
Class A		8.18		17.71		9.88
Class B		7.91		17.42		9.65
Class E		8.04		17.55		9.77
Russell 2000 Growth Index		5.60		16.80		8.54

¹ The Russell 2000 Growth Index is an unmanaged measure of performance of those Russell 2000 companies (small capitalization companies) that have higher price-to book ratios and higher forecasted growth values.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class 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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Manhattan Associates, Inc.		2.0
Jack in the Box, Inc.		1.6
CoStar Group, Inc.		1.5
SBA Communications Corp. - Class A		1.4
Wabtec Corp.		1.4
Exact Sciences Corp.		1.3
VCA, Inc.		1.3
AO Smith Corp.		1.2
Incyte Corp.		1.1
Knight Transportation, Inc.		1.1

Top Sectors

	% of Net Assets
Information Technology		28.6
Health Care		21.5
Industrials		17.1
Consumer Discretionary		12.9
Financials		8.0
Energy		3.6
Materials		3.1
Consumer Staples		1.5
Telecommunication Services		1.4
Utilities		0.9

MIST-2

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Invesco Small Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.86	%	$	1,000.00	$	1,030.50	$	4.40
	Hypothetical*		0.86	%	$	1,000.00	$	1,020.87	$	4.38
Class B(a)	Actual		1.11	%	$	1,000.00	$	1,029.40	$	5.68
	Hypothetical*		1.11	%	$	1,000.00	$	1,019.61	$	5.65
Class E(a)	Actual		1.01	%	$	1,000.00	$	1,029.90	$	5.17
	Hypothetical*		1.01	%	$	1,000.00	$	1,020.11	$	5.14

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MIST-3

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—98.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.5%
Hexcel Corp. (a)		256,782	$	10,653,885
TransDigm Group, Inc.		60,764		11,931,012
				22,584,897
Air Freight & Logistics—0.9%
Forward Air Corp.		260,815		13,137,252
Banks—3.0%
Hancock Holding Co.		291,098		8,936,709
Home BancShares, Inc.		368,990		11,866,718
SVB Financial Group (a)		120,644		14,003,149
UMB Financial Corp.		189,257		10,766,831
				45,573,407
Biotechnology—5.0%
Alnylam Pharmaceuticals, Inc. (a) (b)		126,383		12,259,151
Exact Sciences Corp. (a) (b)		726,516		19,935,599
Incyte Corp. (a) (b)		237,265		17,346,444
NPS Pharmaceuticals, Inc. (a)		361,081		12,915,868
Repligen Corp. (a) (b)		259,896		5,145,941
Seattle Genetics, Inc. (a) (b)		254,510		8,177,406
				75,780,409
Building Products—1.2%
AO Smith Corp.		321,674		18,145,630
Capital Markets—3.2%
Affiliated Managers Group, Inc. (a)		54,613		11,591,063
Greenhill & Co., Inc. (b)		147,520		6,431,872
Janus Capital Group, Inc. (b)		871,320		14,054,392
Stifel Financial Corp. (a)		323,494		16,504,664
				48,581,991
Chemicals—0.9%
PolyOne Corp.		371,832		14,096,151
Commercial Services & Supplies—2.4%
Pitney Bowes, Inc.		586,406		14,290,714
Steelcase, Inc. - Class A		711,951		12,779,521
Tetra Tech, Inc.		359,460		9,597,582
				36,667,817
Communications Equipment—1.6%
ARRIS Group, Inc. (a)		520,330		15,708,762
Finisar Corp. (a) (b)		413,280		8,021,765
				23,730,527
Construction & Engineering—0.5%
MasTec, Inc. (a) (b)		326,010		7,371,086
Construction Materials—0.7%
Martin Marietta Materials, Inc. (b)		90,568		9,991,462
Containers & Packaging—1.0%
Berry Plastics Group, Inc. (a)		478,718		15,103,553
Distributors—0.8%
Pool Corp.		197,227		12,512,081
Electric Utilities—0.9%
ITC Holdings Corp.		336,042		13,586,178
Electrical Equipment—1.0%
Acuity Brands, Inc.		112,720		15,788,690
Electronic Equipment, Instruments & Components—3.2%
Cognex Corp. (a)		282,041		11,656,755
IPG Photonics Corp. (a) (b)		130,846		9,802,982
National Instruments Corp. (b)		302,126		9,393,097
SYNNEX Corp.		216,896		16,952,592
				47,805,426
Energy Equipment & Services—1.2%
Atwood Oceanics, Inc. (a)		171,043		4,852,490
Dril-Quip, Inc. (a)		124,321		9,539,150
Patterson-UTI Energy, Inc.		251,818		4,177,661
				18,569,301
Food Products—1.4%
B&G Foods, Inc. (b)		299,556		8,956,724
Diamond Foods, Inc. (a)		5,151		145,413
Lancaster Colony Corp.		136,043		12,739,067
				21,841,204
Health Care Equipment & Supplies—5.1%
DexCom, Inc. (a)		273,752		15,070,048
Insulet Corp. (a) (b)		243,084		11,196,449
NuVasive, Inc. (a)		313,252		14,772,964
Sirona Dental Systems, Inc. (a)		146,124		12,766,854
STERIS Corp. (b)		244,501		15,855,890
Thoratec Corp. (a)		233,603		7,582,753
				77,244,958
Health Care Providers & Services—5.6%
Chemed Corp. (b)		144,071		15,223,983
Community Health Systems, Inc. (a)		279,871		15,090,644
Envision Healthcare Holdings, Inc. (a)		317,491		11,013,763
HealthSouth Corp.		322,676		12,410,119
Select Medical Holdings Corp.		788,826		11,359,094
VCA, Inc. (a)		387,287		18,887,987
				83,985,590
Health Care Technology—0.3%
HMS Holdings Corp. (a) (b)		224,194		4,739,461
Hotels, Restaurants & Leisure—4.8%
BJ’s Restaurants, Inc. (a)		240,873		12,094,233
Cheesecake Factory, Inc. (The) (b)		222,281		11,182,957
Choice Hotels International, Inc. (b)		233,179		13,062,688

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Hotels, Restaurants & Leisure—(Continued)
Domino’s Pizza, Inc.		119,918	$	11,292,678
Jack in the Box, Inc.		301,213		24,084,992
				71,717,548
Household Durables—0.7%
Standard Pacific Corp. (a) (b)		1,350,236		9,843,220
Insurance—0.9%
American Equity Investment Life Holding Co.		484,546		14,143,898
Internet Software & Services—3.7%
CoStar Group, Inc. (a)		124,548		22,870,749
Dealertrack Technologies, Inc. (a) (b)		273,029		12,097,915
Envestnet, Inc. (a)		220,075		10,814,485
HomeAway, Inc. (a)		318,284		9,478,498
				55,261,647
IT Services—1.8%
Booz Allen Hamilton Holding Corp.		441,217		11,705,487
EPAM Systems, Inc. (a)		315,910		15,084,702
				26,790,189
Leisure Products—0.8%
Brunswick Corp.		237,409		12,169,585
Life Sciences Tools & Services—2.3%
Bio-Techne Corp.		124,999		11,549,907
PAREXEL International Corp. (a) (b)		231,412		12,857,251
PerkinElmer, Inc.		243,607		10,652,934
				35,060,092
Machinery—4.9%
Crane Co.		169,959		9,976,593
ITT Corp.		365,285		14,779,431
Lincoln Electric Holdings, Inc.		210,633		14,552,634
WABCO Holdings, Inc. (a)		134,788		14,123,087
Wabtec Corp.		235,467		20,459,728
				73,891,473
Marine—0.8%
Kirby Corp. (a)		140,435		11,338,722
Media—0.6%
Sinclair Broadcast Group, Inc. - Class A (b)		349,912		9,573,592
Metals & Mining—0.5%
Carpenter Technology Corp.		158,780		7,819,915
Oil, Gas & Consumable Fuels—2.3%
Energen Corp.		162,320		10,349,523
Laredo Petroleum, Inc. (a) (b)		390,216		4,038,736
Oasis Petroleum, Inc. (a) (b)		289,523		4,788,710
SemGroup Corp. - Class A		133,381		9,121,927
Ultra Petroleum Corp. (a) (b)		514,809		6,774,886
				35,073,782
Pharmaceuticals—3.2%
Catalent, Inc. (a)		10,561		294,441
Jazz Pharmaceuticals plc (a) (b)		69,946		11,452,259
Nektar Therapeutics (a) (b)		887,228		13,752,034
Pacira Pharmaceuticals, Inc. (a) (b)		105,349		9,340,242
Salix Pharmaceuticals, Ltd. (a)		114,094		13,113,964
				47,952,940
Real Estate Investment Trusts—0.9%
Corrections Corp. of America (b)		360,293		13,093,048
Road & Rail—2.3%
Knight Transportation, Inc. (b)		513,993		17,301,004
Old Dominion Freight Line, Inc. (a)		20,610		1,600,160
Swift Transportation Co. (a) (b)		553,255		15,839,691
				34,740,855
Semiconductors & Semiconductor Equipment—5.6%
Atmel Corp. (a)		1,550,336		13,015,071
Cavium, Inc. (a) (b)		223,156		13,795,504
MKS Instruments, Inc.		290,545		10,633,947
Monolithic Power Systems, Inc.		246,229		12,247,431
Power Integrations, Inc.		232,433		12,026,083
Silicon Laboratories, Inc. (a)		231,833		11,039,887
Teradyne, Inc.		590,319		11,682,413
				84,440,336
Software—11.8%
Aspen Technology, Inc. (a)		315,691		11,055,499
Cadence Design Systems, Inc. (a) (b)		660,317		12,526,213
CommVault Systems, Inc. (a)		137,523		7,108,564
Guidewire Software, Inc. (a) (b)		253,704		12,845,034
Interactive Intelligence Group, Inc. (a) (b)		210,670		10,091,093
Manhattan Associates, Inc. (a) (b)		750,483		30,559,668
Mentor Graphics Corp.		557,468		12,219,699
MicroStrategy, Inc. - Class A (a)		81,489		13,233,814
NetScout Systems, Inc. (a) (b)		178,956		6,539,052
QLIK Technologies, Inc. (a)		408,218		12,609,854
Qualys, Inc. (a)		342,181		12,917,333
SolarWinds, Inc. (a)		260,035		12,957,544
Ultimate Software Group, Inc. (The) (a) (b)		84,522		12,409,097
Verint Systems, Inc. (a)		200,048		11,658,797
				178,731,261
Specialty Retail—3.5%
ANN, Inc. (a)		272,356		9,935,547
DSW, Inc. - Class A		310,546		11,583,366
Five Below, Inc. (a) (b)		254,222		10,379,884
Group 1 Automotive, Inc. (b)		150,294		13,469,348
Vitamin Shoppe, Inc. (a) (b)		139,915		6,797,071
				52,165,216
Technology Hardware, Storage & Peripherals—1.0%
Cray, Inc. (a) (b)		427,322		14,734,063

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Textiles, Apparel & Luxury Goods—1.8%
G-III Apparel Group, Ltd. (a)		158,044	$	15,964,024
Steven Madden, Ltd. (a)		347,823		11,071,206
				27,035,230
Trading Companies & Distributors—1.6%
Watsco, Inc.		120,333		12,875,631
WESCO International, Inc. (a) (b)		140,639		10,718,098
				23,593,729
Wireless Telecommunication Services—1.4%
SBA Communications Corp. - Class A (a)		197,074		21,827,916
Total Common Stocks (Cost $1,011,279,504)				1,487,835,328
Rights—0.0%
Health Care Providers & Services—0.0%
Community Health Systems, Inc., Expires 01/04/16 (a) (Cost $50,585)		778,232		19,456
Short-Term Investments—20.8%
Mutual Fund—19.3%
State Street Navigator Securities Lending MET Portfolio (c)		291,040,030		291,040,030

Security Description	Principal Amount*		Value
Repurchase Agreement—1.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $22,733,734 on 01/02/15, collateralized by $23,190,000 Federal Home Loan Bank at 0.160% due 03/11/15 with a value of $23,190,000.		22,733,734	$	22,733,734
Total Short-Term Investments (Cost $313,773,764)				313,773,764
Total Investments—119.4% (Cost $1,325,103,853) (d)				1,801,628,548
Other assets and liabilities (net)—(19.4)%				(292,463,695	)
Net Assets—100.0%			$	1,509,164,853

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $285,417,939 and the collateral received consisted of cash in the amount of $291,040,030 and non-cash collateral with a value of $3,440,256. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,324,355,898. The aggregate unrealized appreciation and depreciation of investments were $518,056,340 and $(40,783,690), respectively, resulting in net unrealized appreciation of $477,272,650 for federal income tax purposes.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	1,487,835,328	$	—		$	—	$	1,487,835,328
Total Rights*		19,456		—			—		19,456
Short-Term Investments
Mutual Fund		291,040,030		—			—		291,040,030
Repurchase Agreement		—		22,733,734			—		22,733,734
Total Short-Term Investments		291,040,030		22,733,734			—		313,773,764
Total Investments	$	1,778,894,814	$	22,733,734		$	—	$	1,801,628,548
Collateral for securities loaned (Liability)	$	—	$	(291,040,030	)	$	—	$	(291,040,030	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,801,628,548
Receivable for:
Investments sold		448,524
Fund shares sold		80,266
Dividends		682,245
Prepaid expenses		3,826
Total Assets		1,802,843,409
Liabilities
Collateral for securities loaned		291,040,030
Payables for:
Investments purchased		508,502
Fund shares redeemed		767,518
Accrued expenses:
Management fees		1,063,969
Distribution and service fees		90,426
Deferred trustees’ fees		67,424
Other expenses		140,687
Total Liabilities		293,678,556
Net Assets	$	1,509,164,853
Net assets consist of:
Paid in surplus	$	702,855,466
Undistributed net investment income		1,712,103
Accumulated net realized gain		328,072,589
Unrealized appreciation on investments		476,524,695
Net Assets	$	1,509,164,853
Net Assets
Class A	$	1,075,654,746
Class B		417,005,469
Class E		16,504,638
Capital Shares Outstanding*
Class A		54,813,310
Class B		22,063,682
Class E		855,600
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	19.62
Class B		18.90
Class E		19.29

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Includes securities loaned at value of $285,417,939.

(b) Identified cost of investments was $1,325,103,853.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	15,937,926
Securities lending income		1,624,306
Total investment income		17,562,232
Expenses
Management fees		13,394,309
Administration fees		36,947
Custodian and accounting fees		125,148
Distribution and service fees—Class B		1,044,431
Distribution and service fees—Class E		24,354
Audit and tax services		39,510
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		106,283
Insurance		9,776
Miscellaneous		17,124
Total expenses		14,875,962
Less management fee waiver		(250,000	)
Less broker commission recapture		(58,657	)
Net expenses		14,567,305
Net Investment Income		2,994,927
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		329,370,789
Futures contracts		(1,927,003	)
Net realized gain		327,443,786
Net change in unrealized depreciation on investments		(215,367,995	)
Net realized and unrealized gain		112,075,791
Net Increase in Net Assets From Operations	$	115,070,718

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income (loss)	$	2,994,927		$	(1,315,951	)
Net realized gain		327,443,786			197,052,575
Net change in unrealized appreciation (depreciation)		(215,367,995	)		369,422,662
Increase in net assets from operations		115,070,718			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		(195,278,985	)		(282,344,958	)
Total increase (decrease) in net assets		(276,308,457	)		180,921,115
Net Assets
Beginning of period		1,785,473,310			1,604,552,195
End of period	$	1,509,164,853		$	1,785,473,310
Accumulated undistributed net investment income (loss)
End of period	$	1,712,103		$	(53,885	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		4,779,639		$	86,096,925			4,330,920		$	75,103,898
Reinvestments		8,154,353			144,739,748			4,987,031			78,096,913
Redemptions		(23,151,946	)		(427,830,332	)		(24,900,559	)		(436,591,837	)
Net decrease		(10,217,954	)	$	(196,993,659	)		(15,582,608	)	$	(283,391,026	)
Class B
Sales		2,121,054		$	39,434,589			3,494,132		$	60,318,809
Reinvestments		2,887,193			49,457,582			1,508,053			22,937,489
Redemptions		(4,729,443	)		(87,749,918	)		(4,887,653	)		(83,787,241	)
Net increase (decrease)		278,804		$	1,142,253			114,532		$	(530,943	)
Class E
Sales		178,849		$	3,403,487			245,077		$	4,210,462
Reinvestments		108,922			1,902,860			55,515			858,811
Redemptions		(250,196	)		(4,733,926	)		(200,172	)		(3,492,262	)
Net increase		37,575		$	572,421			100,420		$	1,577,011
Decrease derived from capital shares transactions				$	(195,278,985	)				$	(282,344,958	)

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	20.53		$	15.67		$	14.07		$	14.19		$	11.22
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.05			(0.00	)(b)		0.07			(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		1.38			6.00			2.48			(0.09	)		3.00
Total from investment operations		1.43			6.00			2.55			(0.12	)		2.97
Less Distributions
Distributions from net investment income		0.00			(0.08	)		0.00			0.00			0.00
Distributions from net realized capital gains		(2.34	)		(1.06	)		(0.95	)		0.00			0.00
Total distributions		(2.34	)		(1.14	)		(0.95	)		0.00			0.00
Net Asset Value, End of Period	$	19.62		$	20.53		$	15.67		$	14.07		$	14.19
Total Return (%) (c)		8.18			40.54			18.51			(0.85	)		26.47
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.87			0.87			0.87			0.88			0.89
Net ratio of expenses to average net assets (%) (d)		0.86			0.85			0.86			0.87			0.87
Ratio of net investment income (loss) to average net assets (%)		0.26			(0.02	)		0.48			(0.21	)		(0.22	)
Portfolio turnover rate (%)		28			18			28			40			36
Net assets, end of period (in millions)	$	1,075.7		$	1,335.2		$	1,263.5		$	1,111.8		$	1,074.4
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	19.91		$	15.23		$	13.73		$	13.88		$	11.00
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.00	)(b)		(0.05	)		0.03			(0.07	)		(0.06	)
Net realized and unrealized gain (loss) on investments		1.33			5.83			2.42			(0.08	)		2.94
Total from investment operations		1.33			5.78			2.45			(0.15	)		2.88
Less Distributions
Distributions from net investment income		0.00			(0.04	)		0.00			0.00			0.00
Distributions from net realized capital gains		(2.34	)		(1.06	)		(0.95	)		0.00			0.00
Total distributions		(2.34	)		(1.10	)		(0.95	)		0.00			0.00
Net Asset Value, End of Period	$	18.90		$	19.91		$	15.23		$	13.73		$	13.88
Total Return (%) (c)		7.91			40.17			18.23			(1.08	)		26.18
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.12			1.12			1.12			1.13			1.14
Net ratio of expenses to average net assets (%) (d)		1.11			1.10			1.11			1.12			1.12
Ratio of net investment income (loss) to average net assets (%)		(0.00	)(e)		(0.27	)		0.22			(0.46	)		(0.47	)
Portfolio turnover rate (%)		28			18			28			40			36
Net assets, end of period (in millions)	$	417.0		$	433.7		$	330.0		$	299.4		$	282.4

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	20.25		$	15.47		$	13.92		$	14.06		$	11.13
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.02			(0.03	)		0.04			(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments		1.36			5.93			2.46			(0.09	)		2.98
Total from investment operations		1.38			5.90			2.50			(0.14	)		2.93
Less Distributions
Distributions from net investment income		0.00			(0.06	)		0.00			0.00			0.00
Distributions from net realized capital gains		(2.34	)		(1.06	)		(0.95	)		0.00			0.00
Total distributions		(2.34	)		(1.12	)		(0.95	)		0.00			0.00
Net Asset Value, End of Period	$	19.29		$	20.25		$	15.47		$	13.92		$	14.06
Total Return (%) (c)		8.04			40.34			18.34			(1.00	)		26.33
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.02			1.02			1.02			1.03			1.04
Net ratio of expenses to average net assets (%) (d)		1.01			1.00			1.01			1.02			1.02
Ratio of net investment income (loss) to average net assets (%)		0.10			(0.16	)		0.30			(0.36	)		(0.38	)
Portfolio turnover rate (%)		28			18			28			40			36
Net assets, end of period (in millions)	$	16.5		$	16.6		$	11.1		$	11.2		$	11.5

(a) Per share amounts based on average shares outstanding during the period.

(b) Net investment income (loss) was less than $0.01.

(c) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(e) Ratio of net investment income (loss) to average net assets was less than 0.01%.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-12

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-13

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, return of capital adjustments, and real estate investment trust (REIT) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $22,733,734, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

MIST-14

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 21, 2014 through April 29, 2014, the Portfolio had bought and sold $108,141,181 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized losses in the amount of $1,927,003 which are shown under Net realized loss on futures contracts in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

MIST-15

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	438,695,626	$	0	$	808,192,872

The Portfolio engaged in security transactions with other accounts managed by Invesco Advisers, Inc. that amounted to $1,892,342 in purchases of investments and $76,419,426 in sales of investments, which are included above.

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$13,394,309		0.880	%	First $500 million
		0.830	%	Over $500 million

MetLife Advisers has entered into an investment subadvisory agreement with respect to manging 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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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-16

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Notes to Financial Statements—December 31, 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 year ended December 31, 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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$24,439,290	$	22,458,040	$	171,660,900	$	79,435,173	$	196,100,190	$	101,893,213

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$41,860,152	$	287,244,006	$	477,272,654	$	—	$	806,376,812

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Invesco Small Cap Growth 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 Invesco Small Cap Growth Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Invesco Small Cap Growth Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-18

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-19

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-20

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-21

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-22

Met Investors Series Trust

Invesco Small Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Invesco Small Cap Growth Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Invesco Advisers, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board also considered that the Portfolio outperformed its benchmark, the Russell 2000 Growth Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were equal to the Expense Group median and the Sub-advised Expense Universe median and above the Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were equal to the Expense Group median and below the Expense Universe median and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-23

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Managed by J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the JPMorgan Core Bond Portfolio returned 5.36% and 5.09%, respectively. The Portfolio’s benchmark, the Barclays U.S. Aggregate Bond Index¹, returned 5.97%.

MARKET ENVIRONMENT / CONDITIONS

Investors entered the year with widely-held expectations of higher Treasury yields in 2014. Despite those expectations, longer-maturity yields actually declined, helping all U.S. fixed income sectors produce positive total returns in 2014. A combination of lingering doubts about the domestic economy, concerns over weaker global growth, and a series of geopolitical quasi-crises depressed U.S. yields for most of the year. The spread between the 2- and 10-year Treasuries finished the year at 1.61%, down 104 basis points (“bps”) from the end of 2013. In addition, increasingly accommodative monetary policy from the Bank of Japan and the European Central Bank likely contributed to an 8.2% rise in the U.S. dollar since June. After an expansion of its balance sheet since 2008 of over $3.5 trillion, the Federal Reserve ended its asset purchase program and came to the conclusion that the costs of further balance sheet expansion outweigh the additional benefits to the broader economy. All told, 2014 was a good year for U.S. dollar assets. Both bonds and equities generally did well, although key commodities sold off, underscoring market concerns about global growth.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio’s duration positioning was a detractor from performance, as the Portfolio maintained an underweight position relative to the benchmark (roughly 91% of the benchmark’s duration). Rates reversed course from 2013 (when the ten year rose from 1.76% to finish at 3.03%) with the 10-year Treasury finishing at 2.17%, down 86 bps during the year. Yield curve positioning was a slight negative over the past twelve months as the overweight position to the 10-year part of the curve contributed to performance but was more than offset by the underweight to the very long end of the curve (20+ years), as this segment was the strongest. During 2014, spreads on Corporate bonds widened 17 bps with the market Option Adjusted Spread (OAS) moving from 114 bps to 131bps. The Barclays Corporate Index trailed comparable duration Treasuries by 48 bps on the year. The Portfolio’s underweight to Credit was a contributor to performance on the year as Credit trailed other sectors in the Index. The Portfolio’s underweight to the Non-Corporate sector of the market (U.S. dollar denominated sovereigns and supra-nationals) was a detractor as this segment of the market performed well during the year. The Portfolio’s Mortgage-Backed Securities (“MBS”) allocation underperformed the MBS segment held in the benchmark. Security selection worked against the Portfolio as pass-through mortgage structures performed well during the year, outpacing Collateralized Mortgage Obligations.

The Portfolio’s underweight in U.S Treasury debt was a detractor from performance, as the 10-year Treasury moved 86 bps lower during the year (as prices move lower, yields move higher). Within Treasuries, the 30-year bellwether rebounded from a rough 2013, posting performance of 29.38% during the year. The Portfolio maintained a shorter duration posture throughout the year, which was a detractor to excess returns as rates fell across the Treasury curve. Within structured credit, the Portfolio’s overweight to Non-Agency MBS and Asset-Backed Securities (“ABS”) were additive to performance, as these sectors generated positive excess returns for the year.

Portfolio allocations at the end of the year were: Treasury 26.0%, Agency 2.2%, MBS 37.1%, ABS 7.1%, CMBS 5.9%, Credit 19.2%, and cash 2.5%.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-1

Met Investors Series Trust

JPMorgan Core Bond Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
JPMorgan Core Bond Portfolio
Class A		5.36		—		1.36
Class B		5.09		3.71		2.97
Barclays U.S. Aggregate Bond Index		5.97		4.45		4.83

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 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 DECEMBER 31, 2014

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		62.4
Corporate Bonds & Notes		18.8
Asset-Backed Securities		8.3
Mortgage-Backed Securities		6.7
Foreign Government		0.9

MIST-2

Met Investors Series Trust

JPMorgan Core 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, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

JPMorgan Core Bond Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.45	%	$	1,000.00	$	1,017.50	$	2.29
	Hypothetical*		0.45	%	$	1,000.00	$	1,022.94	$	2.29
Class B(a)	Actual		0.70	%	$	1,000.00	$	1,016.50	$	3.56
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.68	$	3.57

* 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 (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MIST-3

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—62.4% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—35.1%
Fannie Mae 10 Yr. Pool 4.500%, 07/01/21		1,060,662	$	1,115,058
Fannie Mae 15 Yr. Pool
3.500%, 08/01/26		888,222		921,733
Fannie Mae 20 Yr. Pool
4.000%, 02/01/31		3,106,257		3,349,193
4.500%, 10/01/30		775,829		846,746
5.000%, 11/01/29		1,842,104		2,040,289
6.000%, 02/01/28		435,979		493,610
6.000%, 07/01/28		634,336		721,310
Fannie Mae 30 Yr. Pool 3.500%, 07/01/42		2,889,154		3,015,444
3.500%, 08/01/42		1,851,862		1,932,592
3.500%, 01/01/43		3,443,312		3,593,419
3.500%, 03/01/43		18,556,397		19,368,364
4.500%, 02/01/40		908,886		993,694
5.000%, 09/01/35		2,102,549		2,324,687
6.000%, 12/01/39		882,807		1,000,859
Fannie Mae ARM Pool 0.486%, 05/01/23 (a)		20,645,873		20,824,729
0.526%, 05/01/24 (a)		2,733,000		2,733,198
0.536%, 02/01/23 (a)		5,000,000		4,997,449
0.586%, 07/01/24 (a)		5,000,000		5,000,484
0.596%, 09/01/24 (a)		3,000,000		2,999,277
0.616%, 11/01/23 (a)		4,900,103		4,938,877
0.636%, 08/01/23 (a)		4,972,279		5,010,210
0.636%, 09/01/24 (a)		3,980,292		3,980,915
0.856%, 01/01/21 (a)		963,182		974,101
Fannie Mae Benchmark REMIC (CMO) 5.500%, 06/25/37		2,122,517		2,383,249
Fannie Mae Interest Strip (CMO) 4.500%, 11/25/20 (b)		1,003,109		64,389
Fannie Mae Pool 1.735%, 05/01/20		15,000,000		14,807,375
1.750%, 06/01/20		7,340,617		7,244,758
1.800%, 02/01/20		3,031,781		3,008,611
1.810%, 01/01/20		4,344,028		4,315,735
2.010%, 07/01/19		2,976,341		2,991,628
2.010%, 06/01/20		12,541,000		12,552,639
2.240%, 12/01/22		2,000,000		1,979,580
2.330%, 11/01/22		17,810,000		17,669,870
2.350%, 05/01/23		4,849,590		4,802,794
2.360%, 05/01/23		9,408,381		9,319,441
2.420%, 05/01/23		5,853,057		5,808,934
2.420%, 06/01/23		4,869,661		4,838,243
2.450%, 11/01/22		3,000,000		2,998,217
2.460%, 02/01/23		1,440,475		1,447,454
2.500%, 04/01/23		2,000,000		1,997,135
2.510%, 06/01/23		3,891,216		3,890,958
2.520%, 05/01/23		25,000,000		24,909,849
2.530%, 05/01/23		4,247,392		4,254,016
2.540%, 05/01/23		5,000,000		5,011,391
2.640%, 04/01/23		1,953,217		1,970,038
2.640%, 05/01/23		2,343,248		2,362,878
2.680%, 04/01/19		988,546		1,022,593
2.690%, 10/01/23		2,000,000		2,019,268
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae Pool
2.700%, 05/01/23		5,000,000	$	5,031,211
2.703%, 04/01/23		2,436,229		2,475,054
2.720%, 03/01/23		3,210,694		3,257,895
2.740%, 06/01/23		2,976,886		3,019,707
2.900%, 06/01/22		7,639,894		7,876,356
2.920%, 12/01/24		1,000,000		1,020,608
2.980%, 07/01/22		2,000,000		2,071,513
2.990%, 01/01/25		1,250,000		1,269,138
3.000%, 05/01/22		3,500,000		3,630,596
3.000%, 01/01/43		5,672,662		5,737,831
3.050%, 04/01/22		3,446,168		3,588,200
3.110%, 12/01/24		1,500,000		1,553,508
3.200%, 11/01/20		10,717,626		11,284,471
3.235%, 10/01/26		1,496,057		1,543,558
3.240%, 12/01/26		1,500,000		1,551,120
3.260%, 12/01/26		1,000,000		1,033,591
3.290%, 08/01/26		2,000,000		2,082,708
3.340%, 02/01/27 (c)		1,500,000		1,502,578
3.380%, 12/01/23		2,000,000		2,113,279
3.430%, 10/01/23		12,106,156		12,832,496
3.440%, 11/01/21		4,069,824		4,326,852
3.450%, 01/01/24		1,000,000		1,061,593
3.490%, 09/01/23		4,000,000		4,256,876
3.500%, 02/01/33		6,052,008		6,377,361
3.500%, 05/01/33		7,134,656		7,517,581
3.500%, 12/01/42		7,794,551		8,136,815
3.500%, 05/01/43		30,691,931		32,039,949
3.500%, 06/01/43		7,553,955		7,885,928
3.500%, 07/01/43		4,433,239		4,627,877
3.500%, 08/01/43		9,973,058		10,411,053
3.550%, 01/01/30 (c)		1,500,000		1,501,406
3.558%, 01/01/21		12,776,477		13,697,935
3.560%, 03/01/24		7,400,000		7,917,971
3.630%, 10/01/29		1,502,477		1,597,731
3.670%, 07/01/23		2,500,000		2,698,183
3.730%, 07/01/22		5,930,205		6,382,772
3.743%, 06/01/18		1,899,250		2,020,920
3.760%, 10/01/23		1,496,906		1,622,055
3.760%, 11/01/23		1,100,000		1,192,105
3.770%, 12/01/20		2,348,039		2,535,073
3.804%, 05/01/22		9,361,640		10,064,255
3.970%, 07/01/21		4,784,005		5,224,707
4.000%, 10/01/32		2,242,896		2,422,021
4.000%, 12/01/40		1,013,120		1,094,038
4.000%, 07/01/42		4,353,299		4,695,260
4.260%, 12/01/19		2,786,243		3,053,861
4.330%, 04/01/20		3,917,169		4,318,203
4.380%, 04/01/21		3,201,732		3,562,249
4.770%, 06/01/19		3,574,316		3,957,171
5.913%, 10/01/17		2,885,308		3,179,266
Fannie Mae REMICS (CMO) Zero Coupon, 09/25/43 (d)		2,794,161		2,219,383
Zero Coupon, 10/25/43 (d)		1,398,942		1,101,973
Zero Coupon, 12/25/43 (d)		3,254,385		2,624,000
0.520%, 03/25/43 (a)		2,596,736		2,588,883

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae REMICS (CMO) 0.630%, 03/25/27 (a)		832,123	$	822,218
0.670%, 05/25/35 (a)		4,701,818		4,694,620
0.670%, 10/25/42 (a)		1,718,150		1,733,618
0.770%, 10/25/43 (a)		3,176,033		3,212,685
0.770%, 12/25/43 (a)		3,881,623		3,909,881
1.070%, 03/25/38 (a)		865,308		878,266
1.170%, 08/25/32 (a)		1,526,511		1,573,476
3.000%, 05/25/26		5,908,549		6,049,551
3.500%, 07/25/24		2,909,947		3,075,512
3.500%, 02/25/43		8,820,228		9,057,660
3.500%, 03/25/43		5,242,856		5,422,581
4.500%, 07/25/38		384,559		392,334
5.000%, 03/25/40		13,200,000		14,244,080
5.500%, 12/25/35		1,698,578		1,808,996
6.000%, 01/25/36		1,095,793		1,167,623
6.361%, 01/25/41 (a) (b)		8,261,572		1,842,450
6.500%, 07/18/28		311,108		351,418
Fannie Mae-ACES 0.447%, 12/25/17 (a)		1,504,536		1,502,634
0.507%, 01/25/17 (a)		1,431,596		1,432,323
2.034%, 03/25/19		9,091,000		9,167,837
2.207%, 01/25/22		10,000,000		9,840,390
2.280%, 12/27/22		9,391,000		9,178,106
2.389%, 01/25/23 (a)		3,000,000		2,963,046
2.614%, 10/25/21 (a)		2,000,000		2,025,556
3.103%, 07/25/24 (a)		1,394,000		1,439,132
3.346%, 03/25/24 (a)		2,500,000		2,631,655
3.477%, 01/25/24 (a)		2,500,000		2,655,020
Freddie Mac 15 Yr. Gold Pool 3.500%, 05/01/26		1,145,584		1,213,579
Freddie Mac 20 Yr. Gold Pool 3.500%, 03/01/32		2,366,086		2,490,405
Freddie Mac 30 Yr. Gold Pool 3.500%, 08/01/42		5,545,053		5,772,153
3.500%, 10/01/42		5,020,837		5,226,106
3.500%, 11/01/42		6,657,364		6,931,297
3.500%, 04/01/43		2,935,438		3,055,449
4.000%, 08/01/42		8,901,947		9,500,519
4.000%, 05/01/43		1,331,026		1,426,596
4.000%, 06/01/43		1,285,963		1,378,503
4.000%, 08/01/43		8,573,100		9,189,606
5.000%, 08/01/39		2,343,774		2,621,990
6.000%, 12/01/39		1,147,095		1,297,439
Freddie Mac ARM Non-Gold Pool 3.986%, 07/01/40 (a)		5,393,735		5,688,786
Freddie Mac Gold Pool 3.500%, 12/01/32		7,844,018		8,244,708
3.500%, 01/01/33		10,426,896		10,959,616
3.500%, 02/01/33		14,473,607		15,213,710
3.500%, 03/01/33		9,620,946		10,110,879
3.500%, 04/01/33		12,652,329		13,298,903
3.500%, 05/01/33		4,763,779		5,007,554
3.500%, 06/01/43		4,594,842		4,795,748
4.000%, 09/01/32		2,310,920		2,499,498
4.000%, 11/01/32		5,757,536		6,213,875
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac Gold Pool 4.000%, 12/01/32		2,869,581		3,096,665
4.000%, 01/01/33		1,311,346		1,415,395
4.000%, 02/01/33		1,193,899		1,288,530
5.000%, 02/01/34		782,204		850,874
Freddie Mac Multifamily Structured Pass-Through Certificates 2.522%, 01/25/23		2,085,000		2,081,516
2.615%, 01/25/23		7,275,000		7,277,168
3.320%, 02/25/23 (a)		4,346,000		4,574,521
3.389%, 03/25/24		5,714,000		6,034,664
3.490%, 01/25/24		4,000,000		4,256,280
Freddie Mac REMICS (CMO) 0.511%, 02/15/43 (a)		2,593,759		2,564,707
0.611%, 01/15/41 (a)		684,120		690,890
0.611%, 08/15/42 (a)		8,167,590		8,215,967
0.661%, 08/15/43 (a)		8,014,953		8,031,263
0.841%, 11/15/37 (a)		2,233,068		2,264,784
0.861%, 03/15/24 (a)		1,043,665		1,060,587
1.511%, 03/15/38 (a)		600,000		604,489
3.000%, 02/15/26		1,915,000		1,958,721
3.500%, 12/15/25		1,000,000		1,038,048
3.500%, 12/15/29		1,279,589		1,321,772
3.500%, 08/15/39		4,476,768		4,681,790
3.500%, 06/15/48		9,623,677		9,932,077
4.500%, 03/15/40		1,000,000		1,036,515
5.000%, 05/15/22		11,508,160		11,705,836
5.000%, 10/15/34		2,083,927		2,160,812
5.000%, 08/15/35		1,650,000		1,870,640
5.500%, 08/15/39		4,551,285		4,934,185
5.750%, 06/15/35		10,412,151		11,016,915
6.000%, 07/15/35		10,792,373		11,846,961
6.000%, 03/15/36		2,532,373		3,122,161
6.209%, 10/15/37 (a) (b)		7,684,542		1,398,799
6.239%, 11/15/36 (a) (b)		4,657,397		632,958
6.500%, 05/15/28		782,402		883,526
6.500%, 03/15/37		1,446,334		1,644,508
Freddie Mac Strips (CMO) Zero Coupon, 09/15/43 (d)		1,419,448		1,112,159
0.611%, 09/15/42 (a)		9,051,390		9,120,068
0.661%, 08/15/42 (a)		5,282,236		5,338,010
0.661%, 10/15/42 (a)		1,306,212		1,305,817
3.000%, 01/15/43		8,987,859		8,964,300
3.000%, 01/15/44		10,702,946		10,872,566
Ginnie Mae II ARM Pool 3.500%, 04/20/41 (a)		1,407,508		1,476,134
Ginnie Mae II Pool 4.375%, 06/20/63		9,794,733		10,691,499
4.433%, 05/20/63		15,593,268		17,048,572
4.462%, 05/20/63		10,295,207		11,262,627
4.479%, 04/20/63		5,164,284		5,649,933
Government National Mortgage Association (CMO) 0.456%, 08/20/60 (a)		1,030,227		1,031,048
0.456%, 11/20/62 (a)		636,207		636,667
0.496%, 12/20/62 (a)		2,918,598		2,892,696

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Government National Mortgage Association (CMO) 0.556%, 02/20/62 (a)		9,469,635	$	9,476,794
0.566%, 03/20/63 (a)		920,943		914,232
0.576%, 02/20/63 (a)		2,388,633		2,369,025
0.606%, 02/20/63 (a)		8,720,306		8,674,995
0.626%, 03/20/63 (a)		4,446,570		4,427,761
0.626%, 07/20/64 (a)		4,918,235		4,895,124
0.626%, 09/20/64 (a)		1,974,414		1,960,157
0.636%, 04/20/63 (a)		9,276,093		9,239,860
0.656%, 01/20/63 (a)		4,333,586		4,350,366
0.656%, 04/20/63 (a)		8,571,768		8,539,007
0.656%, 06/20/64 (a)		6,967,244		6,927,433
0.656%, 07/20/64 (a)		3,444,531		3,425,166
0.666%, 09/20/37 (a)		513,588		518,164
0.706%, 04/20/62 (a)		955,526		959,949
0.756%, 04/20/64 (a)		17,088,435		17,108,940
0.756%, 05/20/64 (a)		11,919,857		11,926,914
0.806%, 07/20/63 (a)		7,433,859		7,462,442
0.806%, 01/20/64 (a)		1,734,132		1,741,079
0.806%, 02/20/64 (a)		5,938,106		5,961,918
0.806%, 03/20/64 (a)		2,303,792		2,312,674
0.846%, 02/20/64 (a)		2,847,921		2,865,638
0.856%, 09/20/63 (a)		4,843,499		4,873,577
0.906%, 09/20/63 (a)		4,893,869		4,935,510
1.650%, 02/20/63		16,933,248		16,787,723
1.650%, 04/20/63		9,638,273		9,543,326
1.750%, 03/20/63		2,489,717		2,475,247
2.000%, 06/20/62		3,634,270		3,662,359
3.500%, 05/20/35		277,089		280,505
4.000%, 03/16/25		1,119,702		1,187,976
4.000%, 02/20/37		325,389		332,254
4.500%, 01/16/25		1,068,733		1,207,140
4.500%, 08/20/33		402,033		405,254
4.500%, 06/20/36		408,318		418,670
4.516%, 04/20/43 (a)		3,009,801		3,220,241
4.709%, 11/20/42 (a)		12,595,930		13,559,657
5.000%, 12/20/33		2,000,000		2,204,404
5.000%, 09/20/38		5,741,715		6,244,560
5.000%, 06/16/39		1,471,383		1,585,090
5.000%, 07/20/39		5,241,276		5,868,405
5.000%, 10/20/39		3,542,128		4,007,985
5.227%, 06/20/40 (a)		6,186,869		6,847,602
5.500%, 02/20/33		338,435		358,166
5.500%, 07/16/33 (b)		1,732,460		367,600
5.500%, 06/20/36		362,604		370,494
				1,144,143,595
Federal Agencies—1.4%
Residual Funding Corp. Principal Strip Zero Coupon, 07/15/20 (d)		42,209,000		37,490,245
Tennessee Valley Authority 1.750%, 10/15/18 (e)		850,000		857,949
5.250%, 09/15/39		600,000		763,839
5.880%, 04/01/36		1,000,000		1,364,081
6.235%, 07/15/45		4,250,000		4,928,849
Federal Agencies—(Continued)
Tennessee Valley Authority Principal Strip Zero Coupon, 11/01/25 (d)		1,000,000		718,338
Zero Coupon, 06/15/35 (d)		750,000		377,711
				46,501,012
U.S. Treasury—25.9%
U.S. Treasury Bonds 4.250%, 05/15/39		200,000		257,078
4.375%, 02/15/38		18,100,000		23,684,140
4.500%, 05/15/38		1,000,000		1,332,422
4.750%, 02/15/37		2,000,000		2,758,906
5.000%, 05/15/37 (e)		21,550,000		30,739,049
5.250%, 11/15/28 (e)		13,000,000		17,429,139
5.250%, 02/15/29		500,000		672,188
5.375%, 02/15/31 (e)		13,000,000		18,119,764
5.500%, 08/15/28		3,000,000		4,095,936
6.125%, 08/15/29 (e)		5,000,000		7,310,545
U.S. Treasury Coupon Strips Zero Coupon, 02/15/18		5,000,000		4,813,540
Zero Coupon, 05/15/18		6,000,000		5,743,536
Zero Coupon, 08/15/19		16,000,000		14,820,880
Zero Coupon, 11/15/19		1,500,000		1,381,728
Zero Coupon, 02/15/20		2,815,000		2,573,070
Zero Coupon, 05/15/20		2,475,000		2,244,159
Zero Coupon, 02/15/21		25,050,000		22,217,446
Zero Coupon, 05/15/21		16,285,000		14,317,007
Zero Coupon, 08/15/21		2,500,000		2,186,342
Zero Coupon, 11/15/21		22,500,000		19,526,085
Zero Coupon, 02/15/22		3,975,000		3,423,246
Zero Coupon, 05/15/22		7,000,000		5,986,155
Zero Coupon, 08/15/22		6,000,000		5,102,820
Zero Coupon, 11/15/22		6,250,000		5,275,175
Zero Coupon, 02/15/23 (e)		19,100,000		15,967,371
Zero Coupon, 05/15/23		57,400,000		47,660,885
Zero Coupon, 08/15/23 (e)		1,700,000		1,402,476
Zero Coupon, 11/15/23		1,500,000		1,228,335
Zero Coupon, 11/15/24		1,500,000		1,189,367
Zero Coupon, 05/15/25		1,500,000		1,171,797
Zero Coupon, 08/15/27		400,000		290,438
Zero Coupon, 11/15/27 (e)		600,000		432,624
Zero Coupon, 08/15/28		1,750,000		1,231,948
Zero Coupon, 08/15/29		800,000		546,278
Zero Coupon, 11/15/29		1,000,000		676,954
Zero Coupon, 02/15/30		8,300,000		5,575,417
Zero Coupon, 05/15/30		700,000		466,486
Zero Coupon, 08/15/30		3,925,000		2,596,293
Zero Coupon, 11/15/30		4,400,000		2,890,567
Zero Coupon, 02/15/31		2,800,000		1,826,630
Zero Coupon, 05/15/31		10,500,000		6,795,138
Zero Coupon, 08/15/31		2,800,000		1,797,127
Zero Coupon, 11/15/31		3,000,000		1,911,210
Zero Coupon, 02/15/32		9,900,000		6,252,998
Zero Coupon, 05/15/32		10,700,000		6,712,335
Zero Coupon, 08/15/32		900,000		560,195
Zero Coupon, 11/15/33		9,000,000		5,398,857
Zero Coupon, 05/15/35 (e)		4,000,000		2,298,176

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Bonds 1.750%, 01/15/28		566,575	$	641,425
U.S. Treasury Inflation Indexed Notes 0.125%, 01/15/22		1,573,680		1,530,649
U.S. Treasury Notes 0.250%, 01/15/15		10,500,000		10,500,000
0.375%, 04/30/16 (e)		13,000,000		12,997,972
0.750%, 12/31/17		10,000,000		9,894,530
0.750%, 02/28/18		13,000,000		12,821,250
0.875%, 11/30/16 (e)		20,000,000		20,087,500
0.875%, 01/31/18		15,000,000		14,879,295
1.000%, 06/30/19		1,000,000		975,859
1.000%, 08/31/19		22,000,000		21,400,148
1.250%, 10/31/18		3,000,000		2,980,548
1.250%, 02/29/20 (e)		11,000,000		10,765,392
1.375%, 11/30/18		8,000,000		7,984,376
1.375%, 01/31/20		3,000,000		2,958,516
1.500%, 08/31/18		28,000,000		28,135,632
1.750%, 05/15/22 (e)		2,500,000		2,457,617
2.000%, 11/30/20		28,000,000		28,245,000
2.125%, 08/31/20		38,500,000		39,182,759
2.125%, 01/31/21		2,000,000		2,030,000
2.125%, 08/15/21		41,000,000		41,483,677
2.500%, 04/30/15		6,000,000		6,047,346
2.625%, 01/31/18 (e)		14,000,000		14,620,158
2.625%, 08/15/20		13,000,000		13,575,861
2.625%, 11/15/20		19,500,000		20,354,646
2.750%, 02/15/19		1,500,000		1,578,047
3.125%, 04/30/17 (e)		8,555,000		9,011,486
3.125%, 05/15/21		27,000,000		28,974,375
3.250%, 05/31/16		8,000,000		8,314,376
3.500%, 02/15/18 (e)		20,000,000		21,432,820
3.625%, 02/15/21		44,000,000		48,468,728
4.500%, 02/15/16		23,000,000		24,065,544
5.125%, 05/15/16		40,000,000		42,562,480
				843,848,270
Total U.S. Treasury & Government Agencies (Cost $2,026,688,455)				2,034,492,877
Corporate Bonds & Notes—18.8%
Aerospace/Defense—0.2%
Airbus Group Financial B.V. 2.700%, 04/17/23 (144A)		249,000		245,687
BAE Systems Holdings, Inc. 4.750%, 10/07/44 (144A)		338,000		360,976
BAE Systems plc 4.750%, 10/11/21 (144A)		1,000,000		1,091,248
Northrop Grumman Corp. 1.750%, 06/01/18		418,000		414,996
Northrop Grumman Systems Corp. 7.750%, 02/15/31		350,000		490,515
Raytheon Co. 3.150%, 12/15/24		361,000		362,083
Aerospace/Defense—(Continued)
United Technologies Corp. 7.500%, 09/15/29		1,568,000		2,239,883
				5,205,388
Agriculture—0.1%
Bunge N.A. Finance L.P. 5.900%, 04/01/17		247,000		268,557
Bunge, Ltd. Finance Corp. 8.500%, 06/15/19		1,084,000		1,328,485
Cargill, Inc. 7.350%, 03/06/19 (144A)		1,055,000		1,266,568
				2,863,610
Airlines—0.1%
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		369,495		373,189
American Airlines Pass-Through Trust 4.950%, 01/15/23		1,218,663		1,305,493
United Airlines Pass-Through Trust 4.300%, 08/15/25		534,000		552,690
				2,231,372
Auto Manufacturers—0.3%
American Honda Finance Corp. 1.550%, 12/11/17 (e)		481,000		483,051
1.600%, 02/16/18 (144A)		219,000		217,934
2.125%, 02/28/17 (144A)		1,300,000		1,323,702
2.250%, 08/15/19		1,027,000		1,030,304
Daimler Finance North America LLC 1.875%, 01/11/18 (144A)		328,000		329,140
2.250%, 07/31/19 (144A)		2,300,000		2,292,937
2.375%, 08/01/18 (144A) (e)		378,000		383,303
2.875%, 03/10/21 (144A)		500,000		504,473
Nissan Motor Acceptance Corp. 1.800%, 03/15/18 (144A)		789,000		784,365
2.650%, 09/26/18 (144A)		300,000		305,483
PACCAR Financial Corp. 0.800%, 02/08/16		117,000		117,173
Toyota Motor Credit Corp.
1.375%, 01/10/18		700,000		696,279
1.750%, 05/22/17		500,000		504,417
2.100%, 01/17/19		1,046,000		1,050,388
				10,022,949
Auto Parts & Equipment—0.1%
Johnson Controls, Inc. 3.625%, 07/02/24		277,000		279,418
4.950%, 07/02/64		737,000		759,825
5.000%, 03/30/20		635,000		696,887
				1,736,130
Banks—5.0%
ABN AMRO Bank NV 2.500%, 10/30/18 (144A)		1,160,000		1,171,619

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
American Express Bank FSB 6.000%, 09/13/17		1,800,000	$	2,006,572
American Express Centurion Bank 5.950%, 06/12/17		250,000		276,667
ANZ New Zealand International, Ltd. 2.600%, 09/23/19 (144A)		1,300,000		1,312,888
Bank of America Corp. 2.000%, 01/11/18		2,450,000		2,448,138
2.600%, 01/15/19		1,710,000		1,723,297
2.650%, 04/01/19		1,300,000		1,309,535
3.300%, 01/11/23		971,000		971,075
4.125%, 01/22/24		1,780,000		1,869,276
4.250%, 10/22/26		520,000		518,833
5.625%, 07/01/20 (e)		2,320,000		2,641,529
5.700%, 01/24/22		950,000		1,100,515
5.875%, 01/05/21 (e)		2,500,000		2,898,682
6.000%, 09/01/17		360,000		396,955
6.050%, 05/16/16		2,494,000		2,640,961
6.400%, 08/28/17		1,276,000		1,421,676
6.500%, 07/15/18 (e)		997,000		1,136,968
Bank of Montreal 2.375%, 01/25/19		797,000		804,660
2.550%, 11/06/22 (e)		500,000		490,428
Bank of New York Mellon Corp. (The) 2.100%, 01/15/19		1,052,000		1,055,334
2.200%, 05/15/19		354,000		354,990
3.250%, 09/11/24		1,200,000		1,200,574
4.150%, 02/01/21		670,000		729,962
5.450%, 05/15/19		278,000		315,168
Bank of Nova Scotia (The) 2.550%, 01/12/17		300,000		307,662
2.800%, 07/21/21 (e)		500,000		500,208
Bank of Tokyo-Mitsubishi UFJ, Ltd. (The) 2.700%, 09/09/18 (144A)		2,000,000		2,034,654
4.100%, 09/09/23 (144A)		1,114,000		1,199,549
Banque Federative du Credit Mutuel S.A. 1.700%, 01/20/17 (144A)		1,600,000		1,603,488
Barclays Bank plc 2.250%, 05/10/17 (144A) (e)		1,000,000		1,020,217
3.750%, 05/15/24 (e)		324,000		333,963
5.125%, 01/08/20 (e)		1,080,000		1,210,931
BB&T Corp. 2.050%, 06/19/18		833,000		838,489
2.150%, 03/22/17		485,000		491,999
2.250%, 02/01/19		300,000		300,614
2.450%, 01/15/20 (e)		750,000		746,947
6.850%, 04/30/19		525,000		622,814
BNZ International Funding, Ltd. 2.350%, 03/04/19 (144A)		842,000		842,100
Canadian Imperial Bank of Commerce 1.550%, 01/23/18		330,000		328,376
Capital One Financial Corp. 2.450%, 04/24/19		176,000		175,597
4.750%, 07/15/21		907,000		999,639
5.250%, 02/21/17		170,000		183,092
Banks—(Continued)
Capital One N.A. 1.500%, 03/22/18		500,000		492,310
Citigroup, Inc. 1.850%, 11/24/17		776,000		775,108
2.500%, 09/26/18		441,000		446,153
2.500%, 07/29/19		450,000		450,361
2.550%, 04/08/19		1,350,000		1,358,879
3.375%, 03/01/23		231,000		233,066
3.500%, 05/15/23		1,100,000		1,070,839
3.750%, 06/16/24 (e)		629,000		642,365
4.300%, 11/20/26		1,500,000		1,496,640
5.375%, 08/09/20		86,000		97,744
5.500%, 09/13/25 (e)		692,000		765,701
8.500%, 05/22/19		4,138,000		5,156,225
Comerica, Inc. 3.800%, 07/22/26		1,116,000		1,123,900
Credit Suisse 2.300%, 05/28/19		250,000		249,571
3.000%, 10/29/21 (e)		379,000		377,231
3.625%, 09/09/24		250,000		254,310
4.375%, 08/05/20		1,000,000		1,084,034
5.300%, 08/13/19		300,000		336,513
Deutsche Bank AG 2.500%, 02/13/19 (e)		900,000		911,020
3.700%, 05/30/24 (e)		667,000		676,850
6.000%, 09/01/17		200,000		222,177
Discover Bank 3.200%, 08/09/21		1,650,000		1,657,097
4.200%, 08/08/23 (e)		493,000		517,320
Fifth Third Bancorp 8.250%, 03/01/38		500,000		751,092
Fifth Third Bank 1.450%, 02/28/18		500,000		494,393
2.375%, 04/25/19 (e)		650,000		652,959
Goldman Sachs Group, Inc. (The) 1.600%, 11/23/15		420,000		422,200
2.550%, 10/23/19 (e)		714,000		711,392
2.625%, 01/31/19		764,000		768,665
3.625%, 01/22/23 (e)		1,300,000		1,316,409
3.850%, 07/08/24 (e)		1,447,000		1,484,040
4.000%, 03/03/24		412,000		427,717
5.375%, 03/15/20		1,650,000		1,849,150
5.750%, 01/24/22		1,000,000		1,156,787
5.950%, 01/18/18		1,425,000		1,583,129
5.950%, 01/15/27		1,000,000		1,144,147
6.150%, 04/01/18		1,475,000		1,655,568
7.500%, 02/15/19		3,000,000		3,568,383
HSBC Bank plc 1.500%, 05/15/18 (144A)		1,821,000		1,801,144
3.500%, 06/28/15 (144A) (e)		1,550,000		1,572,063
4.125%, 08/12/20 (144A) (e)		2,002,000		2,167,121
4.750%, 01/19/21 (144A)		1,600,000		1,781,187
HSBC USA, Inc. 1.625%, 01/16/18		500,000		498,075
Industrial & Commercial Bank of China, Ltd. 2.351%, 11/13/17		626,000		624,335

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
ING Bank NV 1.375%, 03/07/16 (144A) (e)		500,000	$	501,798
3.750%, 03/07/17 (144A)		1,000,000		1,046,502
KeyCorp 5.100%, 03/24/21 (e)		896,000		1,011,224
Macquarie Bank, Ltd. 2.000%, 08/15/16 (144A)		1,008,000		1,020,276
2.600%, 06/24/19 (144A)		699,000		704,855
5.000%, 02/22/17 (144A)		1,500,000		1,599,906
Manufacturers & Traders Trust Co. 6.625%, 12/04/17		970,000		1,097,387
Mizuho Bank, Ltd. 3.600%, 09/25/24 (144A)		1,350,000		1,371,708
Morgan Stanley 1.750%, 02/25/16		107,000		107,580
1.875%, 01/05/18		517,000		515,108
2.375%, 07/23/19 (e)		700,000		697,418
3.700%, 10/23/24		500,000		506,810
5.000%, 11/24/25		1,269,000		1,354,169
5.500%, 01/26/20		2,930,000		3,296,628
5.625%, 09/23/19		3,030,000		3,420,246
5.750%, 10/18/16		2,757,000		2,960,218
5.750%, 01/25/21		2,500,000		2,869,877
National Australia Bank, Ltd. 2.400%, 12/09/19 (144A) (e)		1,000,000		998,323
Nordea Bank AB 1.625%, 05/15/18 (144A)		1,400,000		1,386,685
4.875%, 01/27/20 (144A)		1,000,000		1,113,327
Northern Trust Corp. 3.375%, 08/23/21 (e)		887,000		931,765
PNC Funding Corp. 5.125%, 02/08/20		800,000		898,936
6.700%, 06/10/19		1,300,000		1,539,236
Rabobank Nederland 3.375%, 01/19/17		1,230,000		1,283,119
3.875%, 02/08/22		700,000		744,643
3.950%, 11/09/22		872,000		888,244
Royal Bank of Canada 1.200%, 09/19/17		1,000,000		994,290
2.000%, 10/01/18		2,092,000		2,111,267
2.200%, 07/27/18 (e)		705,000		712,825
2.300%, 07/20/16		275,000		280,649
Skandinaviska Enskilda Banken AB 1.750%, 03/19/18 (144A)		402,000		399,953
Stadshypotek AB 1.875%, 10/02/19 (144A)		1,500,000		1,481,599
Standard Chartered Bank 6.400%, 09/26/17 (144A)		1,100,000		1,227,113
Standard Chartered plc 5.200%, 01/26/24 (144A) (e)		1,000,000		1,039,063
State Street Corp. 3.100%, 05/15/23		407,000		401,266
3.700%, 11/20/23		1,608,000		1,689,455
SunTrust Banks, Inc. 2.750%, 05/01/23 (e)		2,000,000		1,951,286
3.500%, 01/20/17		310,000		323,161
Banks—(Continued)
Toronto-Dominion Bank (The) 1.400%, 04/30/18		1,450,000		1,440,916
2.250%, 11/05/19 (e)		255,000		255,507
2.500%, 07/14/16		300,000		307,322
U.S. Bancorp
2.200%, 04/25/19 (e)		1,540,000		1,547,041
4.125%, 05/24/21		635,000		694,191
UBS AG 5.750%, 04/25/18		917,000		1,031,569
5.875%, 12/20/17		900,000		1,004,931
US Bank N.A. 2.125%, 10/28/19		350,000		348,865
Wachovia Corp. 5.750%, 02/01/18		2,800,000		3,135,384
Wells Fargo & Co. 2.150%, 01/15/19		179,000		179,473
3.000%, 01/22/21		1,900,000		1,935,701
3.300%, 09/09/24 (e)		770,000		774,818
4.100%, 06/03/26		1,291,000		1,319,476
4.600%, 04/01/21		4,470,000		4,973,586
4.650%, 11/04/44		595,000		613,957
5.375%, 11/02/43		1,005,000		1,143,402
Wells Fargo Bank N.A. 6.000%, 11/15/17		2,491,000		2,792,194
Westpac Banking Corp. 1.375%, 05/30/18 (144A) (e)		2,000,000		1,973,258
				163,311,517
Beverages—0.2%
Anheuser-Busch InBev Finance, Inc. 3.700%, 02/01/24 (e)		1,000,000		1,038,766
Anheuser-Busch InBev Worldwide, Inc. 2.500%, 07/15/22		950,000		923,288
7.750%, 01/15/19 (e)		310,000		375,485
Beam Suntory, Inc. 3.250%, 05/15/22		760,000		760,842
Coca-Cola Co. (The) 1.150%, 04/01/18		182,000		179,895
Heineken NV 3.400%, 04/01/22 (144A)		1,339,000		1,376,744
PepsiCo, Inc. 0.444%, 02/26/16 (a)		182,000		182,208
SABMiller Holdings, Inc. 3.750%, 01/15/22 (144A)		1,700,000		1,774,307
				6,611,535
Biotechnology—0.2%
Amgen, Inc. 3.625%, 05/22/24		873,000		887,353
4.500%, 03/15/20		100,000		109,218
5.700%, 02/01/19		100,000		112,488
6.375%, 06/01/37		2,116,000		2,663,314
Celgene Corp. 3.250%, 08/15/22		250,000		251,609
3.625%, 05/15/24		455,000		464,613

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—(Continued)
Celgene Corp. 3.950%, 10/15/20		500,000	$	528,924
Gilead Sciences, Inc. 3.500%, 02/01/25 (e)		115,000		118,036
3.700%, 04/01/24		600,000		629,299
4.400%, 12/01/21		630,000		694,670
				6,459,524
Building Materials—0.0%
CRH America, Inc. 6.000%, 09/30/16		404,000		434,831
Chemicals—0.4%
Agrium, Inc. 5.250%, 01/15/45		712,000		769,042
CF Industries, Inc. 7.125%, 05/01/20		1,000,000		1,191,365
Dow Chemical Co. (The) 4.250%, 11/15/20		212,000		226,656
7.375%, 11/01/29		1,000,000		1,331,218
8.850%, 09/15/21		640,000		846,288
Ecolab, Inc. 4.350%, 12/08/21		700,000		762,712
EI du Pont de Nemours & Co. 4.150%, 02/15/43		107,000		107,785
Monsanto Co. 2.750%, 07/15/21 (e)		647,000		644,932
3.375%, 07/15/24		500,000		508,035
4.200%, 07/15/34 (e)		159,000		165,678
4.700%, 07/15/64		133,000		139,454
Mosaic Co. (The) 3.750%, 11/15/21		1,520,000		1,582,018
4.250%, 11/15/23		460,000		485,390
5.450%, 11/15/33		1,163,000		1,315,826
Potash Corp. of Saskatchewan, Inc. 3.250%, 12/01/17		100,000		104,311
Praxair, Inc. 1.250%, 11/07/18		900,000		879,215
Rohm & Haas Co. 6.000%, 09/15/17		68,000		75,207
7.850%, 07/15/29		418,000		576,851
				11,711,983
Commercial Services—0.1%
ADT Corp. (The) 4.125%, 06/15/23 (e)		625,000		565,625
4.875%, 07/15/42		420,000		310,800
ERAC USA Finance LLC 3.850%, 11/15/24 (144A)		925,000		938,087
4.500%, 08/16/21 (144A)		1,740,000		1,860,514
7.000%, 10/15/37 (144A)		500,000		673,806
				4,348,832
Computers—0.4%
Apple, Inc. 0.482%, 05/03/18 (a)		1,100,000		1,100,738
2.400%, 05/03/23		1,679,000		1,631,983
2.850%, 05/06/21		1,569,000		1,605,023
EMC Corp. 2.650%, 06/01/20 (e)		1,939,000		1,929,669
3.375%, 06/01/23		510,000		511,852
Hewlett-Packard Co. 4.375%, 09/15/21		605,000		634,328
HP Enterprise Services LLC 7.450%, 10/15/29		700,000		884,441
International Business Machines Corp. 1.625%, 05/15/20 (e)		3,420,000		3,296,405
3.375%, 08/01/23		650,000		664,147
				12,258,586
Diversified Financial Services—1.5%
AIG Global Funding 1.650%, 12/15/17 (144A)		314,000		313,946
American Express Credit Corp. 2.125%, 07/27/18		231,000		233,050
2.125%, 03/18/19		700,000		699,121
2.250%, 08/15/19		1,000,000		1,000,160
Ameriprise Financial, Inc. 4.000%, 10/15/23		1,380,000		1,461,786
Blackstone Holdings Finance Co. LLC 6.625%, 08/15/19 (144A)		1,200,000		1,401,396
Capital One Bank USA N.A. 3.375%, 02/15/23		600,000		596,665
8.800%, 07/15/19		300,000		374,071
CDP Financial, Inc. 4.400%, 11/25/19 (144A)		600,000		660,676
Ford Motor Credit Co. LLC 1.482%, 05/09/16 (a)		840,000		847,310
1.500%, 01/17/17		678,000		674,352
1.684%, 09/08/17 (e)		630,000		624,987
2.375%, 03/12/19		1,969,000		1,955,292
2.597%, 11/04/19		950,000		944,890
3.000%, 06/12/17		400,000		410,403
4.250%, 02/03/17		1,200,000		1,260,083
4.375%, 08/06/23 (e)		900,000		962,140
General Electric Capital Corp. 1.500%, 07/12/16		1,050,000		1,060,856
3.100%, 01/09/23		1,000,000		1,012,495
4.375%, 09/16/20		3,700,000		4,052,373
5.400%, 02/15/17		2,000,000		2,171,234
5.500%, 01/08/20		2,150,000		2,460,838
5.625%, 09/15/17		1,000,000		1,110,054
5.625%, 05/01/18		1,250,000		1,406,540
6.000%, 08/07/19		2,350,000		2,733,457
6.750%, 03/15/32		1,800,000		2,458,588
Intercontinental Exchange, Inc. 2.500%, 10/15/18		931,000		947,964
IntercontinentalExchange Group, Inc. 4.000%, 10/15/23		716,000		753,672

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Invesco Finance plc 4.000%, 01/30/24		500,000	$	524,270
Jefferies Group LLC 5.125%, 01/20/23		300,000		304,955
6.875%, 04/15/21		475,000		539,961
Macquarie Group, Ltd. 6.000%, 01/14/20 (144A)		1,572,000		1,780,563
MassMutual Global Funding II 2.100%, 08/02/18 (144A)		764,000		771,204
5.250%, 07/31/18 (144A)		880,000		972,792
Murray Street Investment Trust I 4.647%, 03/09/17 (f)		1,600,000		1,688,635
Private Export Funding Corp. 2.800%, 05/15/22		1,000,000		1,014,492
3.550%, 01/15/24		7,383,000		7,823,012
				50,008,283
Electric—1.5%
Alabama Power Co.
3.550%, 12/01/23		461,000		485,932
4.150%, 08/15/44		218,000		228,872
Arizona Public Service Co.
3.350%, 06/15/24		696,000		718,658
4.500%, 04/01/42		200,000		211,834
Baltimore Gas & Electric Co.
5.200%, 06/15/33		1,510,000		1,802,514
Berkshire Hathaway Energy Co.
1.100%, 05/15/17		460,000		455,305
2.400%, 02/01/20 (144A)		364,000		362,415
3.500%, 02/01/25 (144A) (e)		542,000		545,446
3.750%, 11/15/23		1,736,000		1,809,929
4.500%, 02/01/45 (144A)		333,000		348,434
CenterPoint Energy Houston Electric LLC
2.250%, 08/01/22		950,000		909,932
Cleveland Electric Illuminating Co. (The)
7.880%, 11/01/17		1,118,000		1,299,276
CMS Energy Corp.
8.750%, 06/15/19		885,000		1,107,968
Commonwealth Edison Co.
5.950%, 08/15/16		200,000		215,690
Consumers Energy Co.
4.350%, 08/31/64 (e)		191,000		199,388
5.650%, 04/15/20		200,000		230,202
DTE Electric Co.
3.900%, 06/01/21		1,000,000		1,082,103
5.700%, 10/01/37		300,000		392,477
DTE Energy Co.
3.500%, 06/01/24		449,000		456,787
3.850%, 12/01/23		225,000		236,357
Duke Energy Carolinas LLC
4.300%, 06/15/20		619,000		672,875
6.000%, 01/15/38		600,000		789,700
Duke Energy Ohio, Inc.
3.800%, 09/01/23 (e)		815,000		866,652
Duke Energy Progress, Inc.
4.100%, 03/15/43		200,000		212,269
Electric—(Continued)
Duke Energy Progress, Inc.
4.150%, 12/01/44		306,000		325,278
4.375%, 03/30/44		247,000		271,207
5.300%, 01/15/19		200,000		224,090
5.700%, 04/01/35		360,000		438,916
Electricite de France S.A.
2.150%, 01/22/19 (144A)		704,000		705,733
6.000%, 01/22/14 (144A)		1,100,000		1,281,436
Entergy Arkansas, Inc.
3.050%, 06/01/23		765,000		765,051
Florida Power & Light Co.
3.250%, 06/01/24		370,000		378,932
5.625%, 04/01/34		1,250,000		1,550,342
Hydro-Quebec
8.050%, 07/07/24		1,100,000		1,545,154
9.400%, 02/01/21		845,000		1,151,781
Indiana Michigan Power Co.
3.200%, 03/15/23		330,000		331,794
Kansas City Power & Light Co.
3.150%, 03/15/23		604,000		605,985
5.300%, 10/01/41		315,000		363,339
MidAmerican Energy Co.
3.700%, 09/15/23 (e)		1,100,000		1,177,433
Nevada Power Co.
6.650%, 04/01/36		360,000		497,818
7.125%, 03/15/19		200,000		238,606
NextEra Energy Capital Holdings, Inc.
1.339%, 09/01/15		133,000		133,401
3.625%, 06/15/23		410,000		415,996
Niagara Mohawk Power Corp.
3.508%, 10/01/24 (144A)		305,000		314,112
Nisource Finance Corp.
4.800%, 02/15/44		162,000		172,602
6.125%, 03/01/22		1,875,000		2,222,554
Northern States Power Co.
6.500%, 03/01/28		628,000		814,963
Ohio Power Co.
5.375%, 10/01/21 (e)		305,000		352,818
6.600%, 02/15/33		258,000		343,606
Pacific Gas & Electric Co.
3.500%, 10/01/20		782,000		812,659
6.050%, 03/01/34		1,200,000		1,527,725
PacifiCorp
3.600%, 04/01/24		315,000		325,535
5.500%, 01/15/19		500,000		564,950
PPL Electric Utilities Corp.
2.500%, 09/01/22		300,000		296,436
4.125%, 06/15/44		208,000		217,622
PSEG Power LLC
4.300%, 11/15/23		201,000		210,745
5.320%, 09/15/16		568,000		606,838
5.500%, 12/01/15		1,070,000		1,114,233
Public Service Co. of Colorado
2.500%, 03/15/23		800,000		779,722
3.200%, 11/15/20		375,000		390,134

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Public Service Co. of New Hampshire
3.500%, 11/01/23		272,000	$	280,887
Public Service Co. of Oklahoma
5.150%, 12/01/19		1,010,000		1,128,957
6.625%, 11/15/37		600,000		808,589
Public Service Electric & Gas Co.
3.800%, 01/01/43		700,000		707,788
Sierra Pacific Power Co.
3.375%, 08/15/23		556,000		577,166
South Carolina Electric & Gas Co.
4.500%, 06/01/64		173,000		186,995
Southern Co. (The)
2.150%, 09/01/19		855,000		849,500
State Grid Overseas Investment 2013, Ltd.
1.750%, 05/22/18 (144A)		499,000		489,389
Virginia Electric & Power Co.
2.750%, 03/15/23		400,000		395,533
2.950%, 01/15/22		489,000		493,838
3.450%, 02/15/24		102,000		105,026
4.450%, 02/15/44		126,000		137,631
6.000%, 05/15/37		685,000		902,505
Wisconsin Electric Power Co.
1.700%, 06/15/18		840,000		836,286
4.250%, 12/15/19		618,000		671,415
Xcel Energy, Inc.
0.750%, 05/09/16		290,000		289,482
				47,971,548
Electronics—0.1%
Arrow Electronics, Inc.
3.000%, 03/01/18		49,000		50,246
6.000%, 04/01/20		536,000		601,887
6.875%, 06/01/18		300,000		339,818
7.500%, 01/15/27		300,000		367,659
Koninklijke Philips NV
3.750%, 03/15/22		1,680,000		1,749,431
Thermo Fisher Scientific, Inc.
1.300%, 02/01/17		551,000		547,915
4.150%, 02/01/24 (e)		1,030,000		1,086,225
				4,743,181
Engineering & Construction—0.0%
Fluor Corp.
3.375%, 09/15/21		550,000		568,181
Environmental Control—0.1%
Republic Services, Inc.
5.500%, 09/15/19		650,000		732,276
6.086%, 03/15/35		500,000		619,242
Waste Management, Inc.
7.100%, 08/01/26		400,000		523,779
7.375%, 03/11/19		512,000		618,774
				2,494,071
Food—0.2%
ConAgra Foods, Inc.
1.300%, 01/25/16		104,000		103,982
Kraft Foods Group, Inc.
6.125%, 08/23/18		700,000		800,390
6.875%, 01/26/39		600,000		793,054
Kroger Co. (The)
4.000%, 02/01/24		229,000		240,397
7.500%, 04/01/31		1,140,000		1,539,555
8.000%, 09/15/29		610,000		840,544
Mondelez International, Inc.
4.000%, 02/01/24 (e)		1,800,000		1,883,281
Sysco Corp.
3.000%, 10/02/21		203,000		206,080
Tyson Foods, Inc.
3.950%, 08/15/24 (e)		1,456,000		1,505,098
				7,912,381
Gas—0.3%
AGL Capital Corp.
3.500%, 09/15/21		1,000,000		1,035,027
4.400%, 06/01/43		375,000		395,156
6.000%, 10/01/34		1,000,000		1,294,697
Atmos Energy Corp.
4.125%, 10/15/44		450,000		466,462
4.150%, 01/15/43		460,000		461,854
8.500%, 03/15/19		200,000		248,582
CenterPoint Energy Resources Corp.
4.500%, 01/15/21		429,000		470,449
CenterPoint Energy, Inc.
6.500%, 05/01/18		706,000		807,068
Sempra Energy
2.875%, 10/01/22		1,625,000		1,597,356
3.550%, 06/15/24		709,000		715,582
4.050%, 12/01/23		1,054,000		1,115,038
				8,607,271
Healthcare-Products—0.1%
Baxter International, Inc.
1.850%, 06/15/18		431,000		428,844
Becton Dickinson & Co.
2.675%, 12/15/19		145,000		146,907
3.734%, 12/15/24 (e)		184,000		189,442
Medtronic, Inc.
3.150%, 03/15/22 (144A)		775,000		784,824
4.375%, 03/15/35 (144A)		956,000		1,014,178
				2,564,195
Healthcare-Services—0.2%
Aetna, Inc.
6.625%, 06/15/36		297,000		395,823
Anthem, Inc.
2.300%, 07/15/18		751,000		755,157
3.500%, 08/15/24		1,035,000		1,042,506
4.650%, 08/15/44		324,000		343,125
5.950%, 12/15/34		272,000		336,037

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Quest Diagnostics, Inc.
4.750%, 01/30/20 (e)		400,000	$	431,407
Roche Holdings, Inc.
3.350%, 09/30/24 (144A) (e)		660,000		679,277
UnitedHealth Group, Inc.
2.875%, 03/15/23 (e)		250,000		248,389
5.800%, 03/15/36		375,000		464,332
Ventas Realty L.P.
3.750%, 05/01/24 (e)		147,000		147,968
				4,844,021
Holding Companies-Diversified—0.0%
Hutchison Whampoa International, Ltd.
4.625%, 01/13/22 (144A)		1,100,000		1,191,787
Household Products/Wares—0.0%
Kimberly-Clark Corp.
2.400%, 06/01/23		600,000		578,902
Insurance—0.9%
ACE INA Holdings, Inc.
2.700%, 03/13/23		400,000		388,392
3.350%, 05/15/24		435,000		439,567
AIG SunAmerica Global Financing X
6.900%, 03/15/32 (144A)		1,000,000		1,376,927
Allstate Corp. (The)
3.150%, 06/15/23		407,000		408,983
American International Group, Inc.
3.375%, 08/15/20		246,000		255,545
4.125%, 02/15/24 (e)		622,000		662,126
5.850%, 01/16/18		600,000		670,860
6.400%, 12/15/20		500,000		596,235
Aon plc
3.500%, 06/14/24		730,000		731,499
Berkshire Hathaway Finance Corp.
3.000%, 05/15/22		1,000,000		1,015,606
4.300%, 05/15/43 (e)		831,000		880,966
Berkshire Hathaway, Inc.
3.400%, 01/31/22		1,627,000		1,694,070
CNA Financial Corp.
6.950%, 01/15/18		550,000		625,233
7.350%, 11/15/19		500,000		596,773
Liberty Mutual Group, Inc.
5.000%, 06/01/21 (144A)		700,000		762,511
Liberty Mutual Insurance Co.
7.875%, 10/15/26 (144A)		500,000		630,097
8.500%, 05/15/25 (144A)		300,000		381,192
Lincoln National Corp.
6.250%, 02/15/20		800,000		928,238
8.750%, 07/01/19		350,000		437,336
Marsh & McLennan Cos., Inc.
3.500%, 03/10/25		621,000		624,947
Massachusetts Mutual Life Insurance Co.
5.625%, 05/15/33 (144A)		720,000		877,067
7.625%, 11/15/23 (144A)		550,000		705,646
Insurance—(Continued)
Nationwide Mutual Insurance Co.
8.250%, 12/01/31 (144A)		1,000,000		1,420,582
New York Life Global Funding
0.800%, 02/12/16 (144A)		600,000		601,027
1.125%, 03/01/17 (144A)		317,000		316,288
1.650%, 05/15/17 (144A) (e)		956,000		963,277
2.150%, 06/18/19 (144A)		746,000		744,544
Pacific Life Insurance Co.
9.250%, 06/15/39 (144A)		650,000		1,022,452
Pricoa Global Funding I
1.600%, 05/29/18 (144A)		1,678,000		1,654,966
Principal Financial Group, Inc.
8.875%, 05/15/19		690,000		868,162
Principal Life Global Funding II
2.250%, 10/15/18 (144A)		2,151,000		2,166,698
Prudential Insurance Co. of America (The)
8.300%, 07/01/25 (144A)		2,150,000		2,903,736
XLIT, Ltd.
6.375%, 11/15/24		921,000		1,095,730
				29,447,278
Internet—0.1%
Amazon.com, Inc.
3.300%, 12/05/21		1,020,000		1,033,965
4.800%, 12/05/34 (e)		815,000		855,536
eBay, Inc.
2.600%, 07/15/22		990,000		939,455
2.875%, 08/01/21 (e)		450,000		445,443
3.250%, 10/15/20		400,000		406,873
4.000%, 07/15/42		700,000		623,221
				4,304,493
Iron/Steel—0.0%
Nucor Corp.
4.000%, 08/01/23		1,049,000		1,098,642
Machinery-Construction & Mining—0.1%
Caterpillar Financial Services Corp.
1.300%, 03/01/18		500,000		496,527
2.750%, 08/20/21		360,000		363,128
3.250%, 12/01/24 (e)		393,000		398,193
3.750%, 11/24/23		769,000		815,894
7.150%, 02/15/19		1,000,000		1,196,299
				3,270,041
Machinery-Diversified—0.1%
Deere & Co.
8.100%, 05/15/30		600,000		914,191
John Deere Capital Corp.
1.050%, 10/11/16		663,000		663,938
1.125%, 06/12/17		700,000		697,296
1.300%, 03/12/18 (e)		400,000		395,778
				2,671,203

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—1.0%
21st Century Fox America, Inc.
3.000%, 09/15/22		700,000	$	695,278
6.550%, 03/15/33		370,000		480,606
6.900%, 03/01/19		900,000		1,061,237
CBS Corp.
3.700%, 08/15/24 (e)		359,000		358,017
4.300%, 02/15/21		515,000		554,519
4.900%, 08/15/44		135,000		137,088
5.500%, 05/15/33		255,000		289,939
5.900%, 10/15/40		125,000		146,320
Comcast Corp.
3.125%, 07/15/22		1,600,000		1,625,925
4.200%, 08/15/34 (e)		556,000		581,379
4.250%, 01/15/33 (e)		1,880,000		1,990,783
5.700%, 07/01/19		1,000,000		1,148,077
COX Communications, Inc.
2.950%, 06/30/23 (144A) (e)		690,000		661,670
3.250%, 12/15/22 (144A) (e)		1,010,000		991,657
4.800%, 02/01/35 (144A)		1,100,000		1,146,060
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
3.800%, 03/15/22		982,000		999,057
3.950%, 01/15/25		213,000		214,676
5.000%, 03/01/21		1,400,000		1,526,699
6.350%, 03/15/40 (e)		530,000		615,367
6.375%, 03/01/41		300,000		350,749
Discovery Communications LLC
3.300%, 05/15/22		625,000		617,980
4.375%, 06/15/21		1,240,000		1,311,683
Historic TW, Inc.
6.625%, 05/15/29		300,000		380,301
NBCUniversal Media LLC
4.375%, 04/01/21		1,000,000		1,099,797
Sky plc
3.750%, 09/16/24 (144A)		431,000		433,639
TCI Communications, Inc.
7.125%, 02/15/28		801,000		1,077,514
Thomson Reuters Corp.
3.950%, 09/30/21		2,252,000		2,373,205
5.850%, 04/15/40		100,000		116,152
Time Warner Cable, Inc.
8.250%, 04/01/19		1,300,000		1,591,386
Time Warner, Inc.
3.550%, 06/01/24 (e)		3,050,000		3,038,129
4.000%, 01/15/22		1,570,000		1,641,019
4.050%, 12/15/23		450,000		472,069
4.750%, 03/29/21		300,000		327,413
7.625%, 04/15/31		826,000		1,151,556
Viacom, Inc.
3.250%, 03/15/23		222,000		214,395
3.875%, 12/15/21		380,000		393,359
4.250%, 09/01/23 (e)		420,000		433,062
6.875%, 04/30/36		348,000		441,736
Walt Disney Co. (The)
1.850%, 05/30/19		750,000		746,491
				33,435,989
Mining—0.3%
BHP Billiton Finance USA, Ltd.
2.050%, 09/30/18 (e)		437,000		438,622
2.875%, 02/24/22		200,000		199,755
3.850%, 09/30/23 (e)		1,000,000		1,052,745
5.000%, 09/30/43		414,000		469,278
Freeport-McMoRan, Inc.
3.550%, 03/01/22		650,000		614,322
3.875%, 03/15/23		1,043,000		983,378
5.450%, 03/15/43		62,000		58,625
Placer Dome, Inc.
6.450%, 10/15/35		700,000		772,850
Rio Tinto Finance USA plc
3.500%, 03/22/22		1,800,000		1,799,496
Teck Resources, Ltd.
3.750%, 02/01/23 (e)		257,000		230,347
4.500%, 01/15/21		680,000		665,122
4.750%, 01/15/22		1,023,000		997,129
				8,281,669
Miscellaneous Manufacturing—0.2%
Eaton Corp.
6.950%, 03/20/19		282,000		328,223
General Electric Co.
3.375%, 03/11/24		393,000		405,988
Illinois Tool Works, Inc.
1.950%, 03/01/19 (e)		252,000		252,136
Ingersoll-Rand Global Holding Co., Ltd.
2.875%, 01/15/19		400,000		406,309
Ingersoll-Rand Luxembourg Finance S.A.
2.625%, 05/01/20		320,000		317,929
Parker-Hannifin Corp.
3.300%, 11/21/24		143,000		145,938
4.450%, 11/21/44		333,000		359,013
Siemens Financieringsmaatschappij NV
5.750%, 10/17/16 (144A)		820,000		886,569
6.125%, 08/17/26 (144A)		800,000		992,571
Tyco International Finance S.A.
8.500%, 01/15/19		734,000		894,302
Tyco International Finance S.A. / Tyco Fire & Security Finance SCA
7.000%, 12/15/19		160,000		189,719
				5,178,697
Multi-National—0.1%
African Development Bank
8.800%, 09/01/19		1,275,000		1,607,543
Office/Business Equipment—0.0%
Xerox Corp.
6.750%, 02/01/17		800,000		881,782
Oil & Gas—1.5%
Anadarko Finance Co.
7.500%, 05/01/31		805,000		1,058,642

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Anadarko Holding Co.
7.150%, 05/15/28		949,000	$	1,172,421
Anadarko Petroleum Corp.
8.700%, 03/15/19		1,600,000		1,959,922
Apache Corp.
3.625%, 02/01/21		870,000		879,502
5.100%, 09/01/40		650,000		636,697
BP Capital Markets plc
1.375%, 11/06/17 (e)		500,000		494,550
1.375%, 05/10/18		518,000		508,805
2.241%, 09/26/18		1,020,000		1,022,885
3.245%, 05/06/22		800,000		786,431
3.535%, 11/04/24 (e)		300,000		298,293
3.814%, 02/10/24 (e)		650,000		654,218
4.500%, 10/01/20		675,000		730,329
Canadian Natural Resources, Ltd.
1.750%, 01/15/18		500,000		497,059
3.900%, 02/01/25		512,000		504,712
6.250%, 03/15/38		200,000		222,439
Cenovus Energy, Inc.
3.000%, 08/15/22		310,000		290,143
6.750%, 11/15/39		600,000		683,523
Chevron Corp.
2.355%, 12/05/22 (e)		690,000		669,104
3.191%, 06/24/23		425,000		432,935
CNOOC Finance 2013, Ltd.
1.125%, 05/09/16		400,000		398,583
3.000%, 05/09/23		848,000		802,553
ConocoPhillips Holding Co.
6.950%, 04/15/29		700,000		932,529
Devon Energy Corp.
4.000%, 07/15/21 (e)		300,000		310,208
Devon Financing Corp. LLC
7.875%, 09/30/31		886,000		1,208,634
Diamond Offshore Drilling, Inc.
4.875%, 11/01/43		779,000		663,643
Ecopetrol S.A.
4.125%, 01/16/25 (e)		433,000		411,350
Ensco plc
4.700%, 03/15/21 (e)		450,000		452,039
EOG Resources, Inc.
4.100%, 02/01/21		880,000		944,255
Korea National Oil Corp.
3.125%, 04/03/17 (144A)		426,000		437,106
Marathon Oil Corp.
2.800%, 11/01/22		900,000		842,848
6.600%, 10/01/37		200,000		235,560
Marathon Petroleum Corp.
3.625%, 09/15/24 (e)		371,000		363,581
Nabors Industries, Inc.
4.625%, 09/15/21		1,670,000		1,569,035
5.000%, 09/15/20		605,000		594,213
Noble Energy, Inc.
5.050%, 11/15/44		360,000		355,834
Noble Holding International, Ltd.
5.250%, 03/15/42 (e)		600,000		473,304
Oil & Gas—(Continued)
Noble Holding International, Ltd.
6.050%, 03/01/41		200,000		171,969
Occidental Petroleum Corp.
4.100%, 02/01/21		1,120,000		1,188,592
Petro-Canada
5.950%, 05/15/35		210,000		242,771
9.250%, 10/15/21		243,000		326,627
Petrobras Global Finance B.V.
3.250%, 03/17/17 (e)		1,000,000		942,500
4.375%, 05/20/23 (e)		873,000		750,850
6.250%, 03/17/24		1,532,000		1,457,759
Petrobras International Finance Co. S.A.
5.375%, 01/27/21 (e)		1,000,000		926,570
6.750%, 01/27/41 (e)		150,000		136,436
7.875%, 03/15/19 (e)		500,000		526,185
Petroleos Mexicanos
4.250%, 01/15/25 (144A) (e)		326,000		323,881
4.875%, 01/18/24 (e)		317,000		329,363
6.375%, 01/23/45		918,000		1,039,635
Shell International Finance B.V.
3.400%, 08/12/23 (e)		420,000		433,486
4.300%, 09/22/19		800,000		877,967
6.375%, 12/15/38		600,000		806,292
Sinopec Group Overseas Development 2013, Ltd.
4.375%, 10/17/23 (144A)		1,246,000		1,304,328
Statoil ASA
1.150%, 05/15/18		389,000		381,514
2.650%, 01/15/24 (e)		393,000		381,773
2.900%, 11/08/20 (e)		196,000		200,489
3.250%, 11/10/24		399,000		400,311
6.700%, 01/15/18		180,000		205,097
7.250%, 09/23/27		1,040,000		1,421,394
Suncor Energy, Inc.
3.600%, 12/01/24		678,000		669,968
5.950%, 12/01/34		268,000		313,069
6.100%, 06/01/18		1,070,000		1,200,229
Talisman Energy, Inc.
7.750%, 06/01/19		800,000		921,495
Tosco Corp.
7.800%, 01/01/27		700,000		959,900
Total Capital Canada, Ltd.
0.611%, 01/15/16 (a)		154,000		154,271
Total Capital International S.A.
2.750%, 06/19/21		1,800,000		1,806,732
2.875%, 02/17/22 (e)		815,000		806,757
3.700%, 01/15/24 (e)		654,000		677,175
Transocean, Inc.
2.500%, 10/15/17		700,000		618,831
6.375%, 12/15/21		500,000		461,225
6.500%, 11/15/20 (e)		480,000		452,625
				48,315,951
Oil & Gas Services—0.2%
Cameron International Corp.
4.000%, 12/15/23		203,000		202,485

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas Services—(Continued)
Halliburton Co.
6.750%, 02/01/27		650,000	$	800,512
7.450%, 09/15/39		200,000		280,934
8.750%, 02/15/21		350,000		447,611
Schlumberger Investment S.A.
3.300%, 09/14/21 (144A)		650,000		667,128
3.650%, 12/01/23 (e)		614,000		641,844
Schlumberger Oilfield UK plc
4.200%, 01/15/21 (144A)		600,000		650,989
Weatherford International, Ltd.
9.625%, 03/01/19		1,298,000		1,539,532
				5,231,035
Pharmaceuticals—0.3%
Actavis, Inc.
3.250%, 10/01/22		172,000		167,463
Bayer U.S. Finance LLC
2.375%, 10/08/19 (144A)		423,000		424,678
3.375%, 10/08/24 (144A)		472,000		480,294
Express Scripts Holding Co.
3.500%, 06/15/24		300,000		298,948
3.900%, 02/15/22		500,000		520,666
4.750%, 11/15/21		400,000		441,421
Forest Laboratories, Inc.
4.875%, 02/15/21 (144A)		300,000		321,666
5.000%, 12/15/21 (144A)		1,504,000		1,628,570
Medco Health Solutions, Inc.
4.125%, 09/15/20		800,000		849,492
Merck & Co., Inc.
2.800%, 05/18/23 (e)		625,000		620,657
Novartis Capital Corp.
3.400%, 05/06/24		863,000		897,763
Pfizer, Inc.
3.000%, 06/15/23 (e)		1,100,000		1,112,386
Sanofi
1.250%, 04/10/18		157,000		155,502
Zoetis, Inc.
1.875%, 02/01/18		93,000		92,163
4.700%, 02/01/43		26,000		26,462
				8,038,131
Pipelines—0.5%
ANR Pipeline Co.
7.375%, 02/15/24		226,000		283,461
Boardwalk Pipelines L.P.
4.950%, 12/15/24		233,000		231,646
Enterprise Products Operating LLC
2.550%, 10/15/19		417,000		412,802
3.750%, 02/15/25 (e)		515,000		516,961
3.900%, 02/15/24		662,000		674,239
4.950%, 10/15/54		179,000		183,213
5.100%, 02/15/45		379,000		407,497
Gulf South Pipeline Co. L.P.
4.000%, 06/15/22		900,000		887,231
Pipelines—(Continued)
Magellan Midstream Partners L.P.
4.250%, 02/01/21		492,000		530,878
5.150%, 10/15/43		401,000		425,101
6.400%, 07/15/18		1,420,000		1,610,186
ONEOK Partners L.P.
6.650%, 10/01/36		250,000		287,719
Plains All American Pipeline L.P. / PAA Finance Corp.
2.600%, 12/15/19		176,000		174,777
2.850%, 01/31/23		975,000		921,963
3.600%, 11/01/24		900,000		883,544
4.900%, 02/15/45 (e)		814,000		827,226
Spectra Energy Capital LLC
3.300%, 03/15/23		308,000		292,561
5.650%, 03/01/20		2,200,000		2,444,110
6.750%, 07/15/18		218,000		246,317
8.000%, 10/01/19		1,000,000		1,210,111
Sunoco Logistics Partners Operations L.P.
4.250%, 04/01/24		233,000		235,621
4.950%, 01/15/43		394,000		377,554
5.300%, 04/01/44		200,000		201,590
5.350%, 05/15/45		633,000		640,005
TransCanada PipeLines, Ltd.
0.750%, 01/15/16		350,000		349,023
2.500%, 08/01/22		350,000		329,714
3.750%, 10/16/23 (e)		910,000		911,053
7.125%, 01/15/19		490,000		569,453
7.250%, 08/15/38		200,000		267,525
				17,333,081
Real Estate Investment Trusts—0.4%
American Tower Corp.
3.500%, 01/31/23		790,000		763,304
Boston Properties L.P.
5.625%, 11/15/20		800,000		912,761
5.875%, 10/15/19		500,000		572,712
Duke Realty L.P.
3.875%, 02/15/21		1,128,000		1,171,574
6.750%, 03/15/20		584,000		687,468
8.250%, 08/15/19		170,000		209,729
Equity CommonWealth
5.875%, 09/15/20		100,000		110,013
6.250%, 06/15/17		840,000		905,097
ERP Operating L.P.
2.375%, 07/01/19		538,000		535,701
4.625%, 12/15/21		250,000		273,502
4.750%, 07/15/20		578,000		635,007
HCP, Inc.
2.625%, 02/01/20		1,100,000		1,088,574
4.250%, 11/15/23		346,000		363,728
5.375%, 02/01/21		1,240,000		1,384,715
Health Care REIT, Inc.
4.500%, 01/15/24		1,024,000		1,084,404
5.250%, 01/15/22		600,000		666,709
ProLogis L.P.
4.250%, 08/15/23 (e)		114,000		120,456

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
ProLogis L.P.
6.875%, 03/15/20 (e)		325,000	$	381,747
Simon Property Group L.P.
2.750%, 02/01/23		200,000		195,821
5.650%, 02/01/20		1,185,000		1,360,213
Ventas Realty L.P. / Ventas Capital Corp.
4.750%, 06/01/21		500,000		543,448
				13,966,683
Retail—0.3%
Advance Auto Parts, Inc.
4.500%, 01/15/22		1,001,000		1,062,566
Bed Bath & Beyond, Inc.
4.915%, 08/01/34		689,000		710,964
CVS Health Corp.
4.000%, 12/05/23		929,000		983,135
5.300%, 12/05/43		303,000		362,213
CVS Pass-Through Trust
6.204%, 10/10/25 (144A)		833,087		959,210
Home Depot, Inc. (The)
3.750%, 02/15/24 (e)		586,000		625,904
4.400%, 04/01/21		700,000		778,735
4.400%, 03/15/45 (e)		143,000		156,287
Lowe’s Cos., Inc.
3.120%, 04/15/22		900,000		920,914
3.125%, 09/15/24		276,000		278,389
Macy’s Retail Holdings, Inc.
3.625%, 06/01/24 (e)		700,000		708,238
4.375%, 09/01/23 (e)		154,000		165,432
4.500%, 12/15/34		279,000		280,939
6.375%, 03/15/37		300,000		379,619
Target Corp.
3.500%, 07/01/24 (e)		484,000		502,476
Wal-Mart Stores, Inc.
1.125%, 04/11/18		541,000		534,796
3.300%, 04/22/24 (e)		575,000		593,696
Walgreens Boots Alliance, Inc.
3.300%, 11/18/21		399,000		401,776
4.500%, 11/18/34 (e)		349,000		363,449
				10,768,738
Software—0.3%
Intuit, Inc.
5.750%, 03/15/17		267,000		293,435
Microsoft Corp.
2.375%, 05/01/23 (e)		540,000		530,006
3.000%, 10/01/20		750,000		781,915
3.625%, 12/15/23 (e)		711,000		760,868
Oracle Corp.
2.375%, 01/15/19		455,000		462,873
2.500%, 10/15/22		3,410,000		3,321,667
2.800%, 07/08/21		750,000		759,328
4.300%, 07/08/34		857,000		917,566
5.750%, 04/15/18		400,000		452,186
Software—(Continued)
Oracle Corp.
6.500%, 04/15/38		300,000		403,699
				8,683,543
Telecommunications—1.1%
America Movil S.A.B. de C.V.
1.241%, 09/12/16 (a)		1,700,000		1,712,160
3.125%, 07/16/22		600,000		591,984
5.000%, 03/30/20		1,000,000		1,102,740
AT&T, Inc.
3.000%, 02/15/22		3,440,000		3,375,259
4.450%, 05/15/21		700,000		752,089
6.300%, 01/15/38		200,000		241,986
6.450%, 06/15/34		500,000		611,897
British Telecommunications plc
1.625%, 06/28/16		308,000		310,218
2.350%, 02/14/19		228,000		227,673
Cisco Systems, Inc.
2.900%, 03/04/21		886,000		902,206
3.625%, 03/04/24 (e)		700,000		729,442
5.900%, 02/15/39		900,000		1,132,802
Crown Castle Towers LLC
6.113%, 01/15/20 (144A)		1,000,000		1,148,642
Deutsche Telekom International Finance B.V.
2.250%, 03/06/17 (144A)		400,000		406,318
8.750%, 06/15/30		500,000		738,579
Embarq Corp.
7.082%, 06/01/16		747,000		804,979
Orange S.A.
9.000%, 03/01/31		400,000		610,153
Qwest Corp.
6.875%, 09/15/33		690,000		692,115
Rogers Communications, Inc.
4.100%, 10/01/23		736,000		773,271
5.450%, 10/01/43		482,000		553,211
8.750%, 05/01/32		940,000		1,359,731
Telefonica Emisiones S.A.U.
3.192%, 04/27/18		210,000		215,951
5.134%, 04/27/20		334,000		369,740
5.877%, 07/15/19		217,000		246,961
6.421%, 06/20/16		500,000		534,876
Verizon Communications, Inc.
1.350%, 06/09/17		889,000		884,887
2.625%, 02/21/20 (144A)		263,000		259,993
3.000%, 11/01/21		1,564,000		1,542,470
3.450%, 03/15/21		677,000		691,922
4.400%, 11/01/34		963,000		957,204
4.500%, 09/15/20		1,068,000		1,159,588
4.600%, 04/01/21		1,500,000		1,628,061
4.862%, 08/21/46 (144A)		1,719,000		1,765,803
5.050%, 03/15/34 (e)		1,124,000		1,198,999
5.150%, 09/15/23		1,500,000		1,656,349
6.400%, 09/15/33		591,000		727,984
Verizon New England, Inc.
7.875%, 11/15/29		1,000,000		1,308,522

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Verizon Pennsylvania LLC
6.000%, 12/01/28		260,000	$	290,747
8.750%, 08/15/31		1,300,000		1,891,951
Vodafone Group plc
1.500%, 02/19/18		300,000		294,621
6.150%, 02/27/37 (e)		500,000		603,314
				37,007,398
Transportation—0.3%
Burlington Northern Santa Fe LLC
3.000%, 03/15/23		240,000		239,236
3.050%, 09/01/22		300,000		301,905
3.850%, 09/01/23		700,000		738,370
7.950%, 08/15/30		1,185,000		1,706,120
Burlington Northern, Inc.
8.750%, 02/25/22		812,000		1,083,098
Canadian Pacific Railway Co.
6.500%, 05/15/18		680,000		779,061
7.125%, 10/15/31		872,000		1,199,270
CSX Corp.
6.000%, 10/01/36		300,000		377,174
7.900%, 05/01/17		1,000,000		1,141,543
Norfolk Southern Corp.
3.850%, 01/15/24		1,079,000		1,134,520
Ryder System, Inc.
2.450%, 09/03/19		555,000		551,090
3.500%, 06/01/17		485,000		505,103
Union Pacific Corp.
3.750%, 03/15/24 (e)		650,000		695,152
				10,451,642
Trucking & Leasing—0.0%
Penske Truck Leasing Co. L.P. / PTL Finance Corp.
2.500%, 06/15/19 (144A)		175,000		173,933
2.875%, 07/17/18 (144A)		80,000		81,345
4.250%, 01/17/23 (144A)		718,000		745,270
				1,000,548
Water—0.0%
American Water Capital Corp.
3.400%, 03/01/25		319,000		321,032
3.850%, 03/01/24		1,130,000		1,189,746
				1,510,778
Total Corporate Bonds & Notes (Cost $614,637,927)				611,164,943
Asset-Backed Securities—8.3%
Asset-Backed - Automobile—3.1%
Ally Auto Receivables Trust
0.630%, 05/15/17		1,030,125		1,030,317
0.720%, 05/20/16		1,472,660		1,473,155
Asset-Backed - Automobile—(Continued)
Ally Auto Receivables Trust
0.790%, 01/15/18		1,435,000		1,433,776
1.030%, 09/20/17		660,000		658,446
1.240%, 11/15/18		405,000		403,652
American Credit Acceptance Receivables Trust
0.990%, 10/10/17 (144A)		2,812,212		2,810,018
1.140%, 03/12/18 (144A)		183,038		183,088
1.320%, 02/15/17 (144A)		349,927		350,168
1.450%, 04/16/18 (144A)		639,468		640,018
2.260%, 03/10/20 (144A)		1,182,000		1,180,858
AmeriCredit Automobile Receivables Trust
0.610%, 10/10/17		146,852		146,875
0.740%, 11/08/16		1,644,284		1,644,687
0.900%, 09/10/18		393,220		393,087
BMW Vehicle Lease Trust
0.540%, 09/21/15		187,707		187,737
BMW Vehicle Owner Trust
0.670%, 11/27/17		678,000		677,955
Capital Auto Receivables Asset Trust
0.596%, 11/20/15 (a)		757,413		757,470
0.620%, 07/20/16		338,807		338,856
Carfinance Capital Auto Trust
1.440%, 11/16/20 (144A)		3,506,167		3,503,253
1.460%, 12/17/18 (144A)		848,551		849,709
1.650%, 07/17/17 (144A)		302,052		302,380
1.750%, 11/15/17 (144A)		289,416		290,208
2.720%, 04/15/20 (144A)		375,000		378,250
2.750%, 11/15/18 (144A)		667,000		675,017
CarMax Auto Owner Trust
0.600%, 10/16/17		401,938		401,735
0.800%, 07/16/18		615,000		614,293
0.980%, 01/15/19		5,472,000		5,455,381
1.280%, 05/15/19		275,000		273,324
CarNow Auto Receivables Trust
0.960%, 01/17/17 (144A)		1,378,779		1,377,259
1.160%, 10/16/17 (144A)		115,037		115,043
1.890%, 11/15/18 (144A)		1,000,000		997,167
1.970%, 11/15/17 (144A)		668,000		667,785
CPS Auto Receivables Trust
1.110%, 11/15/18 (144A)		4,366,485		4,345,828
1.210%, 08/15/18 (144A)		689,556		687,725
1.310%, 02/15/19 (144A)		3,570,445		3,559,123
1.310%, 06/15/20 (144A)		868,490		864,228
1.490%, 04/15/19 (144A)		1,650,000		1,645,908
1.540%, 07/16/18 (144A)		1,978,838		1,980,554
1.640%, 04/16/18 (144A)		1,517,016		1,518,369
1.820%, 09/15/20 (144A)		1,285,983		1,283,628
3.770%, 08/17/20 (144A)		558,000		557,520
4.350%, 11/16/20 (144A)		450,000		448,954
DT Auto Owner Trust
0.980%, 04/16/18 (144A)		1,823,000		1,821,897
1.780%, 06/15/17 (144A)		1,625,000		1,630,002
Exeter Automobile Receivables Trust
1.060%, 08/15/18 (144A)		1,371,955		1,369,782
1.290%, 10/16/17 (144A)		1,734,990		1,738,067
1.290%, 05/15/18 (144A)		986,946		987,745

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Automobile—(Continued)
Exeter Automobile Receivables Trust
1.320%, 01/15/19 (144A)		3,278,772	$	3,278,201
1.490%, 11/15/17 (144A)		907,522		908,627
2.770%, 11/15/19 (144A)		556,000		554,635
3.260%, 12/16/19 (144A)		335,000		327,780
Fifth Third Auto Trust
0.450%, 01/15/16		95,645		95,642
0.570%, 05/15/17		400,000		399,629
0.880%, 10/16/17		1,745,000		1,747,612
First Investors Auto Owner Trust
0.900%, 10/15/18 (144A)		164,547		164,515
1.060%, 11/15/18 (144A)		677,000		676,423
1.670%, 11/16/20 (144A)		276,000		275,173
Flagship Credit Auto Trust
1.210%, 04/15/19 (144A)		1,134,173		1,131,291
1.320%, 04/16/18 (144A)		1,398,985		1,400,141
1.430%, 12/16/19 (144A)		1,896,632		1,894,255
1.940%, 01/15/19 (144A)		1,386,485		1,395,348
2.550%, 02/18/20 (144A)		245,000		244,507
2.840%, 11/16/20 (144A)		892,000		890,422
3.950%, 12/15/20 (144A)		440,000		440,277
Ford Credit Auto Lease Trust
0.500%, 10/15/16		345,487		345,275
0.760%, 09/15/16		1,007,000		1,007,635
0.890%, 09/15/17		1,391,000		1,388,982
0.960%, 10/15/16		500,000		500,738
1.100%, 11/15/17		484,000		484,877
Ford Credit Auto Owner Trust
0.900%, 10/15/18		890,000		889,320
Harley Davidson Motorcycle Trust
0.650%, 07/16/18		1,248,830		1,248,870
Honda Auto Receivables Owner Trust
0.370%, 10/16/15		10,469		10,468
0.530%, 02/16/17		1,404,000		1,403,973
0.690%, 09/18/17		1,527,000		1,525,852
0.770%, 03/19/18		2,171,000		2,166,211
1.040%, 02/18/20		700,000		700,292
Hyundai Auto Receivables Trust
0.560%, 07/17/17		341,644		341,772
0.750%, 09/17/18		600,000		598,990
0.900%, 12/17/18		5,612,000		5,596,909
Nissan Auto Lease Trust
0.750%, 06/15/16		508,784		509,182
0.800%, 02/15/17		582,000		581,611
Nissan Auto Receivables Owner Trust
0.420%, 11/15/16		618,025		617,583
1.110%, 05/15/19		400,000		399,008
Santander Drive Auto Receivables Trust
3.010%, 04/16/18		2,000,000		2,028,634
SNAAC Auto Receivables Trust
1.030%, 09/17/18 (144A)		593,436		593,251
1.140%, 07/16/18 (144A)		156,124		156,264
Tidewater Auto Receivables Trust
1.400%, 07/15/18 (144A)		2,047,000		2,042,339
1.850%, 12/15/18 (144A)		2,406,000		2,401,809
Asset-Backed - Automobile—(Continued)
Toyota Auto Receivables Owner Trust
0.550%, 01/17/17		683,454		683,830
USAA Auto Owner Trust
0.380%, 10/17/16		424,316		424,215
World Omni Auto Receivables Trust
0.830%, 08/15/18		873,000		872,437
1.320%, 01/15/20		476,000		474,653
				100,469,755
Asset-Backed - Credit Card—0.0%
Discover Card Execution Note Trust
1.040%, 04/15/19		1,080,000		1,078,936
Asset-Backed - Home Equity—0.0%
Asset Backed Securities Corp. Home Equity Loan Trust
0.920%, 02/25/35 (a)		530,000		518,102
Asset-Backed - Other—5.1%
American Homes 4 Rent Trust
4.290%, 10/17/36 (144A)		300,000		306,628
Axis Equipment Finance Receivables II LLC
1.750%, 03/20/17 (144A)		966,558		966,286
Carlyle Global Market Strategies Commodities Funding, Ltd.
2.131%, 10/15/21 (144A) (a) (g)		2,686,667		2,661,681
Conix Mortgage Asset Trust
4.704%, 12/25/47 (144A) (a) (c) (g)		1,078,519		571,615
Ford Credit Floorplan Master Owner Trust
0.541%, 01/15/18 (a)		725,000		725,267
Fortress Opportunities Residential Transaction Trust
3.960%, 10/25/33 (144A) (g)		98,965		99,039
4.210%, 10/25/18 (144A) (g)		51,425		51,396
GCAT Trust
3.228%, 07/25/19 (144A) (a)		2,766,578		2,775,404
GLC II Trust
4.000%, 12/18/20 (144A)		4,500,000		4,491,450
GLC Trust
3.000%, 07/15/21 (144A)		3,702,910		3,685,136
GMAT Trust
3.721%, 02/25/44 (144A)		498,214		498,390
3.967%, 11/25/43 (144A)		1,314,918		1,324,217
Gold Key Resorts LLC
3.220%, 03/17/31 (144A)		1,282,208		1,282,345
HLSS Servicer Advance Receivables Backed Notes
1.147%, 05/16/44 (144A)		4,495,000		4,490,505
1.843%, 05/16/44 (144A)		2,000,000		1,999,000
1.981%, 11/15/46 (144A)		1,783,000		1,765,527
HLSS Servicer Advance Receivables Trust
1.244%, 01/17/45 (144A)		2,897,000		2,897,000
1.495%, 01/16/46 (144A)		748,000		747,402
1.744%, 01/16/46 (144A)		174,000		174,035
2.217%, 01/15/47 (144A)		1,385,000		1,383,199

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
John Deere Owner Trust
0.600%, 03/15/17		1,802,586	$	1,804,771
LV Tower 52 Issuer LLC
5.500%, 06/15/18 (144A) (g)		1,752,106		1,752,901
7.500%, 06/15/18 (144A) (g)		695,316		695,316
Nationstar Agency Advance Funding Trust
0.997%, 02/15/45 (144A)		1,253,000		1,252,549
1.892%, 02/18/48 (144A)		115,000		112,492
Navitas Equipment Receivables LLC
1.950%, 11/15/16 (144A)		476,629		476,899
Normandy Mortgage Loan Co. LLC
4.949%, 09/16/43 (144A)		5,300,670		5,292,719
NYMT Residential LLC
4.850%, 09/25/18 (144A) (g)		2,353,602		2,353,602
Oak Hill Advisors Residential Loan Trust
3.475%, 04/25/54 (144A)		3,694,719		3,694,538
4.000%, 04/25/54 (144A)		857,000		829,783
OnDeck Asset Securitization Trust
3.150%, 05/17/18 (144A)		2,602,000		2,594,852
OneMain Financial Issuance Trust
2.430%, 06/18/24 (144A)		2,744,000		2,743,945
2.470%, 09/18/24 (144A)		5,049,000		5,068,792
3.020%, 09/18/24 (144A)		1,864,000		1,865,156
3.240%, 06/18/24 (144A)		321,000		324,017
PFS Tax Lien Trust
1.440%, 05/15/29 (144A)		784,961		785,374
Progreso Receivables Funding I LLC
4.000%, 07/09/18 (144A)		2,650,000		2,654,770
Progreso Receivables Funding II LLC
3.500%, 07/08/19 (144A)		3,500,000		3,470,950
RBSHD Trust
4.685%, 10/25/47 (144A) (g)		2,479,190		2,486,350
Real Estate Asset Trust
3.230%, 05/25/52 (144A) (a) (g)		1,371,612		1,368,183
Selene Non-Performing Loans LLC
2.981%, 05/25/54 (144A)		1,409,465		1,397,091
SpringCastle America Funding LLC
2.700%, 05/25/23 (144A)		9,078,899		9,064,436
4.610%, 10/25/27 (144A)		1,750,000		1,763,716
Springleaf Funding Trust
2.410%, 12/15/22 (144A)		5,066,000		5,061,805
2.580%, 09/15/21 (144A)		7,150,000		7,170,585
3.450%, 12/15/22 (144A)		496,000		496,245
3.920%, 01/16/23 (144A)		2,500,000		2,526,500
4.820%, 01/16/23 (144A)		2,000,000		2,008,800
Stanwich Mortgage Loan Co. LLC
3.228%, 04/16/59 (144A)		1,916,267		1,892,314
Stanwich Mortgage Loan Trust
2.981%, 02/16/43 (144A)		188,851		187,907
Sunset Mortgage Loan Co. LLC
3.721%, 11/16/44 (144A)		4,909,119		4,909,119
Trafigura Securitisation Finance plc
1.111%, 10/15/21 (144A) (a)		3,188,000		3,175,567
Truman Capital Mortgage Loan Trust
3.125%, 04/25/53 (144A)		2,903,282		2,899,635
3.125%, 06/25/54 (144A)		3,145,967		3,142,110
Asset-Backed - Other—(Continued)
Truman Capital Mortgage Loan Trust
3.228%, 07/25/53 (144A)		3,184,079		3,179,943
4.000%, 06/25/54 (144A)		877,000		858,044
Vericrest Opportunity Loan Transferee LLC
3.125%, 04/27/54 (144A)		7,980,844		7,934,395
Vericrest Opportunity Loan Trust X LLC
3.375%, 10/25/54 (144A)		1,832,798		1,828,955
Vericrest Opportunity Loan Trust XIX LLC
3.875%, 04/26/55 (144A)		3,636,000		3,617,820
Vericrest Opportunity Loan Trust XV LLC
3.250%, 05/26/54 (144A)		2,015,178		2,009,391
Vericrest Opportunity Loan Trust XVI LLC
3.228%, 09/25/58 (144A)		4,784,645		4,777,421
4.000%, 09/25/58 (144A)		748,680		735,834
Vericrest Opportunity Loan Trust XXII LLC
3.625%, 10/27/53 (144A)		1,454,696		1,455,717
Vericrest Opportunity Loan Trust XXIII LLC
3.625%, 11/25/53 (144A)		1,472,518		1,477,928
4.750%, 11/25/53 (144A)		597,525		598,292
Vericrest Opportunity Loan Trust XXIV LLC
3.250%, 11/25/53 (144A)		3,379,596		3,382,790
Vericrest Opportunity Loan Trust XXVI LLC
3.125%, 09/25/43 (144A)		5,015,446		5,008,114
4.250%, 09/25/43 (144A)		1,406,000		1,376,453
Vericrest Opportunity Loan Trust XXVII LLC
3.125%, 08/27/57 (144A)		4,598,157		4,591,738
Westgate Resorts LLC
2.250%, 08/20/25 (144A)		1,072,052		1,073,725
				164,125,871
Asset-Backed - Student Loan—0.1%
Academic Loan Funding Trust
0.969%, 12/26/44 (144A) (a)		1,756,207		1,750,617
0.970%, 12/27/22 (144A) (a)		1,457,765		1,466,174
				3,216,791
Total Asset-Backed Securities (Cost $270,066,673)				269,409,455
Mortgage-Backed Securities—6.7%
Collateralized Mortgage Obligations—2.9%
AJAX Mortgage Loan Trust
3.500%, 02/25/51 (144A) (a) (g)		396,958		393,138
3.750%, 03/25/52 (144A) (a) (g)		2,030,591		2,027,694
4.000%, 10/25/57 (144A)		1,467,202		1,459,866
4.500%, 03/25/35 (144A) (g)		1,369,758		1,372,074
American Tower Trust I
1.551%, 03/15/43 (144A)		1,145,000		1,131,443
3.070%, 03/15/48 (144A)		1,500,000		1,491,195
Banc of America Funding Trust
2.563%, 05/20/34 (a)		2,155,056		2,185,007
Bear Stearns ALT-A Trust
0.810%, 07/25/34 (a)		3,657,694		3,505,703

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
CAM Mortgage Trust
2.600%, 05/15/48 (144A)		900,622	$	900,537
3.500%, 11/25/57 (144A) (a) (g)		1,867,855		1,868,559
Countrywide Alternative Loan Trust
0.835%, 08/25/34 (a)		1,959,458		1,938,587
FDIC Trust
4.500%, 10/25/18 (144A)		274,577		276,709
Global Mortgage Securitization, Ltd.
0.490%, 11/25/32 (144A) (a)		1,747,247		1,692,464
GS Mortgage Securities Trust
5.307%, 08/10/44 (144A) (a)		500,000		527,217
HarborView Mortgage Loan Trust
2.582%, 05/19/34 (a)		2,097,748		2,090,519
Homeowner Assistance Program Reverse Mortgage Loan Trust
4.000%, 05/26/53 (144A) (g)		3,600,216		3,515,971
Impac CMB Trust
0.910%, 11/25/34 (a)		5,055,932		4,798,110
JP Morgan Mortgage Trust
2.503%, 08/25/34 (a)		453,066		454,207
MASTR Asset Securitization Trust
5.500%, 12/25/33		1,308,200		1,387,373
Merrill Lynch Mortgage Investors Trust
0.630%, 04/25/29 (a)		1,121,370		1,068,471
0.670%, 05/25/29 (a)		2,334,858		2,226,339
0.790%, 10/25/28 (a)		1,233,025		1,214,035
0.810%, 10/25/28 (a)		2,151,285		2,136,286
1.007%, 01/25/29 (a)		1,469,589		1,370,616
Sequoia Mortgage Trust
0.466%, 12/20/34 (a)		2,887,941		2,753,958
0.506%, 10/20/34 (a)		2,983,103		2,843,020
0.806%, 01/20/34 (a)		1,450,446		1,382,397
0.826%, 07/20/33 (a)		1,772,210		1,734,583
0.926%, 04/20/33 (a)		1,624,185		1,619,593
Springleaf Mortgage Loan Trust
1.270%, 06/25/58 (144A) (a)		2,080,891		2,073,753
1.780%, 12/25/65 (144A) (a)		4,390,288		4,382,596
1.870%, 09/25/57 (144A) (a)		1,491,408		1,487,517
2.310%, 06/25/58 (144A) (a)		1,240,000		1,215,124
3.140%, 06/25/58 (144A) (a)		792,000		793,478
3.520%, 12/25/65 (144A) (a)		2,177,000		2,221,067
3.790%, 09/25/57 (144A) (a)		1,274,000		1,283,005
3.790%, 06/25/58 (144A) (a)		603,000		607,505
4.480%, 12/25/65 (144A) (a)		3,000,000		3,088,446
6.000%, 10/25/57 (144A) (a)		350,000		363,789
Station Place Securitization Trust
1.870%, 02/25/15		1,000,000		1,000,000
Structured Adjustable Rate Mortgage Loan Trust
2.390%, 06/25/34 (a)		1,318,809		1,326,423
Structured Asset Mortgage Investments II Trust
0.864%, 01/19/34 (a)		2,455,169		2,379,965
0.864%, 03/19/34 (a)		2,619,286		2,563,047
Structured Asset Mortgage Investments Trust
1.064%, 05/19/33 (a)		2,526,020		2,466,934
Structured Asset Securities Corp. Mortgage Loan Trust
0.770%, 10/25/27 (a)		637,608		623,217
Collateralized Mortgage Obligations—(Continued)
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
2.477%, 11/25/33 (a)		1,558,238		1,536,677
Thornburg Mortgage Securities Trust
0.810%, 09/25/43 (a)		1,377,249		1,315,564
1.972%, 12/25/44 (a)		2,139,921		2,127,060
2.246%, 04/25/45 (a)		4,830,392		4,851,602
VML LLC
3.875%, 04/25/54 (144A) (a)		1,009,419		1,004,372
Wells Fargo Mortgage Backed Securities Trust
2.619%, 03/25/35 (a)		3,119,453		3,142,737
Wells Fargo Mortgage Loan Trust
2.847%, 08/27/37 (144A) (a)		1,227,447		1,209,035
				94,428,584
Commercial Mortgage-Backed Securities—3.8%
A10 Securitization LLC
2.400%, 11/15/25 (144A)		697,836		699,757
A10 Term Asset Financing LLC
1.720%, 04/15/33 (144A)		1,719,000		1,716,552
2.620%, 11/15/27 (144A)		2,767,284		2,779,499
3.020%, 04/15/33 (144A)		1,807,000		1,810,068
4.380%, 11/15/27 (144A)		425,000		432,352
ACRE Commercial Mortgage Trust
2.212%, 08/15/31 (144A) (a)		447,500		444,921
2.662%, 08/15/31 (144A) (a)		597,500		595,439
3.562%, 08/15/31 (144A) (a)		350,000		348,762
BAMLL Commercial Mortgage Securities Trust
4.214%, 08/15/46 (144A) (a)		1,200,000		1,205,086
Banc of America Commercial Mortgage Trust
5.492%, 02/10/51		2,250,000		2,401,423
5.622%, 04/10/49 (a)		1,000,000		1,080,504
5.889%, 07/10/44 (a)		1,553,969		1,635,538
Banc of America Merrill Lynch Commercial Mortgage, Inc.
5.115%, 10/10/45 (a)		5,183,991		5,271,429
BB-UBS Trust
2.892%, 06/05/30 (144A)		1,250,000		1,223,850
3.430%, 11/05/36 (144A)		2,950,000		3,001,584
Bear Stearns Commercial Mortgage Securities Trust
0.823%, 06/11/50 (144A) (a)		1,500,000		1,468,128
4.674%, 06/11/41		3,035,413		3,049,358
CGBAM Commercial Mortgage Trust
0.961%, 02/15/31 (144A) (a)		1,300,000		1,293,421
Citigroup Commercial Mortgage Trust
2.110%, 01/12/30 (144A)		560,296		566,222
Commercial Mortgage Pass-Through Certificates
0.219%, 07/10/45 (144A) (a) (b)		120,000,000		1,977,060
0.961%, 08/13/27 (144A) (a)		990,000		987,477
1.004%, 02/13/32 (144A) (a)		2,605,000		2,595,622
1.059%, 06/11/27 (144A) (a)		4,937,000		4,928,903
1.754%, 02/13/32 (144A) (a)		1,000,000		997,824
2.365%, 02/10/29 (144A)		2,789,132		2,843,146
3.612%, 06/10/46 (a)		2,934,000		3,073,805

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Commercial Mortgage Pass-Through Certificates
3.796%, 08/10/47		3,500,000	$	3,694,733
3.977%, 05/10/47		3,000,000		3,218,229
4.353%, 08/10/30 (144A)		3,000,000		3,284,304
5.116%, 06/10/44 (a)		975,697		986,100
Commercial Mortgage Trust
2.987%, 04/12/35 (144A)		1,871,000		1,873,535
COOF Securitization Trust, Ltd.
3.023%, 06/15/40 (144A) (a) (b)		3,370,125		476,536
Credit Suisse First Boston Mortgage Securities Corp.
5.100%, 08/15/38 (a)		1,421,469		1,440,338
Credit Suisse Mortgage Capital Certificates
0.955%, 04/15/27 (144A) (a)		3,363,000		3,357,105
DBRR Trust
0.853%, 02/25/45 (144A) (a)		436,286		435,667
1.636%, 12/18/49 (144A) (a)		2,506,095		2,519,017
GE Capital Commercial Mortgage Corp.
4.974%, 07/10/45 (a)		3,015,000		3,047,468
GE Capital Commercial Mortgage Corp. Trust
5.274%, 03/10/44 (a)		1,201,532		1,231,225
GS Mortgage Securities Corp. II
2.318%, 01/10/30 (144A)		733,000		741,704
2.706%, 12/10/27 (144A)		287,533		290,654
GS Mortgage Securities Corp. Trust
3.551%, 04/10/34 (144A)		3,500,000		3,646,853
Hilton Mortgage Trust
1.061%, 07/15/29 (144A) (a)		570,000		567,741
JPMorgan Chase Commercial Mortgage Securities Trust
0.941%, 04/15/30 (144A) (a)		2,600,000		2,597,767
5.236%, 12/15/44 (a)		916,599		931,947
5.716%, 02/15/51		2,987,612		3,213,129
KGS-Alpha SBA COOF Trust
0.598%, 05/25/39 (144A) (a) (b)		11,190,624		258,783
0.859%, 08/25/38		14,386,041		537,229
0.963%, 03/25/39		9,762,687		559,829
3.125%, 04/25/40 (144A) (a) (b)		2,753,387		406,125
Ladder Capital Commercial Mortgage Trust
3.985%, 02/15/36 (144A)		768,000		804,709
LB-UBS Commercial Mortgage Trust
5.430%, 02/15/40		1,226,242		1,311,855
Merrill Lynch Mortgage Trust
5.288%, 11/12/37 (a)		1,588,454		1,618,607
Morgan Stanley Bank of America Merrill Lynch Trust
3.669%, 02/15/47		3,000,000		3,144,030
Morgan Stanley Re-REMIC Trust
0.250%, 07/27/49 (144A)		1,500,000		1,296,900
2.000%, 07/27/49 (144A)		1,302,921		1,306,179
N-Star Real Estate CDO, Ltd.
2.020%, 08/25/29 (144A) (a)		2,871,655		2,868,209
5.170%, 08/25/29 (144A) (a)		880,000		880,176
NCUA Guaranteed Notes Trust
2.650%, 10/29/20		3,379,661		3,456,173
2.900%, 10/29/20		5,000,000		5,134,015
Commercial Mortgage-Backed Securities—(Continued)
ORES NPL LLC
3.081%, 09/25/25 (144A)		1,431,622		1,431,622
RAIT Trust
1.411%, 12/15/31 (144A) (a)		1,669,000		1,669,289
1.961%, 12/15/31 (144A) (a)		1,500,000		1,499,922
RBS Commercial Funding, Inc. Trust
3.260%, 03/11/31 (144A)		531,000		539,087
UBS-BAMLL Trust
3.663%, 06/10/30 (144A)		578,000		592,883
UBS-Barclays Commercial Mortgage Trust
3.244%, 04/10/46		2,228,000		2,271,967
VNDO Mortgage Trust
2.996%, 11/15/30 (144A)		1,400,000		1,401,375
VNO Mortgage Trust
3.808%, 12/13/29 (144A)		2,500,000		2,645,362
Wachovia Bank Commercial Mortgage Trust
5.118%, 07/15/42 (a)		1,683,749		1,697,740
Wells Fargo Commercial Mortgage Trust
2.710%, 03/18/28 (144A) (a)		1,000,000		1,001,491
WFRBS Commercial Mortgage Trust
4.182%, 03/15/45 (144A) (a)		300,000		286,057
				124,601,396
Total Mortgage-Backed Securities (Cost $218,561,195)				219,029,980
Foreign Government—0.9%
Provincial—0.0%
Province of Ontario
1.650%, 09/27/19		1,000,000		988,490
Province of Quebec Canada
7.125%, 02/09/24		200,000		265,578
				1,254,068
Sovereign—0.9%
Brazilian Government International Bonds
4.250%, 01/07/25		601,000		601,000
5.000%, 01/27/45		408,000		399,840
Colombia Government International Bonds
4.000%, 02/26/24		423,000		432,518
5.625%, 02/26/44		200,000		225,000
Israel Government AID Bonds
Zero Coupon, 08/15/20		1,500,000		1,326,949
Zero Coupon, 02/15/22		3,000,000		2,524,527
Zero Coupon, 11/01/22		8,000,000		6,568,608
Zero Coupon, 02/15/24		5,000,000		3,914,490
Zero Coupon, 02/15/25		2,000,000		1,506,958
Zero Coupon, 08/15/25		2,500,000		1,852,395
Mexico Government International Bonds
3.500%, 01/21/21		2,948,000		3,009,908
3.600%, 01/30/25		537,000		535,121
4.000%, 10/02/23		1,374,000		1,425,525
5.550%, 01/21/45		737,000		856,762
5.750%, 10/12/10		500,000		537,500

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Foreign Government—(Continued)

Security Description	Shares/ Principal Amount*		Value
Sovereign—(Continued)
Panama Government International Bond
4.000%, 09/22/24		323,000	$	331,883
Poland Government International Bond
4.000%, 01/22/24 (e)		930,000		986,962
South Africa Government International Bonds
5.375%, 07/24/44		1,077,000		1,137,581
5.875%, 09/16/25		384,000		432,480
Turkey Government International Bonds
5.750%, 03/22/24		500,000		558,750
6.625%, 02/17/45 (e)		214,000		262,632
				29,427,389
Total Foreign Government (Cost $30,352,688)				30,681,457
Short-Term Investments—7.5%
Mutual Fund—5.2%
State Street Navigator Securities Lending MET Portfolio (h)		168,709,056		168,709,056
Repurchase Agreement—2.3%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $76,552,371 on 01/02/15, collateralized by $75,250,000 U.S. Government Agency obligations with rates ranging from 1.750% - 5.250%, maturity dates ranging from 03/15/16 - 05/31/16 with a value of $78,088,342.		76,552,371		76,552,371
Total Short-Term Investments (Cost $245,261,427)				245,261,427
Total Investments—104.6% (Cost $3,405,568,365) (i)				3,410,040,139
Other assets and liabilities (net)—(4.6)%				(150,572,764	)
Net Assets—100.0%			$	3,259,467,375

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(b) Interest only security.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent 0.1% of net assets.

(d) Principal only security.

(e) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $166,320,710 and the collateral received consisted of cash in the amount of $168,709,056 and non-cash collateral with a value of $1,905,750. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(f) Security is a “step-down” bond where the coupon decreases or steps down at a predetermined date. Rate shown is current coupon rate.

(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 December 31, 2014, the market value of restricted securities was $21,217,519, which is 0.7% of net assets. See details shown in the Restricted Securities table that follows.

(h) Represents investment of cash collateral received from securities lending transactions.

(i) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $3,426,643,397. The aggregate unrealized appreciation and depreciation of investments were $33,700,960 and $(50,304,218), respectively, resulting in net unrealized depreciation of $(16,603,258) for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $424,837,509, which is 13.0% 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		01/28/13	$	2,030,591	$	2,024,084	$	2,027,694
AJAX Mortgage Loan Trust		03/20/13		1,369,758		1,364,209		1,372,074
AJAX Mortgage Loan Trust		11/15/13		396,958		394,312		393,138
CAM Mortgage Trust		10/02/14		1,867,855		1,867,855		1,868,559
Carlyle Global Market Strategies Commodities Funding, Ltd.		05/22/14		2,686,667		2,686,667		2,661,681
Conix Mortgage Asset Trust		05/16/13		1,078,519		1,078,519		571,615
Fortress Opportunities Residential Transaction Trust		11/08/13		98,965		98,955		99,039
Fortress Opportunities Residential Transaction Trust		11/08/13		51,425		51,422		51,396
Homeowner Assistance Program Reverse Mortgage Loan Trust		05/03/13		3,600,216		3,549,073		3,515,971
LV Tower 52 Issuer LLC		06/19/13		1,752,106		1,752,106		1,752,901

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Restricted Securities—(Continued)	Acquisition Date		Principal Amount		Cost		Value
LV Tower 52 Issuer LLC		10/08/13	$	695,316	$	694,594	$	695,316
NYMT Residential LLC		09/18/13		2,353,602		2,353,602		2,353,602
RBSHD Trust		09/27/13		2,479,190		2,479,190		2,486,350
Real Estate Asset Trust		04/01/13		1,371,612		1,370,755		1,368,183
							$	21,217,519

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
U.S. Treasury & Government Agencies
Agency Sponsored Mortgage - Backed	$	—	$	1,141,139,611		$	3,003,984	$	1,144,143,595
Federal Agencies		—		46,501,012			—		46,501,012
U.S. Treasury		—		843,848,270			—		843,848,270
Total U.S. Treasury & Government Agencies		—		2,031,488,893			3,003,984		2,034,492,877
Total Corporate Bonds & Notes*		—		611,164,943			—		611,164,943
Asset-Backed Securities
Asset-Backed - Automobile		—		100,469,755			—		100,469,755
Asset-Backed - Credit Card		—		1,078,936			—		1,078,936
Asset-Backed - Home Equity		—		518,102			—		518,102
Asset-Backed - Other		—		163,554,256			571,615		164,125,871
Asset-Backed - Student Loan		—		3,216,791			—		3,216,791
Total Asset-Backed Securities		—		268,837,840			571,615		269,409,455
Total Mortgage-Backed Securities*		—		219,029,980			—		219,029,980
Total Foreign Government*		—		30,681,457			—		30,681,457
Short-Term Investments
Mutual Fund		168,709,056		—			—		168,709,056
Repurchase Agreement		—		76,552,371			—		76,552,371
Total Short-Term Investments		168,709,056		76,552,371			—		245,261,427
Total Investments	$	168,709,056	$	3,237,755,484		$	3,575,599	$	3,410,040,139
Collateral for securities loaned (Liability)	$	—	$	(168,709,056	)	$	—	$	(168,709,056	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Appreciation/ (Depreciation)			Net Purchases		Net Sales			Transfers in to Level 3		Balance as of December 31, 2014		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at December 31, 2014
Asset-Backed Securities
Asset-Backed - Other	$	—	$	(488,584	)	$	—	$	(444,218	)(a)	$	1,504,417	$	571,615	$	(488,584	)
U.S. Treasury & Government Agencies
Agency Sponsored Mortgage - Backed		—		—			3,003,984		—			—		3,003,984		—
Total	$	—	$	(488,584	)	$	3,003,984	$	(444,218	)	$	1,504,417	$	3,575,599	$	(488,584	)

Asset-backed securities in the amount of $1,504,417 were transferred into Level 3 due to the lack of a vendor or broker providing quotations based on market activity which resulted in the lack of observable inputs.

(a) Sales include principal reductions

See accompanying notes to financial statements.

MIST-25

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	3,410,040,139
Receivable for:
Investments sold		9,961,127
Fund shares sold		599,425
Principal paydowns		83,654
Interest		14,666,024
Prepaid expenses		8,080
Total Assets		3,435,358,449
Liabilities
Due to custodian		386,641
Collateral for securities loaned		168,709,056
Payables for:
Investments purchased		4,909,858
Fund shares redeemed		337,400
Accrued expenses:
Management fees		1,161,532
Distribution and service fees		104,025
Deferred trustees’ fees		67,424
Other expenses		215,138
Total Liabilities		175,891,074
Net Assets	$	3,259,467,375
Net assets consist of:
Paid in surplus	$	3,212,560,774
Undistributed net investment income		70,454,937
Accumulated net realized loss		(28,020,110	)
Unrealized appreciation on investments		4,471,774
Net Assets	$	3,259,467,375
Net Assets
Class A	$	2,766,754,905
Class B		492,712,470
Capital Shares Outstanding*
Class A		264,372,333
Class B		47,171,122
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.47
Class B		10.45

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $3,405,568,365.

(b) Includes securities loaned at value of $166,320,710.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Interest	$	66,732,335
Securities lending income		27,164
Total investment income		66,759,499
Expenses
Management fees		16,211,907
Administration fees		68,190
Custodian and accounting fees		312,730
Distribution and service fees—Class B		1,145,917
Audit and tax services		67,884
Legal		43,141
Trustees’ fees and expenses		43,760
Shareholder reporting		152,037
Insurance		17,448
Miscellaneous		14,071
Total expenses		18,077,085
Less management fee waiver		(3,831,905	)
Net expenses		14,245,180
Net Investment Income		52,514,319
Net Realized and Unrealized Gain
Net realized gain on investments		161,158
Net change in unrealized appreciation on investments		95,676,838
Net realized and unrealized gain		95,837,996
Net Increase in Net Assets From Operations	$	148,352,315

See accompanying notes to financial statements.

MIST-26

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	52,514,319		$	27,756,572
Net realized gain		161,158			17,340,160
Net change in unrealized appreciation (depreciation)		95,676,838			(113,960,132	)
Increase (decrease) in net assets from operations		148,352,315			(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		783,721,196			1,989,814,811
Total increase in net assets		877,273,408			1,901,303,266
Net Assets
Beginning of period		2,382,193,967			480,890,701
End of period	$	3,259,467,375		$	2,382,193,967
Undistributed net investment income
End of period	$	70,454,937		$	40,864,746

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A (a)
Sales		77,503,411		$	788,741,187			191,161,299		$	2,013,338,110
Reinvestments		4,494,080			45,749,734			1,551,311			16,366,331
Redemptions		(8,713,611	)		(90,368,321	)		(1,624,157	)		(16,628,530	)
Net increase		73,283,880		$	744,122,600			191,088,453		$	2,013,075,911
Class B (b)
Sales		8,635,708		$	89,182,373			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		(5,683,580	)		(58,634,146	)		(8,153,397	)		(83,938,129	)
Net increase		3,842,036		$	39,598,596			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				$	783,721,196					$	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-27

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013(a)
Net Asset Value, Beginning of Period	$	10.17		$	10.56
Income (Loss) from Investment Operations
Net investment income (b)		0.19			0.12
Net realized and unrealized gain (loss) on investments		0.35			(0.41	)
Total from investment operations		0.54			(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	$	10.47		$	10.17
Total Return (%) (c)		5.36			(2.70	)(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.57			0.57	(e)
Net ratio of expenses to average net assets (%) (f)		0.44			0.44	(e)
Ratio of net investment income to average net assets (%)		1.82			1.62	(e)
Portfolio turnover rate (%)		10			68
Net assets, end of period (in millions)	$	2,766.8		$	1,942.6

	Class B
	Year Ended December 31,
	2014			2013(g)			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.15		$	10.54		$	10.36		$	10.01		$	9.62
Income (Loss) from Investment Operations
Net investment income (b)		0.16			0.12			0.22			0.29			0.33
Net realized and unrealized gain (loss) on investments		0.35			(0.44	)		0.28			0.28			0.25
Total from investment operations		0.51			(0.32	)		0.50			0.57			0.58
Less Distributions
Distributions from net investment income		(0.15	)		(0.03	)		(0.27	)		(0.22	)		(0.19	)
Distributions from net realized capital gains		(0.06	)		(0.04	)		(0.05	)		(0.00	)(h)		0.00
Total distributions		(0.21	)		(0.07	)		(0.32	)		(0.22	)		(0.19	)
Net Asset Value, End of Period	$	10.45		$	10.15		$	10.54		$	10.36		$	10.01
Total Return (%) (c)		5.09			(3.04	)		4.92			5.79			6.10
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82			0.82			0.59			0.59			0.65
Net ratio of expenses to average net assets (%) (f)		0.69			0.69			0.59			0.59			0.65
Ratio of net investment income to average net assets (%)		1.58			1.21			2.09			2.81			3.34
Portfolio turnover rate (%)		10			68			11			8			2
Net assets, end of period (in millions)	$	492.7		$	439.6		$	480.9		$	472.1		$	373.7

(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 realized capital gains were less than $0.01.

See accompanying notes to financial statements.

MIST-28

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-29

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MIST-30

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to paydown transactions, distribution re-designations and premium amortization adjustments.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $76,552,371, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Treasury and mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to repurchase or reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation, and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of

MIST-31

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

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.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income

MIST-32

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

(income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$563,987,896	$	551,799,485	$	76,655,256	$	212,974,985

MIST-33

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$16,211,907		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

An identical agreement was in place for the period April 29, 2013 to April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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-34

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$41,432,122	$	10,368,667	$	13,367,981	$	9,279,478	$	54,800,103	$	19,648,145

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$70,522,362	$	—	$	(16,603,257	)	$	(6,945,080	)	$	46,974,025

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no pre-enactment accumulated capital loss carryforwards and the post-enactment accumulated short-term capital losses were $1,929,391 and the post-enactment accumulated long-term capital losses were $5,015,689.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-35

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of JPMorgan Core 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 JPMorgan Core Bond Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of JPMorgan Core Bond Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-37

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-38

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-39

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-40

Met Investors Series Trust

JPMorgan Core Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

JPMorgan Core Bond Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. (“JPMorgan”) regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other information relating specifically to the Portfolio’s performance, the Board noted that, prior to January 7, 2013, the Portfolio operated as a feeder fund, that JPMorgan assumed portfolio management responsibilities for the Portfolio on that date, and that performance prior to that date represents that of a different investment adviser (i.e., the investment adviser of the master fund in which the Portfolio invested). The Board considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board also considered that the Portfolio underperformed its benchmark, the Barclays Aggregate Bond Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance, investment strategy and prevailing market conditions, and the Board noted a recent trend toward improved performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board took into account that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board also took into account that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-41

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Managed by J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class B shares of the JPMorgan Global Active Allocation Portfolio returned 6.98%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

MARKET ENVIRONMENT / CONDITIONS

2014 proved to be a good year for U.S. stocks (+13.7% S&P 500 Index), a reasonable year for investment grade credit (+7.5% Barclays Corporate Aggregate Bond Index), and—defying all expectations—a fantastic year for longer maturity Treasuries, for instance U.S. 30-year Index returned 25.9%. By contrast, commodities (-17.0% Bloomberg Commodity Index) and emerging market equities (-2.1% MSCI Emerging Market Index) ended the year with negative returns. The pattern of returns across asset classes over the year illustrates the impact that divergent global growth and central bank-led monetary policy has had on asset markets.

Despite volatility in the fourth quarter, U.S. equity markets fared well, underpinned by the continuing economic expansion. Economic data releases, such as gross domestic product (GDP) figures, employment, and vehicle sales exceeded expectations, confirming the strength of the U.S. economy. In Europe, mixed economic data and increasing deflationary fears worried investors and contributed to less favorable returns for developed international markets. Rising political tensions surrounding Greek elections and a possible exit from the Eurozone further fueled concerns. However, stronger rhetoric from the European Central Bank indicating a high probability of outright quantitative easing helped to calm investor’s concerns during the later part of the year. Japan set out a new round of economic reforms, which has consisted of a combination of monetary policy and economic stimulus. The Bank of Japan continued its efforts to stimulate the Japanese economy with October’s monetary easing announcement, while Prime Minister Abe decided to postpone the second consumption tax increase and endorsed the government’s strong commitment to reflationary policies.

Crude oil prices plummeted during the year due to excess supply and weaker global demand. Neither the U.S. nor the Organization of Petroleum Exporting Countries (OPEC) stated any explicit supply cuts that would impact this supply/demand dynamic. Other commodities, such as copper, experienced similar price pressures. Negative price pressures on commodities had negative implications for emerging market equity and debt returns.

Finally, the extreme increase in bond prices was only partly due to investors reallocating to fixed income after starting the year underweight the asset class. The continued demand for U.S. Treasuries also impacted prices positively. There are multiple reasons why the demand for fixed income remains strong: i) subdued inflation due to weakness in commodity markets and low wage pressure, ii) increase in demand for riskless assets due to regulation, iii) attractiveness of U.S. Treasury yields versus other developed markets such as German Bunds. Though the Federal Reserve (the “Fed”) ended its quantitative easing program during the year, negative nominal yields in euro area bond markets are driving significant flows into U.S. fixed income, making up for any decreased demand due to the end of quantitative easing.

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 Global 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 enhance Portfolio returns. 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. In addition to this, the portfolio managers were expressing various tactical overweights and underweights. Allocations to cash, and U.S. and developed international equity 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 in addition to the SEM de-risking of the asset class.

In the first quarter, momentum in commodities strengthened, and SEM fully re-risked the asset class as it experienced very strong absolute performance. The fixed income signal also strengthened as 10-year U.S. Treasury rates decreased, though it still ended the first quarter in slight de-risking mode. The emerging market equity signal was volatile over the quarter; SEM de-risked early in the quarter but

MIST-1

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Managed by J.P. Morgan Investment Management Inc.

Portfolio Manager Commentary*—(Continued)

re-risked after momentum improved later in the quarter. Overall, SEM slightly detracted from performance, mostly due to the underweight to fixed income 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 developed international equities (“EAFE equities’) as well as an underweight to commodities.

Over the course of the second quarter, SEM fully re-risked fixed income, which was the only asset class in de-risking mode. Momentum in the asset class improved on the back of a decrease in the 10-year Treasury rate. Again, SEM slightly detracted from overall performance due to the underweight to fixed income for a portion of the quarter. Tactically, the Portfolio remained underweight commodities as well as overweight EAFE equities.

In the third quarter, SEM again de-risked the allocation to commodities. This was beneficial to performance as commodities performed negatively during the period. Tactically, the Portfolio remained overweight U.S. equities but moved more neutral on EAFE equities. The tactical underweight to commodities was also closed, but the allocation remained below its strategic weight due to the impacts of SEM.

Commodities remained de-risked throughout the fourth quarter. Additionally, EAFE equities and emerging market equities de-risked during the last week of the year. SEM was additive to performance due to the de-risking position in commodities as the asset class performed very negatively over the period. In addition to the impact of SEM, the Portfolio maintained its tactical overweight to U.S. equities.

The tactical overweight to U.S. equities throughout 2014 aided performance during the year. Additionally, the tactical underweight to commodities throughout the first half of the year also contributed to performance. On the other hand, the slight underweight to fixed income throughout the first half of the year detracted from performance. In addition, security selection decisions contributed to performance for the year.

Derivatives may be used in the Portfolio as a way to implement tactical decisions. Derivative usage is also permissible for purposes such as hedging, cash management, as a substitute for purchasing or selling securities, and to manage Portfolio characteristics. During 2014, the Portfolio utilized Equity Futures, Treasury Futures, and Commodity Futures for both hedging and investment purposes. The Portfolio also utilized Interest Rate Swaps and Currency Forwards solely for hedging purposes. All derivatives acted as the portfolio managers expected over the time period.

At the end of December, the Portfolio remained pro-risk with a tilt to domestic equities. The Portfolio also maintained an underweight to commodities, EAFE equities, and emerging market equities as these asset classes exhibited negative momentum. Other allocations were generally in line with the Portfolio’s Strategic Asset Allocation. The current allocation mirrors our pro-risk view of the global economy; but, at the same time, we are not bearish on bonds. We maintain the strategic weight to fixed income as a hedge to our risk asset exposure. This view is also supported by global disinflationary pressures and bond buying from Europe and Japan.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		Since Inception2
JPMorgan Global Active Allocation Portfolio
Class B		6.98		8.92
Dow Jones Moderate Index		5.35		9.30

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 DECEMBER 31, 2014

Top Equity Sectors

	% of Net Assets
Financials		8.7
Consumer Discretionary		4.7
Health Care		3.8
Information Technology		3.6
Consumer Staples		3.0

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		24.1
Cash & Cash Equivalents		21.9
Convertible Bonds		17.5
U.S. Treasury & Government Agencies		2.8
Municipals		0.1

Top Equity Holdings

	% of Net Assets
Wells Fargo & Co., Series L		0.7
Novartis AG		0.6
Roche Holding AG		0.6
Royal Dutch Shell plc		0.5
NextEra Energy, Inc.		0.5

Top Fixed Income Issuers

	% of Net Assets
U.S. Treasury Notes		2.7
Anthem, Inc.		1.0
Mylan, Inc.		0.9
Siemens Financieringsmaatschappij NV		0.8
Gilead Sciences, Inc.		0.8

MIST-3

Met Investors Series Trust

JPMorgan Global Active 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, July 1, 2014 through December 31, 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)	Actual		1.00	%	$	1,000.00	$	1,002.50	$	5.05
	Hypothetical*		1.00	%	$	1,000.00	$	1,020.16	$	5.09

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(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 December 31, 2014

Common Stocks—30.9% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.7%
Airbus Group NV		63,663	$	3,161,964
Honeywell International, Inc.		19,055		1,903,976
L-3 Communications Holdings, Inc.		4,481		565,547
Precision Castparts Corp.		1,039		250,274
Thales S.A.		40,561		2,188,510
United Technologies Corp.		22,548		2,593,020
				10,663,291
Air Freight & Logistics—0.2%
Deutsche Post AG		24,318		795,652
Yamato Holdings Co., Ltd. (a)		90,300		1,778,044
				2,573,696
Airlines—0.2%
Copa Holdings S.A. - Class A (a)		3,990		413,524
Delta Air Lines, Inc. (a)		12,512		615,465
Japan Airlines Co., Ltd.		53,200		1,554,003
United Continental Holdings, Inc. (b)		9,828		657,395
				3,240,387
Auto Components—0.7%
Bridgestone Corp.		132,600		4,607,967
Continental AG		6,205		1,317,647
GKN plc		130,893		694,279
Johnson Controls, Inc.		2,907		140,524
NOK Corp.		42,300		1,074,312
Sumitomo Electric Industries, Ltd.		131,700		1,643,199
Valeo S.A.		14,329		1,784,781
				11,262,709
Automobiles—1.0%
Astra International Tbk PT		1,880,200		1,116,023
Bayerische Motoren Werke (BMW) AG		10,756		1,168,143
Daimler AG		25,342		2,114,299
Geely Automobile Holdings, Ltd. (a)		720,000		227,213
General Motors Co.		28,412		991,863
Hyundai Motor Co.		12,930		1,963,011
Mahindra & Mahindra, Ltd. (GDR)		97,070		1,907,425
Mazda Motor Corp.		92,100		2,210,780
Renault S.A.		12,584		919,583
Toyota Motor Corp.		65,700		4,097,089
				16,715,429
Banks—3.9%
Australia & New Zealand Banking Group, Ltd.		87,921		2,287,070
Banco Santander Chile (ADR)		29,910		589,825
Bank Central Asia Tbk PT		609,200		640,992
Bank of America Corp.		154,993		2,772,825
Bank Rakyat Indonesia Persero Tbk PT		1,145,200		1,066,366
BB&T Corp.		14,684		571,061
BNP Paribas S.A.		61,021		3,585,856
Capitec Bank Holdings, Ltd.		19,690		577,644
Citigroup, Inc.		39,924		2,160,288
Credicorp, Ltd.		7,580		1,214,164
Danske Bank A/S		80,197		2,158,471
Banks—(Continued)
Grupo Financiero Banorte S.A.B. de C.V. - Class O		109,430		604,642
HDFC Bank, Ltd. (ADR) (a)		117,150		5,945,362
HSBC Holdings plc		614,773		5,809,901
ING Groep NV (b)		301,338		3,901,607
Intesa Sanpaolo S.p.A.		238,750		690,666
Itau Unibanco Holding S.A. (ADR)		101,904		1,325,771
Lloyds Banking Group plc (b)		363,108		428,782
Mitsubishi UFJ Financial Group, Inc.		1,222,400		6,700,149
Mizuho Financial Group, Inc.		1,842,500		3,095,950
PNC Financial Services Group, Inc. (The)		3,537		322,681
Public Bank Bhd		99,800		521,978
Regions Financial Corp.		16,050		169,488
Sberbank of Russia (ADR) (a)		145,520		563,599
Siam Commercial Bank PCL (The)		257,100		1,422,255
Societe Generale S.A.		9,460		397,522
Sumitomo Mitsui Financial Group, Inc.		151,500		5,474,074
Sumitomo Mitsui Trust Holdings, Inc.		1,060,000		4,045,367
SVB Financial Group (b)		1,398		162,266
Turkiye Garanti Bankasi A/S		201,905		809,022
Wells Fargo & Co.		70,499		3,864,755
				63,880,399
Beverages—0.7%
Ambev S.A. (ADR) (a)		235,690		1,465,992
Coca-Cola Co. (The)		44,859		1,893,947
Coca-Cola Enterprises, Inc.		5,000		221,100
Constellation Brands, Inc. - Class A (b)		9,544		936,935
Diageo plc		38,557		1,105,859
Dr Pepper Snapple Group, Inc.		4,933		353,597
Molson Coors Brewing Co. - Class B		6,272		467,389
PepsiCo, Inc.		2,132		201,602
SABMiller plc		74,843		3,873,297
Suntory Beverage & Food, Ltd. (a)		11,500		397,070
Tsingtao Brewery Co., Ltd. - Class H (a)		154,000		1,043,607
				11,960,395
Biotechnology—0.3%
Alexion Pharmaceuticals, Inc. (b)		2,548		471,456
Amgen, Inc.		563		89,680
Biogen Idec, Inc. (b)		4,889		1,659,571
Celgene Corp. (a) (b)		16,271		1,820,074
Gilead Sciences, Inc. (a) (b)		8,850		834,201
Vertex Pharmaceuticals, Inc. (b)		4,132		490,882
				5,365,864
Building Products—0.2%
Cie de St-Gobain		20,357		857,015
Daikin Industries, Ltd. (a)		27,600		1,780,126
Fortune Brands Home & Security, Inc.		1,984		89,816
Masco Corp.		14,136		356,227
				3,083,184
Capital Markets—0.5%
Charles Schwab Corp. (The)		37,523		1,132,820

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Capital Markets—(Continued)
Goldman Sachs Group, Inc. (The)		3,310	$	641,577
Invesco, Ltd.		26,039		1,029,061
Jupiter Fund Management plc		168,126		943,893
Morgan Stanley (a)		41,983		1,628,941
State Street Corp.		9,918		778,563
UBS Group AG (b)		123,001		2,114,350
				8,269,205
Chemicals—0.3%
Air Liquide S.A.		17,327		2,137,954
Axiall Corp. (a)		5,074		215,493
Dow Chemical Co. (The)		6,659		303,717
E.I. du Pont de Nemours & Co. (a)		7,863		581,390
Mexichem S.A.B. de C.V. (a) (b)		106,530		321,747
Monsanto Co. (a)		3,057		365,220
Mosaic Co. (The)		17,860		815,309
Solvay S.A.		6,421		867,423
				5,608,253
Commercial Services & Supplies—0.1%
Rentokil Initial plc		870,365		1,640,013
Tyco International plc		3,420		150,001
				1,790,014
Communications Equipment—0.2%
Cisco Systems, Inc.		68,322		1,900,376
QUALCOMM, Inc.		21,278		1,581,594
				3,481,970
Construction & Engineering—0.1%
Fluor Corp. (a)		19,201		1,164,157
Construction Materials—0.1%
Martin Marietta Materials, Inc. (a)		2,273		250,757
Siam Cement PCL (The) (NVDR)		57,200		778,019
				1,028,776
Consumer Finance—0.0%
Capital One Financial Corp.		6,410		529,146
Navient Corp.		2,235		48,298
				577,444
Containers & Packaging—0.0%
Crown Holdings, Inc. (a) (b)		9,167		466,600
Sealed Air Corp.		1,700		72,131
				538,731
Distributors—0.0%
Imperial Holdings, Ltd.		18,920		299,947
Diversified Financial Services—0.5%
Berkshire Hathaway, Inc. - Class B (b)		12,254		1,839,938
FirstRand, Ltd.		374,610		1,622,928
Intercontinental Exchange, Inc. (a)		2,887		633,090
Diversified Financial Services—(Continued)
ORIX Corp.		174,100		2,176,405
Remgro, Ltd.		62,810		1,372,228
				7,644,589
Diversified Telecommunication Services—1.0%
AT&T, Inc. (a)		795		26,704
BT Group plc		482,787		2,996,931
Koninklijke KPN NV		450,450		1,420,170
Nippon Telegraph & Telephone Corp.		98,500		5,068,615
Orange S.A.		182,222		3,098,917
Telenor ASA		51,095		1,030,247
Verizon Communications, Inc.		48,918		2,288,384
				15,929,968
Electric Utilities—0.2%
Edison International		18,581		1,216,684
Entergy Corp. (a)		2,067		180,821
Exelon Corp. (a)		17,584		652,015
NextEra Energy, Inc.		11,257		1,196,507
Pinnacle West Capital Corp. (a)		1,232		84,158
PPL Corp.		9,171		333,182
Xcel Energy, Inc.		5,544		199,140
				3,862,507
Electrical Equipment—0.4%
Eaton Corp. plc		17,333		1,177,951
Emerson Electric Co. (a)		21,009		1,296,886
Mitsubishi Electric Corp.		179,000		2,131,180
Schneider Electric SE		16,311		1,185,187
				5,791,204
Electronic Equipment, Instruments & Components—0.3%
Corning, Inc.		11,181		256,380
Delta Electronics, Inc.		211,000		1,253,745
Hitachi, Ltd.		274,000		2,004,929
Keyence Corp.		3,800		1,683,164
TE Connectivity, Ltd.		4,534		286,776
				5,484,994
Energy Equipment & Services—0.2%
Baker Hughes, Inc.		8,605		482,482
Ensco plc - Class A (a)		3,716		111,294
Halliburton Co.		18,157		714,115
Schlumberger, Ltd. (a)		15,753		1,345,464
				2,653,355
Food & Staples Retailing—0.7%
Costco Wholesale Corp.		7,119		1,009,118
CVS Health Corp.		14,517		1,398,132
Delhaize Group S.A.		23,051		1,674,468
Kroger Co. (The)		4,329		277,965
Magnit PJSC (GDR)		25,040		1,136,816
President Chain Store Corp.		144,000		1,110,426
Seven & I Holdings Co., Ltd.		38,700		1,395,937

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Food & Staples Retailing—(Continued)
Shoprite Holdings, Ltd.		93,410	$	1,352,114
Sun Art Retail Group, Ltd. (a)		753,000		744,774
Wal-Mart de Mexico S.A.B. de C.V. - Series V (a)		271,500		583,899
Wal-Mart Stores, Inc.		3,951		339,312
				11,022,961
Food Products—0.9%
Archer-Daniels-Midland Co. (a)		15,130		786,760
General Mills, Inc.		2,216		118,179
Grieg Seafood ASA (b)		114,388		431,893
Kellogg Co. (a)		2,907		190,234
Marine Harvest ASA (a)		270,768		3,710,338
Mondelez International, Inc. - Class A		47,196		1,714,395
Nestle S.A.		55,323		4,055,261
NH Foods, Ltd. (a)		26,000		568,702
Nutreco NV		18,996		1,022,579
Salmar ASA		44,790		763,938
Tiger Brands, Ltd.		18,980		601,135
Tingyi Cayman Islands Holding Corp.		306,000		697,757
				14,661,171
Gas Utilities—0.0%
AGL Resources, Inc.		4,438		241,915
Questar Corp.		6,299		159,239
				401,154
Health Care Equipment & Supplies—0.4%
Abbott Laboratories		37,642		1,694,643
Becton Dickinson & Co.		475		66,101
Boston Scientific Corp. (b)		81,605		1,081,266
CareFusion Corp. (b)		8,300		492,522
Covidien plc		1,945		198,935
Smith & Nephew plc		114,379		2,099,930
Stryker Corp. (a)		8,384		790,863
				6,424,260
Health Care Providers & Services—0.3%
Aetna, Inc.		8,064		716,325
Cigna Corp.		100		10,291
Humana, Inc. (a)		8,047		1,155,791
McKesson Corp.		5,402		1,121,347
UnitedHealth Group, Inc.		9,997		1,010,597
				4,014,351
Hotels, Restaurants & Leisure—0.4%
InterContinental Hotels Group plc		42,118		1,687,758
McDonald’s Corp.		424		39,729
Royal Caribbean Cruises, Ltd.		8,501		700,737
Sands China, Ltd.		448,400		2,183,787
Starbucks Corp. (a)		9,295		762,655
William Hill plc		107,576		604,962
Wynn Macau, Ltd. (a)		306,000		855,040
Yum! Brands, Inc.		2,315		168,648
				7,003,316
Household Durables—0.6%
Barratt Developments plc		49,002		356,833
Berkeley Group Holdings plc		128,723		4,932,566
Electrolux AB - Series B		62,592		1,836,529
Harman International Industries, Inc.		6,300		672,273
NVR, Inc. (a) (b)		88		112,229
Persimmon plc (b)		50,694		1,240,073
PulteGroup, Inc.		19,623		421,110
Sekisui House, Ltd. (a)		78,500		1,028,177
				10,599,790
Household Products—0.2%
Kimberly-Clark Corp.		8,320		961,293
Procter & Gamble Co. (The)		29,365		2,674,858
Unilever Indonesia Tbk PT		142,000		370,504
				4,006,655
Industrial Conglomerates—0.3%
Bidvest Group, Ltd. (The)		57,619		1,506,854
General Electric Co.		45,690		1,154,586
Jardine Matheson Holdings, Ltd.		26,400		1,606,472
KOC Holding AS		243,680		1,287,116
				5,555,028
Insurance—2.1%
ACE, Ltd.		15,084		1,732,850
AIA Group, Ltd.		486,600		2,670,130
Allianz SE		17,241		2,864,656
American International Group, Inc.		7,755		434,358
Assicurazioni Generali S.p.A.		47,801		976,835
AXA S.A.		188,378		4,350,879
Axis Capital Holdings, Ltd.		4,844		247,480
Hartford Financial Services Group, Inc. (The) (a)		15,187		633,146
Marsh & McLennan Cos., Inc. (a)		8,274		473,604
Muenchener Rueckversicherungs-Gesellschaft AG		14,651		2,935,207
Prudential Financial, Inc.		12,968		1,173,085
Prudential plc		205,708		4,733,785
Swiss Re AG (b)		67,731		5,667,277
Willis Group Holdings plc (a)		1,900		85,139
Zurich Insurance Group AG (b)		15,289		4,787,640
				33,766,071
Internet & Catalog Retail—0.1%
Amazon.com, Inc. (b)		1,750		543,112
Expedia, Inc. (a)		1,786		152,453
Priceline Group, Inc. (The) (b)		790		900,766
				1,596,331
Internet Software & Services—0.5%
Baidu, Inc. (ADR) (b)		7,900		1,800,963
eBay, Inc. (b)		1,578		88,558
Facebook, Inc. - Class A (b)		23,608		1,841,896
Google, Inc. - Class A (b)		3,453		1,832,369
Google, Inc. - Class C (b)		3,177		1,672,373
Tencent Holdings, Ltd.		94,800		1,360,222
				8,596,381

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—0.7%
Accenture plc - Class A (a)		13,787	$	1,231,317
Alliance Data Systems Corp. (b)		947		270,889
Cap Gemini S.A.		38,151		2,717,419
Cielo S.A.		71,400		1,118,885
Cognizant Technology Solutions Corp. - Class A (b)		15,569		819,864
Fidelity National Information Services, Inc.		6,500		404,300
Infosys, Ltd. (ADR) (a)		81,840		2,574,686
International Business Machines Corp. (a)		3,158		506,670
Visa, Inc. - Class A (a)		7,691		2,016,580
Xerox Corp.		5,258		72,876
				11,733,486
Machinery—0.2%
Deere & Co. (a)		472		41,758
DMG Mori Seiki Co., Ltd.		92,300		1,146,883
PACCAR, Inc. (a)		22,849		1,553,960
Pall Corp. (a)		200		20,242
Snap-on, Inc.		500		68,370
SPX Corp. (a)		3,107		266,953
WEG S.A.		62,361		713,838
				3,812,004
Media—0.8%
CBS Corp. - Class B		4,337		240,010
Charter Communications, Inc. - Class A (a) (b)		2,031		338,405
Comcast Corp. - Class A		38,677		2,243,653
Dentsu, Inc. (a)		50,900		2,142,049
DIRECTV (b)		1,651		143,142
DISH Network Corp. - Class A (a) (b)		6,164		449,294
Naspers, Ltd. - N Shares		1,688		217,327
Publicis Groupe S.A.		20,986		1,503,084
Time Warner Cable, Inc.		2,460		374,068
Time Warner, Inc.		25,827		2,206,142
Time, Inc. (a)		3,428		84,363
Twenty-First Century Fox, Inc. - Class A (a)		30,005		1,152,342
Walt Disney Co. (The)		4,131		389,099
Wolters Kluwer NV		45,356		1,384,975
WPP plc		44,036		913,579
				13,781,532
Metals & Mining—0.4%
Alcoa, Inc. (a)		53,723		848,286
Anglo American plc		30,240		559,499
First Quantum Minerals, Ltd.		56,895		808,518
Norsk Hydro ASA		208,641		1,173,480
Rio Tinto plc		48,198		2,220,605
United States Steel Corp. (a)		14,473		387,008
Vale S.A. (ADR) (a)		89,940		652,965
				6,650,361
Multi-Utilities—0.5%
CenterPoint Energy, Inc. (a)		15,279		357,987
CMS Energy Corp. (a)		14,891		517,462
Dominion Resources, Inc. (a)		5,224		401,726
Multi-Utilities—(Continued)
E.ON SE		53,357		916,245
GDF Suez		193,925		4,529,177
NiSource, Inc. (a)		14,721		624,465
PG&E Corp. (a)		1,519		80,871
Public Service Enterprise Group, Inc.		4,153		171,976
Sempra Energy		728		81,070
Suez Environnement Co.		55,270		958,120
				8,639,099
Multiline Retail—0.2%
Dollar General Corp. (b)		4,754		336,108
Dollar Tree, Inc. (b)		1,707		120,139
Lojas Renner S.A.		23,540		671,425
Next plc		25,543		2,694,170
				3,821,842
Oil, Gas & Consumable Fuels—1.7%
Anadarko Petroleum Corp.		2,389		197,092
BG Group plc		141,015		1,877,013
BP plc		184,233		1,169,832
California Resources Corp. (b)		6,651		36,647
Cheniere Energy, Inc. (b)		3,324		234,010
Chevron Corp.		23,452		2,630,845
CNOOC, Ltd.		871,000		1,178,232
ENI S.p.A.		60,917		1,063,928
EOG Resources, Inc.		7,928		729,931
EQT Corp.		4,841		366,464
Exxon Mobil Corp. (a)		30,793		2,846,813
Hess Corp. (a)		114		8,415
Lukoil OAO (ADR) (a)		28,090		1,077,251
Marathon Oil Corp.		28,241		798,938
Occidental Petroleum Corp.		16,629		1,340,464
Oil Search, Ltd.		191,190		1,235,246
Phillips 66		10,756		771,205
Pioneer Natural Resources Co. (a)		22		3,275
Royal Dutch Shell plc - A Shares		61,174		2,027,704
Royal Dutch Shell plc - A Shares		120,337		4,024,943
Royal Dutch Shell plc - B Shares		46,938		1,612,505
Statoil ASA		46,283		811,083
Total S.A.		27,447		1,415,146
Ultrapar Participacoes S.A.		51,730		986,284
				28,443,266
Paper & Forest Products—0.1%
Stora Enso Oyj - R Shares		99,480		885,482
UPM-Kymmene Oyj		30,929		507,875
				1,393,357
Personal Products—0.0%
Estee Lauder Cos., Inc. (The) - Class A		5,174		394,259
Pharmaceuticals—2.9%
Actavis plc (a) (b)		1,645		423,439
Allergan, Inc.		2,651		563,576
Aspen Pharmacare Holdings, Ltd. (b)		1,444		50,246

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—(Continued)
AstraZeneca plc		42,536	$	2,992,223
Bayer AG		41,279		5,643,228
Bristol-Myers Squibb Co.		31,668		1,869,362
GlaxoSmithKline plc		133,796		2,862,572
Johnson & Johnson		39,436		4,123,823
Merck & Co., Inc.		29,088		1,651,908
Novartis AG		113,261		10,416,329
Novo Nordisk A/S - Class B		48,341		2,045,385
Perrigo Co. plc (a)		2,251		376,277
Pfizer, Inc.		23,612		735,514
Roche Holding AG		34,606		9,379,626
Sanofi		32,653		2,975,861
Shire plc		17,068		1,207,617
				47,316,986
Real Estate Investment Trusts—0.6%
AvalonBay Communities, Inc. (a)		3,869		632,156
Boston Properties, Inc. (a)		2,267		291,740
Brixmor Property Group, Inc.		9,700		240,948
DiamondRock Hospitality Co. (a)		18,000		267,660
Essex Property Trust, Inc. (a)		416		85,946
Extra Space Storage, Inc. (a)		1,400		82,096
Fibra Uno Administracion S.A. de C.V.		250,900		739,754
First Real Estate Investment Trust		890,000		841,595
Goodman Group (a)		270,445		1,246,743
Highwoods Properties, Inc. (a)		4,764		210,950
Host Hotels & Resorts, Inc.		9,568		227,431
Liberty Property Trust		8,200		308,566
Lippo Malls Indonesia Retail Trust (a)		2,503,000		642,215
Mapletree Logistics Trust		1,045,000		934,224
Mid-America Apartment Communities, Inc. (a)		2,200		164,296
Omega Healthcare Investors, Inc.		2,100		82,047
Prologis, Inc.		10,791		464,337
Public Storage		545		100,743
Simon Property Group, Inc.		4,263		776,335
Westfield Corp. (b)		164,299		1,201,226
				9,541,008
Real Estate Management & Development—0.5%
Daiwa House Industry Co., Ltd. (a)		94,000		1,779,958
Deutsche Annington Immobilien SE		41,170		1,400,416
Deutsche Wohnen AG		129,013		3,065,379
Mitsui Fudosan Co., Ltd.		65,000		1,748,209
TAG Immobilien AG (a)		56,258		654,856
				8,648,818
Road & Rail—0.2%
Canadian Pacific Railway, Ltd. (a)		2,219		427,579
CSX Corp.		29,291		1,061,213
Union Pacific Corp.		20,777		2,475,164
				3,963,956
Semiconductors & Semiconductor Equipment—0.7%
ARM Holdings plc		69,042		1,063,127
ASML Holding NV		18,030		1,931,674
Semiconductors & Semiconductor Equipment—(Continued)
Avago Technologies, Ltd.		11,517		1,158,495
Broadcom Corp. - Class A		22,380		969,725
Freescale Semiconductor, Ltd. (a) (b)		10,589		267,161
KLA-Tencor Corp. (a)		7,843		551,520
Lam Research Corp. (a)		16,431		1,303,636
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) (a)		151,460		3,389,675
				10,635,013
Software—0.6%
Adobe Systems, Inc. (b)		16,451		1,195,988
Citrix Systems, Inc. (b)		7,781		496,428
Microsoft Corp.		83,454		3,876,438
Oracle Corp.		22,930		1,031,162
SAP SE		31,316		2,214,213
VMware, Inc. - Class A (a) (b)		2,149		177,336
				8,991,565
Specialty Retail—0.5%
AutoZone, Inc. (a) (b)		1,513		936,714
Gap, Inc. (The) (a)		1,176		49,521
Home Depot, Inc. (The)		21,932		2,302,202
Kingfisher plc		248,641		1,310,241
Lowe’s Cos., Inc.		25,876		1,780,269
Mr. Price Group, Ltd.		24,700		498,976
Tiffany & Co. (a)		1,007		107,608
TJX Cos., Inc. (The)		15,761		1,080,889
				8,066,420
Technology Hardware, Storage & Peripherals—0.6%
Apple, Inc.		55,197		6,092,645
EMC Corp. (a)		2,203		65,517
Hewlett-Packard Co. (a)		20,602		826,758
Samsung Electronics Co., Ltd. (GDR) (b)		4,300		2,601,500
				9,586,420
Textiles, Apparel & Luxury Goods—0.2%
Cie Financiere Richemont S.A.		23,707		2,099,903
lululemon athletica, Inc. (b)		3,705		206,702
Ralph Lauren Corp. (a)		3,262		603,992
VF Corp. (a)		14,468		1,083,653
				3,994,250
Tobacco—0.3%
British American Tobacco plc		55,121		2,994,937
Japan Tobacco, Inc.		27,100		744,114
Philip Morris International, Inc.		21,353		1,739,202
				5,478,253
Trading Companies & Distributors—0.3%
Wolseley plc		72,640		4,135,278
WW Grainger, Inc. (a)		1,616		411,902
				4,547,180

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Transportation Infrastructure—0.1%
CCR S.A.		130,660	$	750,250
Wireless Telecommunication Services—0.5%
Advanced Info Service PCL		161,300		1,230,586
KDDI Corp. (a)		38,600		2,415,211
Mobile TeleSystems OJSC (b)		42,700		119,314
Mobile Telesystems OJSC (ADR) (a)		29,850		214,323
MTN Group, Ltd.		97,660		1,853,273
Vodafone Group plc		883,616		3,027,676
				8,860,383
Total Common Stocks (Cost $490,898,720)				509,567,645
Corporate Bonds & Notes—24.1%
Advertising—0.0%
Omnicom Group, Inc.
3.625%, 05/01/22		185,000		189,920
3.650%, 11/01/24		115,000		115,053
WPP Finance 2010
3.750%, 09/19/24		150,000		150,554
				455,527
Aerospace/Defense—0.3%
Airbus Group Financial B.V.
2.700%, 04/17/23 (144A)		279,000		275,287
BAE Systems Finance, Inc.
7.500%, 07/01/27 (144A)		300,000		402,624
BAE Systems Holdings, Inc.
3.800%, 10/07/24 (144A)		159,000		162,988
BAE Systems plc
4.750%, 10/11/21 (144A)		225,000		245,531
Boeing Capital Corp.
4.700%, 10/27/19		255,000		283,854
Boeing Co. (The)
7.250%, 06/15/25		11,000		14,623
8.625%, 11/15/31		200,000		314,424
General Dynamics Corp.
1.000%, 11/15/17		117,000		115,820
2.250%, 11/15/22		250,000		240,978
Lockheed Martin Corp.
4.070%, 12/15/42		312,000		314,831
Northrop Grumman Corp.
3.250%, 08/01/23		400,000		403,012
Northrop Grumman Systems Corp.
7.750%, 02/15/31		200,000		280,294
Raytheon Co.
3.150%, 12/15/24		91,000		91,273
United Technologies Corp.
5.375%, 12/15/17		173,000		192,320
5.400%, 05/01/35		525,000		635,145
6.050%, 06/01/36		100,000		131,952
6.700%, 08/01/28		233,000		313,776
Aerospace/Defense—(Continued)
United Technologies Corp.
7.500%, 09/15/29		255,000		364,267
8.875%, 11/15/19		41,000		53,053
				4,836,052
Agriculture—0.2%
Altria Group, Inc.
2.625%, 01/14/20		580,000		581,684
2.850%, 08/09/22		260,000		252,641
4.250%, 08/09/42		230,000		220,411
4.500%, 05/02/43		215,000		216,517
Archer-Daniels-Midland Co.
4.016%, 04/16/43		150,000		150,510
5.375%, 09/15/35		100,000		121,119
6.625%, 05/01/29		100,000		127,485
BAT International Finance plc
3.250%, 06/07/22 (144A)		104,000		104,581
Bunge N.A. Finance L.P.
5.900%, 04/01/17		90,000		97,855
Bunge, Ltd. Finance Corp.
3.200%, 06/15/17		131,000		134,700
8.500%, 06/15/19		250,000		306,385
Cargill, Inc.
6.125%, 04/19/34 (144A)		325,000		411,832
7.350%, 03/06/19 (144A)		260,000		312,140
Monsanto Finance Canada Co.
5.500%, 07/30/35		125,000		149,630
Philip Morris International, Inc.
3.250%, 11/10/24		105,000		105,051
4.125%, 03/04/43		560,000		548,944
4.875%, 11/15/43		20,000		22,297
				3,863,782
Airlines—0.1%
Air Canada Pass-Through Trust
4.125%, 05/15/25 (144A)		167,606		169,282
American Airlines Pass-Through Trust
4.950%, 01/15/23		541,838		580,444
Continental Airlines Pass-Through Trust
4.000%, 10/29/24 (a)		39,763		40,360
Delta Air Lines Pass-Through Trust
4.750%, 05/07/20		61,403		65,394
6.821%, 08/10/22 (a)		207,584		240,797
U.S. Airways Pass-Through Trust
3.950%, 11/15/25		242,720		247,574
				1,343,851
Auto Manufacturers—0.4%
American Honda Finance Corp.
1.500%, 09/11/17 (144A)		425,000		425,377
2.250%, 08/15/19		510,000		511,641
Daimler Finance North America LLC
1.450%, 08/01/16 (144A)		175,000		175,750
1.875%, 01/11/18 (144A)		205,000		205,712

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Auto Manufacturers—(Continued)
Daimler Finance North America LLC
2.250%, 09/03/19 (144A)		160,000	$	159,461
2.375%, 08/01/18 (144A)		665,000		674,330
8.500%, 01/18/31		330,000		504,733
Ford Motor Co.
4.750%, 01/15/43		220,000		232,126
6.375%, 02/01/29		500,000		603,700
6.625%, 02/15/28		250,000		291,496
9.980%, 02/15/47		400,000		646,065
General Motors Co.
5.200%, 04/01/45		100,000		105,500
Nissan Motor Acceptance Corp.
0.785%, 03/03/17 (144A) (c)		176,000		176,560
1.800%, 03/15/18 (144A)		146,000		145,142
1.950%, 09/12/17 (144A)		200,000		201,300
PACCAR Financial Corp.
0.800%, 02/08/16		217,000		217,321
1.050%, 06/05/15		80,000		80,205
1.600%, 03/15/17		150,000		151,258
Toyota Motor Credit Corp.
1.250%, 10/05/17		200,000		199,403
2.000%, 10/24/18		350,000		353,379
2.050%, 01/12/17		300,000		305,603
2.625%, 01/10/23		400,000		397,171
4.250%, 01/11/21		150,000		164,550
Volkswagen Group of America Finance LLC
2.450%, 11/20/19 (144A)		245,000		246,596
				7,174,379
Auto Parts & Equipment—0.0%
Johnson Controls, Inc.
2.600%, 12/01/16		75,000		76,866
3.625%, 07/02/24		98,000		98,856
4.950%, 07/02/64		50,000		51,548
5.500%, 01/15/16 (a)		135,000		141,375
				368,645
Banks—5.0%
Abbey National Treasury Services plc
2.350%, 09/10/19		380,000		378,721
ABN AMRO Bank NV
2.500%, 10/30/18 (144A)		210,000		212,103
American Express Bank FSB
0.461%, 06/12/17 (c)		500,000		497,467
American Express Centurion Bank
6.000%, 09/13/17		250,000		278,621
Bank of America Corp.
1.700%, 08/25/17		175,000		175,040
2.000%, 01/11/18		1,100,000		1,099,164
2.650%, 04/01/19		610,000		614,474
3.300%, 01/11/23		205,000		205,016
3.875%, 03/22/17		485,000		507,454
4.000%, 04/01/24		646,000		672,631
4.100%, 07/24/23		326,000		343,327
4.125%, 01/22/24		500,000		525,077
Banks—(Continued)
Bank of America Corp.
4.250%, 10/22/26		527,000		525,817
5.000%, 01/21/44		550,000		615,904
5.625%, 10/14/16		800,000		856,708
5.625%, 07/01/20		2,000,000		2,277,180
6.400%, 08/28/17		100,000		111,417
7.625%, 06/01/19		250,000		302,153
Bank of America N.A.
0.521%, 06/15/16 (c)		250,000		248,311
5.300%, 03/15/17		1,400,000		1,503,831
Bank of Montreal
1.400%, 09/11/17 (a)		194,000		193,791
1.450%, 04/09/18 (a)		408,000		402,968
2.375%, 01/25/19		110,000		111,057
2.550%, 11/06/22		213,000		208,922
Bank of New York Mellon Corp. (The)
1.969%, 06/20/17		500,000		507,438
3.550%, 09/23/21		352,000		368,003
3.650%, 02/04/24 (a)		167,000		174,646
4.500%, 06/20/23 (c)		199,000		183,453
4.600%, 01/15/20		200,000		220,660
Bank of Nova Scotia (The)
1.250%, 04/11/17		650,000		647,891
1.375%, 07/15/16		465,000		468,110
1.375%, 12/18/17		1,000,000		993,617
2.800%, 07/21/21		220,000		220,092
Banque Federative du Credit Mutuel S.A.
1.700%, 01/20/17 (144A)		234,000		234,510
2.750%, 01/22/19 (144A) (a)		365,000		370,767
Barclays Bank plc
3.750%, 05/15/24		211,000		217,488
6.050%, 12/04/17 (144A)		460,000		505,960
BB&T Corp.
2.050%, 06/19/18		139,000		139,916
2.150%, 03/22/17		350,000		355,051
3.950%, 03/22/22		175,000		184,171
BNP Paribas S.A.
2.700%, 08/20/18		262,000		267,768
BPCE S.A.
0.862%, 06/23/17 (c)		375,000		374,980
4.000%, 04/15/24		500,000		522,583
5.700%, 10/22/23 (144A)		200,000		214,753
Branch Banking & Trust Co.
0.561%, 09/13/16 (c)		250,000		249,146
2.850%, 04/01/21 (a)		610,000		613,549
Canadian Imperial Bank of Commerce
1.550%, 01/23/18		1,000,000		995,080
Capital One Financial Corp.
1.000%, 11/06/15		91,000		90,913
5.500%, 06/01/15		208,000		211,775
Capital One N.A.
1.500%, 03/22/18		500,000		492,310
Citigroup, Inc.
1.700%, 07/25/16		355,000		357,431
1.850%, 11/24/17		270,000		269,690
2.500%, 09/26/18 (a)		825,000		834,639

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Citigroup, Inc.
2.500%, 07/29/19 (a)		215,000	$	215,173
3.375%, 03/01/23		192,000		193,717
4.300%, 11/20/26		535,000		533,802
4.950%, 11/07/43		285,000		317,682
5.500%, 09/13/25		101,000		111,757
6.125%, 05/15/18		1,200,000		1,358,009
6.625%, 01/15/28		2,400,000		3,028,030
8.500%, 05/22/19		473,000		589,390
Comerica Bank
5.200%, 08/22/17		250,000		271,725
5.750%, 11/21/16		376,000		407,164
Comerica, Inc.
3.800%, 07/22/26		172,000		173,218
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
2.125%, 10/13/15		620,000		627,442
3.875%, 02/08/22		350,000		372,322
3.950%, 11/09/22		500,000		509,314
Credit Agricole S.A.
3.875%, 04/15/24 (144A)		280,000		289,300
8.125%, 09/19/33 (144A) (c)		200,000		223,135
Credit Suisse
3.000%, 10/29/21		815,000		811,196
3.625%, 09/09/24		530,000		539,137
Deutsche Bank AG
3.700%, 05/30/24		133,000		134,964
Discover Bank
2.000%, 02/21/18		700,000		698,176
3.200%, 08/09/21		295,000		296,269
Fifth Third Bancorp
3.625%, 01/25/16		155,000		158,822
8.250%, 03/01/38		50,000		75,109
Fifth Third Bank
0.900%, 02/26/16		750,000		750,047
1.350%, 06/01/17		540,000		539,415
Goldman Sachs Group, Inc. (The)
2.375%, 01/22/18		1,680,000		1,696,966
2.550%, 10/23/19		1,066,000		1,062,107
2.625%, 01/31/19		95,000		95,580
2.900%, 07/19/18		509,000		522,173
3.625%, 01/22/23		630,000		637,952
3.850%, 07/08/24		362,000		371,266
4.000%, 03/03/24		530,000		550,219
4.800%, 07/08/44		190,000		203,505
5.250%, 07/27/21		800,000		902,930
5.950%, 01/18/18		490,000		544,374
6.125%, 02/15/33		1,000,000		1,225,709
6.150%, 04/01/18		510,000		572,434
7.500%, 02/15/19		1,500,000		1,784,191
HSBC Bank plc
1.500%, 05/15/18 (144A)		564,000		557,850
4.125%, 08/12/20 (144A)		160,000		173,196
HSBC Bank USA N.A.
4.875%, 08/24/20		500,000		551,894
5.875%, 11/01/34		1,500,000		1,873,891
Banks—(Continued)
HSBC Holdings plc
5.625%, 01/17/20 (c)		255,000		255,893
6.375%, 09/17/24 (a) (c)		430,000		434,300
HSBC USA, Inc.
1.625%, 01/16/18		300,000		298,845
2.375%, 11/13/19		1,805,000		1,804,473
Industrial & Commercial Bank of China, Ltd.
2.351%, 11/13/17		250,000		249,335
Intesa Sanpaolo S.p.A.
5.250%, 01/12/24		655,000		709,559
KeyBank N.A.
1.650%, 02/01/18		500,000		498,119
4.950%, 09/15/15		167,000		171,756
KeyCorp
2.300%, 12/13/18		200,000		200,690
Macquarie Bank, Ltd.
2.000%, 08/15/16 (144A)		622,000		629,575
Mizuho Bank, Ltd.
1.300%, 04/16/17 (144A)		200,000		198,161
2.450%, 04/16/19 (144A)		200,000		198,699
Morgan Stanley
2.125%, 04/25/18		515,000		515,298
2.500%, 01/24/19		975,000		975,884
3.700%, 10/23/24		315,000		319,290
3.750%, 02/25/23		367,000		376,476
5.450%, 01/09/17		1,750,000		1,878,999
5.500%, 01/26/20		100,000		112,513
5.550%, 04/27/17		650,000		705,532
5.625%, 09/23/19		1,100,000		1,241,673
6.250%, 08/09/26		875,000		1,054,903
6.375%, 07/24/42		260,000		345,289
National City Bank
5.800%, 06/07/17		500,000		548,997
National City Bank of Indiana
4.250%, 07/01/18		250,000		267,330
Northern Trust Corp.
3.375%, 08/23/21		500,000		525,234
PNC Bank N.A.
2.700%, 11/01/22		560,000		536,290
4.200%, 11/01/25		250,000		264,422
6.875%, 04/01/18		350,000		403,166
PNC Financial Services Group, Inc. (The)
4.850%, 06/01/23 (c)		320,000		302,027
Royal Bank of Canada
0.850%, 03/08/16		270,000		270,102
1.450%, 09/09/16		335,000		337,373
1.500%, 01/16/18		460,000		457,483
2.200%, 07/27/18		750,000		758,325
2.875%, 04/19/16		500,000		513,388
Royal Bank of Scotland Group plc (The)
6.125%, 01/11/21		35,000		41,243
Skandinaviska Enskilda Banken AB
1.750%, 03/19/18 (144A)		445,000		442,735
2.375%, 11/20/18 (144A)		400,000		404,554
Standard Chartered plc
5.200%, 01/26/24 (144A) (a)		350,000		363,672

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
State Street Bank and Trust Co.
5.250%, 10/15/18		215,000	$	239,912
State Street Corp.
3.100%, 05/15/23		90,000		88,732
3.300%, 12/16/24		431,000		437,441
3.700%, 11/20/23		369,000		387,692
SunTrust Banks, Inc.
0.555%, 04/01/15 (c)		377,000		376,721
2.350%, 11/01/18		113,000		113,694
2.750%, 05/01/23		300,000		292,693
6.000%, 09/11/17		150,000		166,281
Svenska Handelsbanken AB
1.625%, 03/21/18		250,000		249,613
Swedbank AB
1.750%, 03/12/18 (144A)		875,000		873,054
Toronto-Dominion Bank (The)
1.400%, 04/30/18 (a)		463,000		460,099
U.S. Bancorp
2.200%, 11/15/16		175,000		178,580
U.S. Bank N.A.
4.800%, 04/15/15		200,000		202,593
UBS AG
2.375%, 08/14/19		645,000		644,962
4.875%, 08/04/20		250,000		278,042
Union Bank N.A.
2.625%, 09/26/18 (a)		400,000		405,898
Wachovia Corp.
6.605%, 10/01/25		222,000		273,756
Wells Fargo & Co.
3.676%, 06/15/16		500,000		518,649
4.100%, 06/03/26		161,000		164,551
4.125%, 08/15/23		195,000		204,668
4.480%, 01/16/24		55,000		58,641
4.650%, 11/04/44		550,000		567,524
5.375%, 11/02/43		350,000		398,200
5.625%, 12/11/17		700,000		778,617
7.980%, 03/15/18 (c)		405,000		447,019
Wells Fargo Bank N.A.
4.750%, 02/09/15		1,000,000		1,003,985
6.000%, 11/15/17		1,229,000		1,377,602
Westpac Banking Corp.
1.015%, 09/25/15 (c)		200,000		201,050
1.200%, 05/19/17		505,000		502,759
4.875%, 11/19/19		400,000		446,306
				82,655,033
Beverages—0.5%
Anheuser-Busch Cos. LLC
5.750%, 04/01/36		60,000		73,618
5.950%, 01/15/33		100,000		125,681
Anheuser-Busch Cos. LLC
6.750%, 12/15/27		65,000		82,511
6.800%, 08/20/32		420,000		576,572
Anheuser-Busch InBev Finance, Inc.
2.625%, 01/17/23		1,365,000		1,325,007
Beverages—(Continued)
Anheuser-Busch InBev Worldwide, Inc.
2.500%, 07/15/22		437,000		424,712
5.375%, 01/15/20		830,000		940,089
6.375%, 01/15/40		300,000		390,130
8.000%, 11/15/39		50,000		76,470
Brown-Forman Corp.
1.000%, 01/15/18		122,000		119,699
Coca-Cola Co. (The)
7.375%, 07/29/93		100,000		153,154
Coca-Cola Refreshments USA, Inc.
7.000%, 05/15/98		100,000		140,791
8.000%, 09/15/22		324,000		431,296
Diageo Capital plc
2.625%, 04/29/23		105,000		102,089
4.828%, 07/15/20		250,000		278,558
4.850%, 05/15/18		46,000		50,136
Diageo Investment Corp.
2.875%, 05/11/22		200,000		199,879
7.450%, 04/15/35		70,000		101,630
Dr Pepper Snapple Group, Inc.
2.000%, 01/15/20		92,000		89,878
Heineken NV
4.000%, 10/01/42 (144A)		575,000		560,325
Molson Coors Brewing Co.
2.000%, 05/01/17		200,000		201,682
PepsiCo, Inc.
0.444%, 02/26/16 (c)		341,000		341,391
4.500%, 01/15/20		276,000		304,036
5.000%, 06/01/18		250,000		276,428
5.500%, 01/15/40		150,000		180,662
SABMiller Holdings, Inc.
2.200%, 08/01/18 (144A)		500,000		501,346
SABMiller plc
6.500%, 07/15/18 (144A)		250,000		285,416
6.625%, 08/15/33 (144A)		150,000		198,411
				8,531,597
Biotechnology—0.3%
Amgen, Inc.
3.625%, 05/22/24		500,000		508,221
3.875%, 11/15/21		575,000		607,496
5.150%, 11/15/41		75,000		84,536
5.375%, 05/15/43		158,000		183,555
5.650%, 06/15/42		210,000		249,858
6.375%, 06/01/37		500,000		629,327
6.400%, 02/01/39		100,000		126,964
6.900%, 06/01/38		100,000		132,476
Celgene Corp.
2.300%, 08/15/18		315,000		317,602
3.250%, 08/15/22		174,000		175,120
4.000%, 08/15/23		800,000		842,023
Gilead Sciences, Inc.
3.500%, 02/01/25		230,000		236,072
3.700%, 04/01/24		835,000		875,774
4.400%, 12/01/21		125,000		137,831

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—(Continued)
Gilead Sciences, Inc.
4.500%, 04/01/21		100,000	$	111,089
4.500%, 02/01/45		145,000		154,976
4.800%, 04/01/44		60,000		66,555
				5,439,475
Building Materials—0.0%
CRH America, Inc.
6.000%, 09/30/16		150,000		161,447
Chemicals—0.4%
CF Industries, Inc.
4.950%, 06/01/43 (a)		65,000		64,795
5.375%, 03/15/44		100,000		107,889
Dow Chemical Co. (The)
2.500%, 02/15/16		370,000		376,380
3.000%, 11/15/22		54,000		52,761
4.125%, 11/15/21		55,000		58,113
4.625%, 10/01/44		190,000		192,412
5.250%, 11/15/41		300,000		323,555
8.550%, 05/15/19		45,000		55,946
Ecolab, Inc.
1.450%, 12/08/17		70,000		69,373
4.350%, 12/08/21		290,000		315,981
4.875%, 02/15/15		150,000		150,710
EI du Pont de Nemours & Co.
2.800%, 02/15/23		365,000		359,028
6.500%, 01/15/28		100,000		129,530
LYB International Finance B.V.
4.875%, 03/15/44		220,000		226,328
LyondellBasell Industries NV
5.000%, 04/15/19		500,000		545,382
Monsanto Co.
1.150%, 06/30/17		325,000		322,505
3.375%, 07/15/24		100,000		101,607
Mosaic Co. (The)
4.250%, 11/15/23		177,000		186,770
4.875%, 11/15/41		100,000		102,717
Mosaic Global Holdings, Inc.
7.300%, 01/15/28		23,000		27,519
7.375%, 08/01/18		800,000		917,374
Potash Corp. of Saskatchewan, Inc.
5.875%, 12/01/36		400,000		493,639
PPG Industries, Inc.
3.600%, 11/15/20		155,000		161,294
Praxair, Inc.
3.000%, 09/01/21		30,000		30,694
4.050%, 03/15/21		300,000		325,804
Union Carbide Corp.
7.500%, 06/01/25		701,000		907,344
7.750%, 10/01/96		100,000		132,161
7.875%, 04/01/23		30,000		37,816
				6,775,427

Security Description	Principal Amount*		Value
Commercial Services—0.1%
ADT Corp. (The)
3.500%, 07/15/22 (a)		423,000	$	360,608
4.125%, 06/15/23 (a)		27,000		24,435
4.875%, 07/15/42		200,000		148,000
California Institute of Technology
4.700%, 11/01/2111		165,000		177,438
ERAC USA Finance LLC
1.400%, 04/15/16 (144A)		11,000		11,026
3.300%, 10/15/22 (144A)		100,000		99,157
6.700%, 06/01/34 (144A)		500,000		643,197
University of Pennsylvania
4.674%, 09/01/2112		254,000		269,846
				1,733,707
Computers—0.4%
Apple, Inc.
0.482%, 05/03/18 (c)		305,000		305,205
2.850%, 05/06/21		1,112,000		1,137,531
3.850%, 05/04/43		618,000		618,447
EMC Corp.
2.650%, 06/01/20		295,000		293,581
3.375%, 06/01/23		325,000		326,180
Hewlett-Packard Co.
3.750%, 12/01/20		150,000		155,169
4.300%, 06/01/21		118,000		124,243
HP Enterprise Services LLC
7.450%, 10/15/29		138,000		174,361
International Business Machines Corp.
1.625%, 05/15/20		105,000		101,205
1.875%, 08/01/22		105,000		97,876
3.375%, 08/01/23		185,000		189,026
3.625%, 02/12/24 (a)		855,000		890,760
5.700%, 09/14/17		300,000		334,331
6.220%, 08/01/27		1,000,000		1,267,773
				6,015,688
Cosmetics/Personal Care—0.1%
Procter & Gamble Co. (The)
1.900%, 11/01/19		288,000		288,577
5.500%, 02/01/34 (a)		117,000		150,776
5.800%, 08/15/34		300,000		398,792
8.000%, 10/26/29 (a)		160,000		236,188
				1,074,333
Diversified Financial Services—1.2%
AIG Global Funding
1.650%, 12/15/17 (144A)		310,000		309,947
Air Lease Corp.
3.375%, 01/15/19 (a)		410,000		415,125
American Express Co.
1.550%, 05/22/18		158,000		156,498
3.625%, 12/05/24		250,000		252,084
7.000%, 03/19/18		250,000		289,238
American Express Credit Corp.
1.300%, 07/29/16		811,000		814,533

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
American Express Credit Corp.
1.750%, 06/12/15		200,000	$	201,100
2.750%, 09/15/15 (a)		150,000		152,314
Ameriprise Financial, Inc.
4.000%, 10/15/23		600,000		635,559
5.650%, 11/15/15		144,000		149,809
BlackRock, Inc.
3.375%, 06/01/22		55,000		56,714
3.500%, 03/18/24 (a)		45,000		46,343
6.250%, 09/15/17		250,000		280,071
Blackstone Holdings Finance Co. LLC
5.875%, 03/15/21 (144A)		250,000		289,197
Capital One Bank USA N.A.
2.250%, 02/13/19		435,000		431,850
3.375%, 02/15/23		660,000		656,331
Charles Schwab Corp. (The)
4.450%, 07/22/20		400,000		439,361
CME Group, Inc.
3.000%, 09/15/22		300,000		304,871
Credit Suisse USA, Inc.
5.125%, 08/15/15		500,000		513,254
Ford Motor Credit Co. LLC
1.684%, 09/08/17		217,000		215,273
1.700%, 05/09/16		333,000		334,179
3.664%, 09/08/24 (a)		315,000		315,629
4.250%, 02/03/17		240,000		252,016
4.250%, 09/20/22		415,000		440,342
4.375%, 08/06/23 (a)		635,000		678,844
5.750%, 02/01/21		300,000		343,780
General Electric Capital Corp.
1.500%, 07/12/16		1,000,000		1,010,339
1.600%, 11/20/17		350,000		352,150
1.625%, 07/02/15 (a)		536,000		539,368
1.625%, 04/02/18		245,000		245,375
2.100%, 12/11/19		35,000		34,941
4.375%, 09/16/20		520,000		569,523
5.500%, 01/08/20		1,500,000		1,716,864
5.625%, 09/15/17		500,000		555,027
6.000%, 08/07/19		1,000,000		1,163,173
6.250%, 12/15/22 (c)		500,000		544,375
6.750%, 03/15/32		1,000,000		1,365,882
General Motors Financial Co., Inc.
4.250%, 05/15/23		320,000		326,365
HSBC Finance Corp.
0.664%, 06/01/16 (c)		100,000		99,782
IntercontinentalExchange Group, Inc.
4.000%, 10/15/23		118,000		124,209
Invesco Finance plc
5.375%, 11/30/43		75,000		90,187
Jefferies Group LLC
5.125%, 04/13/18		75,000		79,096
6.875%, 04/15/21		140,000		159,146
8.500%, 07/15/19		235,000		281,600
MassMutual Global Funding II
2.000%, 04/05/17 (144A)		250,000		253,522
Diversified Financial Services—(Continued)
National Rural Utilities Cooperative Finance Corp.
8.000%, 03/01/32		400,000		587,893
10.375%, 11/01/18		40,000		52,109
Synchrony Financial
3.750%, 08/15/21		430,000		439,240
4.250%, 08/15/24		155,000		159,050
				19,723,478
Electric—2.1%
Alabama Power Co.
4.150%, 08/15/44		35,000		36,746
5.500%, 10/15/17		147,000		162,577
5.700%, 02/15/33		150,000		186,935
American Electric Power Co., Inc.
1.650%, 12/15/17		119,000		119,031
Appalachian Power Co.
3.400%, 05/24/15		75,000		75,742
5.800%, 10/01/35 (a)		150,000		184,287
Arizona Public Service Co.
8.750%, 03/01/19		165,000		207,539
Atlantic City Electric Co.
7.750%, 11/15/18		135,000		162,701
Baltimore Gas & Electric Co.
2.800%, 08/15/22		143,000		142,523
3.350%, 07/01/23		460,000		471,501
Berkshire Hathaway Energy Co.
3.500%, 02/01/25 (144A) (a)		270,000		271,717
4.500%, 02/01/45 (144A)		245,000		256,355
5.150%, 11/15/43		140,000		158,414
CenterPoint Energy Houston Electric LLC
5.600%, 07/01/23		381,000		441,965
6.950%, 03/15/33		100,000		139,598
Cleveland Electric Illuminating Co. (The)
5.500%, 08/15/24		187,000		221,413
7.880%, 11/01/17		315,000		366,075
CMS Energy Corp.
3.875%, 03/01/24 (a)		138,000		143,292
Commonwealth Edison Co.
4.600%, 08/15/43		250,000		280,282
5.875%, 02/01/33		150,000		188,257
6.450%, 01/15/38		175,000		236,045
Consolidated Edison Co. of New York, Inc.
3.300%, 12/01/24		280,000		285,123
3.950%, 03/01/43		300,000		299,201
4.625%, 12/01/54		205,000		224,514
5.700%, 12/01/36		300,000		369,152
5.850%, 04/01/18		180,000		203,705
Consumers Energy Co.
3.125%, 08/31/24 (a)		300,000		301,015
3.950%, 05/15/43 (a)		200,000		206,388
5.650%, 04/15/20		350,000		402,853
Detroit Edison Co.
5.450%, 02/15/35		30,000		36,738
Dominion Gas Holdings LLC
2.500%, 12/15/19		160,000		160,397
3.600%, 12/15/24		225,000		228,881

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Dominion Resources, Inc.
4.450%, 03/15/21 (a)		411,000	$	445,305
4.700%, 12/01/44		265,000		282,009
5.250%, 08/01/33		400,000		469,379
5.750%, 10/01/54 (c)		315,000		328,676
DTE Electric Co.
3.375%, 03/01/25		250,000		256,517
5.700%, 10/01/37		250,000		327,064
DTE Energy Co.
3.850%, 12/01/23		137,000		143,915
Duke Energy Carolinas LLC
4.300%, 06/15/20		538,000		584,825
6.000%, 12/01/28		200,000		251,036
6.000%, 01/15/38		60,000		78,970
Duke Energy Corp.
0.636%, 04/03/17 (c)		108,000		108,144
1.625%, 08/15/17		680,000		680,454
3.050%, 08/15/22 (a)		415,000		416,989
3.750%, 04/15/24		430,000		447,297
6.250%, 06/15/18		375,000		428,377
Duke Energy Progress, Inc.
4.150%, 12/01/44		305,000		324,215
6.125%, 09/15/33		500,000		631,600
EDP Finance B.V.
4.125%, 01/15/20 (144A) (a)		335,000		336,876
Electricite de France S.A.
2.150%, 01/22/19 (144A) (a)		240,000		240,591
4.875%, 01/22/44 (144A)		165,000		183,124
5.250%, 01/29/23 (144A) (c)		230,000		235,750
Entergy Arkansas, Inc.
3.050%, 06/01/23		51,000		51,003
FirstEnergy Solutions Corp.
6.800%, 08/15/39		180,000		193,157
Florida Power & Light Co.
4.050%, 10/01/44		190,000		199,257
4.950%, 06/01/35		300,000		346,078
5.625%, 04/01/34		110,000		136,430
Hydro-Quebec
8.400%, 01/15/22		165,000		221,998
Indiana Michigan Power Co.
3.200%, 03/15/23		250,000		251,359
ITC Holdings Corp.
3.650%, 06/15/24		285,000		289,007
Jersey Central Power & Light Co.
6.150%, 06/01/37		100,000		119,086
Kansas City Power & Light Co.
3.150%, 03/15/23		100,000		100,329
6.375%, 03/01/18		150,000		169,125
7.150%, 04/01/19		250,000		299,518
Kansas Gas & Electric Co.
4.300%, 07/15/44 (144A) (a)		190,000		207,286
LG&E and KU Energy LLC
2.125%, 11/15/15		235,000		237,064
Louisville Gas & Electric Co.
5.125%, 11/15/40		125,000		153,159
Electric—(Continued)
Metropolitan Edison Co.
3.500%, 03/15/23 (144A)		220,000		218,847
4.000%, 04/15/25 (144A)		230,000		234,578
MidAmerican Energy Co.
3.700%, 09/15/23 (a)		300,000		321,118
Mississippi Power Co.
4.250%, 03/15/42		145,000		146,974
Nevada Power Co.
5.875%, 01/15/15		700,000		700,938
6.500%, 08/01/18		425,000		492,425
6.650%, 04/01/36		150,000		207,424
NextEra Energy Capital Holdings, Inc.
1.200%, 06/01/15		49,000		49,092
1.339%, 09/01/15		95,000		95,286
2.400%, 09/15/19		159,000		158,849
7.875%, 12/15/15 (a)		100,000		106,390
Niagara Mohawk Power Corp.
3.508%, 10/01/24 (144A)		270,000		278,067
4.278%, 10/01/34 (144A)		264,000		279,298
Nisource Finance Corp.
4.800%, 02/15/44		280,000		298,325
5.450%, 09/15/20		1,075,000		1,209,710
6.250%, 12/15/40 (a)		75,000		96,685
6.800%, 01/15/19		227,000		266,498
Northern States Power Co.
2.150%, 08/15/22		500,000		480,230
NorthWestern Corp.
4.176%, 11/15/44		200,000		212,035
Oglethorpe Power Corp.
4.550%, 06/01/44		60,000		63,258
5.375%, 11/01/40		115,000		135,346
Oklahoma Gas & Electric Co.
4.550%, 03/15/44		170,000		189,993
Oncor Electric Delivery Co. LLC
2.150%, 06/01/19		240,000		238,936
Pacific Gas & Electric Co.
2.450%, 08/15/22		91,000		87,563
3.250%, 06/15/23		300,000		300,572
3.400%, 08/15/24		415,000		419,961
4.300%, 03/15/45		60,000		61,587
4.750%, 02/15/44		140,000		153,972
5.800%, 03/01/37		255,000		312,371
6.050%, 03/01/34		250,000		318,276
PacifiCorp
2.950%, 02/01/22		570,000		577,498
5.500%, 01/15/19		65,000		73,443
5.900%, 08/15/34		15,000		19,298
6.100%, 08/01/36		116,000		153,484
6.250%, 10/15/37		260,000		351,857
7.700%, 11/15/31		40,000		59,314
Peco Energy Co.
2.375%, 09/15/22		250,000		243,047
5.350%, 03/01/18		530,000		590,152
PPL Capital Funding, Inc.
3.500%, 12/01/22		570,000		577,311

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
PPL Electric Utilities Corp.
2.500%, 09/01/22		86,000	$	84,978
4.750%, 07/15/43		42,000		48,385
Progress Energy, Inc.
7.000%, 10/30/31		325,000		446,639
PSEG Power LLC
4.150%, 09/15/21		110,000		115,881
4.300%, 11/15/23 (a)		74,000		77,588
5.320%, 09/15/16		45,000		48,077
5.500%, 12/01/15		428,000		445,693
Public Service Co. of Colorado
2.250%, 09/15/22		47,000		45,083
3.950%, 03/15/43 (a)		200,000		211,099
5.125%, 06/01/19		150,000		169,463
5.800%, 08/01/18		130,000		147,736
Public Service Co. of New Hampshire
3.500%, 11/01/23		55,000		56,797
6.000%, 05/01/18		410,000		461,236
Public Service Co. of Oklahoma
5.150%, 12/01/19		50,000		55,889
6.625%, 11/15/37		100,000		134,765
Public Service Electric & Gas Co.
3.650%, 09/01/42		56,000		54,798
Puget Sound Energy, Inc.
6.974%, 06/01/67 (c)		450,000		462,083
San Diego Gas & Electric Co.
5.350%, 05/15/35		100,000		122,303
6.000%, 06/01/26		100,000		125,115
South Carolina Electric & Gas Co.
4.500%, 06/01/64 (a)		69,000		74,582
Southern California Edison Co.
3.500%, 10/01/23 (a)		239,000		251,237
4.650%, 04/01/15		150,000		151,486
4.650%, 10/01/43		200,000		226,504
Southern Power Co.
4.875%, 07/15/15		319,000		325,915
5.150%, 09/15/41		235,000		272,880
5.250%, 07/15/43		140,000		161,344
TECO Finance, Inc.
6.572%, 11/01/17 (a)		150,000		166,398
Toledo Edison Co. (The)
6.150%, 05/15/37		250,000		309,971
7.250%, 05/01/20		15,000		17,856
Trans-Allegheny Interstate Line Co.
3.850%, 06/01/25 (144A)		300,000		305,051
Virginia Electric & Power Co.
1.200%, 01/15/18		33,000		32,588
3.450%, 02/15/24		122,000		125,619
Xcel Energy, Inc.
0.750%, 05/09/16		95,000		94,830
4.700%, 05/15/20		245,000		271,861
				34,227,669
Electrical Components & Equipment—0.0%
Emerson Electric Co.
5.250%, 10/15/18		375,000		421,594
6.000%, 08/15/32		70,000		92,270
				513,864
Electronics—0.1%
Arrow Electronics, Inc.
3.000%, 03/01/18		26,000		26,661
6.000%, 04/01/20		250,000		280,731
7.500%, 01/15/27		361,000		442,416
Honeywell International, Inc.
5.300%, 03/15/17		105,000		114,334
Koninklijke Philips NV
3.750%, 03/15/22		100,000		104,133
6.875%, 03/11/38		100,000		135,811
Thermo Fisher Scientific, Inc.
1.300%, 02/01/17		176,000		175,015
4.150%, 02/01/24		103,000		108,623
				1,387,724
Engineering & Construction—0.0%
ABB Finance USA, Inc.
1.625%, 05/08/17		165,000		165,544
2.875%, 05/08/22		100,000		100,500
				266,044
Environmental Control—0.1%
Republic Services, Inc.
5.500%, 09/15/19		600,000		675,947
6.086%, 03/15/35		230,000		284,851
Waste Management, Inc.
2.900%, 09/15/22		354,000		350,283
7.125%, 12/15/17		179,000		209,104
7.375%, 03/11/19		100,000		120,854
7.375%, 05/15/29		450,000		610,340
				2,251,379
Food—0.5%
ConAgra Foods, Inc.
2.100%, 03/15/18		21,000		20,932
3.250%, 09/15/22		200,000		196,994
6.625%, 08/15/39		125,000		159,964
7.125%, 10/01/26		40,000		51,077
General Mills, Inc.
3.150%, 12/15/21		244,000		252,092
5.700%, 02/15/17		500,000		546,248
Kellogg Co.
4.000%, 12/15/20		64,000		68,500
7.450%, 04/01/31		500,000		673,774
Kraft Foods Group, Inc.
5.000%, 06/04/42		160,000		176,128
6.125%, 08/23/18		590,000		674,615
6.875%, 01/26/39		300,000		396,527

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Food—(Continued)
Kroger Co. (The)
0.758%, 10/17/16 (c)		700,000	$	698,864
2.300%, 01/15/19		70,000		69,983
3.850%, 08/01/23		235,000		243,666
6.400%, 08/15/17		100,000		111,774
7.700%, 06/01/29		110,000		147,957
8.000%, 09/15/29		400,000		551,176
Mondelez International, Inc.
4.000%, 02/01/24		220,000		230,179
6.500%, 11/01/31 (a)		900,000		1,168,868
Sysco Corp.
2.350%, 10/02/19		200,000		201,089
4.350%, 10/02/34		200,000		215,317
Tyson Foods, Inc.
2.650%, 08/15/19		96,000		96,874
4.875%, 08/15/34		250,000		274,243
				7,226,841
Gas—0.2%
AGL Capital Corp.
5.875%, 03/15/41 (a)		147,000		184,363
6.000%, 10/01/34		250,000		323,674
6.375%, 07/15/16		450,000		484,094
Atmos Energy Corp.
6.350%, 06/15/17		355,000		396,479
8.500%, 03/15/19		350,000		435,019
Sempra Energy
2.875%, 10/01/22		640,000		629,112
3.550%, 06/15/24		170,000		171,578
6.500%, 06/01/16		350,000		375,855
9.800%, 02/15/19		200,000		256,820
				3,256,994
Healthcare-Products—0.3%
Baxter International, Inc.
1.850%, 06/15/18		57,000		56,715
2.400%, 08/15/22		112,000		106,766
4.500%, 08/15/19		125,000		136,986
5.900%, 09/01/16		300,000		322,938
6.250%, 12/01/37		115,000		151,073
Becton Dickinson and Co.
2.675%, 12/15/19		81,000		82,065
3.734%, 12/15/24		230,000		236,802
4.685%, 12/15/44		80,000		86,157
Covidien International Finance S.A.
6.000%, 10/15/17		200,000		223,818
CR Bard, Inc.
1.375%, 01/15/18		250,000		247,056
Hospira, Inc.
6.050%, 03/30/17		150,000		161,725
Life Technologies Corp.
3.500%, 01/15/16		300,000		303,631
Medtronic, Inc.
3.150%, 03/15/22 (144A)		1,215,000		1,230,401
3.625%, 03/15/24		332,000		344,628
Healthcare-Products—(Continued)
Medtronic, Inc.
4.375%, 03/15/35 (144A)		375,000		397,821
4.625%, 03/15/45 (144A)		515,000		558,255
				4,646,837
Healthcare-Services—0.5%
Aetna, Inc.
3.500%, 11/15/24		250,000		254,110
3.950%, 09/01/20		416,000		439,263
4.125%, 06/01/21		500,000		537,093
4.500%, 05/15/42		150,000		158,809
4.750%, 03/15/44		45,000		49,618
Anthem, Inc.
2.300%, 07/15/18		510,000		512,823
3.125%, 05/15/22		100,000		99,940
3.300%, 01/15/23		35,000		34,966
5.100%, 01/15/44		360,000		404,550
5.950%, 12/15/34		700,000		864,802
Cigna Corp.
4.000%, 02/15/22		240,000		252,893
5.125%, 06/15/20		330,000		367,759
Howard Hughes Medical Institute
3.500%, 09/01/23		800,000		836,550
Kaiser Foundation Hospitals
3.500%, 04/01/22		765,000		788,993
Quest Diagnostics, Inc.
6.400%, 07/01/17		150,000		166,970
6.950%, 07/01/37		25,000		32,004
Roche Holdings, Inc.
2.250%, 09/30/19 (144A)		300,000		301,901
UnitedHealth Group, Inc.
2.750%, 02/15/23		46,000		45,132
2.875%, 12/15/21		400,000		404,551
2.875%, 03/15/23 (a)		300,000		298,066
3.950%, 10/15/42		250,000		248,503
4.700%, 02/15/21		64,000		72,030
5.375%, 03/15/16		77,000		81,279
5.800%, 03/15/36		225,000		278,599
6.625%, 11/15/37		175,000		239,003
				7,770,207
Holding Companies-Diversified—0.0%
Hutchison Whampoa International, Ltd.
2.000%, 11/08/17 (144A)		200,000		200,402
Household Products/Wares—0.0%
Kimberly-Clark Corp.
6.125%, 08/01/17		98,000		109,643
Insurance—1.0%
ACE INA Holdings, Inc.
2.700%, 03/13/23		200,000		194,196
5.800%, 03/15/18		401,000		450,350
AIG SunAmerica Global Financing X
6.900%, 03/15/32 (144A)		1,335,000		1,838,198

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Allstate Corp. (The)
3.150%, 06/15/23		173,000	$	173,843
5.750%, 08/15/53 (c)		320,000		337,200
American International Group, Inc.
4.500%, 07/16/44		330,000		348,649
6.400%, 12/15/20		670,000		798,955
Aon Corp.
3.125%, 05/27/16		100,000		102,613
3.500%, 09/30/15		155,000		158,070
5.000%, 09/30/20		200,000		223,324
Berkshire Hathaway Finance Corp.
1.300%, 05/15/18 (a)		129,000		128,016
3.000%, 05/15/22		400,000		406,242
4.300%, 05/15/43 (a)		125,000		132,516
Berkshire Hathaway, Inc.
1.900%, 01/31/17		200,000		202,886
4.500%, 02/11/43 (a)		210,000		229,658
CNA Financial Corp.
7.250%, 11/15/23		153,000		190,778
7.350%, 11/15/19		245,000		292,419
Five Corners Funding Trust
4.419%, 11/15/23 (144A)		120,000		126,890
Liberty Mutual Group, Inc. 5.000%, 06/01/21 (144A) (a)		220,000		239,646
6.500%, 03/15/35 (144A)		300,000		366,530
Liberty Mutual Insurance Co.
8.500%, 05/15/25 (144A)		500,000		635,320
Lincoln National Corp.
6.250%, 02/15/20		375,000		435,112
Markel Corp.
3.625%, 03/30/23		275,000		276,571
Massachusetts Mutual Life Insurance Co.
8.875%, 06/01/39 (144A)		401,000		647,012
Nationwide Mutual Insurance Co.
7.875%, 04/01/33 (144A)		200,000		277,310
8.250%, 12/01/31 (144A)		135,000		191,779
9.375%, 08/15/39 (144A)		138,000		218,655
New York Life Global Funding
2.150%, 06/18/19 (144A)		365,000		364,287
2.450%, 07/14/16 (144A)		150,000		153,550
New York Life Insurance Co.
5.875%, 05/15/33 (144A)		400,000		495,930
Pacific Life Insurance Co.
9.250%, 06/15/39 (144A)		200,000		314,601
Pricoa Global Funding I
1.600%, 05/29/18 (144A)		617,000		608,530
2.200%, 05/16/19 (144A)		280,000		278,654
Principal Financial Group, Inc.
6.050%, 10/15/36		100,000		124,647
Principal Life Global Funding II
0.606%, 05/27/16 (144A) (a) (c)		500,000		501,332
Prudential Financial, Inc.
3.500%, 05/15/24		320,000		325,267
5.200%, 03/15/44 (a) (c)		445,000		440,550
Prudential Insurance Co. of America (The)
8.300%, 07/01/25 (144A)		800,000		1,080,460
Insurance—(Continued)
Swiss Re Capital I L.P.
6.854%, 05/25/16 (144A) (c)		100,000		104,750
Swiss Re Treasury U.S. Corp.
4.250%, 12/06/42 (144A)		120,000		124,343
Teachers Insurance & Annuity Association of America
4.900%, 09/15/44 (144A)		136,000		151,551
Travelers Cos., Inc. (The)
3.900%, 11/01/20		25,000		26,855
6.750%, 06/20/36		175,000		245,592
Travelers Property Casualty Corp.
6.375%, 03/15/33		100,000		133,661
Voya Financial, Inc.
2.900%, 02/15/18		565,000		578,420
				15,675,718
Internet—0.1%
Amazon.com, Inc.
2.500%, 11/29/22		300,000		283,955
2.600%, 12/05/19		267,000		269,713
4.800%, 12/05/34		189,000		198,401
4.950%, 12/05/44		90,000		92,970
eBay, Inc.
2.600%, 07/15/22		137,000		130,005
2.875%, 08/01/21		100,000		98,987
3.250%, 10/15/20		408,000		415,011
				1,489,042
Iron/Steel—0.1%
Allegheny Technologies, Inc.
6.125%, 08/15/23		243,000		248,594
Glencore Funding LLC
3.125%, 04/29/19 (144A)		320,000		320,768
4.625%, 04/29/24 (144A)		255,000		256,224
Nucor Corp.
4.000%, 08/01/23		90,000		94,259
5.200%, 08/01/43		198,000		218,260
5.850%, 06/01/18		550,000		614,718
Vale Overseas, Ltd.
4.375%, 01/11/22 (a)		505,000		484,047
				2,236,870
Machinery-Construction & Mining—0.1%
Caterpillar Financial Services Corp.
2.450%, 09/06/18		160,000		163,754
3.250%, 12/01/24		435,000		440,748
7.050%, 10/01/18		155,000		182,855
Caterpillar, Inc.
5.300%, 09/15/35		400,000		488,954
7.300%, 05/01/31		584,000		826,806
				2,103,117

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Machinery-Diversified—0.1%
Deere & Co.
5.375%, 10/16/29		1,175,000	$	1,423,823
8.100%, 05/15/30		61,000		92,943
John Deere Capital Corp.
1.200%, 10/10/17		59,000		58,664
1.700%, 01/15/20		43,000		41,909
2.250%, 04/17/19		75,000		75,669
2.800%, 03/04/21		210,000		212,506
2.800%, 01/27/23 (a)		122,000		121,442
				2,026,956
Media—1.2%
21st Century Fox America, Inc.
5.400%, 10/01/43 (a)		150,000		178,581
6.650%, 11/15/37		110,000		146,879
7.125%, 04/08/28		220,000		277,574
7.250%, 05/18/18		265,000		310,237
7.280%, 06/30/28		400,000		511,781
7.300%, 04/30/28		218,000		280,058
7.625%, 11/30/28		100,000		132,596
CBS Corp.
2.300%, 08/15/19		500,000		494,027
3.700%, 08/15/24		265,000		264,274
Comcast Corp.
4.250%, 01/15/33		303,000		320,855
4.500%, 01/15/43 (a)		135,000		143,816
4.750%, 03/01/44 (a)		450,000		501,476
5.875%, 02/15/18		100,000		112,512
6.500%, 11/15/35		185,000		246,974
7.050%, 03/15/33		187,000		260,185
COX Communications, Inc.
6.450%, 12/01/36 (144A)		500,000		596,143
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
2.400%, 03/15/17		120,000		122,264
3.500%, 03/01/16		80,000		82,087
3.800%, 03/15/22		141,000		143,449
3.950%, 01/15/25		51,000		51,401
4.450%, 04/01/24		325,000		340,049
4.600%, 02/15/21		100,000		107,114
5.000%, 03/01/21		1,025,000		1,117,761
5.150%, 03/15/42		155,000		160,171
Discovery Communications LLC
4.375%, 06/15/21		150,000		158,671
4.875%, 04/01/43 (a)		60,000		61,861
5.050%, 06/01/20		375,000		411,985
Grupo Televisa S.A.B.
8.500%, 03/11/32 (a)		100,000		138,293
Historic TW, Inc.
6.875%, 06/15/18		100,000		115,618
NBCUniversal Enterprise, Inc.
1.662%, 04/15/18 (144A)		160,000		158,856
NBCUniversal Media LLC
2.875%, 01/15/23		450,000		449,554
4.450%, 01/15/43		400,000		423,845
5.950%, 04/01/41		300,000		385,774
Media—(Continued)
Sky plc
3.750%, 09/16/24 (144A)		510,000		513,123
TCI Communications, Inc.
7.875%, 02/15/26		996,000		1,389,229
Thomson Reuters Corp.
1.300%, 02/23/17		162,000		161,151
3.950%, 09/30/21		500,000		526,910
Time Warner Cable, Inc.
4.125%, 02/15/21		180,000		192,634
5.000%, 02/01/20		660,000		727,310
5.500%, 09/01/41		110,000		127,812
Time Warner Entertainment Co. L.P.
8.375%, 03/15/23		265,000		356,660
8.375%, 07/15/33		450,000		675,331
Time Warner, Inc.
4.050%, 12/15/23		286,000		300,026
4.650%, 06/01/44 (a)		275,000		286,708
4.750%, 03/29/21		500,000		545,688
5.350%, 12/15/43		90,000		102,220
6.200%, 03/15/40		205,000		249,570
6.500%, 11/15/36		385,000		489,787
7.625%, 04/15/31		350,000		487,947
Viacom, Inc.
3.250%, 03/15/23		44,000		42,493
4.250%, 09/01/23		900,000		927,990
4.375%, 03/15/43		280,000		257,825
6.125%, 10/05/17		400,000		445,176
6.875%, 04/30/36		375,000		476,008
Walt Disney Co. (The)
3.750%, 06/01/21		673,000		727,078
				19,215,397
Metal Fabricate/Hardware—0.0%
Precision Castparts Corp.
2.500%, 01/15/23		300,000		288,875
Mining—0.4%
Barrick Gold Corp.
3.850%, 04/01/22 (a)		100,000		96,234
5.250%, 04/01/42		140,000		129,409
BHP Billiton Finance USA, Ltd.
2.050%, 09/30/18 (a)		137,000		137,509
2.875%, 02/24/22		400,000		399,509
3.250%, 11/21/21		500,000		516,382
5.000%, 09/30/43		255,000		289,048
5.400%, 03/29/17		450,000		489,998
Freeport-McMoRan Corp.
9.500%, 06/01/31		500,000		644,173
Freeport-McMoRan, Inc.
3.875%, 03/15/23		1,132,000		1,067,290
4.550%, 11/14/24 (a)		670,000		650,589
5.450%, 03/15/43		24,000		22,694
Rio Tinto Finance USA plc
1.375%, 06/17/16		250,000		251,102
2.000%, 03/22/17 (a)		500,000		506,004
2.875%, 08/21/22		585,000		562,456

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Mining—(Continued)
Rio Tinto Finance USA, Ltd.
7.125%, 07/15/28		280,000	$	364,739
Teck Resources, Ltd.
3.750%, 02/01/23 (a)		303,000		271,576
6.250%, 07/15/41		590,000		543,897
Xstrata Finance Canada, Ltd.
4.250%, 10/25/22 (144A)		14,000		13,931
5.550%, 10/25/42 (144A)		135,000		136,222
				7,092,762
Miscellaneous Manufacturing—0.3%
Cooper U.S., Inc.
5.450%, 04/01/15		250,000		253,029
Eaton Corp.
7.650%, 11/15/29		100,000		141,225
General Electric Co.
2.700%, 10/09/22		148,000		148,060
3.375%, 03/11/24		218,000		225,205
4.125%, 10/09/42		205,000		212,218
4.500%, 03/11/44		505,000		555,107
Honeywell, Inc.
6.625%, 06/15/28		250,000		329,272
Illinois Tool Works, Inc.
3.900%, 09/01/42		200,000		201,481
6.250%, 04/01/19		172,000		200,523
Ingersoll-Rand Co.
6.443%, 11/15/27		300,000		361,195
Ingersoll-Rand Global Holding Co., Ltd.
4.250%, 06/15/23		135,000		142,304
6.875%, 08/15/18		272,000		315,756
Parker-Hannifin Corp.
3.300%, 11/21/24		114,000		116,342
6.550%, 07/15/18		500,000		577,723
Siemens Financieringsmaatschappij NV
5.750%, 10/17/16 (144A)		230,000		248,672
Textron, Inc.
3.875%, 03/01/25		170,000		170,299
Tyco International Finance S.A.
8.500%, 01/15/19		142,000		173,012
				4,371,423
Office/Business Equipment—0.0%
Xerox Corp.
6.750%, 02/01/17		100,000		110,223
Oil & Gas—1.8%
Alberta Energy Co., Ltd.
7.375%, 11/01/31		500,000		590,046
Anadarko Petroleum Corp.
3.450%, 07/15/24 (a)		325,000		317,278
4.500%, 07/15/44 (a)		209,000		202,829
5.950%, 09/15/16		280,000		299,426
6.375%, 09/15/17		240,000		266,833
Apache Corp.
3.625%, 02/01/21		750,000		758,192
Oil & Gas—(Continued)
Apache Corp.
4.750%, 04/15/43		100,000		93,780
5.100%, 09/01/40		300,000		293,860
6.000%, 01/15/37 (a)		150,000		163,229
BP Capital Markets plc
1.375%, 11/06/17		40,000		39,564
2.237%, 05/10/19		333,000		332,596
2.241%, 09/26/18		650,000		651,838
2.750%, 05/10/23		335,000		313,267
3.245%, 05/06/22		340,000		334,233
4.500%, 10/01/20		600,000		649,181
4.742%, 03/11/21		500,000		544,255
Burlington Resources Finance Co.
7.400%, 12/01/31		300,000		422,883
Canadian Natural Resources, Ltd.
1.750%, 01/15/18		188,000		186,894
3.800%, 04/15/24		111,000		109,087
5.850%, 02/01/35		405,000		443,103
7.200%, 01/15/32		200,000		242,380
Canadian Oil Sands, Ltd.
6.000%, 04/01/42 (144A) (a)		64,000		57,786
Cenovus Energy, Inc.
3.000%, 08/15/22		50,000		46,797
3.800%, 09/15/23		500,000		488,250
5.200%, 09/15/43 (a)		220,000		211,876
5.700%, 10/15/19		325,000		358,032
Chevron Corp.
1.718%, 06/24/18		110,000		110,556
2.355%, 12/05/22		330,000		320,006
3.191%, 06/24/23		900,000		916,804
CNOOC Nexen Finance 2014 ULC
4.250%, 04/30/24		208,000		215,213
ConocoPhillips
6.000%, 01/15/20		325,000		377,631
ConocoPhillips Holding Co.
6.950%, 04/15/29		225,000		299,741
Devon Energy Corp.
4.750%, 05/15/42 (a)		243,000		244,624
7.950%, 04/15/32		235,000		323,936
Devon Financing Corp. LLC
7.875%, 09/30/31		250,000		341,037
Diamond Offshore Drilling, Inc.
3.450%, 11/01/23 (a)		228,000		211,605
Ecopetrol S.A.
5.875%, 05/28/45		300,000		277,500
Ensco plc
4.700%, 03/15/21		165,000		165,748
EOG Resources, Inc.
2.625%, 03/15/23 (a)		73,000		70,000
5.875%, 09/15/17		50,000		55,327
6.875%, 10/01/18		120,000		140,231
Hess Corp.
7.875%, 10/01/29		175,000		223,935
Kerr-McGee Corp.
7.875%, 09/15/31		1,000,000		1,367,097

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Marathon Oil Corp.
6.000%, 10/01/17		400,000	$	440,907
6.800%, 03/15/32		727,000		879,934
Marathon Petroleum Corp.
3.625%, 09/15/24		241,000		236,181
Nabors Industries, Inc.
2.350%, 09/15/16		200,000		197,828
5.000%, 09/15/20		225,000		220,988
Nexen Energy ULC
5.875%, 03/10/35		270,000		317,063
Noble Energy, Inc.
3.900%, 11/15/24		122,000		120,578
5.050%, 11/15/44		107,000		105,762
5.250%, 11/15/43		390,000		396,063
Noble Holding International, Ltd.
5.250%, 03/15/42 (a)		250,000		197,210
6.050%, 03/01/41 (a)		300,000		257,954
Occidental Petroleum Corp.
1.750%, 02/15/17		500,000		502,884
8.450%, 02/15/29		135,000		191,519
Petro-Canada
5.350%, 07/15/33		165,000		183,701
Petrobras Global Finance B.V.
2.603%, 03/17/17 (c)		525,000		484,628
4.375%, 05/20/23 (a)		84,000		72,247
Petrobras International Finance Co. S.A.
6.750%, 01/27/41		330,000		300,158
Petroleos Mexicanos
4.875%, 01/18/24		250,000		259,750
5.500%, 06/27/44 (144A) (a)		66,000		67,320
Phillips 66
4.875%, 11/15/44		405,000		414,536
Pride International, Inc.
6.875%, 08/15/20		525,000		589,035
Shell International Finance B.V.
2.375%, 08/21/22		440,000		428,007
3.400%, 08/12/23 (a)		350,000		361,238
3.625%, 08/21/42 (a)		25,000		23,780
4.550%, 08/12/43		350,000		382,890
5.200%, 03/22/17		500,000		542,805
5.500%, 03/25/40		86,000		104,723
Sinopec Group Overseas Development 2013, Ltd.
4.375%, 10/17/23 (144A)		582,000		609,245
Statoil ASA
1.200%, 01/17/18		25,000		24,705
5.100%, 08/17/40 (a)		100,000		115,664
7.250%, 09/23/27		205,000		280,179
Suncor Energy, Inc.
5.950%, 12/01/34		100,000		116,817
6.100%, 06/01/18		805,000		902,976
7.150%, 02/01/32		100,000		131,113
Talisman Energy, Inc.
5.850%, 02/01/37		100,000		97,037
7.750%, 06/01/19		350,000		403,154
Tosco Corp.
8.125%, 02/15/30		526,000		765,252
Oil & Gas—(Continued)
Total Capital Canada, Ltd.
2.750%, 07/15/23 (a)		1,229,000		1,192,146
Total Capital International S.A.
2.700%, 01/25/23		555,000		537,397
2.875%, 02/17/22		70,000		69,292
Total Capital S.A.
4.450%, 06/24/20 (a)		190,000		208,449
Transocean, Inc.
3.800%, 10/15/22 (a)		78,000		63,205
6.375%, 12/15/21 (a)		85,000		78,408
6.500%, 11/15/20 (a)		645,000		608,214
7.375%, 04/15/18		75,000		73,951
7.500%, 04/15/31 (a)		55,000		50,753
				28,686,132
Oil & Gas Services—0.2%
Baker Hughes, Inc.
6.875%, 01/15/29		153,000		198,061
Cameron International Corp.
6.375%, 07/15/18		80,000		89,754
Halliburton Co.
3.500%, 08/01/23		714,000		720,494
6.700%, 09/15/38		350,000		453,810
National Oilwell Varco, Inc.
1.350%, 12/01/17		29,000		28,628
2.600%, 12/01/22		200,000		188,009
Schlumberger Investment S.A.
1.250%, 08/01/17 (144A)		643,000		640,558
3.650%, 12/01/23		358,000		374,235
Weatherford International LLC
6.800%, 06/15/37		100,000		94,562
Weatherford International, Ltd.
5.125%, 09/15/20		100,000		98,246
5.950%, 04/15/42		55,000		46,570
6.000%, 03/15/18		200,000		213,502
6.500%, 08/01/36 (a)		560,000		513,046
6.750%, 09/15/40		100,000		93,148
				3,752,623
Pharmaceuticals—1.0%
Abbott Laboratories
5.125%, 04/01/19		158,000		177,104
AbbVie, Inc.
1.200%, 11/06/15		180,000		180,529
1.750%, 11/06/17		874,000		875,899
2.900%, 11/06/22		725,000		713,782
Actavis Funding SCS
4.850%, 06/15/44		250,000		253,684
Actavis, Inc.
1.875%, 10/01/17		300,000		298,837
Allergan, Inc.
5.750%, 04/01/16		80,000		84,638
AstraZeneca plc
5.900%, 09/15/17		200,000		224,248
6.450%, 09/15/37		360,000		485,100

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—(Continued)
Bayer U.S. Finance LLC
1.500%, 10/06/17 (144A)		285,000	$	285,183
Bristol-Myers Squibb Co.
6.800%, 11/15/26		100,000		134,008
6.875%, 08/01/97		100,000		148,124
Cardinal Health, Inc.
2.400%, 11/15/19		128,000		127,584
3.200%, 06/15/22		155,000		155,112
Express Scripts Holding Co.
2.250%, 06/15/19		295,000		291,841
2.650%, 02/15/17		229,000		234,151
3.125%, 05/15/16		95,000		97,655
3.500%, 06/15/24		249,000		248,127
3.900%, 02/15/22		145,000		150,993
6.125%, 11/15/41		350,000		440,964
7.250%, 06/15/19		135,000		162,089
Forest Laboratories, Inc.
5.000%, 12/15/21 (144A)		225,000		243,636
GlaxoSmithKline Capital plc
2.850%, 05/08/22		870,000		870,047
GlaxoSmithKline Capital, Inc.
2.800%, 03/18/23		143,000		141,199
4.200%, 03/18/43		100,000		102,749
5.375%, 04/15/34		300,000		365,269
Johnson & Johnson
6.950%, 09/01/29		700,000		1,004,191
McKesson Corp.
2.700%, 12/15/22		359,000		343,476
2.850%, 03/15/23		220,000		210,130
3.796%, 03/15/24		600,000		616,370
4.883%, 03/15/44		10,000		11,016
Mead Johnson Nutrition Co.
4.900%, 11/01/19		135,000		148,364
5.900%, 11/01/39		300,000		369,323
Medco Health Solutions, Inc.
4.125%, 09/15/20		450,000		477,839
Merck & Co., Inc.
2.400%, 09/15/22		62,000		60,508
Mylan, Inc.
1.800%, 06/24/16		230,000		231,387
2.600%, 06/24/18		50,000		50,653
Novartis Capital Corp.
2.400%, 09/21/22		300,000		295,318
3.400%, 05/06/24		527,000		548,229
Novartis Securities Investment, Ltd.
5.125%, 02/10/19		200,000		224,566
Perrigo Co. plc
1.300%, 11/08/16		305,000		303,664
Perrigo Finance plc
3.500%, 12/15/21		200,000		202,333
3.900%, 12/15/24		200,000		203,658
Pfizer, Inc.
0.541%, 06/15/18 (c)		300,000		300,217
4.300%, 06/15/43		140,000		149,932
Sanofi
1.250%, 04/10/18		419,000		415,001
Pharmaceuticals—(Continued)
Teva Pharmaceutical Finance Co. B.V.
2.950%, 12/18/22		195,000		189,942
3.650%, 11/10/21		563,000		576,917
Teva Pharmaceutical Finance IV LLC
2.250%, 03/18/20		240,000		235,747
Wyeth LLC
5.500%, 02/15/16		100,000		105,281
6.500%, 02/01/34		806,000		1,086,633
Zoetis, Inc.
1.875%, 02/01/18		52,000		51,532
3.250%, 02/01/23		460,000		453,757
4.700%, 02/01/43		43,000		43,764
				16,402,300
Pipelines—0.9%
Boardwalk Pipelines L.P.
5.750%, 09/15/19		290,000		313,809
DCP Midstream Operating L.P.
3.875%, 03/15/23		293,000		280,382
Enbridge, Inc.
4.000%, 10/01/23		265,000		258,797
Energy Transfer Partners L.P.
3.600%, 02/01/23		450,000		435,451
5.150%, 02/01/43		120,000		118,755
Enterprise Products Operating LLC
3.750%, 02/15/25		567,000		569,159
3.900%, 02/15/24		82,000		83,516
4.050%, 02/15/22		75,000		77,819
4.850%, 03/15/44		230,000		239,825
4.950%, 10/15/54		33,000		33,777
5.200%, 09/01/20		510,000		562,471
5.250%, 01/31/20		500,000		552,652
6.125%, 10/15/39		400,000		483,174
6.875%, 03/01/33		162,000		207,822
8.375%, 08/01/66 (c)		165,000		177,169
Kinder Morgan Energy Partners L.P.
3.500%, 03/01/21		125,000		122,979
3.500%, 09/01/23		270,000		256,323
3.950%, 09/01/22		340,000		337,131
5.000%, 08/15/42		240,000		228,088
5.400%, 09/01/44		165,000		165,338
Kinder Morgan, Inc.
3.050%, 12/01/19		135,000		133,927
4.300%, 06/01/25		265,000		265,123
Magellan Midstream Partners L.P.
6.550%, 07/15/19		695,000		812,111
ONEOK Partners L.P.
3.250%, 02/01/16		115,000		117,303
6.125%, 02/01/41		475,000		510,967
6.650%, 10/01/36		275,000		316,490
Plains All American Pipeline L.P. / PAA Finance Corp.
3.650%, 06/01/22		350,000		351,891
4.700%, 06/15/44		250,000		248,197
5.750%, 01/15/20		610,000		689,075
6.650%, 01/15/37		425,000		528,125

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Spectra Energy Capital LLC
3.300%, 03/15/23		237,000	$	225,120
6.750%, 07/15/18		185,000		209,031
6.750%, 02/15/32		705,000		864,221
7.500%, 09/15/38		85,000		102,592
Spectra Energy Partners L.P.
2.950%, 09/25/18		140,000		143,275
Sunoco Logistics Partners Operations L.P.
4.250%, 04/01/24		154,000		155,733
4.950%, 01/15/43		295,000		282,686
5.300%, 04/01/44		170,000		171,352
5.350%, 05/15/45		260,000		262,877
Texas Eastern Transmission L.P.
2.800%, 10/15/22 (144A)		46,000		43,601
6.000%, 09/15/17 (144A)		150,000		165,243
Texas Gas Transmission LLC
4.500%, 02/01/21 (144A)		210,000		213,633
TransCanada PipeLines, Ltd.
3.750%, 10/16/23		345,000		345,399
5.850%, 03/15/36		176,000		201,018
7.125%, 01/15/19		142,000		165,025
7.250%, 08/15/38		300,000		401,287
Western Gas Partners L.P.
4.000%, 07/01/22		155,000		157,108
Williams Cos., Inc. (The)
3.700%, 01/15/23		145,000		130,222
5.750%, 06/24/44 (a)		40,000		34,794
Williams Partners L.P.
3.900%, 01/15/25		290,000		278,712
4.900%, 01/15/45		270,000		252,873
				14,283,448
Real Estate Investment Trusts—0.5%
American Tower Corp.
3.450%, 09/15/21		330,000		324,436
4.500%, 01/15/18		220,000		233,637
5.000%, 02/15/24		474,000		502,661
AvalonBay Communities, Inc.
3.625%, 10/01/20 (a)		135,000		140,412
Boston Properties L.P.
3.800%, 02/01/24		227,000		233,281
3.850%, 02/01/23		210,000		217,996
5.625%, 11/15/20		300,000		342,285
5.875%, 10/15/19		100,000		114,543
DDR Corp.
3.500%, 01/15/21		320,000		323,538
Duke Realty L.P.
3.875%, 02/15/21		265,000		275,237
6.750%, 03/15/20		185,000		217,777
7.375%, 02/15/15		175,000		176,268
8.250%, 08/15/19		145,000		178,887
ERP Operating L.P.
4.625%, 12/15/21		100,000		109,401
4.750%, 07/15/20		190,000		208,739
5.750%, 06/15/17		600,000		660,484

Security Description	Principal Amount*		Value
Real Estate Investment Trusts—(Continued)
HCP, Inc.
2.625%, 02/01/20		100,000	$	98,961
3.150%, 08/01/22		120,000		118,059
3.875%, 08/15/24		157,000		159,483
4.200%, 03/01/24		125,000		130,148
5.375%, 02/01/21		100,000		111,671
5.625%, 05/01/17		345,000		375,425
Kimco Realty Corp.
3.125%, 06/01/23		175,000		171,456
3.200%, 05/01/21		310,000		314,211
Liberty Property L.P.
3.375%, 06/15/23		75,000		73,118
4.400%, 02/15/24		155,000		162,618
ProLogis L.P.
4.250%, 08/15/23		333,000		351,859
Realty Income Corp.
4.125%, 10/15/26		250,000		254,848
Simon Property Group L.P.
5.650%, 02/01/20		420,000		482,101
10.350%, 04/01/19		340,000		444,716
UDR, Inc.
3.700%, 10/01/20		140,000		145,132
Ventas Realty L.P. / Ventas Capital Corp.
4.250%, 03/01/22		405,000		425,542
4.750%, 06/01/21		300,000		326,069
Weingarten Realty Investors
4.450%, 01/15/24		75,000		79,517
				8,484,516
Retail—0.8%
Bed Bath & Beyond, Inc.
4.915%, 08/01/34		138,000		142,399
CVS Health Corp.
2.250%, 12/05/18		500,000		504,476
2.750%, 12/01/22		380,000		370,113
5.750%, 06/01/17		80,000		88,292
CVS Pass-Through Trust
4.704%, 01/10/36 (144A)		92,691		98,739
5.880%, 01/10/28		521,524		593,721
Gap, Inc. (The)
5.950%, 04/12/21		212,000		241,257
Home Depot, Inc. (The)
2.250%, 09/10/18		496,000		505,458
3.750%, 02/15/24		320,000		341,791
5.400%, 09/15/40		200,000		245,768
5.875%, 12/16/36		100,000		130,600
Lowe’s Cos., Inc.
3.800%, 11/15/21		500,000		535,582
5.500%, 10/15/35		275,000		336,096
5.800%, 10/15/36		150,000		188,652
6.500%, 03/15/29		125,000		158,365
Macy’s Retail Holdings, Inc.
2.875%, 02/15/23		225,000		218,494
4.300%, 02/15/43		170,000		164,718
6.700%, 09/15/28		435,000		532,806

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Macy’s Retail Holdings, Inc.
6.900%, 04/01/29		113,000	$	143,836
6.900%, 01/15/32		180,000		234,197
7.000%, 02/15/28		150,000		186,925
McDonald’s Corp.
4.875%, 07/15/40		340,000		378,258
6.300%, 10/15/37		325,000		424,671
Nordstrom, Inc.
6.950%, 03/15/28		170,000		224,019
Target Corp.
3.500%, 07/01/24		843,000		875,180
6.350%, 11/01/32		250,000		327,799
6.650%, 08/01/28 (a)		182,000		228,973
6.750%, 01/01/28		66,000		83,076
Wal-Mart Stores, Inc.
1.125%, 04/11/18		135,000		133,452
3.300%, 04/22/24		150,000		154,877
4.000%, 04/11/43		475,000		492,803
4.125%, 02/01/19		250,000		272,300
4.250%, 04/15/21		800,000		883,317
4.300%, 04/22/44		385,000		420,245
5.250%, 09/01/35		775,000		932,216
5.875%, 04/05/27		90,000		113,981
6.750%, 10/15/23		111,000		143,855
Walgreens Boots Alliance, Inc.
2.700%, 11/18/19		50,000		50,254
3.100%, 09/15/22		94,000		92,862
3.300%, 11/18/21		75,000		75,522
3.800%, 11/18/24		708,000		722,089
4.500%, 11/18/34		92,000		95,809
4.800%, 11/18/44		155,000		163,428
				13,251,271
Savings & Loans—0.0%
Nationwide Building Society
4.650%, 02/25/15 (144A)		200,000		201,102
Semiconductors—0.1%
Intel Corp.
3.300%, 10/01/21 (a)		475,000		498,098
National Semiconductor Corp.
6.600%, 06/15/17		170,000		191,283
Samsung Electronics America, Inc.
1.750%, 04/10/17 (144A)		245,000		245,743
Texas Instruments, Inc.
1.650%, 08/03/19		110,000		107,396
				1,042,520
Software—0.3%
Intuit, Inc.
5.750%, 03/15/17		431,000		473,672
Microsoft Corp.
0.875%, 11/15/17		65,000		64,352
3.500%, 11/15/42		190,000		180,076
4.500%, 10/01/40		275,000		304,706
5.200%, 06/01/39		500,000		595,050
Software—(Continued)
Oracle Corp.
2.375%, 01/15/19		165,000		167,855
2.500%, 10/15/22		2,014,000		1,961,829
2.800%, 07/08/21		225,000		227,798
3.400%, 07/08/24		315,000		321,953
3.625%, 07/15/23 (a)		161,000		168,842
4.500%, 07/08/44 (a)		230,000		249,820
5.000%, 07/08/19		200,000		224,251
6.125%, 07/08/39		70,000		90,874
				5,031,078
Telecommunications—1.8%
Alltel Corp.
6.800%, 05/01/29		280,000		350,045
America Movil S.A.B. de C.V.
1.241%, 09/12/16 (c)		500,000		503,576
3.125%, 07/16/22		420,000		414,389
4.375%, 07/16/42		200,000		191,600
5.000%, 03/30/20		100,000		110,274
5.625%, 11/15/17		125,000		137,239
6.375%, 03/01/35		600,000		737,822
AT&T, Inc.
0.618%, 02/12/16 (c)		750,000		749,989
1.700%, 06/01/17		915,000		918,633
2.375%, 11/27/18		740,000		745,732
3.900%, 03/11/24 (a)		1,330,000		1,366,793
4.300%, 12/15/42		898,000		853,739
4.800%, 06/15/44		270,000		275,118
5.500%, 02/01/18		300,000		331,168
BellSouth Capital Funding Corp.
7.875%, 02/15/30		550,000		737,663
BellSouth Telecommunications LLC
6.375%, 06/01/28		350,000		419,326
British Telecommunications plc
2.000%, 06/22/15		500,000		503,028
2.350%, 02/14/19		285,000		284,591
5.950%, 01/15/18		100,000		111,519
9.625%, 12/15/30		75,000		117,754
Cisco Systems, Inc.
1.100%, 03/03/17		500,000		500,212
2.125%, 03/01/19 (a)		310,000		311,459
2.900%, 03/04/21		47,000		47,860
3.625%, 03/04/24 (a)		470,000		489,768
4.450%, 01/15/20		15,000		16,514
5.500%, 01/15/40		345,000		420,409
5.900%, 02/15/39		750,000		944,002
Crown Castle Towers LLC
4.883%, 08/15/20 (144A)		500,000		549,613
Deutsche Telekom International Finance B.V.
2.250%, 03/06/17 (144A)		650,000		660,267
5.750%, 03/23/16		100,000		105,600
8.750%, 06/15/30		100,000		147,716
Koninklijke KPN NV
8.375%, 10/01/30		250,000		351,498
Nippon Telegraph & Telephone Corp.
1.400%, 07/18/17		500,000		498,532

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Orange S.A.
2.750%, 09/14/16		500,000	$	510,953
5.500%, 02/06/44 (a)		225,000		263,912
9.000%, 03/01/31		165,000		251,688
Qwest Corp.
6.750%, 12/01/21		350,000		404,708
6.875%, 09/15/33		100,000		100,307
7.250%, 09/15/25		133,000		158,400
Rogers Communications, Inc.
4.100%, 10/01/23		213,000		223,786
6.800%, 08/15/18		100,000		115,414
7.500%, 08/15/38		100,000		139,752
8.750%, 05/01/32		400,000		578,609
SES Global Americas Holdings GP
2.500%, 03/25/19 (144A)		70,000		69,648
Telefonica Emisiones S.A.U.
3.192%, 04/27/18		150,000		154,251
4.570%, 04/27/23		310,000		331,900
6.421%, 06/20/16		450,000		481,388
Verizon Communications, Inc.
2.450%, 11/01/22		235,000		220,491
2.500%, 09/15/16		194,000		198,302
2.625%, 02/21/20 (144A)		214,000		211,553
3.450%, 03/15/21		477,000		487,514
3.500%, 11/01/24		850,000		835,124
3.850%, 11/01/42		350,000		312,018
4.400%, 11/01/34		169,000		167,983
4.500%, 09/15/20		656,000		712,257
4.862%, 08/21/46 (144A)		1,494,000		1,534,677
5.150%, 09/15/23		1,600,000		1,766,773
5.850%, 09/15/35		650,000		763,853
6.000%, 04/01/41		290,000		341,803
6.400%, 09/15/33		477,000		587,560
6.550%, 09/15/43		575,000		736,661
6.900%, 04/15/38		350,000		458,495
Verizon Pennsylvania LLC
6.000%, 12/01/28		125,000		139,782
8.750%, 08/15/31		200,000		291,069
Vodafone Group plc
1.500%, 02/19/18		30,000		29,462
2.500%, 09/26/22		225,000		209,828
2.950%, 02/19/23 (a)		550,000		530,133
4.375%, 02/19/43		260,000		253,393
6.150%, 02/27/37		350,000		422,320
6.250%, 11/30/32		200,000		244,217
				30,143,432
Transportation—0.5%
Burlington Northern Santa Fe LLC
3.050%, 09/01/22		620,000		623,938
3.450%, 09/15/21		510,000		532,183
3.850%, 09/01/23		500,000		527,407
4.450%, 03/15/43		310,000		323,871
4.550%, 09/01/44		200,000		214,663
4.900%, 04/01/44		150,000		168,651
Transportation—(Continued)
Burlington Northern Santa Fe LLC
5.750%, 03/15/18		100,000		112,086
7.950%, 08/15/30		100,000		143,976
Canadian National Railway Co.
5.850%, 11/15/17		190,000		212,634
6.250%, 08/01/34		100,000		132,851
6.800%, 07/15/18		120,000		139,275
Canadian Pacific Railway Co.
5.750%, 03/15/33		120,000		145,977
7.250%, 05/15/19		290,000		346,718
CSX Corp.
3.400%, 08/01/24		300,000		303,865
4.100%, 03/15/44		41,000		40,615
5.600%, 05/01/17		635,000		694,865
7.900%, 05/01/17		62,000		70,776
Norfolk Southern Corp.
3.850%, 01/15/24		250,000		262,864
4.800%, 08/15/43		80,000		89,068
5.590%, 05/17/25		100,000		118,870
5.750%, 04/01/18		500,000		561,112
Ryder System, Inc.
2.500%, 03/01/17		125,000		126,767
3.600%, 03/01/16		100,000		102,927
7.200%, 09/01/15		100,000		104,210
Union Pacific Corp.
3.646%, 02/15/24		138,000		146,060
4.821%, 02/01/44		257,000		293,418
6.250%, 05/01/34		378,000		504,318
United Parcel Service of America, Inc.
8.375%, 04/01/20		75,000		96,736
8.375%, 04/01/30 (d)		377,000		563,955
United Parcel Service, Inc.
1.125%, 10/01/17		32,000		31,842
2.450%, 10/01/22		14,000		13,724
				7,750,222
Trucking & Leasing—0.0%
Penske Truck Leasing Co. L.P. / PTL Finance Corp.
2.500%, 03/15/16 (144A)		380,000		385,230
2.875%, 07/17/18 (144A)		93,000		94,563
3.125%, 05/11/15 (144A)		55,000		55,445
				535,238
Water—0.1%
American Water Capital Corp.
3.850%, 03/01/24 (a)		450,000		473,793
6.593%, 10/15/37		100,000		138,410
				612,203
Total Corporate Bonds & Notes (Cost $394,951,093)				396,796,493

§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 December 31, 2014

Convertible Bonds—17.5%

Security Description	Principal Amount*		Value
Auto Manufacturers—0.4%
Volkswagen International Finance NV
5.500%, 11/09/15 (144A) (EUR)		5,000,000	$	6,691,578
Auto Parts & Equipment—0.1%
Cie Generale des Etablissements Michelin
Zero Coupon, 01/01/17 (EUR)		819,900		1,359,205
Banks—0.8%
BNP Paribas S.A.
0.250%, 09/21/15 (EUR)		1,600,000		2,070,638
0.250%, 09/27/16 (EUR)		3,600,000		4,786,135
Credit Agricole S.A.
Zero Coupon, 12/06/16 (EUR)		3,006,300		2,716,326
Shizuoka Bank, Ltd. (The)
Zero Coupon, 04/25/18		2,800,000		2,684,500
				12,257,599
Biotechnology—1.4%
Gilead Sciences, Inc.
1.625%, 05/01/16		2,780,000		11,505,725
Illumina, Inc.
Zero Coupon, 06/15/19 (144A) (a)		10,649,000		11,713,900
				23,219,625
Commercial Services—0.1%
Macquarie Infrastructure Co. LLC
2.875%, 07/15/19 (a)		1,914,000		2,174,783
Computers—0.3%
Cap Gemini S.A.
Zero Coupon, 01/01/19 (EUR)		4,208,200		4,146,931
Diversified Financial Services—0.1%
HKEx International, Ltd.
0.500%, 10/23/17		1,200,000		1,422,000
Electrical Components & Equipment—0.0%
Nidec Corp.
Zero Coupon, 09/18/15 (JPY)		45,000,000		555,159
Healthcare-Services—0.8%
Anthem, Inc.
2.750%, 10/15/42 (a)		8,004,000		13,776,885
Holding Companies-Diversified—1.0%
GBL Verwaltung S.A.
1.250%, 02/07/17 (EUR)		3,200,000		4,483,962
Industrivarden AB
Zero Coupon, 05/15/19 (SEK)		26,000,000		3,654,418
1.875%, 02/27/17 (EUR)		3,300,000		4,192,824
Schematrentaquattro S.p.A.
0.250%, 11/29/16 (EUR)		2,100,000		2,584,304
Sofina S.A.
1.000%, 09/19/16		1,000,000		1,010,040
				15,925,548
Insurance—0.2%
Swiss Life Holding AG
Zero Coupon, 12/02/20 (CHF)		3,100,000		3,656,266
Internet—0.8%
Priceline Group, Inc. (The)
0.350%, 06/15/20 (a)		9,197,000		10,254,655
1.000%, 03/15/18 (a)		2,052,000		2,726,595
				12,981,250
Investment Company Security—0.9%
Ares Capital Corp.
4.375%, 01/15/19		1,851,000		1,855,627
4.750%, 01/15/18 (a)		2,972,000		3,046,300
Billion Express Investments, Ltd.
0.750%, 10/18/15		6,000,000		5,992,500
Prospect Capital Corp.
5.375%, 10/15/17 (a)		2,735,000		2,721,325
5.750%, 03/15/18		377,000		371,816
5.875%, 01/15/19		854,000		844,393
				14,831,961
Iron/Steel—0.1%
Salzgitter Finance B.V.
2.000%, 11/08/17 (EUR)		1,100,000		1,518,069
Lodging—0.0%
Resorttrust, Inc.
Zero Coupon, 07/27/18 (JPY)		35,000,000		378,402
Machinery-Diversified—0.0%
Daifuku Co., Ltd.
Zero Coupon, 10/02/17 (JPY)		40,000,000		379,028
Mining—0.1%
Royal Gold, Inc.
2.875%, 06/15/19		866,000		894,686
Miscellaneous Manufacturing—0.8%
Siemens Financieringsmaatschappij NV
1.050%, 08/16/17		12,250,000		13,364,750
Oil & Gas—0.8%
Eni S.p.A.
0.250%, 11/30/15 (EUR)		4,800,000		5,786,750
0.625%, 01/18/16 (EUR)		5,200,000		6,649,662
				12,436,412
Oil & Gas Services—0.5%
Subsea 7 S.A.
1.000%, 10/05/17		5,800,000		5,275,100
Technip S.A.
0.250%, 01/01/17 (EUR)		3,033,000		3,478,877
				8,753,977

§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 December 31, 2014

Convertible Bonds—(Continued)

Security Description	Principal Amount*		Value
Pharmaceuticals—1.1%
Mylan, Inc.
3.750%, 09/15/15 (a)		3,371,000	$	14,246,689
Teva Pharmaceutical Finance Co. LLC
0.250%, 02/01/26 (a)		3,187,000		4,354,239
				18,600,928
Real Estate—0.7%
British Land Co. Jersey, Ltd. (The)
1.500%, 09/10/17 (GBP)		1,500,000		2,743,060
CapitaLand, Ltd.
1.850%, 06/19/20 (SGD)		4,500,000		3,216,227
Deutsche Wohnen AG
0.500%, 11/22/20 (EUR)		3,600,000		5,181,154
				11,140,441
Real Estate Investment Trusts—2.2%
Derwent London Capital No.2 Jersey, Ltd.
1.125%, 07/24/19 (GBP)		1,100,000		1,887,793
Fonciere Des Regions
0.875%, 04/01/19 (EUR)		4,464,200		4,907,911
Gecina S.A.
2.125%, 01/01/16 (EUR)		1,128,100		1,867,535
Great Portland Estates Capital Jersey, Ltd.
1.000%, 09/10/18 (GBP)		2,000,000		3,455,419
Host Hotels & Resorts L.P.
2.500%, 10/15/29 (144A)		2,374,000		4,384,481
Novion Property Group
5.750%, 07/04/16 (AUD)		1,800,000		1,529,579
ProLogis L.P.
3.250%, 03/15/15 (a)		4,223,000		4,692,809
Ruby Assets Pte, Ltd.
1.600%, 02/01/17 (SGD)		2,500,000		2,167,308
Unibail-Rodamco SE
Zero Coupon, 07/01/21 (EUR)		1,221,200		4,275,025
0.750%, 01/01/18 (EUR)		2,147,000		6,769,677
				35,937,537
Retail—0.1%
Lotte Shopping Co., Ltd.
Zero Coupon, 01/24/18 (KRW)		1,800,000,000		1,619,206
Semiconductors—2.3%
Intel Corp.
2.950%, 12/15/35 (a)		6,002,000		7,885,128
3.250%, 08/01/39 (a)		2,399,000		4,171,261
Lam Research Corp.
0.500%, 05/15/16 (a)		6,096,000		8,001,000
Novellus Systems, Inc.
2.625%, 05/15/41		2,596,000		5,951,330
STMicroelectronics NV
Zero Coupon, 07/03/19		4,800,000		4,598,400
1.000%, 07/03/21		1,600,000		1,569,600
Semiconductors—(Continued)
Xilinx, Inc.
2.625%, 06/15/17		4,008,000	$	6,032,040
				38,208,759
Software—1.1%
Akamai Technologies, Inc.
Zero Coupon, 02/15/19 (144A) (a)		1,419,000		1,476,647
Citrix Systems, Inc.
0.500%, 04/15/19 (144A) (a)		10,211,000		10,753,459
Red Hat, Inc.
0.250%, 10/01/19 (144A) (a)		5,411,000		6,384,980
				18,615,086
Transportation—0.6%
Deutsche Post AG
0.600%, 12/06/19 (EUR)		6,200,000		10,384,699
Water—0.2%
Suez Environnement Co.
Zero Coupon, 02/27/20 (EUR)		11,397,200		2,707,209
Total Convertible Bonds (Cost $284,230,345)				287,937,979
U.S. Treasury & Government Agencies—2.8%
Federal Agencies—0.1%
Federal Farm Credit Bank
3.040%, 03/06/28		250,000		241,011
5.250%, 12/28/27		585,000		724,125
Tennessee Valley Authority
5.375%, 04/01/56		350,000		460,240
				1,425,376
U.S. Treasury—2.7%
U.S. Treasury Bonds
3.125%, 08/15/44 (a)		475,000		511,367
3.375%, 05/15/44		225,000		253,301
U.S. Treasury Notes
0.250%, 01/31/15 (a) (e) (f)		41,425,000		41,429,847
0.875%, 11/15/17 (a)		2,575,000		2,562,727
				44,757,242
Total U.S. Treasury & Government Agencies (Cost $39,585,443)				46,182,618
Convertible Preferred Stocks—1.3%
Aerospace & Defense—0.0%
United Technologies Corp.
7.500%, 08/01/15 (a)		8,900		545,837
Banks—0.7%
Wells Fargo & Co., Series L
7.500%, 12/31/49		9,518		11,478,708

§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 December 31, 2014

Convertible Preferred Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Electric Utilities—0.4%
NextEra Energy, Inc.
5.799%, 09/01/16 (a)		59,649	$	3,441,151
5.889%, 09/01/15		42,460		2,842,272
				6,283,423
Multi-Utilities—0.2%
Dominion Resources, Inc.
6.000%, 07/01/16		14,400		865,728
6.125%, 04/01/16		34,993		2,099,930
				2,965,658
Total Convertible Preferred Stocks (Cost $20,081,835)				21,273,626
Preferred Stocks—0.1%
Automobiles—0.0%
Volkswagen AG		1,789		399,612
Household Products—0.1%
Henkel AG & Co. KGaA		18,012		1,948,440
Machinery—0.0%
Marcopolo S.A.		143,590		179,033
Total Preferred Stocks (Cost $2,562,285)				2,527,085
Municipals—0.1%
American Municipal Power, Inc.
5.939%, 02/15/47		75,000		94,300
7.499%, 02/15/50		350,000		520,096
Los Angeles, Department of Airports, Build America Bonds
6.582%, 05/15/39		65,000		85,378
Los Angeles, Unified School District, Build America Bonds
5.750%, 07/01/34		100,000		126,190
6.758%, 07/01/34		75,000		104,502
Ohio University
5.590%, 12/01/2114		300,000		323,586
Port Authority of New York & New Jersey
4.458%, 10/01/62		160,000		169,829
State of California
0.655%, 07/01/41 (c)		130,000		130,222
5.770%, 05/15/43		140,000		179,946
State of California, Build America Bonds
7.300%, 10/01/39		260,000		382,977
State of Massachusetts
5.456%, 12/01/39		150,000		188,798
Total Municipals (Cost $2,115,759)				2,305,824
Foreign Government—0.1%
Security Description	Shares/ Principal Amount*		Value
Provincial—0.1%
Province of Quebec Canada
6.350%, 01/30/26		600,000	$	770,897
Sovereign—0.0%
Brazilian Government International Bond
4.250%, 01/07/25		200,000		200,000
Mexico Government International Bonds
3.625%, 03/15/22		250,000		255,375
4.000%, 10/02/23		288,000		298,800
				754,175
Total Foreign Government (Cost $1,545,532)				1,525,072
Short-Term Investments—30.0%
Mutual Fund—8.1%
State Street Navigator Securities Lending MET Portfolio (g)		134,185,705		134,185,705
U.S. Treasury—0.2%
U.S. Treasury Bills
0.161%, 03/12/15 (f) (h)		290,000		289,986
0.168%, 01/08/15 (f) (h)		2,425,000		2,424,995
				2,714,981
Repurchase Agreement—21.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $356,993,154 on 01/02/15, collateralized by $369,295,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $364,138,165.		356,993,154		356,993,154
Total Short-Term Investments (Cost $493,893,829)				493,893,840
Total Investments—106.9% (Cost $1,729,864,841) (i)				1,762,010,182
Other assets and liabilities (net)—(6.9)%				(113,360,809	)
Net Assets—100.0%			$	1,648,649,373

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $138,724,569 and the collateral received consisted of cash in the amount of $134,185,705 and non-cash collateral with a value of $9,196,082. 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.

§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 December 31, 2014

(b) Non-income producing security.

(c) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(d) Security is a “step-down” bond where the coupon decreases or steps down at a predetermined date. Rate shown is current coupon rate.

(e) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2014, the market value of securities pledged was $19,402,270.

(f) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $20,517,258.

(g) Represents investment of cash collateral received from securities lending transactions.

(h) The rate shown represents current yield to maturity.

(i) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,737,516,581. The aggregate unrealized appreciation and depreciation of investments were $73,944,060 and $(49,450,459), respectively, resulting in net unrealized appreciation of $24,493,601 for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $78,075,478, which is 4.7% 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

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	13,157,951	UBS AG		01/30/15		USD	10,696,098	$	26,518
AUD	5,824,270	Barclays Bank plc		03/31/15		USD	4,712,347		13,399
DKK	4,217,700	UBS AG		03/31/15		USD	696,938		(11,097	)
EUR	907,755	Deutsche Bank AG		01/30/15		USD	1,122,789		(24,068	)
EUR	2,850,514	Morgan Stanley & Co International PLC		01/30/15		USD	3,619,292		(169,108	)
EUR	1,344,901	Westpac Banking Corp.		01/30/15		USD	1,652,613		(24,781	)
EUR	1,167,409	Barclays Bank plc		03/31/15		USD	1,428,820		(15,111	)
GBP	1,324,557	Credit Suisse International		01/30/15		USD	2,058,978		5,071
GBP	756,595	Deutsche Bank AG		01/30/15		USD	1,183,610		(4,613	)
GBP	551,841	Morgan Stanley & Co International PLC		01/30/15		USD	888,293		(28,361	)
HKD	33,631,742	Australia & New Zealand Banking Group, Ltd.		01/30/15		USD	4,335,820		1,045
HKD	22,928,442	UBS AG		03/31/15		USD	2,956,327		313
JPY	59,405,000	Barclays Bank plc		01/30/15		USD	499,899		(3,848	)
JPY	177,153,500	Barclays Bank plc		01/30/15		USD	1,499,080		(19,790	)
JPY	288,894,081	Citibank N.A.		01/30/15		USD	2,431,435		(19,074	)
JPY	15,648,700	Credit Suisse International		01/30/15		USD	130,359		313
JPY	236,942,842	UBS AG		03/31/15		USD	1,986,266		(6,555	)
SEK	32,380,713	Credit Suisse International		01/30/15		USD	4,245,035		(90,943	)
SEK	16,226,830	Westpac Banking Corp.		03/31/15		USD	2,104,592		(22,386	)
SGD	2,585,352	Barclays Bank plc		03/31/15		USD	1,956,895		(7,856	)
ZAR	317,590	Barclays Bank plc		01/02/15		USD	27,331		123
Contracts to Deliver
AUD	1,500,000	Citibank N.A.		01/30/15		USD	1,307,077	$	84,704
AUD	425,212	Royal Bank of Canada		03/31/15		USD	345,459		447
CAD	841,043	Barclays Bank plc		03/31/15		USD	724,382		1,885
CHF	1,136,994	Credit Suisse International		01/30/15		USD	1,186,941		42,877
CHF	1,706,611	Standard Chartered Bank		01/30/15		USD	1,790,986		73,764
CHF	6,419,024	Westpac Banking Corp.		01/30/15		USD	6,549,423		90,487
CHF	5,942,537	UBS AG		03/31/15		USD	6,063,950		77,068
EUR	966,340	Australia & New Zealand Banking Group, Ltd.		01/30/15		USD	1,231,024		61,392

§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 December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	1,256,556	Barclays Bank plc		01/30/15		USD	1,555,365	$	34,464
EUR	353,355	Citibank N.A.		01/30/15		USD	434,336		6,645
EUR	7,708,661	Credit Suisse International		01/30/15		USD	9,664,148		333,795
EUR	1,100,682	Credit Suisse International		01/30/15		USD	1,352,740		20,505
EUR	702,478	Credit Suisse International		01/30/15		USD	898,359		48,099
EUR	667,512	Credit Suisse International		01/30/15		USD	829,188		21,250
EUR	492,505	Credit Suisse International		01/30/15		USD	602,297		6,182
EUR	2,100,000	Deutsche Bank AG		01/30/15		USD	2,657,644		115,862
EUR	354,573	Deutsche Bank AG		01/30/15		USD	443,892		14,727
EUR	1,090,755	Goldman Sachs & Co.		01/30/15		USD	1,361,860		41,640
EUR	864,683	Morgan Stanley & Co International PLC		01/30/15		USD	1,082,599		36,011
EUR	59,374,670	Standard Chartered Bank		01/30/15		USD	75,141,852		3,276,368
EUR	1,614,072	Deutsche Bank AG		03/31/15		USD	1,980,987		26,378
GBP	337,832	Deutsche Bank AG		01/30/15		USD	527,898		1,456
GBP	7,189,605	Standard Chartered Bank		01/30/15		USD	11,521,565		318,042
GBP	760,021	Westpac Banking Corp.		01/30/15		USD	1,193,721		9,385
GBP	1,675,762	UBS AG		03/31/15		USD	2,618,993		8,940
JPY	1,017,428,156	Australia & New Zealand Banking Group, Ltd.		01/30/15		USD	8,584,262		88,402
JPY	147,056,748	Barclays Bank plc		01/30/15		USD	1,226,791		(1,181	)
JPY	399,217,794	Citibank N.A.		01/30/15		USD	3,694,836		361,236
JPY	75,994,639	Toronto Dominion Bank		03/31/15		USD	640,060		5,108
NOK	33,112,925	Credit Suisse International		01/30/15		USD	4,484,759		45,103
NOK	7,462,745	Westpac Banking Corp.		03/31/15		USD	1,011,294		12,412
SEK	12,188,000	Credit Suisse International		01/30/15		USD	1,649,824		86,237
SEK	12,000,000	Goldman Sachs & Co.		01/30/15		USD	1,655,704		116,235
SGD	4,930,710	Citibank N.A.		01/30/15		USD	3,861,760		141,976
SGD	1,438,583	Goldman Sachs & Co.		01/30/15		USD	1,108,709		23,425
SGD	458,705	UBS AG		01/30/15		USD	347,991		1,938
Cross Currency Contracts to Buy
JPY	70,886,799	UBS AG		01/30/15		EUR	486,135		3,523
Net Unrealized Appreciation								$	5,235,978

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Brent Crude Oil Futures		02/12/15		4		USD	344,848	$	(112,008	)
Brent Crude Oil Futures		08/14/15		5		USD	326,030		(8,430	)
Coffee Futures		07/21/15		8		USD	591,023		(75,323	)
Copper Futures		03/27/15		14		USD	1,058,574		(69,649	)
Corn Futures		03/13/15		53		USD	1,025,523		26,527
Cotton No. 2 Futures		05/06/15		6		USD	188,627		(5,417	)
Euro Stoxx 50 Index Futures		03/20/15		18		EUR	544,448		23,586
FTSE 100 Index Futures		03/20/15		6		GBP	371,571		30,828
Gasoline RBOB Futures		02/27/15		5		USD	430,513		(114,652	)
Gold 100 oz. Futures		06/26/15		15		USD	1,849,539		(71,439	)
Lean Hogs Futures		02/13/15		9		USD	314,037		(21,717	)
Live Cattle Futures		02/27/15		9		USD	609,407		(20,627	)
NY Harbor ULSD Futures		02/27/15		5		USD	426,540		(44,928	)
Natural Gas Futures		02/25/15		34		USD	1,227,829		(243,189	)
Nickel Futures		01/19/15		14		USD	1,448,701		(181,309	)
Nickel Futures		03/16/15		11		USD	1,101,895		(102,721	)
Primary Aluminum Futures		03/16/15		80		USD	4,182,210		(484,710	)
Red Wheat Futures		05/14/15		6		USD	179,056		9,869

§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 December 31, 2014

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
S&P 500 E-Mini Index Futures		03/20/15		2,838			USD	286,500,131		$	4,735,429
Silver Futures		03/27/15		6			USD	515,986			(48,016	)
Soybean Futures		03/13/15		14			USD	760,768			(44,318	)
Soybean Meal Futures		03/13/15		10			USD	360,530			(12,929	)
Soybean Oil Futures		03/13/15		20			USD	452,239			(66,559	)
Sugar No. 11 Futures		02/27/15		34			USD	634,053			(81,131	)
TOPIX Index Futures		03/12/15		208			JPY	2,897,569,000			250,718
U.S. Treasury Long Bond Futures		03/20/15		89			USD	12,612,800			253,263
U.S. Treasury Note 10 Year Futures		03/20/15		46			USD	5,863,647			(30,991	)
U.S. Treasury Note 2 Year Futures		03/31/15		40			USD	8,757,064			(13,314	)
U.S. Treasury Note 5 Year Futures		03/31/15		19			USD	2,255,762			3,902
WTI Light Sweet Crude Oil Futures		02/19/15		7			USD	531,768			(155,868	)
WTI Light Sweet Crude Oil Futures		05/18/15		7			USD	559,458			(169,908	)
Wheat Futures		05/14/15		17			USD	474,352			30,973
Zinc Futures		01/19/15		35			USD	1,864,379			32,621
Zinc Futures		05/18/15		19			USD	1,098,599			(61,436	)
Futures Contracts—Short
FTSE 100 Index Futures		03/20/15		(79	)		GBP	(5,097,795	)		(85,692	)
Hang Seng Index Futures		01/29/15		(105	)		HKD	(125,421,340	)		163,011
MSCI EAFE Mini Index Futures		03/20/15		(383	)		USD	(33,885,078	)		221,293
MSCI Emerging Market Mini Futures		03/20/15		(385	)		USD	(18,464,468	)		28,743
Nickel Futures		01/19/15		(14	)		USD	(1,397,171	)		129,779
Nickel Futures		03/16/15		(7	)		USD	(665,810	)		29,972
Primary Aluminum Futures		03/16/15		(63	)		USD	(3,119,557	)		207,776
Russell 2000 Mini Index Futures		03/20/15		(70	)		USD	(8,101,310	)		(303,590	)
U.S. Treasury Note 10 Year Futures		03/20/15		(125	)		USD	(15,784,644	)		(64,966	)
U.S. Treasury Ultra Long Bond Futures		03/20/15		(22	)		USD	(3,521,410	)		(112,715	)
Zinc Futures		01/19/15		(35	)		USD	(2,021,003	)		124,003
Zinc Futures		05/18/15		(12	)		USD	(656,473	)		1,423
Net Unrealized Appreciation										$	3,496,164

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		2.463	%	10/31/24		USD	202,100,000	$	3,480,786
Pay	3-Month USD-LIBOR		2.445	%	11/26/24		USD	147,100,000		2,170,491
Pay	3-Month USD-LIBOR		2.420	%	12/09/24		USD	152,900,000		1,866,014
Total									$	7,517,291

(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

(ZAR)— South African Rand

§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 December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	5,312,817	$	5,350,474	$	—	$	10,663,291
Air Freight & Logistics		—		2,573,696		—		2,573,696
Airlines		1,686,384		1,554,003		—		3,240,387
Auto Components		140,524		11,122,185		—		11,262,709
Automobiles		2,899,288		13,816,141		—		16,715,429
Banks		21,688,982		42,191,417		—		63,880,399
Beverages		5,540,562		6,419,833		—		11,960,395
Biotechnology		5,365,864		—		—		5,365,864
Building Products		446,043		2,637,141		—		3,083,184
Capital Markets		7,325,312		943,893		—		8,269,205
Chemicals		2,602,876		3,005,377		—		5,608,253
Commercial Services & Supplies		150,001		1,640,013		—		1,790,014
Communications Equipment		3,481,970		—		—		3,481,970
Construction & Engineering		1,164,157		—		—		1,164,157
Construction Materials		250,757		778,019		—		1,028,776
Consumer Finance		577,444		—		—		577,444
Containers & Packaging		538,731		—		—		538,731
Distributors		—		299,947		—		299,947
Diversified Financial Services		2,473,028		5,171,561		—		7,644,589
Diversified Telecommunication Services		2,315,088		13,614,880		—		15,929,968
Electric Utilities		3,862,507		—		—		3,862,507
Electrical Equipment		2,474,837		3,316,367		—		5,791,204
Electronic Equipment, Instruments & Components		543,156		4,941,838		—		5,484,994
Energy Equipment & Services		2,653,355		—		—		2,653,355
Food & Staples Retailing		4,745,242		6,277,719		—		11,022,961
Food Products		2,809,568		11,851,603		—		14,661,171
Gas Utilities		401,154		—		—		401,154
Health Care Equipment & Supplies		4,324,330		2,099,930		—		6,424,260
Health Care Providers & Services		4,014,351		—		—		4,014,351
Hotels, Restaurants & Leisure		1,671,769		5,331,547		—		7,003,316
Household Durables		1,205,612		9,394,178		—		10,599,790
Household Products		3,636,151		370,504		—		4,006,655
Industrial Conglomerates		1,154,586		4,400,442		—		5,555,028
Insurance		4,779,662		28,986,409		—		33,766,071
Internet & Catalog Retail		1,596,331		—		—		1,596,331
Internet Software & Services		7,236,159		1,360,222		—		8,596,381
IT Services		7,897,182		3,836,304		—		11,733,486

§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 December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Machinery	$	1,951,283		$	1,860,721		$	—	$	3,812,004
Media		7,620,518			6,161,014			—		13,781,532
Metals & Mining		2,696,777			3,953,584			—		6,650,361
Multi-Utilities		2,235,557			6,403,542			—		8,639,099
Multiline Retail		456,247			3,365,595			—		3,821,842
Oil, Gas & Consumable Fuels		11,041,350			17,401,916			—		28,443,266
Paper & Forest Products		—			1,393,357			—		1,393,357
Personal Products		394,259			—			—		394,259
Pharmaceuticals		9,743,899			37,573,087			—		47,316,986
Real Estate Investment Trusts		4,675,005			4,866,003			—		9,541,008
Real Estate Management & Development		—			8,648,818			—		8,648,818
Road & Rail		3,963,956			—			—		3,963,956
Semiconductors & Semiconductor Equipment		7,640,212			2,994,801			—		10,635,013
Software		6,777,352			2,214,213			—		8,991,565
Specialty Retail		6,257,203			1,809,217			—		8,066,420
Technology Hardware, Storage & Peripherals		9,586,420			—			—		9,586,420
Textiles, Apparel & Luxury Goods		1,894,347			2,099,903			—		3,994,250
Tobacco		1,739,202			3,739,051			—		5,478,253
Trading Companies & Distributors		411,902			4,135,278			—		4,547,180
Transportation Infrastructure		—			750,250			—		750,250
Wireless Telecommunication Services		1,444,909			7,415,474			—		8,860,383
Total Common Stocks		199,496,178			310,071,467			—		509,567,645
Total Corporate Bonds & Notes*		—			396,796,493			—		396,796,493
Total Convertible Bonds*		—			287,937,979			—		287,937,979
Total U.S. Treasury & Government Agencies*		—			46,182,618			—		46,182,618
Total Convertible Preferred Stocks*		21,273,626			—			—		21,273,626
Total Preferred Stocks*		—			2,527,085			—		2,527,085
Total Municipals		—			2,305,824			—		2,305,824
Total Foreign Government*		—			1,525,072			—		1,525,072
Short-Term Investments
Mutual Fund		134,185,705			—			—		134,185,705
U.S. Treasury		—			2,714,981			—		2,714,981
Repurchase Agreement		—			356,993,154			—		356,993,154
Total Short-Term Investments		134,185,705			359,708,135			—		493,893,840
Total Investments	$	354,955,509		$	1,407,054,673		$	—	$	1,762,010,182
Collateral for securities loaned (Liability)	$	—		$	(134,185,705	)	$	—	$	(134,185,705	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	5,684,750		$	—	$	5,684,750
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(448,772	)		—		(448,772	)
Total Forward Contracts	$	—		$	5,235,978		$	—	$	5,235,978
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	6,303,716		$	—		$	—	$	6,303,716
Futures Contracts (Unrealized Depreciation)		(2,807,552	)		—			—		(2,807,552	)
Total Futures Contracts	$	3,496,164		$	—		$	—	$	3,496,164
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	7,517,291		$	—	$	7,517,291

* 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-34

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Consolidated§ Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,405,017,028
Repurchase Agreement		356,993,154
Cash		10,566,387
Cash denominated in foreign currencies (c)		2,626,624
Cash collateral for futures contracts		121,000
Unrealized appreciation on forward foreign currency exchange contracts		5,684,750
Receivable for:
Investments sold		708,678
Fund shares sold		194,483
Dividends and interest		6,754,077
Variation margin on futures contracts		2,671
Variation margin on swap contracts		545,608
Prepaid expenses		4,071
Total Assets		1,789,218,531
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		448,772
Collateral for securities loaned		134,185,705
Payables for:
Investments purchased		80,600
Fund shares redeemed		780,159
Variation margin on futures contracts		3,429,272
Accrued expenses:
Management fees		953,909
Distribution and service fees		350,555
Deferred trustees’ fees		42,155
Other expenses		298,031
Total Liabilities		140,569,158
Net Assets	$	1,648,649,373
Net assets consist of:
Paid in surplus	$	1,491,372,347
Undistributed net investment income		39,819,241
Accumulated net realized gain		69,175,810
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		48,281,975
Net Assets	$	1,648,649,373
Net Assets
Class B	$	1,648,649,373
Capital Shares Outstanding*
Class B		139,064,067
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.86

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding repurchase agreement, was $1,372,871,687.

(b) Includes securities loaned at value of $138,724,569.

(c) Identified cost of cash denominated in foreign currencies was $2,643,893.

Consolidated§ Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	16,438,398
Interest (b)		15,913,431
Securities lending income		102,980
Total investment income		32,454,809
Expenses
Management fees		11,305,194
Administration fees		84,525
Custodian and accounting fees		703,761
Distribution and service fees—Class B		3,885,784
Audit and tax services		85,652
Legal		38,047
Trustees’ fees and expenses		43,761
Shareholder reporting		98,399
Insurance		8,044
Miscellaneous		17,200
Total expenses		16,270,367
Less management fee waiver		(702,157	)
Net expenses		15,568,210
Net Investment Income		16,886,599
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		29,902,701
Futures contracts		30,684,057
Swap contracts		34,421,930
Foreign currency transactions		8,005,268
Net realized gain		103,013,956
Net change in unrealized appreciation (depreciation) on:
Investments		(25,262,575	)
Futures contracts		(7,873,941	)
Swap contracts		13,737,677
Foreign currency transactions		3,951,232
Net change in unrealized depreciation		(15,447,607	)
Net realized and unrealized gain		87,566,349
Net Increase in Net Assets From Operations	$	104,452,948

(a) Net of foreign withholding taxes of $1,052,641.

(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

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	16,886,599		$	6,717,278
Net realized gain		103,013,956			41,011,875
Net change in unrealized appreciation (depreciation)		(15,447,607	)		52,177,717
Increase in net assets from operations		104,452,948			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		248,941,459			779,035,397
Total increase in net assets		288,406,121			874,083,348
Net Assets
Beginning of period		1,360,243,252			486,159,904
End of period	$	1,648,649,373		$	1,360,243,252
Undistributed net investment income
End of period	$	39,819,241		$	14,933,732

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		20,729,270		$	241,602,231			73,368,061		$	803,297,942
Reinvestments		5,771,606			64,988,286			447,414			4,858,919
Redemptions		(4,930,110	)		(57,649,058	)		(2,638,853	)		(29,121,464	)
Net increase		21,570,766		$	248,941,459			71,176,622		$	779,035,397
Increase derived from capital shares transactions				$	248,941,459					$	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
	Year Ended December 31,
	2014			2013			2012(a)
Net Asset Value, Beginning of Period	$	11.58		$	10.50		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.13			0.08			0.02
Net realized and unrealized gain on investments		0.66			1.07	(c)		0.58
Total from investment operations		0.79			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	$	11.86		$	11.58		$	10.50
Total Return (%) (d)		6.98			10.99			6.02	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.05			1.08			1.32	(f)
Net ratio of expenses to average net assets (%) (g)		1.00			1.08			1.25	(f)
Ratio of net investment income to average net assets (%)		1.09			0.71			0.24	(f)
Portfolio turnover rate (%)		45			45			33	(e)
Net assets, end of period (in millions)	$	1,648.6		$	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—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014		% of Total Assets at December 31, 2014
JPMorgan Global Active Allocation Portfolio, Ltd.		4/23/2012	$	13,074,953		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 December 31, 2014 through the date the consolidated financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

MIST-38

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 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, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not

MIST-39

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 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 will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

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, passive foreign investment companies (PFICs) and controlled foreign corporation reversal. These adjustments have no impact on net assets or the results of operations.

MIST-40

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $356,993,154, 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 December 31, 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.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MIST-41

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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 OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the 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.

MIST-42

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

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 which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	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)	$	7,517,291
	Unrealized appreciation on futures contracts** (a)		257,165	Unrealized depreciation on futures contracts** (a)	$	221,986
Equity	Unrealized appreciation on futures contracts** (a)		5,453,608	Unrealized depreciation on futures contracts** (a)		389,282
Commodity	Unrealized appreciation on futures contracts** (a)		592,943	Unrealized depreciation on futures contracts** (a)		2,196,284
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		5,684,750	Unrealized depreciation on forward foreign currency exchange contracts		448,772
Total		$	19,505,757		$	3,256,324

* 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.

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Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

** 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”) (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Australia & New Zealand Banking Group, Ltd.	$	150,839	$	—		$	—	$	150,839
Barclays Bank plc		49,871		(47,786	)		—		2,085
Citibank N.A.		594,561		(19,074	)		—		575,487
Credit Suisse International		609,432		(90,943	)		—		518,489
Deutsche Bank AG		158,423		(28,681	)		—		129,742
Goldman Sachs & Co.		181,300		—			—		181,300
Morgan Stanley & Co International PLC		36,011		(36,011	)		—		—
Royal Bank of Canada		447		—			—		447
Standard Chartered Bank		3,668,174		—			—		3,668,174
Toronto Dominion Bank		5,108		—			—		5,108
UBS AG		118,300		(17,652	)		—		100,648
Westpac Banking Corp.		112,284		(47,167	)		—		65,117
	$	5,684,750	$	(287,314	)	$	—	$	5,397,436

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Barclays Bank plc	$	47,786	$	(47,786	)	$	—	$	—
Citibank N.A.		19,074		(19,074	)		—		—
Credit Suisse International		90,943		(90,943	)		—		—
Deutsche Bank AG		28,681		(28,681	)		—		—
Morgan Stanley & Co International PLC		197,469		(36,011	)		—		161,458
UBS AG		17,652		(17,652	)		—		—
Westpac Banking Corp.		47,167		(47,167	)		—		—
	$	448,772	$	(287,314	)	$	—	$	161,458

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity		Commodity			Foreign Exchange		Total
Forward foreign currency transactions	$	—		$	—	$	—		$	8,391,203	$	8,391,203
Futures contracts		(2,189,069	)		40,517,019		(7,643,893	)		—		30,684,057
Swap contracts		34,421,930			—		—			—		34,421,930
	$	32,232,861		$	40,517,019	$	(7,643,893	)	$	8,391,203	$	73,497,190

MIST-44

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Commodity			Foreign Exchange		Total
Forward foreign currency transactions	$	—		$	—		$	—		$	4,085,768	$	4,085,768
Futures contracts		(1,756,289	)		(4,687,249	)		(1,430,403	)		—		(7,873,941	)
Swap contracts		13,737,677			—			—			—		13,737,677
	$	11,981,388		$	(4,687,249	)	$	(1,430,403	)	$	4,085,768	$	9,949,504

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	229,525,911
Futures contracts long		50,093,301
Futures contracts short		(36,488,431	)
Swap contracts		469,599,167

‡ Averages are based on activity levels during 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; and 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 (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the 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

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$51,528,004	$	700,482,098	$	7,076,215	$	529,181,681

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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$11,305,194		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

MIST-46

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

An identical agreement was in place for the period January 1, 2014 through April 27, 2014. Amounts waived for the year ended December 31, 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.

Effective April 28, 2014, there was no longer an expense cap for the Portfolio. For the year ended December 31, 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 year ended December 31, 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.

MIST-47

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$37,008,985	$	3,028,022	$	27,979,301	$	1,830,897	$	64,988,286	$	4,858,919

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$92,833,683	$	33,627,272	$	30,858,226	$	—	$	157,319,181

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, 2014, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-48

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of JP Morgan Global Active 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 JPMorgan Global Active Allocation Portfolio and subsidiary, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the two years in the period then ended and for the period from April 23, 2012 (commencement of operations) to December 31, 2012. 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 financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from the 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 referred to above present fairly, in all material respects, the financial position of JPMorgan Global Active Allocation Portfolio and subsidiary of Met Investors Series Trust as of December 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the two years in the period then ended and for the period from April 23, 2012 (commencement of operations) to December 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-49

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-50

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-51

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-52

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-53

Met Investors Series Trust

JPMorgan Global Active Allocation Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

JPMorgan Global Active Allocation Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Blended Index for the one-year and since-inception (beginning April 23, 2012) periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Dow Jones Moderate Index, for the one-year period ended October 31, 2014 and underperformed this benchmark for the since-inception period ended October 31, 2014. In addition, the Board considered that the Portfolio underperformed its blended benchmark for the one-year and since-inception periods ended October 31, 2014. The Board further noted that the Portfolio commenced operations on April 23, 2012 and, thus, has limited performance history. The Board took into account management’s discussion of the Portfolio’s performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board took into account that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

MIST-54

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Managed by J.P. Morgan Asset Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the JPMorgan Small Cap Value Portfolio returned 4.66% and 4.37%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 4.22%.

MARKET ENVIRONMENT / CONDITIONS

While many correctly anticipated a positive 2014 for the U.S. stock market, few could have predicted the way in which it was achieved. Large cap stocks outperformed small caps and defensive sectors outperformed cyclical ones. The market experienced three major pullbacks in 2014 though domestic equities rebounded strongly each time on the strength of economic and market fundamentals. In the end, the S&P 500 Index made 56 new highs in 2014 and finished close to its record high of 2,090.57 set on December 29th. Large cap stocks, as represented by the S&P 500 Index, returned 13.7% significantly outpacing small cap stocks, measured by the Russell 2000 Index, which gained 4.9%.

Equity markets got off to a rough start in January due to concerns with central banks’ ability to sustainably fight inflation and fund deteriorating current account deficits in select emerging markets. The Argentinean peso fell dramatically while in an emergency meeting, the Central Bank of the Republic of Turkey aggressively raised its overnight lending rate from 7.75% to 12.0% in efforts defend the lira. In late February, geopolitical concerns started to heat up as Russia sent troops into the Crimea region of Ukraine. Markets eventually settled down as Crimean citizens voted to join Russia without resistance.

Most of the actions coming from the Federal Reserve (the “Fed”) were in line with expectations. One highlight was Fed Chair Janet Yellen’s remark during her March press conference. While perhaps inadvertent, she stated that rate hikes could commence six months after the end of asset purchases, which would imply sometime during the second quarter of 2015. Several investors believe these remarks may have sparked the vicious rotation out of equities with higher growth expectations and into stocks with more attractive valuations and higher dividend yields.

Investors were quite perplexed when after an April employment report that significantly exceeded expectations, bond yields continued to fall. Geopolitical tensions in the Ukraine, unrest in Iraq, and concerns over U.S. growth were cited, particularly after the poor showing of U.S. 1st quarter gross domestic product (“GDP”), which experienced a -2.9% contraction. When looking back, the low yield environment is not a reflection of poor growth prospects for the U.S., but a function of supply and demand. Given the low yields in developed countries such as Japan, Germany and France, yields in the U.S. look far more attractive. An improving U.S. fiscal deficit has led to lower levels of Treasury issuance, decreasing the supply.

The year’s deepest selloff began in mid-September as the possibility of another recession in Europe rose to the forefront as weakness began to spread to Germany. First, the September Markit German Manufacturing Purchasing Managers Index (“PMI”) flashed contraction at 49.9. Subsequent releases showed German industrial orders, industrial production and exports for August falling significantly from July levels. However, equities began to rebound as the October Markit Flash Manufacturing PMI for the Eurozone came in at 50.7, a two-month high. As expected in October, the Fed ended its quantitative easing, or asset purchase program.

The final bout with volatility came in early December amidst concerns over the fierce decline in crude oil prices, the collapse of Russian equity markets and its currency, and increasing political uncertainty in Greece. Markets rebounded on the strength of U.S. economic data as November vehicle sales ran at an annual pace of 17.1 million compared to 16.2 million a year ago. Nonfarm payrolls rose by 321,000 versus economists’ forecast of 230,000 new jobs, the strongest gain since January of 2012. The current strength of the U.S. economy was also confirmed as the final estimate of U.S. 3rd quarter GDP came in at an annualized rate of 5.0%, higher than the second estimate of 3.9%.

The top performing sector within the S&P 500 Index was the Utilities sector. Utilities returned 29.0% in 2014, helped by the fall in bond yields and investor’s thirst for income. The worst performing sector was the Energy sector which lost -7.8%. Energy stock sold off hard beginning in the late summer as crude oil prices began to fall. Crude oil futures reached a high of $107.26 per barrel on June 20th and remained in freefall for the rest of year finishing 2014 at the low of $53.27 per barrel, a -50.3% decline.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Stock selection in Health Care and Industrials aided the Portfolio’s relative returns. Spansion and Agios Pharmaceuticals were the top contributors. Within the Information Technology sector, our overweight position in Spansion contributed to performance. The stock price of the company rose after management announced a merger with Cypress Semi. Both stocks received analyst upgrades on anticipated tax savings, cost synergies, and product synergies. Our overweight position in Agios Pharmaceuticals also contributed to performance. The uptrend in the stock price of the company was supported by strong Phase 1 trial results for its AG-120 treatment.

Alternatively, stock selection in the Financials and Consumer Discretionary sectors hurt the Portfolio’s relative returns. Ocwen Financial and Barrett Business Services were the top detractors. Ocwen Financial shares declined after reporting 2014 first quarter EPS (Earnings Per Share) below market expectations. The company also faced a number of legal issues throughout the year, which hurt investor sentiment toward the company. The stock price of Barrett Business Services tumbled after the announcement of an $80 million charge to cover workers compensation liabilities. The stock fell approximately 58% on the news. There were also concerns that more charges could be coming.

MIST-1

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Managed by J.P. Morgan Asset Management Inc.

Portfolio Manager Commentary*—(Continued)

From our proprietary attribution framework, during the period, the Alpha Model made a positive contribution to performance, while Risk Factors, Sector Selection, and Stock Specific detracted. From a factor perspective, Valuation and Capital Deployment were additive to performance, while Earnings Quality detracted.

There have been no changes to the way the Portfolio has been managed. Further, we remain firmly committed to our disciplined and dispassionate investment process.

As of December 31, 2014 our largest relative sector overweights were in the Industrials and Consumer Staples sectors, and our largest relative underweights were in the Financials and Consumer Discretionary sectors.

Dennis Ruhl

Phil Hart

Portfolio Managers

J.P. Morgan 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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 2000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
JPMorgan Small Cap Value Portfolio
Class A		4.66		11.62		9.18
Class B		4.37		11.33		7.85
Russell 2000 Value Index		4.22		14.26		8.18

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Portland General Electric Co.		1.2
CYS Investments, Inc.		1.1
Rite Aid Corp.		1.1
Spansion, Inc. - Class A		1.0
Dana Holding Corp.		1.0
DCT Industrial Trust, Inc.		1.0
CNO Financial Group, Inc.		0.9
Helix Energy Solutions Group, Inc.		0.9
AAR Corp.		0.9
Dillard’s, Inc. - Class A		0.9

Top Sectors

	% of Net Assets
Financials		37.7
Industrials		14.2
Information Technology		10.6
Consumer Discretionary		9.8
Utilities		6.3
Health Care		5.2
Energy		4.3
Materials		3.8
Consumer Staples		3.7
Telecommunication Services		0.6

MIST-3

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

JPMorgan Small Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.74	%	$	1,000.00	$	1,008.90	$	3.75
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.48	$	3.77
Class B(a)	Actual		0.99	%	$	1,000.00	$	1,007.30	$	5.01
	Hypothetical*		0.99	%	$	1,000.00	$	1,020.22	$	5.04

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio 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 December 31, 2014

Common Stocks—96.2% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—1.4%
AAR Corp. (a)		219,900	$	6,108,822
Engility Holdings, Inc. (b)		83,600		3,578,080
				9,686,902
Airlines—1.0%
Alaska Air Group, Inc.		66,400		3,968,064
SkyWest, Inc.		161,900		2,150,032
Virgin America, Inc. (b)		8,400		363,300
				6,481,396
Auto Components—1.3%
Dana Holding Corp.		309,100		6,719,834
Fuel Systems Solutions, Inc. (a) (b)		42,900		469,326
Spartan Motors, Inc.		25,500		134,130
Stoneridge, Inc. (b)		95,900		1,233,274
				8,556,564
Banks—14.6%
1st Source Corp.		38,001		1,303,814
American National Bankshares, Inc. (a)		2,600		64,506
Bancfirst Corp. (a)		28,000		1,774,920
BancorpSouth, Inc. (a)		144,400		3,250,444
Bank of Hawaii Corp. (a)		63,300		3,754,323
Banner Corp.		23,900		1,028,178
BBCN Bancorp, Inc.		136,600		1,964,308
Bridge Capital Holdings (b)		7,500		167,850
Capital Bank Financial Corp. - Class A (b)		89,700		2,403,960
Cascade Bancorp (b)		32,871		170,600
Cathay General Bancorp		79,700		2,039,523
Central Pacific Financial Corp.		170,701		3,670,071
Century Bancorp, Inc. - Class A (a)		3,200		128,192
Chemical Financial Corp.		28,000		857,920
Citizens & Northern Corp. (a)		7,600		157,092
City Holding Co. (a)		55,909		2,601,446
CoBiz Financial, Inc.		37,940		498,152
Columbia Banking System, Inc.		21,200		585,332
Community Bank System, Inc. (a)		52,400		1,998,012
Community Trust Bancorp, Inc.		47,216		1,728,578
ConnectOne Bancorp, Inc.		8,206		155,914
Customers Bancorp, Inc. (b)		8,700		169,302
East West Bancorp, Inc.		6,428		248,828
Financial Institutions, Inc.		26,999		679,025
First Bancorp (a)		11,800		217,946
First Bancorp/ Puerto Rico (b)		494,200		2,900,954
First Busey Corp.		160,700		1,046,157
First Citizens BancShares, Inc. - Class A		3,200		808,928
First Commonwealth Financial Corp.		512,300		4,723,406
First Community Bancshares, Inc.		18,000		296,460
First Financial Bankshares, Inc. (a)		29,200		872,496
First Interstate Bancsystem, Inc.		44,900		1,249,118
Flushing Financial Corp.		74,200		1,504,034
FNB Corp. (a)		179,900		2,396,268
Glacier Bancorp, Inc.		82,100		2,279,917
Great Southern Bancorp, Inc.		14,200		563,314
Guaranty Bancorp		10,300		148,732
Hancock Holding Co.		128,600		3,948,020
Banks—(Continued)
Heartland Financial USA, Inc.		21,083	$	571,349
Heritage Financial Corp.		9,434		165,567
Hudson Valley Holding Corp. (a)		26,932		731,473
Lakeland Bancorp, Inc.		24,045		281,327
Lakeland Financial Corp.		10,900		473,823
MainSource Financial Group, Inc.		78,104		1,633,936
MB Financial, Inc. (a)		46,400		1,524,704
Metro Bancorp, Inc. (b)		22,900		593,568
National Penn Bancshares, Inc. (a)		18,300		192,608
OFG Bancorp		217,645		3,623,789
Pacific Continental Corp.		30,385		430,859
PacWest Bancorp		60,200		2,736,692
Preferred Bank		6,800		189,652
Republic Bancorp, Inc. - Class A		7,700		190,344
S&T Bancorp, Inc. (a)		8,500		253,385
Sierra Bancorp (a)		6,800		119,408
Simmons First National Corp. - Class A		29,200		1,186,980
Southside Bancshares, Inc.		6,529		188,753
Southwest Bancorp, Inc.		64,300		1,116,248
State Bank Financial Corp.		22,300		445,554
Stock Yards Bancorp, Inc.		4,900		163,366
Suffolk Bancorp		6,800		154,428
Susquehanna Bancshares, Inc.		139,400		1,872,142
TCF Financial Corp.		170,400		2,707,656
Tompkins Financial Corp. (a)		15,359		849,353
Trustmark Corp. (a)		55,600		1,364,424
UMB Financial Corp. (a)		72,300		4,113,147
Umpqua Holdings Corp.		230,461		3,920,142
Union Bankshares Corp.		169,574		4,083,342
Valley National Bancorp (a)		29,874		290,077
Washington Trust Bancorp, Inc. (a)		14,700		590,646
Webster Financial Corp.		43,200		1,405,296
West Bancorp, Inc. (a)		16,220		276,064
Westamerica Bancorp (a)		72,500		3,553,950
Wilshire Bancorp, Inc.		267,800		2,712,814
				99,062,906
Biotechnology—1.9%
Agios Pharmaceuticals, Inc. (a) (b)		21,300		2,386,452
Applied Genetic Technologies Corp. (b)		8,200		172,364
Ardelyx, Inc. (b)		27,000		510,030
Auspex Pharmaceuticals, Inc. (a) (b)		37,400		1,962,752
Avalanche Biotechnologies, Inc. (b)		8,200		442,800
Cara Therapeutics, Inc. (a) (b)		32,200		321,034
Dicerna Pharmaceuticals, Inc. (a) (b)		18,800		309,636
Eleven Biotherapeutics, Inc. (b)		31,400		373,032
Epizyme, Inc. (a) (b)		13,700		258,519
Foundation Medicine, Inc. (a) (b)		7,700		171,094
Immune Design Corp. (a) (b)		15,900		489,402
Insmed, Inc. (b)		48,200		745,654
Karyopharm Therapeutics, Inc. (a) (b)		6,400		239,552
Kite Pharma, Inc. (a) (b)		11,900		686,273
MacroGenics, Inc. (b)		15,800		554,106
Radius Health, Inc. (b)		43,600		1,696,476
Sage Therapeutics, Inc. (a) (b)		5,500		201,300
Ultragenyx Pharmaceutical, Inc. (a) (b)		12,900		566,052
Verastem, Inc. (a) (b)		38,900		355,546

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Biotechnology—(Continued)
Zafgen, Inc. (a) (b)		11,200	$	345,408
				12,787,482
Building Products—0.4%
Gibraltar Industries, Inc. (b)		163,100		2,652,006
Trex Co., Inc. (a) (b)		7,800		332,124
				2,984,130
Capital Markets—1.4%
Arlington Asset Investment Corp. - Class A (a)		39,900		1,061,739
Cowen Group, Inc. - Class A (b)		279,700		1,342,560
GAMCO Investors, Inc. - Class A		13,285		1,181,568
Investment Technology Group, Inc. (b)		177,900		3,703,878
Janus Capital Group, Inc. (a)		26,000		419,380
Oppenheimer Holdings, Inc. - Class A		21,709		504,734
Piper Jaffray Cos. (b)		18,400		1,068,856
				9,282,715
Chemicals—1.3%
Minerals Technologies, Inc.		76,900		5,340,705
Olin Corp. (a)		108,200		2,463,714
Tredegar Corp.		56,925		1,280,243
				9,084,662
Commercial Services & Supplies—3.4%
ABM Industries, Inc.		67,800		1,942,470
ACCO Brands Corp. (b)		445,700		4,015,757
ARC Document Solutions, Inc. (b)		283,401		2,896,358
Cenveo, Inc. (a) (b)		725,807		1,524,194
Ennis, Inc.		9,600		129,312
G&K Services, Inc. - Class A		15,700		1,112,345
HNI Corp. (a)		45,500		2,323,230
Kimball International, Inc. - Class B		28,400		259,008
Performant Financial Corp. (b)		33,800		224,770
Quad/Graphics, Inc.		111,707		2,564,793
RR Donnelley & Sons Co. (a)		64,360		1,081,570
Steelcase, Inc. - Class A		17,100		306,945
United Stationers, Inc. (a)		106,300		4,481,608
				22,862,360
Communications Equipment—1.5%
Black Box Corp.		80,492		1,923,759
Calix, Inc. (b)		32,400		324,648
Comtech Telecommunications Corp.		59,182		1,865,416
Emulex Corp. (b)		270,200		1,532,034
Harmonic, Inc. (b)		148,400		1,040,284
Polycom, Inc. (b)		264,300		3,568,050
				10,254,191
Construction & Engineering—1.4%
Argan, Inc.		97,110		3,266,780
Comfort Systems USA, Inc.		54,300		929,616
EMCOR Group, Inc. (a)		118,000		5,249,820
				9,446,216
Consumer Finance—0.9%
Nelnet, Inc. - Class A		42,500		1,969,025
World Acceptance Corp. (a) (b)		56,700		4,504,815
				6,473,840
Containers & Packaging—0.6%
Graphic Packaging Holding Co. (b)		243,500		3,316,470
Myers Industries, Inc.		57,300		1,008,480
				4,324,950
Distributors—0.0%
VOXX International Corp. (b)		34,200		299,592
Diversified Consumer Services—0.9%
2U, Inc. (b)		28,000		550,480
Chegg, Inc. (a) (b)		19,500		134,745
K12, Inc. (b)		156,500		1,857,655
Regis Corp. (b)		199,200		3,338,592
				5,881,472
Diversified Financial Services—0.1%
Marlin Business Services Corp.		36,974		759,076
Diversified Telecommunication Services—0.6%
Fairpoint Communications, Inc. (b)		44,700		635,187
Inteliquent, Inc.		105,400		2,069,002
magicJack VocalTec, Ltd. (a) (b)		17,849		144,934
Vonage Holdings Corp. (b)		400,000		1,524,000
				4,373,123
Electric Utilities—2.2%
El Paso Electric Co.		114,605		4,591,076
PNM Resources, Inc. (a)		54,900		1,626,687
Portland General Electric Co. (a)		220,400		8,337,732
Unitil Corp.		20,000		733,400
				15,288,895
Electrical Equipment—0.1%
GrafTech International, Ltd. (b)		22,919		115,970
LSI Industries, Inc.		54,665		371,176
Polypore International, Inc. (a) (b)		6,900		324,645
				811,791
Electronic Equipment, Instruments & Components—1.5%
Benchmark Electronics, Inc. (b)		147,500		3,752,400
Coherent, Inc. (b)		26,400		1,603,008
Insight Enterprises, Inc. (b)		63,500		1,644,015
Kimball Electronics, Inc. (b)		21,300		256,026
Newport Corp. (b)		60,000		1,146,600
Sanmina Corp. (b)		34,800		818,844
Vishay Intertechnology, Inc. (a)		54,700		774,005
				9,994,898
Energy Equipment & Services—2.0%
Dawson Geophysical Co.		12,962		158,525

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Energy Equipment & Services—(Continued)
Exterran Holdings, Inc.		59,300	$	1,931,994
FMSA Holdings, Inc. (a) (b)		29,400		203,448
Helix Energy Solutions Group, Inc. (b)		285,100		6,186,670
Key Energy Services, Inc. (b)		19,300		32,231
Mitcham Industries, Inc. (b)		18,000		106,740
Parker Drilling Co. (b)		119,700		367,479
Pioneer Energy Services Corp. (b)		258,700		1,433,198
SEACOR Holdings, Inc. (a) (b)		43,100		3,181,211
				13,601,496
Food & Staples Retailing—1.8%
Pantry, Inc. (The) (b)		75,400		2,794,324
Rite Aid Corp. (b)		954,600		7,178,592
Smart & Final Stores, Inc. (b)		70,300		1,105,819
SpartanNash Co.		32,700		854,778
				11,933,513
Food Products—1.0%
Chiquita Brands International, Inc. (b)		168,700		2,439,402
Farmer Bros Co. (a) (b)		9,400		276,830
Fresh Del Monte Produce, Inc.		40,000		1,342,000
John B Sanfilippo & Son, Inc.		3,000		136,500
Pinnacle Foods, Inc.		58,400		2,061,520
Sanderson Farms, Inc. (a)		2,100		176,453
Seneca Foods Corp. - Class A (b)		8,200		221,646
				6,654,351
Gas Utilities—1.9%
AGL Resources, Inc.		32,800		1,787,928
Chesapeake Utilities Corp.		11,850		588,471
Laclede Group, Inc. (The) (a)		99,339		5,284,835
Northwest Natural Gas Co. (a)		23,600		1,177,640
Piedmont Natural Gas Co., Inc.		17,700		697,557
Southwest Gas Corp.		58,100		3,591,161
				13,127,592
Health Care Equipment & Supplies—1.4%
Inogen, Inc. (b)		15,700		492,509
NuVasive, Inc. (b)		34,600		1,631,736
PhotoMedex, Inc. (a) (b)		41,680		63,770
Roka Bioscience, Inc. (a) (b)		29,400		129,654
SurModics, Inc. (a) (b)		78,986		1,745,591
Symmetry Surgical, Inc. (b)		20,225		157,553
Thoratec Corp. (a) (b)		152,200		4,940,412
TriVascular Technologies, Inc. (a) (b)		14,600		183,522
				9,344,747
Health Care Providers & Services—1.3%
Centene Corp. (b)		24,300		2,523,555
Cross Country Healthcare, Inc. (b)		256,500		3,201,120
HealthEquity, Inc. (b)		9,400		239,230
LHC Group, Inc. (a) (b)		37,300		1,163,014
Surgical Care Affiliates, Inc. (a) (b)		10,500		353,325
Triple-S Management Corp. - Class B (b)		43,400		1,037,694
Health Care Providers & Services—(Continued)
Trupanion, Inc. (a) (b)		31,800		220,374
				8,738,312
Health Care Technology—0.2%
MedAssets, Inc. (b)		60,300		1,191,528
Hotels, Restaurants & Leisure—0.5%
Dave & Buster’s Entertainment, Inc. (a) (b)		22,700		619,710
Isle of Capri Casinos, Inc. (b)		83,741		700,912
Jack in the Box, Inc.		7,300		583,708
Ruth’s Hospitality Group, Inc.		105,400		1,581,000
Scientific Games Corp. - Class A (b)		12,700		161,671
				3,647,001
Household Durables—0.5%
CSS Industries, Inc.		43,451		1,200,986
Leggett & Platt, Inc. (a)		36,700		1,563,787
Skullcandy, Inc. (b)		39,200		360,248
				3,125,021
Household Products—0.3%
Central Garden and Pet Co. - Class A (a) (b)		222,600		2,125,830
Independent Power and Renewable Electricity Producers—0.6%
Atlantic Power Corp. (a)		633,900		1,717,869
Dynegy, Inc. (b)		56,700		1,720,845
Ormat Technologies, Inc.		20,300		551,754
				3,990,468
Insurance—5.0%
American Equity Investment Life Holding Co.		147,900		4,317,201
Arch Capital Group, Ltd. (b)		13,156		777,519
Argo Group International Holdings, Ltd.		43,240		2,398,523
CNO Financial Group, Inc.		367,800		6,333,516
Global Indemnity plc (b)		4,500		127,665
Hallmark Financial Services, Inc. (a) (b)		28,521		344,819
Horace Mann Educators Corp.		90,611		3,006,473
Meadowbrook Insurance Group, Inc. (a)		65,400		553,284
Navigators Group, Inc. (The) (b)		4,600		337,364
Platinum Underwriters Holdings, Ltd.		79,700		5,851,574
Primerica, Inc. (a)		41,900		2,273,494
ProAssurance Corp.		67,700		3,056,655
StanCorp Financial Group, Inc.		24,600		1,718,556
Symetra Financial Corp.		122,100		2,814,405
				33,911,048
Internet & Catalog Retail—0.3%
Coupons.com, Inc. (a) (b)		15,800		280,450
Orbitz Worldwide, Inc. (b)		182,500		1,501,975
Wayfair, Inc. - Class A (a) (b)		12,700		252,095
				2,034,520
Internet Software & Services—0.8%
Amber Road, Inc. (b)		10,700		109,354

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Internet Software & Services—(Continued)
Benefitfocus, Inc. (a) (b)		36,000	$	1,182,240
EarthLink Holdings Corp. (a)		239,800		1,052,722
Five9, Inc. (a) (b)		17,900		80,192
IntraLinks Holdings, Inc. (b)		234,948		2,795,881
OPOWER, Inc. (a) (b)		1,000		14,230
Q2 Holdings, Inc. (b)		1,700		32,028
				5,266,647
IT Services—2.0%
CSG Systems International, Inc. (a)		46,000		1,153,220
EVERTEC, Inc.		13,400		296,542
Global Cash Access Holdings, Inc. (b)		24,100		172,315
Hackett Group, Inc. (The)		20,500		180,195
ManTech International Corp. - Class A		45,100		1,363,373
MoneyGram International, Inc. (a) (b)		190,600		1,732,554
NeuStar, Inc. - Class A (a) (b)		131,700		3,661,260
Sykes Enterprises, Inc. (b)		48,100		1,128,907
Unisys Corp. (b)		130,500		3,847,140
				13,535,506
Leisure Products—0.2%
Nautilus, Inc. (b)		79,900		1,212,882
Life Sciences Tools & Services—0.2%
INC Research Holdings, Inc. - Class A (b)		10,500		269,745
PRA Health Sciences, Inc. (b)		31,500		762,930
VWR Corp. (b)		25,900		670,033
				1,702,708
Machinery—2.8%
AGCO Corp. (a)		36,700		1,658,840
Briggs & Stratton Corp. (a)		208,900		4,265,738
Douglas Dynamics, Inc.		143,942		3,084,677
Federal Signal Corp.		77,100		1,190,424
Hurco Cos., Inc.		24,882		848,227
Hyster-Yale Materials Handling, Inc.		26,500		1,939,800
Kadant, Inc.		50,807		2,168,951
Mueller Water Products, Inc. - Class A		113,800		1,165,312
Standex International Corp.		21,157		1,634,590
Wabash National Corp. (a) (b)		71,400		882,504
Watts Water Technologies, Inc. - Class A		8,100		513,864
				19,352,927
Marine—0.6%
International Shipholding Corp. (a)		22,536		335,786
Matson, Inc.		100,700		3,476,164
				3,811,950
Media—1.1%
Entercom Communications Corp. - Class A (a) (b)		69,960		850,714
EW Scripps Co. (The) - Class A (a) (b)		179,600		4,014,060
Journal Communications, Inc. - Class A (b)		132,447		1,513,869
Lee Enterprises, Inc. (a) (b)		109,600		403,328
McClatchy Co. (The) - Class A (b)		135,100		448,532
Media—(Continued)
Saga Communications, Inc. - Class A		3,535		153,702
				7,384,205
Metals & Mining—0.8%
Ampco-Pittsburgh Corp. (a)		2,300		44,275
Coeur Mining, Inc. (a) (b)		103,800		530,418
Commercial Metals Co.		59,700		972,513
Schnitzer Steel Industries, Inc. - Class A (a)		15,300		345,168
Worthington Industries, Inc.		120,500		3,625,845
				5,518,219
Multi-Utilities—1.4%
Avista Corp. (a)		133,000		4,701,550
NorthWestern Corp.		83,383		4,717,810
				9,419,360
Multiline Retail—0.9%
Bon-Ton Stores, Inc. (The) (a)		61,954		459,079
Dillard’s, Inc. - Class A (a)		48,000		6,008,640
				6,467,719
Oil, Gas & Consumable Fuels—2.3%
Adams Resources & Energy, Inc.		1,700		84,915
Alon USA Energy, Inc. (a)		35,400		448,518
Cloud Peak Energy, Inc. (b)		300,700		2,760,426
Comstock Resources, Inc. (a)		104,500		711,645
EXCO Resources, Inc. (a)		355,600		771,652
Frontline, Ltd. (a) (b)		82,900		208,079
Midstates Petroleum Co., Inc. (a) (b)		174,900		264,099
Pacific Ethanol, Inc. (b)		13,300		137,389
REX American Resources Corp. (a) (b)		58,041		3,596,801
Stone Energy Corp. (a) (b)		27,700		467,576
VAALCO Energy, Inc. (b)		364,000		1,659,840
W&T Offshore, Inc. (a)		106,500		781,710
Warren Resources, Inc. (a) (b)		123,100		198,191
Western Refining, Inc.		85,600		3,233,968
				15,324,809
Paper & Forest Products—1.0%
Domtar Corp.		48,800		1,962,736
PH Glatfelter Co.		14,500		370,765
Resolute Forest Products, Inc. (b)		50,300		885,783
Schweitzer-Mauduit International, Inc.		84,300		3,565,890
				6,785,174
Pharmaceuticals—0.2%
Achaogen, Inc. (a) (b)		6,700		87,435
Amphastar Pharmaceuticals, Inc. (b)		66,600		773,226
Egalet Corp. (a) (b)		19,000		108,110
Revance Therapeutics, Inc. (a) (b)		19,800		335,412
ZS Pharma, Inc. (a) (b)		6,500		270,205
				1,574,388

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Professional Services—1.7%
Barrett Business Services, Inc. (a)		116,060	$	3,180,044
FTI Consulting, Inc. (b)		151,600		5,856,308
Paylocity Corp. (a) (b)		11,800		308,098
RPX Corp. (b)		63,300		872,274
VSE Corp.		23,440		1,544,696
				11,761,420
Real Estate Investment Trusts—13.5%
American Assets Trust, Inc.		8,900		354,309
Anworth Mortgage Asset Corp.		1,094,466		5,745,946
Apartment Investment & Management Co. - Class A		75,900		2,819,685
Ashford Hospitality Prime, Inc.		50,639		868,965
Ashford Hospitality Trust, Inc.		252,795		2,649,292
Capstead Mortgage Corp. (a)		418,558		5,139,892
CBL & Associates Properties, Inc.		161,800		3,142,156
Chambers Street Properties		186,900		1,506,414
Coresite Realty Corp.		128,700		5,025,735
CubeSmart		212,000		4,678,840
CYS Investments, Inc. (a)		835,500		7,285,560
DCT Industrial Trust, Inc.		183,975		6,560,548
DiamondRock Hospitality Co.		122,900		1,827,523
Education Realty Trust, Inc.		33,800		1,236,742
EPR Properties		29,000		1,671,270
FelCor Lodging Trust, Inc.		273,869		2,963,263
First Industrial Realty Trust, Inc.		48,600		999,216
First Potomac Realty Trust		188,200		2,326,152
Franklin Street Properties Corp.		62,600		768,102
Getty Realty Corp. (a)		56,136		1,022,237
Gladstone Commercial Corp.		28,300		485,911
Glimcher Realty Trust		11,800		162,132
Government Properties Income Trust (a)		132,300		3,044,223
Highwoods Properties, Inc.		22,500		996,300
Home Properties, Inc.		25,400		1,666,240
Hospitality Properties Trust		61,500		1,906,500
LaSalle Hotel Properties		30,600		1,238,382
LTC Properties, Inc. (a)		38,100		1,644,777
Mid-America Apartment Communities, Inc. (a)		5,632		420,598
Parkway Properties, Inc.		58,200		1,070,298
Pebblebrook Hotel Trust		49,600		2,263,248
Pennsylvania Real Estate Investment Trust		88,100		2,066,826
Potlatch Corp.		117,400		4,915,538
PS Business Parks, Inc.		13,800		1,097,652
RAIT Financial Trust (a)		364,700		2,797,249
Saul Centers, Inc.		1,582		90,475
Strategic Hotels & Resorts, Inc. (b)		29,300		387,639
Sunstone Hotel Investors, Inc.		166,900		2,755,519
Taubman Centers, Inc.		5,300		405,026
Urstadt Biddle Properties, Inc. - Class A		30,100		658,588
Washington Real Estate Investment Trust (a)		113,600		3,142,176
				91,807,144
Real Estate Management & Development—1.1%
Alexander & Baldwin, Inc.		79,000		3,101,540
Forestar Group, Inc. (a) (b)		105,300		1,621,620
Real Estate Management & Developmen—(Continued)
St. Joe Co. (The) (a) (b)		140,400		2,581,956
				7,305,116
Road & Rail—1.1%
AMERCO		1,800		511,668
ArcBest Corp. (a)		82,900		3,844,073
Celadon Group, Inc.		19,300		437,917
PAM Transportation Services, Inc. (b)		9,200		476,928
Quality Distribution, Inc. (b)		86,900		924,616
USA Truck, Inc. (a) (b)		49,800		1,414,320
				7,609,522
Semiconductors & Semiconductor Equipment—2.9%
Amkor Technology, Inc. (b)		182,400		1,295,040
DSP Group, Inc. (b)		108,487		1,179,254
First Solar, Inc. (a) (b)		39,700		1,770,421
IXYS Corp.		25,700		323,820
Pericom Semiconductor Corp. (b)		30,500		412,970
Photronics, Inc. (b)		118,000		980,580
RF Micro Devices, Inc. (a) (b)		220,400		3,656,436
Spansion, Inc. - Class A (b)		200,700		6,867,954
SunPower Corp. (a) (b)		52,100		1,345,743
Ultra Clean Holdings, Inc. (b)		48,800		452,864
Xcerra Corp. (b)		177,839		1,629,005
				19,914,087
Software—1.5%
A10 Networks, Inc. (b)		70,400		306,944
Actuate Corp. (b)		50,500		333,300
Aspen Technology, Inc. (b)		48,600		1,701,972
Fair Isaac Corp.		24,600		1,778,580
Globant S.A. (a) (b)		14,800		231,176
Paycom Software, Inc. (a) (b)		19,700		518,701
Rubicon Project, Inc. (The) (b)		18,100		292,134
Take-Two Interactive Software, Inc. (a) (b)		160,900		4,510,027
TeleCommunication Systems, Inc. - Class A (b)		54,400		169,728
Varonis Systems, Inc. (a) (b)		5,700		187,131
				10,029,693
Specialty Retail—3.0%
Barnes & Noble, Inc. (a) (b)		240,400		5,582,088
Boot Barn Holdings, Inc. (b)		2,800		50,960
Brown Shoe Co., Inc.		118,700		3,816,205
Children’s Place, Inc. (The) (a)		104,600		5,962,200
Guess, Inc.		85,300		1,798,124
hhgregg, Inc. (a) (b)		394,284		2,984,730
				20,194,307
Technology Hardware, Storage & Peripherals—0.4%
Avid Technology, Inc. (b)		172,960		2,457,762
Quantum Corp. (a) (b)		255,400		449,504
				2,907,266

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Textiles, Apparel & Luxury Goods—1.1%
Iconix Brand Group, Inc. (a) (b)		177,100	$	5,984,209
Unifi, Inc. (b)		61,881		1,839,722
				7,823,931
Thrifts & Mortgage Finance—1.1%
BankFinancial Corp. (a)		8,485		100,632
Beneficial Mutual Bancorp, Inc. (a) (b)		37,600		461,352
Charter Financial Corp. (a)		125,482		1,436,769
ESB Financial Corp. (a)		11,500		217,810
First Financial Northwest, Inc.		12,400		149,296
Fox Chase Bancorp, Inc.		10,500		175,035
Kearny Financial Corp. (a) (b)		5,700		78,375
Northfield Bancorp, Inc.		190,800		2,823,840
OceanFirst Financial Corp.		21,800		373,652
Territorial Bancorp, Inc.		6,200		133,610
United Financial Bancorp, Inc.		37,500		538,500
Walker & Dunlop, Inc. (b)		19,900		349,046
WSFS Financial Corp.		9,865		758,520
				7,596,437
Tobacco—0.7%
Alliance One International, Inc. (b)		73,000		115,340
Universal Corp. (a)		101,067		4,444,927
				4,560,267
Trading Companies & Distributors—0.3%
Applied Industrial Technologies, Inc.		39,798		1,814,391
Water Utilities—0.2%
California Water Service Group		43,100		1,060,691
Total Common Stocks (Cost $564,817,096)				653,863,354
Short-Term Investments—25.1%
Mutual Fund—21.6%
State Street Navigator Securities Lending MET Portfolio (c)		147,079,562		147,079,562
Repurchase Agreement—3.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $23,662,191 on 01/02/15, collateralized by $24,140,000 Federal Home Loan Bank at 0.160% due 03/11/15 with a value of $24,140,000.		23,662,191		23,662,191
Total Short-Term Investments (Cost $170,741,753)				170,741,753
Total Investments—121.3% (Cost $735,558,849) (d)				824,605,107
Other assets and liabilities (net)—(21.3)%				(144,818,901	)
Net Assets—100.0%			$	679,786,206

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $146,056,253 and the collateral received consisted of cash in the amount of $147,079,562 and non-cash collateral with a value of $4,342,473. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $737,342,883. The aggregate unrealized appreciation and depreciation of investments were $123,190,558 and $(35,928,334), respectively, resulting in net unrealized appreciation of $87,262,224 for federal income tax purposes.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount		Unrealized Appreciation
Russell 2000 Mini Index Futures		03/20/15		225		USD 26,040,825	$	974,925

(USD)— United States Dollar

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	653,863,354	$	—		$	—	$	653,863,354
Short-Term Investments
Mutual Fund		147,079,562		—			—		147,079,562
Repurchase Agreement		—		23,662,191			—		23,662,191
Total Short-Term Investments		147,079,562		23,662,191			—		170,741,753
Total Investments	$	800,942,916	$	23,662,191		$	—	$	824,605,107
Collateral for securities loaned (Liability)	$	—	$	(147,079,562	)	$	—	$	(147,079,562	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	974,925	$	—		$	—	$	974,925

* 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

December 31, 2014

Assets
Investments at value (a) (b)	$	824,605,107
Cash		9,643
Cash collateral for futures contracts		1,190,000
Receivable for:
Investments sold		2,421,943
Fund shares sold		9,127
Dividends		1,345,141
Prepaid expenses		1,714
Total Assets		829,582,675
Liabilities
Collateral for securities loaned		147,079,562
Payables for:
Investments purchased		1,210,703
Fund shares redeemed		732,532
Variation margin on futures contracts		218,250
Accrued expenses:
Management fees		386,011
Distribution and service fees		6,801
Deferred trustees’ fees		67,424
Other expenses		95,186
Total Liabilities		149,796,469
Net Assets	$	679,786,206
Net assets consist of:
Paid in surplus	$	531,636,664
Undistributed net investment income		8,257,969
Accumulated net realized gain		49,870,601
Unrealized appreciation on investments, futures contracts and foreign currency transactions		90,020,972
Net Assets	$	679,786,206
Net Assets
Class A	$	647,221,540
Class B		32,564,666
Capital Shares Outstanding*
Class A		35,783,218
Class B		1,814,811
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	18.09
Class B		17.94

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $735,558,849.

(b) Includes securities loaned at value of $146,056,253.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	12,662,479
Interest		1,801
Securities lending income		1,019,856
Total investment income		13,684,136
Expenses
Management fees		5,401,092
Administration fees		16,753
Custodian and accounting fees		110,872
Distribution and service fees—Class B		77,207
Audit and tax services		42,010
Legal		43,250
Trustees’ fees and expenses		43,760
Shareholder reporting		76,849
Insurance		4,333
Miscellaneous		10,856
Total expenses		5,826,982
Less management fee waiver		(629,287	)
Net expenses		5,197,695
Net Investment Income		8,486,441
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		52,539,078
Futures contracts		(330,563	)
Foreign currency transactions		(21	)
Net realized gain		52,208,494
Net change in unrealized appreciation (depreciation) on:
Investments		(32,526,372	)
Futures contracts		710,055
Foreign currency transactions		(253	)
Net change in unrealized depreciation		(31,816,570	)
Net realized and unrealized gain		20,391,924
Net Increase in Net Assets From Operations	$	28,878,365

(a) Net of foreign withholding taxes of $27,656.

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	8,486,441		$	7,670,608
Net realized gain		52,208,494			97,079,961
Net change in unrealized appreciation (depreciation)		(31,816,570	)		77,686,840
Increase in net assets from operations		28,878,365			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		(26,338,519	)		196,541,571
Total increase (decrease) in net assets		(97,114,118	)		374,148,780
Net Assets
Beginning of period		776,900,324			402,751,544
End of period	$	679,786,206		$	776,900,324
Undistributed net investment income
End of period	$	8,257,969		$	7,727,751

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		2,369,421		$	41,163,248			17,042,620		$	281,210,557
Reinvestments		5,675,605			95,690,698			295,536			4,693,106
Redemptions		(9,685,830	)		(167,274,836	)		(4,947,996	)		(87,090,034	)
Net increase (decrease)		(1,640,804	)	$	(30,420,890	)		12,390,160		$	198,813,629
Class B
Sales		224,136		$	3,921,256			215,277		$	3,745,167
Reinvestments		236,613			3,963,266			8,677			137,094
Redemptions		(214,007	)		(3,802,151	)		(355,231	)		(6,154,319	)
Net increase (decrease)		246,742		$	4,082,371			(131,277	)	$	(2,272,058	)
Increase (decrease) derived from capital shares transactions				$	(26,338,519	)				$	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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	19.93		$	15.07		$	13.14		$	14.85		$	12.52
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.21			0.21			0.15			0.18
Net realized and unrealized gain (loss) on investments		0.52			4.77			1.84			(1.62	)		2.26
Total from investment operations		0.74			4.98			2.05			(1.47	)		2.44
Less Distributions
Distributions from net investment income		(0.22	)		(0.12	)		(0.12	)		(0.24	)		(0.11	)
Distributions from net realized capital gains		(2.36	)		0.00			0.00			0.00			0.00
Total distributions		(2.58	)		(0.12	)		(0.12	)		(0.24	)		(0.11	)
Net Asset Value, End of Period	$	18.09		$	19.93		$	15.07		$	13.14		$	14.85
Total Return (%) (b)		4.66			33.25			15.66			(10.12	)		19.53
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.82			0.83			0.84			0.85			0.87
Net ratio of expenses to average net assets (%) (c)		0.73			0.75			0.84			0.85			0.87
Ratio of net investment income to average net assets (%)		1.22			1.21			1.44			1.08			1.39
Portfolio turnover rate (%)		35			110			38			47			41
Net assets, end of period (in millions)	$	647.2		$	745.9		$	377.3		$	302.8		$	258.5
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	19.79		$	14.97		$	13.06		$	14.78		$	12.48
Income (Loss) from Investment Operations
Net investment income (a)		0.18			0.16			0.17			0.12			0.16
Net realized and unrealized gain (loss) on investments		0.50			4.74			1.83			(1.62	)		2.24
Total from investment operations		0.68			4.90			2.00			(1.50	)		2.40
Less Distributions
Distributions from net investment income		(0.17	)		(0.08	)		(0.09	)		(0.22	)		(0.10	)
Distributions from net realized capital gains		(2.36	)		0.00			0.00			0.00			0.00
Total distributions		(2.53	)		(0.08	)		(0.09	)		(0.22	)		(0.10	)
Net Asset Value, End of Period	$	17.94		$	19.79		$	14.97		$	13.06		$	14.78
Total Return (%) (b)		4.37			32.90			15.36			(10.36	)		19.25
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.07			1.08			1.09			1.10			1.12
Net ratio of expenses to average net assets (%) (c)		0.98			1.00			1.09			1.10			1.12
Ratio of net investment income to average net assets (%)		1.00			0.90			1.18			0.85			1.21
Portfolio turnover rate (%)		35			110			38			47			41
Net assets, end of period (in millions)	$	32.6		$	31.0		$	25.4		$	21.8		$	16.3

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-15

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of 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-16

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to passive foreign investment companies (PFICs), foreign currency transactions, 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $23,662,191, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MIST-17

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized appreciation on futures contracts*	$	974,925

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	(330,563	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	710,055

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	20,775

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”).

MIST-18

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	234,755,442	$	830,000	$	353,577,844

During the year ended December 31, 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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$5,401,092		0.800	%	First $100 million
		0.775	%	$100 million to $500 million
		0.750	%	$500 million to $1 billion
		0.725	%	Over $1 billion

MIST-19

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 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 November 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
0.075%	First $50 million
0.125%	$50 million to $100 million
0.100%	$100 million to $500 million
0.075%	$500 million to $1 billion
0.050%	Over $1 billion

Prior to November 1, 2014 the Adviser had agreed, for the period April 28, 2014 to October 31, 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
0.050%	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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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.

MIST-20

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$43,684,657	$	4,830,200	$	55,969,307	$	—	$	99,653,964	$	4,830,200

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$29,989,302	$	30,965,653	$	87,262,012	$	—	$	148,216,967

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-21

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of JPMorgan Small Cap Value 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 JPMorgan Small Cap Value Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of JPMorgan Small Cap Value Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-22

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-23

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-24

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-25

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-26

Met Investors Series Trust

JPMorgan Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

JPMorgan Small Cap Value Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and J.P. Morgan Investment Management Inc. (“JPMorgan”) regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other information relating specifically to the Portfolio’s performance, the Board noted that JPMorgan assumed portfolio management responsibility for the Portfolio on April 29, 2013, and that investment performance prior to that date represents that of a different investment adviser. The Board also considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Russell 2000 Value Index, for the one-, three-, and five-year periods ended October 31, 2014. In addition, the Board took into account management’s discussion of the Portfolio’s performance, including a recent trend toward improved performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below its Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were below the average of the Sub-advised Expense Group and the average of the Sub-advised Expense Universe at the Portfolio’s current size. The Board also considered that the Adviser had agreed to waive fees and/or reimburse expenses during the past year. The Board also noted that the Adviser was in the final stages of negotiating reductions to the Portfolio’s sub-advisory fee schedule, and that the Adviser intended to waive a corresponding portion of its advisory fees in order for contractholders to benefit from the lower sub-advisory fees and that those changes would be presented to the Board in February 2015 to be effective later in 2015.

MIST-27

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the Loomis Sayles Global Markets Portfolio returned 3.76% and 3.47%, respectively. The Portfolio’s benchmarks, the MSCI World Index¹ and the Citigroup World Government Bond Index (“Citi WGBI”)², returned 4.94% and -0.48%, respectively. A blend of the MSCI World Index (60%) and the Citi WGBI (40%) returned 2.80%.

MARKET ENVIRONMENT / CONDITIONS

While the U.S. economy continued its recovery in 2014, the same could not be said for several other developed economies around the world, such as Europe and Japan, where stagnant growth resulted in reduced growth forecasts leading into 2015. The U.S. recovery was reflected in market returns with the S&P 500 Index reaching record highs on more than 50 trading days during the year, as healthy earnings-per-share growth, continued share buybacks, and double-digit dividend growth lifted share prices. Outside the U.S., dollar strength translated what were only muted gains in local currency terms into negative returns for U.S. investors.

Global bond yields continued to fall toward the end of the year. Concerns over global growth and easing central bank policies, along with geopolitical tensions, a commodity selloff and currency volatility, created the backdrop to drive yields lower across major markets. U.S. Treasuries have stayed near their lows, particularly among longer-dated issues.

The U.S. dollar furthered its rally against virtually every major currency, largely driven by diverging growth and interest rate projections for the U.S. compared to the rest of the world. Increasingly accommodative central banking policies by the Bank of Japan and the European Central Bank (the “ECB”) caused the yen and euro to fall to levels not seen in several years. Additional pressure on oil-exporting countries, such as Norway, was another factor in the depreciation of such currencies. In the eurozone, the lack of growth and disinflationary pressures continued to be concerns. Credit conditions remained uneven with limited prospects for improvement; however, markets continued to rally on the expectation that the ECB would ramp up its quantitative easing efforts. Yields on German bunds and peripheral European bonds, with the exception of Greece, reached historic lows.

Elsewhere, oil prices fell to multi-year lows amid a substantial supply-demand imbalance. In November, Organization of the Petroleum Exporting Countries (OPEC) announced that it would not cut production, which compounded a price rout that had been well underway since June.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Against this backdrop, the Portfolio, with its exposure to both equity and fixed income securities, underperformed the all-equity MSCI World Index. The equity portion of the Portfolio performed strongly with nearly every MSCI sector contributing to results. However, given the strength of U.S. large cap stocks, the Portfolio’s out-of-benchmark allocation to Emerging Markets securities and specific North American stocks detracted from overall performance relative to the MSCI World Index. On a sector basis, stock selection in the Information Technology (“IT”), Consumer Staples and Energy sectors diminished relative performance. Not having exposure to the Utilities sector also hurt due to the surprisingly low global interest rates in 2014.

The stocks that contributed least to overall performance were Adidas AG, Genomma Lab Internacional and Noble Energy. Global sports apparel company Adidas underperformed over the last year as conditions in Russia deteriorated, competitive intensity rose and its golf business underperformed expectations. These issues led to a material decline in operating margins that was far below our forecasts. Genomma, a large global pharmaceutical, is facing considerable challenges from continued weakness in the Mexican economy, foreign exchange headwinds and uncertainty around expansion plans in Europe. We believe the company’s valuation is very attractive, and we expect fundamentals to rebound strongly in 2015. Noble Energy, an independent energy exploration and production company, came under pressure during the fourth quarter of 2014 due primarily to a 50% decline in global crude oil prices. This decline was exacerbated by OPEC’s Thanksgiving Day decision keeping current production quotas in place, rather than cutting supply to support prices. Lower crude prices will likely negatively impact Noble’s cash flow and earnings potential and will most likely result in lower production growth in 2015. Recent news that Israel’s Antitrust Authority is reconsidering its prior deal allowing Noble to develop the Leviathan gas field presents additional risk to production and cash flow growth in the medium term.

On a positive note, an underweight exposure to Europe, combined with very strong stock selection within the region, negated a large part of this relative underperformance. A large underweight to Developed Asia also proved beneficial. Stock selection was particularly strong among the Consumer Discretionary, Health Care and Materials sectors. An underweight in Materials, plus not having exposure to the Telecommunications sector also boosted performance. On an individual basis, the top contributors to performance were Shire plc, Transdigm Group and Autozone. Under a new CEO, Shire plc, a specialty pharmaceutical company, is streamlining their existing businesses (mainly medications for ADHD and rare diseases) and utilizing their strong balance sheet to augment their internal growth via bolt-on acquisitions. In addition, the company’s strong cost discipline and their focus on internal research and development will also add to future earnings acceleration. Transdigm Group, a manufacturer of aircraft components, reported strong fiscal third-quarter earnings, highlighted by strong organic revenue growth of roughly 7% and a re-acceleration in aftermarket revenue growth, up 15% year over year. The company raised revenue and cash flow guidance for the fiscal year to reflect an improved outlook for the

MIST-1

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

commercial aftermarket segment. The company also exhibited its commitment to shareholder returns via a $25 per share special dividend (in June) and its first share repurchase in years (disclosed in August). We continued to have high conviction in specialty-automotive retailer AutoZone. The company reported strong earnings in early December as revenues grew 8% with broad-based strength and reduced their share count by 5.5% on a year-over-year basis though its aggressive share buyback program.

For the fixed income portion of the Portfolio, currency allocation was a strong driver of performance during the year. Our preference for the U.S. dollar over the euro, British pound and Japanese yen contributed to results as these currencies lost value relative to the dollar. Small positions in the Mexican peso, Norwegian krone and Brazilian real hindered results as the currencies depreciated amid continued U.S. dollar strength. Selection among U.S. issuers aided performance, with strong returns from several high yield and convertible names. The Portfolio’s small exposure to the U.K. hindered returns as the U.K economic recovery continued.

Over the course of the year, the Portfolio’s sector and regional weights have changed based on where we discovered our best bottom-up stock ideas. We have further increased the Portfolio’s overweight to the Consumer Discretionary sector through a purchase of Jarden Corp. We found Jarden attractive, given the opportunity to meaningfully accelerate sales both organically and inorganically, expand margins though selective price increases and modest cost reductions, and what we view as a best-in-class management team that has a stellar record on capital allocation. We also have increased the Portfolio’s Financials exposure through purchases of AIA Group and Travelers. AIA is a pan-South East Asian life insurance company that was spun off by AIG in 2010. It sells life protection and long-term savings products. Its sales and profit growth is strong, driven by emergence of the middle class in Asia and by the need for greater savings and protection due to an insufficient social security safety net. We bought the stock because of our confidence in the company’s ability to sustain high growth for many more years. Travelers is a U.S. property and casualty insurance company with a strong franchise providing insurance for small- and medium-size businesses. It has excellent management and a history of retuning almost all of its profits to shareholders via dividends and buybacks. We liked the stock because we think that the pricing environment will stay more stable than the market expects.

Recently, given the turmoil in the energy market, we have decreased the Portfolio’s exposure to the Energy sector by exiting out of two names, as oil prices have plummeted almost 50% over the last six months. While operational execution improved markedly over the course of 2014, deteriorating macroeconomic fundamentals for natural gas in the U.S. are likely to pressure exploration and production company Gulfport Energy Corp.’s ability to grow cash flow and production, and as a result, we sold the security. We also have eliminated the Portfolio’s position in National Oilwell Varco (“NOV”), a global oil services company, due to the rapid decline in oil prices and the expected impact that this will have on NOV’s business moving forward. While slowing demand for offshore rigs has been evident for some time, the sharp decline in oil prices in the second half of 2015 will likely pressure NOV’s shorter-cycle businesses. The company’s strong cash generation has served as a redeeming attribute during the energy selloff and helped to buoy the stock. We deployed some of the capital into higher conviction names, like Kinder Morgan, and are holding the remainder of the proceeds in cash for now. The sale of these two names, along with sales of ACE Ltd. and Qualcomm reduced our North American exposure bringing our relative overweight to an underweight in the region at year-end.

At period end, the equity portion of the Portfolio had an unconstrained, fundamentally driven strategy with an emphasis on forward-looking scenario analysis. As a result of our bottom-up investment approach, we were primarily overweight the Consumer Discretionary, Health Care, Industrials and IT sectors, while underweight the Consumer Staples, Materials and Financials sectors. We did not own equity securities in the Telecommunications and Utilities sectors, as we continued to find the high capital intensity of these businesses relatively unattractive.

Equity positions held at period end are the direct result of our fundamental research and reflect what we believed are the most attractive opportunities based on quality, intrinsic value and valuation. From a regional perspective, we remained underweight developed Asia, Emerging Markets and Europe and held a large overweight in North America. Our relative positioning at year end was the result of our process as we look to identify quality companies that have the ability to grow intrinsic value and currently trade at an attractive valuation. While recent market conditions have been challenging, we continued to maintain our long-term focus in positioning the Portfolio.

At the end of the reporting period, the fixed income portion of the Portfolio had a corporate bond allocation of 60% and high yield allocation of 38%. Yields on corporates have remained relatively steady as government rates have declined, leading to spread widening. Volatility has clearly increased in the corporate bond market over the past few months, and we continued to see strong investor demand for new issues and generally favorable fundamentals and technicals. Overall, high yield valuations were more attractive at year end but still remained somewhat extended on a historical basis. Certain credit-specific stories and shorter-maturity high yield remained compelling.

MIST-2

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Managed by Loomis, Sayles & Company, L.P.

Portfolio Manager Commentary*—(Continued)

The Portfolio continued to prefer the U.S. dollar over the euro and yen, with tactical positioning in emerging market currencies. In addition, the Portfolio continued to maintain its short-duration stance.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-3

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

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception3
Loomis Sayles Global Markets Portfolio
Class A		3.76		11.52		8.24
Class B		3.47		11.24		7.97
MSCI World Index		4.94		10.20		4.73
Citigroup World Government Bond Index		-0.48		1.67		4.18

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 Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Equity Sectors

	% of Net Assets
Financials		14.8
Consumer Discretionary		12.2
Information Technology		11.3
Health Care		10.6
Industrials		9.3

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		17.6
Foreign Government		5.5
U.S. Treasury & Government Agencies		3.2
Convertible Bonds		1.7
Municipals		0.2

MIST-4

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Loomis Sayles Global Markets Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.78	%	$	1,000.00	$	983.70	$	3.90
	Hypothetical*		0.78	%	$	1,000.00	$	1,021.27	$	3.97
Class B	Actual		1.03	%	$	1,000.00	$	982.30	$	5.15
	Hypothetical*		1.03	%	$	1,000.00	$	1,020.01	$	5.24

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-5

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—69.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—4.2%
Precision Castparts Corp.		38,574	$	9,291,705
TransDigm Group, Inc. (a)		61,907		12,155,440
				21,447,145
Auto Components—0.6%
Motherson Sumi Systems, Ltd.		412,605		3,001,074
Automobiles—0.7%
Suzuki Motor Corp.		113,900		3,423,947
Banks—5.1%
Citigroup, Inc.		160,706		8,695,802
HDFC Bank, Ltd.		327,408		5,679,619
M&T Bank Corp. (a)		48,281		6,065,059
Mitsubishi UFJ Financial Group, Inc.		1,039,200		5,696,004
				26,136,484
Beverages—3.2%
Anheuser-Busch InBev NV		60,885		6,851,615
Asahi Group Holdings, Ltd.		145,800		4,500,293
Diageo plc		181,979		5,219,367
				16,571,275
Biotechnology—1.2%
Gilead Sciences, Inc. (b)		65,211		6,146,789
Capital Markets—1.7%
Goldman Sachs Group, Inc. (The)		46,089		8,933,431
Chemicals—1.8%
Praxair, Inc.		30,529		3,955,337
Valspar Corp. (The)		62,386		5,395,141
				9,350,478
Consumer Finance—1.6%
American Express Co.		86,618		8,058,939
Diversified Financial Services—1.7%
London Stock Exchange Group plc		252,452		8,673,338
Energy Equipment & Services—3.3%
Core Laboratories NV		30,713		3,696,002
Oceaneering International, Inc.		97,888		5,756,793
Schlumberger, Ltd.		89,067		7,607,213
				17,060,008
Health Care Providers & Services—1.4%
UnitedHealth Group, Inc.		72,645		7,343,683
Hotels, Restaurants & Leisure—1.5%
Wyndham Worldwide Corp.		90,255		7,740,269
Household Durables—0.7%
Jarden Corp. (b)		78,190		3,743,737
Insurance—4.5%
AIA Group, Ltd.		1,342,000		7,363,982
Legal & General Group plc		2,461,751		9,455,143
Travelers Cos., Inc. (The)		59,759		6,325,490
				23,144,615
Internet & Catalog Retail—3.6%
Amazon.com, Inc. (b)		19,944		6,189,621
Priceline Group, Inc. (The) (b)		10,849		12,370,138
				18,559,759
Internet Software & Services—4.8%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		82,459		8,570,788
Facebook, Inc. - Class A (b)		58,845		4,591,087
Google, Inc. - Class A (b)		11,014		5,844,689
Google, Inc. - Class C (b)		11,014		5,797,770
				24,804,334
IT Services—4.5%
CGI Group, Inc. - Class A (a) (b)		249,500		9,511,409
Cielo S.A.		205,000		3,212,485
HCL Technologies, Ltd.		180,949		4,593,274
Nomura Research Institute, Ltd. (a)		182,100		5,591,551
				22,908,719
Machinery—1.4%
Atlas Copco AB - A Shares		255,791		7,120,487
Oil, Gas & Consumable Fuels—2.1%
Kinder Morgan, Inc. (a)		157,383		6,658,875
Noble Energy, Inc.		90,737		4,303,656
				10,962,531
Personal Products—1.3%
Hengan International Group Co., Ltd.		661,500		6,900,315
Pharmaceuticals—8.0%
Bayer AG		49,917		6,824,124
Genomma Lab Internacional S.A.B. de C.V. - Class B (a) (b)		2,857,147		5,443,660
Novo Nordisk A/S - Class B		169,719		7,181,083
Roche Holding AG		41,557		11,263,629
Valeant Pharmaceuticals International, Inc. (b)		74,591		10,674,718
				41,387,214
Road & Rail—1.3%
Genesee & Wyoming, Inc. - Class A (b)		76,755		6,901,810
Semiconductors & Semiconductor Equipment—0.9%
Texas Instruments, Inc.		88,568		4,735,288
Software—1.2%
FactSet Research Systems, Inc. (a)		42,276		5,950,347
Specialty Retail—3.9%
AutoZone, Inc. (a) (b)		19,208		11,891,865

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Specialty Retail—(Continued)
Lowe’s Cos., Inc.		54,495	$	3,749,256
Signet Jewelers, Ltd.		34,948		4,598,108
				20,239,229
Textiles, Apparel & Luxury Goods—1.2%
Luxottica Group S.p.A.		116,407		6,373,009
Trading Companies & Distributors—2.4%
Brenntag AG		107,076		6,025,098
WW Grainger, Inc. (a)		24,802		6,321,782
				12,346,880
Total Common Stocks (Cost $303,853,925)				359,965,134
Corporate Bonds & Notes—17.6%
Advertising—0.1%
CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp.
5.250%, 02/15/22 (144A)		25,000		25,188
5.875%, 03/15/25 (144A) (a)		55,000		55,412
Visant Corp.
10.000%, 10/01/17		100,000		86,750
WPP plc
6.000%, 04/04/17 (GBP)		160,000		274,003
				441,353
Aerospace/Defense—0.0%
TransDigm, Inc.
6.500%, 07/15/24		76,000		76,380
Airlines—0.4%
Air Canada
7.625%, 10/01/19 (144A) (CAD)		470,000		430,334
Delta Air Lines Pass-Through Trust
8.021%, 08/10/22		1,128,882		1,303,858
U.S. Airways Pass-Through Trust
5.900%, 10/01/24		71,545		79,773
8.000%, 10/01/19		35,818		39,759
United Continental Holdings, Inc.
6.375%, 06/01/18		305,000		322,538
				2,176,262
Auto Manufacturers—0.5%
Ford Motor Co.
6.625%, 10/01/28		1,675,000		2,057,210
Kia Motors Corp.
3.625%, 06/14/16 (144A)		300,000		309,312
				2,366,522
Auto Parts & Equipment—0.3%
Gajah Tunggal Tbk PT
7.750%, 02/06/18 (144A)		300,000		277,500
Auto Parts & Equipment—(Continued)
Goodyear Tire & Rubber Co. (The)
7.000%, 03/15/28		1,228,000	$	1,270,980
				1,548,480
Banks—2.7%
Axis Bank, Ltd.
3.250%, 05/21/20 (144A)		225,000		222,667
Banco de Credito e Inversiones
3.000%, 09/13/17 (144A)		600,000		611,875
Banco do Brasil S.A.
3.875%, 10/10/22		300,000		275,250
Banco Santander Brasil S.A.
4.625%, 02/13/17 (144A)		400,000		414,520
Banco Santander Mexico S.A.
4.125%, 11/09/22 (144A)		150,000		148,530
Banco Votorantim S.A.
6.250%, 05/16/16 (144A) (BRL)		450,000		197,680
Barclays plc
2.750%, 11/08/19		475,000		472,098
Canara Bank
6.365%, 11/28/21 (c)		200,000		203,099
Corpbanca S.A.
3.125%, 01/15/18		465,000		462,094
Credit Agricole S.A.
7.500%, 06/23/26 (GBP) (c)		160,000		244,139
Export-Import Bank of Korea
3.000%, 05/22/18 (144A) (NOK)		1,700,000		237,405
Goldman Sachs Group, Inc. (The)
3.375%, 02/01/18 (CAD)		300,000		266,243
6.750%, 10/01/37		945,000		1,188,219
GTB Finance B.V.
6.000%, 11/08/18 (144A)		200,000		186,000
Hana Bank
4.000%, 11/03/16 (144A)		200,000		208,696
ICICI Bank, Ltd.
3.500%, 03/18/20 (144A)		620,000		623,909
6.375%, 04/30/22 (144A) (c)		300,000		308,250
Industrial Bank of Korea
2.375%, 07/17/17 (144A)		300,000		303,852
Itau Unibanco Holding S.A.
6.200%, 12/21/21 (144A) (a)		300,000		314,814
Lloyds Banking Group plc
4.500%, 11/04/24		200,000		201,828
Macquarie Bank, Ltd.
6.625%, 04/07/21 (144A)		500,000		577,201
Morgan Stanley
4.100%, 05/22/23		200,000		202,488
4.350%, 09/08/26		315,000		316,882
7.250%, 05/26/15 (AUD)		300,000		248,875
7.625%, 03/03/16 (AUD)		500,000		427,659
PKO Finance AB
4.630%, 09/26/22 (144A)		450,000		471,375
Royal Bank of Scotland Group plc
6.000%, 12/19/23		470,000		508,727

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Siam Commercial Bank PCL
3.500%, 04/07/19 (144A)		420,000	$	431,420
Societe Generale S.A.
5.000%, 01/17/24 (144A) (a)		485,000		487,658
6.750%, 04/07/21 (EUR) (c)		195,000		228,999
Standard Chartered plc
4.000%, 10/21/25 (EUR) (c)		250,000		320,563
State Bank of India
4.125%, 08/01/17 (144A)		300,000		311,322
TC Ziraat Bankasi A/S
4.250%, 07/03/19 (144A)		380,000		379,544
Turkiye Garanti Bankasi A/S
4.000%, 09/13/17 (144A)		300,000		304,524
Turkiye Is Bankasi
3.875%, 11/07/17 (144A)		400,000		402,440
UniCredit S.p.A.
6.950%, 10/31/22 (EUR)		300,000		426,578
Woori Bank Co., Ltd.
5.875%, 04/13/21 (144A)		200,000		227,918
Yapi ve Kredi Bankasi A/S
5.250%, 12/03/18 (144A)		360,000		372,204
				13,737,545
Beverages—0.0%
Constellation Brands, Inc.
4.750%, 11/15/24 (a)		110,000		111,375
DS Services of America, Inc.
10.000%, 09/01/21 (144A)		125,000		144,375
				255,750
Building Materials—0.2%
Atrium Windows & Doors, Inc.
7.750%, 05/01/19 (144A)		215,000		180,600
Cemex Finance LLC
6.000%, 04/01/24 (144A) (a)		265,000		258,375
Masco Corp.
6.500%, 08/15/32		30,000		30,675
7.750%, 08/01/29		200,000		230,000
Union Andina de Cementos SAA
5.875%, 10/30/21 (144A) (a)		450,000		456,525
				1,156,175
Chemicals—0.9%
Braskem Finance, Ltd.
5.750%, 04/15/21 (144A) (a)		200,000		201,500
Hercules, Inc.
6.500%, 06/30/29		10,000		9,000
Incitec Pivot Finance LLC
6.000%, 12/10/19 (144A)		80,000		88,959
Israel Chemicals, Ltd.
4.500%, 12/02/24 (144A)		380,000		380,228
Momentive Specialty Chemicals, Inc.
7.875%, 02/15/23 (d)		899,000		548,390
8.375%, 04/15/16 (d)		1,961,000		1,637,435
9.200%, 03/15/21 (d)		1,910,000		1,360,875
Chemicals—(Continued)
OCP S.A.
6.875%, 04/25/44 (144A) (a)		245,000		262,787
				4,489,174
Commercial Services—0.1%
Cielo S.A. / Cielo USA, Inc.
3.750%, 11/16/22 (144A)		540,000		486,000
RR Donnelley & Sons Co.
7.000%, 02/15/22		255,000		273,488
				759,488
Cosmetics/Personal Care—0.0%
Avon Products, Inc.
6.950%, 03/15/43		35,000		28,875
Diversified Financial Services—0.9%
CIMPOR Financial Operations B.V.
5.750%, 07/17/24 (144A)		410,000		359,734
General Motors Financial Co., Inc.
4.375%, 09/25/21		100,000		104,375
Jefferies Group LLC
5.125%, 01/20/23		50,000		50,826
6.250%, 01/15/36		175,000		171,985
6.450%, 06/08/27		50,000		51,877
6.875%, 04/15/21		480,000		545,645
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
7.375%, 10/01/17		90,000		92,700
Mubadala GE Capital, Ltd.
3.000%, 11/10/19 (144A)		435,000		430,598
Nomura Holdings, Inc.
2.750%, 03/19/19 (a)		485,000		490,312
Old Mutual plc
8.000%, 06/03/21 (GBP)		280,000		495,919
SLM Corp.
5.500%, 01/25/23		555,000		531,412
5.625%, 08/01/33		975,000		736,125
Springleaf Finance Corp.
7.750%, 10/01/21		165,000		184,800
8.250%, 10/01/23		65,000		72,800
Unifin Financiera SAPI de C.V.
6.250%, 07/22/19 (144A) (a)		385,000		350,350
				4,669,458
Electric—0.7%
AES Corp.
4.875%, 05/15/23		125,000		124,063
CEZ A/S
4.250%, 04/03/22 (144A)		400,000		425,324
DPL, Inc.
6.750%, 10/01/19 (144A)		131,000		132,310
Dubai Electricity & Water Authority
6.375%, 10/21/16 (144A)		200,000		215,500
8.500%, 04/22/15 (144A)		300,000		305,730

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
E.CL S.A.
5.625%, 01/15/21 (144A)		250,000	$	269,890
EDP Finance B.V.
4.125%, 01/15/20 (144A) (a)		200,000		201,120
Emgesa S.A. E.S.P
8.750%, 01/25/21 (144A) (COP)		1,210,000,000		548,102
Empresas Publicas de Medellin E.S.P.
8.375%, 02/01/21 (144A) (COP)		1,610,000,000		711,882
Transelec S.A.
4.250%, 01/14/25 (144A)		460,000		457,982
				3,391,903
Engineering & Construction—0.1%
AECOM Technology Corp.
5.750%, 10/15/22 (144A)		20,000		20,450
5.875%, 10/15/24 (144A)		20,000		20,450
Odebrecht Offshore Drilling Finance, Ltd.
6.750%, 10/01/22 (144A)		377,000		344,955
Sydney Airport Finance Co. Pty., Ltd.
5.125%, 02/22/21 (144A)		140,000		156,836
				542,691
Food—0.6%
BRF S.A.
3.950%, 05/22/23 (144A)		1,085,000		1,003,083
5.875%, 06/06/22 (144A)		200,000		211,600
7.750%, 05/22/18 (144A) (BRL)		480,000		156,196
Cosan Luxembourg S.A.
5.000%, 03/14/23 (144A) (a)		200,000		178,000
SUPERVALU, Inc.
6.750%, 06/01/21 (a)		1,415,000		1,390,237
				2,939,116
Forest Products & Paper—0.2%
Celulosa Arauco y Constitucion S.A.
4.750%, 01/11/22		400,000		411,107
Inversiones CMPC S.A.
4.375%, 05/15/23 (144A)		400,000		393,120
				804,227
Gas—0.0%
China Resources Gas Group, Ltd.
4.500%, 04/05/22 (144A)		200,000		211,071
Healthcare-Services—1.8%
HCA, Inc.
7.050%, 12/01/27		80,000		81,200
7.500%, 11/06/33		5,060,000		5,313,000
7.580%, 09/15/25		375,000		418,125
7.690%, 06/15/25		755,000		849,375
7.750%, 07/15/36		1,420,000		1,519,400
Tenet Healthcare Corp.
6.875%, 11/15/31		910,000		855,400
				9,036,500
Holding Companies-Diversified—0.0%
Hutchison Whampoa International, Ltd.
3.500%, 01/13/17 (144A)		200,000		207,212
Home Builders—0.1%
K Hovnanian Enterprises, Inc.
5.000%, 11/01/21		700,000		595,000
KB Home
4.750%, 05/15/19		100,000		98,500
TRI Pointe Holdings, Inc.
4.375%, 06/15/19 (144A)		20,000		19,725
				713,225
Home Furnishings—0.1%
Arcelik A/S
5.000%, 04/03/23 (144A) (a)		300,000		288,930
Housewares—0.0%
Newell Rubbermaid, Inc.
4.000%, 12/01/24		150,000		153,086
Insurance—0.3%
Forethought Financial Group, Inc.
8.625%, 04/15/21 (144A)		820,000		939,241
Genworth Holdings, Inc.
4.800%, 02/15/24 (a)		75,000		60,797
4.900%, 08/15/23		135,000		108,769
6.500%, 06/15/34		90,000		74,450
Old Republic International Corp.
4.875%, 10/01/24		175,000		182,678
				1,365,935
Internet—0.1%
Baidu, Inc.
3.250%, 08/06/18		600,000		613,328
Iron/Steel—0.7%
ArcelorMittal
7.250%, 03/01/41		540,000		545,400
CSN Resources S.A.
6.500%, 07/21/20 (144A) (a)		100,000		92,000
GTL Trade Finance, Inc.
5.893%, 04/29/24 (144A)		452,000		436,180
Hyundai Steel Co.
4.625%, 04/21/16 (144A)		400,000		413,192
Samarco Mineracao S.A.
4.125%, 11/01/22 (144A)		300,000		264,000
Tupy Overseas S.A.
6.625%, 07/17/24 (144A)		200,000		192,000
United States Steel Corp.
7.500%, 03/15/22		290,000		303,050
Vale Overseas, Ltd.
6.875%, 11/21/36		585,000		616,701
Vale S.A.
5.625%, 09/11/42 (a)		525,000		488,990
				3,351,513

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Machinery-Diversified—0.0%
Cleaver-Brooks, Inc.
8.750%, 12/15/19 (144A)		65,000	$	68,413
Media—0.2%
Dex Media, Inc.
14.000%, 01/29/17 (e)		5,523		2,403
DISH DBS Corp.
5.875%, 11/15/24 (144A)		40,000		40,200
Grupo Televisa S.A.B.
7.250%, 05/14/43 (MXN)		6,000,000		348,258
Myriad International Holding B.V.
6.000%, 07/18/20 (144A)		200,000		218,500
VTR Finance B.V.
6.875%, 01/15/24 (144A)		200,000		204,000
				813,361
Mining—0.1%
Hecla Mining Co.
6.875%, 05/01/21		320,000		281,600
Minera y Metalurgica del Boleo S.A. de C.V.
2.875%, 05/07/19 (144A) (a)		480,000		487,494
				769,094
Multi-National—0.3%
Banco Latinoamericano de Comercio Exterior S.A.
3.750%, 04/04/17 (144A) (a)		625,000		643,750
Central American Bank for Economic Integration
3.875%, 02/09/17 (144A)		550,000		565,168
International Finance Corp.
7.800%, 06/03/19 (INR)		29,000,000		500,703
				1,709,621
Oil & Gas—1.5%
Cimarex Energy Co.
4.375%, 06/01/24		120,000		114,600
Continental Resources, Inc.
3.800%, 06/01/24		50,000		44,727
4.500%, 04/15/23		10,000		9,512
Ecopetrol S.A.
5.875%, 09/18/23 (a)		740,000		783,475
Halcon Resources Corp.
8.875%, 05/15/21 (a)		185,000		139,213
Korea National Oil Corp.
3.125%, 04/03/17 (144A)		200,000		205,214
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)		170,000		158,950
Pacific Rubiales Energy Corp.
5.125%, 03/28/23 (144A) (a)		895,000		704,812
5.625%, 01/19/25 (144A) (a)		235,000		180,362
Pertamina Persero PT
4.300%, 05/20/23 (144A)		1,115,000		1,064,825
Petrobras Global Finance B.V.
4.375%, 05/20/23 (a)		1,545,000		1,328,824
Oil & Gas—(Continued)
Petrobras International Finance Co.
5.750%, 01/20/20		365,000		352,484
6.250%, 12/14/26 (GBP)		200,000		278,990
Petroleos Mexicanos
4.250%, 01/15/25 (144A)		320,000		317,920
Reliance Holdings USA, Inc.
5.400%, 02/14/22 (144A)		500,000		541,654
Rosetta Resources, Inc.
5.625%, 05/01/21		245,000		224,199
Thai Oil PCL
3.625%, 01/23/23 (144A)		350,000		344,022
YPF S.A.
8.750%, 04/04/24 (144A)		720,000		731,700
				7,525,483
Packaging & Containers—0.6%
Owens-Brockway Glass Container, Inc.
5.375%, 01/15/25 (144A) (a)		1,230,000		1,242,300
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC
5.750%, 10/15/20		900,000		922,500
8.250%, 02/15/21		1,150,000		1,178,750
				3,343,550
Pharmaceuticals—0.0%
Valeant Pharmaceuticals International, Inc.
6.375%, 10/15/20 (144A)		5,000		5,225
Pipelines—0.1%
Regency Energy Partners L.P. / Regency Energy Finance Corp.
5.000%, 10/01/22		440,000		415,800
Transportadora de Gas del Sur S.A.
9.625%, 05/14/20 (144A)		263,674		263,674
				679,474
Real Estate Investment Trusts—0.0%
iStar Financial, Inc.
4.875%, 07/01/18		70,000		68,775
Retail—1.1%
J.C. Penney Corp., Inc.
7.625%, 03/01/97		155,000		102,300
Lotte Shopping Co., Ltd.
3.375%, 05/09/17 (144A)		430,000		442,427
New Albertsons, Inc.
7.450%, 08/01/29		5,470,000		4,895,650
Parkson Retail Group, Ltd.
4.500%, 05/03/18 (a)		200,000		183,184
Toys “R” Us, Inc.
7.375%, 10/15/18		100,000		65,500
				5,689,061

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—0.1%
First Data Corp.
10.625%, 06/15/21		439,000	$	497,168
Telecommunications—2.5%
Alcatel-Lucent USA, Inc.
6.450%, 03/15/29		55,000		52,525
Altice Financing S.A.
7.875%, 12/15/19 (144A)		200,000		204,779
Altice S.A.
7.750%, 05/15/22 (144A)		200,000		200,375
Bharti Airtel International Netherlands B.V.
5.125%, 03/11/23 (144A)		500,000		533,640
5.350%, 05/20/24 (144A)		390,000		421,949
British Telecommunications plc
5.750%, 12/07/28 (GBP)		540,000		1,028,825
CenturyLink, Inc.
6.875%, 01/15/28		45,000		45,000
7.600%, 09/15/39		475,000		470,250
7.650%, 03/15/42		185,000		184,075
Colombia Telecomunicaciones S.A. E.S.P.
5.375%, 09/27/22 (144A)		250,000		243,750
Indosat Palapa Co. B.V.
7.375%, 07/29/20 (144A)		200,000		210,500
Level 3 Financing, Inc.
7.000%, 06/01/20		380,000		400,425
Millicom International Cellular S.A.
4.750%, 05/22/20 (144A)		225,000		212,062
MTN Mauritius Investments, Ltd.
4.755%, 11/11/24 (144A)		400,000		392,000
Oi S.A.
9.750%, 09/15/16 (144A) (BRL)		300,000		102,701
Philippine Long Distance Telephone Co.
8.350%, 03/06/17		95,000		108,300
Qwest Capital Funding, Inc.
7.750%, 02/15/31		1,445,000		1,466,675
SoftBank Corp.
4.500%, 04/15/20 (144A)		400,000		394,000
Sprint Capital Corp.
6.875%, 11/15/28		1,250,000		1,100,000
8.750%, 03/15/32		350,000		338,625
Sprint Communications, Inc.
7.000%, 08/15/20		1,500,000		1,500,000
11.500%, 11/15/21		2,000,000		2,405,000
Turk Telekomunikasyon A/S
3.750%, 06/19/19 (144A) (a)		495,000		496,485
Wind Acquisition Finance S.A.
7.375%, 04/23/21 (144A)		360,000		339,768
				12,851,709
Textiles—0.1%
INVISTA Finance LLC
4.250%, 10/15/19 (144A)		305,000		305,000
Transportation—0.2%
Jack Cooper Holdings Corp.
9.250%, 06/01/20 (144A)		360,000		372,600
Transportation—(Continued)
Transnet SOC, Ltd.
4.000%, 07/26/22 (144A) (a)		555,000		524,475
				897,075
Total Corporate Bonds & Notes (Cost $87,544,285)				90,547,208
Foreign Government—5.5%
Sovereign—5.5%
Banco Nacional de Desenvolvimento Economico e Social
5.750%, 09/26/23 (144A)		500,000		515,000
Brazil Letras do Tesouro Nacional
Zero Coupon, 07/01/16 (BRL)		2,900,000		908,350
Brazil Notas do Tesouro Nacional
6.000%, 05/15/15 (BRL)		715,000		682,843
10.000%, 01/01/19 (BRL)		1,000,000		329,314
10.000%, 01/01/21 (BRL)		1,635,000		525,767
Brazilian Government International Bonds
8.500%, 01/05/24 (BRL) (a)		350,000		120,805
10.250%, 01/10/28 (BRL)		1,000,000		377,699
Bundesrepublik Deutschland
3.250%, 01/04/20 (EUR)		255,000		358,482
Chile Government International Bond
5.500%, 08/05/20 (CLP)		130,000,000		225,149
Dominican Republic International Bond
8.625%, 04/20/27 (144A)		200,000		234,500
European Financial Stability Facility
1.625%, 07/17/20 (EUR)		1,000,000		1,298,335
Export Credit Bank of Turkey
5.000%, 09/23/21 (144A)		225,000		229,023
Hungary Government International Bonds
5.375%, 03/25/24		540,000		584,550
5.750%, 11/22/23		410,000		454,075
Iceland Government International Bond
5.875%, 05/11/22 (144A)		500,000		560,357
Indonesia Government International Bond
2.875%, 07/08/21 (144A) (EUR)		220,000		269,539
Indonesia Treasury Bonds
6.125%, 05/15/28 (IDR)		5,300,000,000		354,833
7.875%, 04/15/19 (IDR)		10,200,000,000		828,724
8.375%, 03/15/24 (IDR)		5,900,000,000		494,247
11.500%, 09/15/19 (IDR)		2,901,000,000		268,550
Italy Buoni Poliennali Del Tesoro
4.500%, 08/01/18 (EUR)		1,040,000		1,424,769
4.750%, 08/01/23 (144A) (EUR)		625,000		939,680
Korea Treasury Bond
2.750%, 09/10/17 (KRW)		885,000,000		818,175
Mexican Bonos
6.500%, 06/10/21 (MXN)		26,700,000		1,900,575
6.500%, 06/09/22 (MXN)		10,420,000		740,498
8.000%, 12/07/23 (MXN)		11,500,000		895,815
8.500%, 12/13/18 (MXN)		19,350,000		1,477,848

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
New Zealand Government Bonds
3.000%, 09/20/30 (NZD)		1,195,000	$	1,050,050
5.000%, 03/15/19 (NZD)		1,015,000		835,867
5.500%, 04/15/23 (NZD)		1,070,000		942,908
Norwegian Government Bonds
2.000%, 05/24/23 (NOK)		8,437,000		1,181,363
4.250%, 05/19/17 (NOK)		760,000		110,094
Philippine Government International Bond
4.950%, 01/15/21 (PHP)		30,000,000		695,803
Poland Government Bonds
4.000%, 10/25/23 (PLN)		7,110,000		2,261,392
5.500%, 10/25/19 (PLN)		1,330,000		432,483
South Africa Government Bond
7.750%, 02/28/23 (ZAR)		4,750,000		408,571
South Africa Government International Bond
5.875%, 09/16/25 (a)		200,000		225,250
Spain Government Bond
4.300%, 10/31/19 (EUR)		875,000		1,233,230
Sweden Government Bonds
4.500%, 08/12/15 (SEK)		6,080,000		800,546
5.000%, 12/01/20 (SEK)		2,650,000		430,599
Total Foreign Government (Cost $30,854,315)				28,425,658
U.S. Treasury & Government Agencies—3.2%
U.S. Treasury—3.2%
U.S. Treasury Notes
0.250%, 02/15/15		755,000		755,147
0.250%, 02/29/16		1,570,000		1,568,038
0.250%, 05/15/16		3,545,000		3,537,524
0.375%, 03/31/16		3,535,000		3,534,449
0.375%, 10/31/16		3,550,000		3,535,299
0.500%, 11/30/16 (a)		3,545,000		3,536,137
Total U.S. Treasury & Government Agencies (Cost $16,487,660)				16,466,594
Convertible Bonds—1.7%
Chemicals—0.0%
RPM International, Inc.
2.250%, 12/15/20 (a)		20,000		23,313
Commercial Services—0.0%
Macquarie Infrastructure Co. LLC
2.875%, 07/15/19 (a)		34,000		38,633
Home Builders—0.0%
KB Home
1.375%, 02/01/19 (a)		100,000		99,125
Insurance—0.4%
Old Republic International Corp.
3.750%, 03/15/18 (a)		1,875,000		2,172,656
Internet—0.1%
Priceline Group, Inc. (The)
0.900%, 09/15/21 (144A)		515,000		490,537
Miscellaneous Manufacturing—0.0%
Trinity Industries, Inc.
3.875%, 06/01/36		45,000		59,119
Oil & Gas—0.0%
Chesapeake Energy Corp.
2.500%, 05/15/37		50,000		48,563
2.750%, 11/15/35		60,000		59,925
				108,488
Pharmaceuticals—0.2%
Omnicare, Inc.
3.750%, 12/15/25		365,000		1,006,944
Semiconductors—0.9%
Intel Corp.
3.250%, 08/01/39		2,670,000		4,642,462
Telecommunications—0.1%
Ciena Corp.
3.750%, 10/15/18 (144A)		115,000		142,384
Total Convertible Bonds (Cost $5,788,905)				8,783,661
Municipals—0.2%
Tobacco Settlement Financing Corp.
6.706%, 06/01/46 (Cost $1,304,710)		1,305,000		980,420
Preferred Stock—0.2%
Consumer Finance—0.2%
Ally Financial, Inc. , 7.000% (144A) (Cost $211,643)		906		905,632
Floating Rate Loans (h)—0.1%
Multi-Utilities—0.0%
PowerTeam Services LLC
1st Lien Term Loan, 4.250%, 05/06/20		231,475		225,977
2nd Lien Term Loan, 8.250%, 11/06/20		60,000		58,350
Delayed Draw Term Loan, 4.250%, 05/06/20		12,623		12,339
				296,666
Telecommunications—0.1%
FairPoint Communications, Inc.
Term Loan, 7.500%, 02/14/19		447,038		445,920
Total Floating Rate Loans (Cost $750,285)				742,586

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—0.1%

Security Description	Shares/ Principal Amount*		Value
Commercial Mortgage-Backed Securities—0.1%
GS Mortgage Securities Trust
5.796%, 08/10/45 (c)		40,000	$	40,868
Institutional Mortgage Securities Canada, Inc.
2.616%, 07/12/47 (144A) (CAD)		555,000		481,270
Total Mortgage-Backed Securities (Cost $556,284)				522,138
Convertible Preferred Stocks—0.1%
Metals & Mining—0.0%
Alcoa, Inc.
5.375%, 10/01/17		620		31,279
Oil, Gas & Consumable Fuels—0.0%
Chesapeake Energy Corp.
5.000%, 12/31/49 (a)		694		65,627
5.750%, 12/31/49 (144A)		20		20,475
				86,102
Real Estate Investment Trusts—0.1%
Weyerhaeuser Co.
6.375%, 07/01/16		2,829		163,233
Total Convertible Preferred Stocks (Cost $249,656)				280,614
Short-Term Investments—12.1%
Mutual Fund—10.9%
State Street Navigator Securities Lending MET Portfolio (i)		55,960,360		55,960,360
Repurchase Agreement—1.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $6,382,654 on 01/02/15, collateralized by $6,505,000 U.S. Treasury Note at 0.250% due 08/15/15 with a value of $6,513,131.		6,382,654		6,382,654
Total Short-Term Investments (Cost $62,343,014)				62,343,014
Total Investments—110.6% (Cost $509,944,682) (j)				569,962,659
Other assets and liabilities (net)—(10.6)%				(54,472,859	)
Net Assets—100.0%			$	515,489,800

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $65,955,265 and the collateral received consisted of cash in the amount of $55,960,360 and non-cash collateral with a value of $12,364,652. 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 December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(d) Illiquid security. As of December 31, 2014, these securities represent 0.7% 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 December 31, 2014, these securities represent less than 0.05% of net assets.

(g) Non-income producing; Security is in default and/or issuer is in bankruptcy.

(h) 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.

(i) Represents investment of cash collateral received from securities lending transactions.

(j) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $510,267,512. The aggregate unrealized appreciation and depreciation of investments were $71,062,457 and $(11,367,310), respectively, resulting in net unrealized appreciation of $59,695,147 for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $39,430,753, which is 7.6% 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

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(CLP)— Chilean Peso

(COP)— Colombian Peso

(EUR)— Euro

(GBP)— British Pound

(IDR)— Indonesian Rupiah

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

(INR)— Indian Rupee

(KRW)— South Korea Won

(MXN)— Mexican Peso

(NOK)— Norwegian Krone

(NZD)— New Zealand Dollar

(PHP)— Philippine Peso

(PLN)— Polish Zloty

(SEK)— Swedish Krona

(ZAR)— South African Rand

Countries Diversification as of December 31, 2014 (Unaudited)	% of Net Assets
United States		53.4
United Kingdom		6.1
Canada		4.2
Japan		3.9
India		2.9
Hong Kong		2.8
Germany		2.6
Mexico		2.3
Switzerland		2.2
Brazil		2.2

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	950,000	Credit Suisse International		03/18/15	$	774,677	$	(3,136	)
BRL	1,200,000	Credit Suisse International		01/07/15		465,658		(14,468	)
EUR	6,020,000	Morgan Stanley & Co.		03/18/15		7,482,890		(193,572	)
GBP	580,000	Credit Suisse International		03/18/15		909,944		(6,478	)
JPY	786,000,000	Credit Suisse International		03/18/15		6,599,829		(33,596	)
Contracts to Deliver
AUD	1,695,000	Credit Suisse International		03/18/15		1,396,960		20,368
BRL	8,180,000	Credit Suisse International		01/07/15		3,218,572		142,966
BRL	2,325,000	Credit Suisse International		01/07/15		899,246		25,067
COP	3,125,000,000	Citibank N.A.		03/24/15		1,263,647		(45,712	)
MXN	18,600,000	UBS AG		03/18/15		1,248,552		(6,455	)
NOK	2,250,000	UBS AG		03/18/15		323,870		22,597
NZD	3,390,000	Credit Suisse International		03/18/15		2,599,554		(26,479	)
PLN	10,355,000	Citibank N.A.		03/18/15		3,085,151		169,829
SEK	9,775,000	UBS AG		01/29/15		1,339,404		85,383
Net Unrealized Appreciation							$	136,314

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(COP)— Colombian Peso

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(MXN)— Mexican Peso

(NOK)— Norwegian Krone

(NZD)— New Zealand Dollar

(PLN)— Polish Zloty

(SEK)— Swedish Krona

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	21,447,145	$	—	$	—	$	21,447,145
Auto Components		—		3,001,074		—		3,001,074
Automobiles		—		3,423,947		—		3,423,947
Banks		20,440,480		5,696,004		—		26,136,484
Beverages		—		16,571,275		—		16,571,275
Biotechnology		6,146,789		—		—		6,146,789
Capital Markets		8,933,431		—		—		8,933,431
Chemicals		9,350,478		—		—		9,350,478
Consumer Finance		8,058,939		—		—		8,058,939
Diversified Financial Services		—		8,673,338		—		8,673,338
Energy Equipment & Services		17,060,008		—		—		17,060,008
Health Care Providers & Services		7,343,683		—		—		7,343,683
Hotels, Restaurants & Leisure		7,740,269		—		—		7,740,269
Household Durables		3,743,737		—		—		3,743,737
Insurance		6,325,490		16,819,125		—		23,144,615
Internet & Catalog Retail		18,559,759		—		—		18,559,759
Internet Software & Services		24,804,334		—		—		24,804,334
IT Services		9,511,409		13,397,310		—		22,908,719
Machinery		—		7,120,487		—		7,120,487
Oil, Gas & Consumable Fuels		10,962,531		—		—		10,962,531
Personal Products		—		6,900,315		—		6,900,315
Pharmaceuticals		16,118,378		25,268,836		—		41,387,214
Road & Rail		6,901,810		—		—		6,901,810
Semiconductors & Semiconductor Equipment		4,735,288		—		—		4,735,288
Software		5,950,347		—		—		5,950,347
Specialty Retail		20,239,229		—		—		20,239,229
Textiles, Apparel & Luxury Goods		—		6,373,009		—		6,373,009
Trading Companies & Distributors		6,321,782		6,025,098		—		12,346,880
Total Common Stocks		240,695,316		119,269,818		—		359,965,134
Corporate Bonds & Notes
Advertising		—		441,353		—		441,353
Aerospace/Defense		—		76,380		—		76,380
Airlines		—		2,176,262		—		2,176,262
Auto Manufacturers		—		2,366,522		—		2,366,522
Auto Parts & Equipment		—		1,548,480		—		1,548,480
Banks		—		13,737,545		—		13,737,545
Beverages		—		255,750		—		255,750
Building Materials		—		1,156,175		—		1,156,175

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Chemicals	$	—	$	4,489,174		$	—	$	4,489,174
Commercial Services		—		759,488			—		759,488
Cosmetics/Personal Care		—		28,875			—		28,875
Diversified Financial Services		—		4,669,458			—		4,669,458
Electric		—		3,391,903			—		3,391,903
Engineering & Construction		—		542,691			—		542,691
Food		—		2,939,116			—		2,939,116
Forest Products & Paper		—		804,227			—		804,227
Gas		—		211,071			—		211,071
Healthcare-Services		—		9,036,500			—		9,036,500
Holding Companies-Diversified		—		207,212			—		207,212
Home Builders		—		713,225			—		713,225
Home Furnishings		—		288,930			—		288,930
Housewares		—		153,086			—		153,086
Insurance		—		1,365,935			—		1,365,935
Internet		—		613,328			—		613,328
Iron/Steel		—		3,351,513			—		3,351,513
Machinery-Diversified		—		68,413			—		68,413
Media		—		813,361			—		813,361
Mining		—		769,094			—		769,094
Multi-National		—		1,709,621			—		1,709,621
Oil & Gas		—		7,525,483			0		7,525,483
Packaging & Containers		—		3,343,550			—		3,343,550
Pharmaceuticals		—		5,225			—		5,225
Pipelines		—		679,474			—		679,474
Real Estate Investment Trusts		—		68,775			—		68,775
Retail		—		5,689,061			—		5,689,061
Software		—		497,168			—		497,168
Telecommunications		—		12,851,709			—		12,851,709
Textiles		—		305,000			—		305,000
Transportation		—		897,075			—		897,075
Total Corporate Bonds & Notes		—		90,547,208			0		90,547,208
Total Foreign Government*		—		28,425,658			—		28,425,658
Total U.S. Treasury & Government Agencies*		—		16,466,594			—		16,466,594
Total Convertible Bonds*		—		8,783,661			—		8,783,661
Total Municipals		—		980,420			—		980,420
Total Preferred Stock*		—		905,632			—		905,632
Total Floating Rate Loans*		—		742,586			—		742,586
Total Mortgage-Backed Securities*		—		522,138			—		522,138
Convertible Preferred Stocks
Metals & Mining		31,279		—			—		31,279
Oil, Gas & Consumable Fuels		—		86,102			—		86,102
Real Estate Investment Trusts		163,233		—			—		163,233
Total Convertible Preferred Stocks		194,512		86,102			—		280,614
Short-Term Investments
Mutual Fund		55,960,360		—			—		55,960,360
Repurchase Agreement		—		6,382,654			—		6,382,654
Total Short-Term Investments		55,960,360		6,382,654			—		62,343,014
Total Investments	$	296,850,188	$	273,112,471		$	0	$	569,962,659
Collateral for securities loaned (Liability)	$	—	$	(55,960,360	)	$	—	$	(55,960,360	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	466,210		$	—	$	466,210
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(329,896	)		—		(329,896	)
Total Forward Contracts	$	—	$	136,314		$	—	$	136,314

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Transfers from Level 1 to Level 2 in the amount of $67,665 were due to decreased trading activity.

As of December 31, 2014, the security designated as Level 3 was fair valued using significant unobservable inputs under procedures adopted by the Board. Such valuations were based on a review of inputs such as, but not limited to, similar securities, company specific financial information, and company specific news. For this security there was no change in the valuation techniques used since the December 31, 2013 annual report. The Level 3 security comprised 0.0% of net assets of the Portfolio. As such, the Level 3 roll forward and change in unrealized appreciation (depreciation) of the Level 3 security held at December 31, 2014 have not been presented.

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	569,962,659
Cash		12,513
Cash denominated in foreign currencies (c)		1,122,849
Unrealized appreciation on forward foreign currency exchange contracts		466,210
Receivable for:
Fund shares sold		231,890
Dividends and interest		2,169,903
Prepaid expenses		1,351
Total Assets		573,967,375
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts		329,896
Collateral for securities loaned		55,960,360
Payables for:
Investments purchased		69,665
Fund shares redeemed		1,107,820
Foreign taxes		370,492
Accrued expenses:
Management fees		307,625
Distribution and service fees		73,506
Deferred trustees’ fees		108,662
Other expenses		149,549
Total Liabilities		58,477,575
Net Assets	$	515,489,800
Net assets consist of:
Paid in surplus	$	458,132,747
Undistributed net investment income		7,253,760
Accumulated net realized loss		(9,615,675	)
Unrealized appreciation on investments and foreign currency transactions (d)		59,718,968
Net Assets	$	515,489,800
Net Assets
Class A	$	171,136,861
Class B		344,352,939
Capital Shares Outstanding*
Class A		11,319,050
Class B		22,972,304
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	15.12
Class B		14.99

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $509,944,682.

(b) Includes securities loaned at value of $65,955,265.

(c) Identified cost of cash denominated in foreign currencies was $1,147,094.

(d) Includes foreign capital gains tax of $370,492.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	5,585,108
Interest (b)		8,229,020
Securities lending income		176,825
Total investment income		13,990,953
Expenses
Management fees		3,636,490
Administration fees		12,662
Custodian and accounting fees		224,202
Distribution and service fees—Class B		859,802
Audit and tax services		58,315
Legal		35,879
Trustees’ fees and expenses		41,971
Shareholder reporting		54,112
Insurance		3,368
Miscellaneous		10,567
Total expenses		4,937,368
Less broker commission recapture		(17,015	)
Net expenses		4,920,353
Net Investment Income		9,070,600
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (c)		28,285,749
Foreign currency transactions		(996,727	)
Net realized gain		27,289,022
Net change in unrealized appreciation (depreciation) on:
Investments (d)		(18,163,059	)
Foreign currency transactions		159,058
Net change in unrealized depreciation		(18,004,001	)
Net realized and unrealized gain		9,285,021
Net Increase in Net Assets From Operations	$	18,355,621

(a) Net of foreign withholding taxes of $241,918.

(b) Net of foreign withholding taxes of $27,520.

(c) Net of foreign capital gains tax of $16,243.

(d) Includes change in foreign capital gains tax of $(368,710).

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	9,070,600		$	11,698,420
Net realized gain		27,289,022			40,808,219
Net change in unrealized appreciation (depreciation)		(18,004,001	)		26,374,690
Increase in net assets from operations		18,355,621			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		(25,916,414	)		49,411,912
Total increase (decrease) in net assets		(18,810,571	)		117,753,205
Net Assets
Beginning of period		534,300,371			416,547,166
End of period	$	515,489,800		$	534,300,371
Undistributed net investment income
End of period	$	7,253,760		$	11,536,209

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		1,040,648		$	15,523,935			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		(2,164,562	)		(32,388,542	)		(1,950,300	)		(26,866,584	)
Net decrease		(841,344	)	$	(12,772,989	)		(1,144,581	)	$	(16,059,638	)
Class B
Sales		2,641,330		$	39,276,962			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		(4,012,592	)		(59,578,547	)		(6,212,433	)		(85,245,930	)
Net increase (decrease)		(873,476	)	$	(13,143,425	)		5,099,752		$	65,471,550
Increase (decrease) derived from capital shares transactions				$	(25,916,414	)				$	49,411,912

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.92		$	13.06		$	11.42		$	11.84		$	10.00
Income (Loss) from Investment Operations
Net investment income (a)		0.29			0.35			0.36			0.27			0.23
Net realized and unrealized gain (loss) on investments		0.26			1.87			1.59			(0.39	)		1.96
Total from investment operations		0.55			2.22			1.95			(0.12	)		2.19
Less Distributions
Distributions from net investment income		(0.35	)		(0.36	)		(0.31	)		(0.30	)		(0.35	)
Total distributions		(0.35	)		(0.36	)		(0.31	)		(0.30	)		(0.35	)
Net Asset Value, End of Period	$	15.12		$	14.92		$	13.06		$	11.42		$	11.84
Total Return (%) (b)		3.76			17.34			17.24			(1.25	)		22.39
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.78			0.78			0.79			0.80			0.79
Ratio of net investment income to average net assets (%)		1.91			2.53			2.93			2.22			2.20
Portfolio turnover rate (%)		45			59			33			58			101
Net assets, end of period (in millions)	$	171.1		$	181.4		$	173.7		$	168.9		$	187.6
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	14.80		$	12.95		$	11.33		$	11.77		$	9.95
Income (Loss) from Investment Operations
Net investment income (a)		0.25			0.31			0.33			0.24			0.19
Net realized and unrealized gain (loss) on investments		0.25			1.86			1.58			(0.40	)		1.96
Total from investment operations		0.50			2.17			1.91			(0.16	)		2.15
Less Distributions
Distributions from net investment income		(0.31	)		(0.32	)		(0.29	)		(0.28	)		(0.33	)
Total distributions		(0.31	)		(0.32	)		(0.29	)		(0.28	)		(0.33	)
Net Asset Value, End of Period	$	14.99		$	14.80		$	12.95		$	11.33		$	11.77
Total Return (%) (b)		3.47			17.13			16.93			(1.48	)		22.01
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		1.03			1.03			1.04			1.05			1.04
Ratio of net investment income to average net assets (%)		1.65			2.26			2.67			1.99			1.83
Portfolio turnover rate (%)		45			59			33			58			101
Net assets, end of period (in millions)	$	344.4		$	352.9		$	242.8		$	218.5		$	181.2

(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.

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-21

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-22

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, premium amortization adjustment, foreign capital gain tax, broker commission recapture, real estate investment trusts (REITs), convertible preferred stock 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $6,382,654, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

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 December 31, 2014, the Portfolio had no when-issued and delayed-delivery securities.

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-23

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

High Yield Debt Securities - The Portfolio may invest in high yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations or an assignment, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

MIST-24

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts	$	466,210	Unrealized depreciation on forward foreign currency exchange contracts	$	329,896

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Citibank N.A.	$	169,829	$	(45,712	)	$	—	$	124,117
Credit Suisse International		188,401		(84,157	)		—		104,244
UBS AG		107,980		(6,455	)		—		101,525
	$	466,210	$	(136,324	)	$	—	$	329,886

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Citibank N.A.	$	45,712	$	(45,712	)	$	—	$	—
Credit Suisse International		84,157		(84,157	)		—		—
Morgan Stanley & Co.		193,572		—			—		193,572
UBS AG		6,455		(6,455	)		—		—
	$	329,896	$	(136,324	)	$	—	$	193,572

* 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-25

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Foreign Exchange
Forward foreign currency transactions	$	(763,849	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Forward foreign currency transactions	$	221,262

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	30,882,940

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

MIST-26

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$23,165,063	$	206,262,877	$	12,923,783	$	245,446,019

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$3,636,490		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 year ended December 31, 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.

MIST-27

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$11,249,778	$	10,540,036	$	—	$	—	$	11,249,778	$	10,540,036

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Total
$8,199,982	$	—	$	59,214,183	$	(9,948,450	)	$	57,465,715

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $28,297,602.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring
12/31/17

$9,948,450

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.

MIST-28

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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.

10. Recent Accounting Pronouncements

In June 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-29

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Loomis Sayles Global Markets 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 the Loomis Sayles Global Markets Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, 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 Loomis Sayles Global Markets Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-30

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-31

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-32

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-33

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-34

Met Investors Series Trust

Loomis Sayles Global Markets Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Loomis Sayles Global Markets Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Loomis, Sayles & Company, L.P. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board took into account that the Portfolio outperformed its Blended Index for the one-, three-, and five-year periods ended June 30, 2014. The Board also noted that the Portfolio outperformed the median of its Performance Universe for the five-year period ended June 30, 2014 and underperformed the median of its Performance Universe for the one- and three-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its blended index, 60% MSCI World Index/40% Citigroup World Government Bond Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance.

The Board also considered that the Portfolio’s actual management fees were below its Expense Group median and Sub-advised Expense Universe median and equal to its Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were below its Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

MIST-35

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Managed by Lord, Abbett & Co. LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Lord Abbett Bond Debenture Portfolio returned 5.12%, 4.83%, and 4.90%, respectively. The Portfolio’s benchmarks, the Barclays U.S. Aggregate Bond Index¹, Bank of America Merrill Lynch High Yield Master II Constrained Index² and the Hybrid Index³, returned 5.97%, 2.51%, and 4.58%, respectively.

MARKET ENVIRONMENT / CONDITIONS

With the U.S. Federal Reserve (the “Fed”) completing its “tapering” of bond purchases in 2014, fixed-income investors spent much of the year wondering about the prospects for an increase in interest rates in 2015.

The year began with widespread expectations among financial experts that the end of the bond-buying program would result in a sell-off of U.S. Treasury securities and an increase in yields. But the conventional wisdom was proven wrong, as low U.S. inflation and a global economic slowdown propelled U.S. Treasuries to their biggest returns since 2011, according to a Bloomberg report.

By the end of the year, the Fed signaled its intent to begin normalizing monetary policy after an extended period of near-zero interest rates, despite the weak global environment. The median “dot-plot” projections of Fed policymakers released in tandem with the Fed’s policy statement on December 17, suggested that the Fed funds rate would be at 1.125% by year-end 2015. That was lower than the previous Fed projection of 1.375%, but still higher than investors’ expectations of 0.50–0.75% implied by the futures market in mid-December.

Nonetheless, expectations of higher rates persisted into the close of the year. U.S. gross domestic product (GDP) expanded at a rate of 5% in the third quarter of 2014, the highest level in 11 years. Further, the U.S. jobless rate stood at 5.6% in December, representing its lowest level since 2008, while lower oil prices were poised to boost household spending.

Indeed, U.S. inflation remained at low levels throughout the year, even before energy prices started to decline in the second half. The core Consumer Price Index (CPI), which excludes volatile food and energy prices, posted a year-over-year increase of 1.7% in November, which is below the Fed’s stated inflation target of 2.0%.

Meanwhile, reflecting the demand for high-quality fixed-income assets, the Barclays U.S. Aggregate Bond Index, a market benchmark that is nearly half composed of Government-related debt, posted a gain for the year. Certain credit-sensitive asset classes, such as Bank Loans and High-Yield Corporate bonds, underperformed the investment-grade Barclays U.S. Aggregate Bond Index by a wide margin. Convertible bonds outperformed the Barclays U.S. Aggregate Bond Index, likely reflecting the underlying strength in U.S. Equities.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Throughout the year, we decreased the Portfolio’s allocation to High-Yield bonds and had an underweight in High-Yield bonds as of year-end versus the Hybrid Index, which contributed to relative performance, as the High-Yield market underperformed Government-related and Investment-Grade securities. Within the Portfolio’s High-Yield allocation, among the names that contributed the most to performance were health care services company Tenet Healthcare Corp. and B/E Aerospace, Inc., a manufacturer of aircraft passenger cabin interior products. The Portfolio’s holdings in B/E Aerospace, Inc. were sold during the period. Gaming holding River Rock Entertainment Authority and oil & natural gas company Chaparral Energy, Inc. were among the names that detracted the most from performance within High-Yield.

The Portfolio’s Convertible allocation added to absolute performance; however, the Portfolio maintained an underweight to Equity-Related securities throughout the year, which likely detracted from performance relative to the Hybrid Index, as the Convertible and Equity markets outperformed the Investment-Grade and High-Yield Corporate bond markets. One of the names that contributed the most to performance within the Convertible portion of the Portfolio was airline company United Airlines, Inc., while our holding in oil & natural gas exploration and production company Energy XXI, Ltd. was among the Convertible holdings that detracted the most from absolute performance. We continue to seek Convertible securities of companies with good prospects for improving earnings results.

Within the Portfolio’s Investment-Grade bond allocation, we maintained an underweight in U.S. Treasuries, which detracted from performance relative to the Barclays U.S. Aggregate Bond Index, as U.S. Treasuries outperformed Corporates during the period. Within the Portfolio’s Investment-Grade allocation, among the names that contributed the most to absolute performance were personal banking company Regions Bank. Our holdings in Regions Bank were sold during the period. Oceaneering International, Inc., a subsea engineering and technology company, was among the names that detracted the most from performance within the sector due to falling oil prices and concerns over higher-cost oil production.

Overall across the Portfolio, among the industries that contributed the most to absolute performance were Health Care, Technology and Electronics, and Services. Among the industries that either detracted from absolute performance or contributed the least were Energy, Retail, and Transportation.

As of December 31, 2014, relative to the Hybrid Index, the Portfolio held an underweight position in High Yield and Equity-Related securities, and an overweight in Investment-Grade securities. During the period, we reduced the Portfolio’s exposure to High-Yield bonds and added exposure to Investment-Grade issuers to reduce the Portfolio’s risk profile. Additionally, as we moved toward the end of the year, we began to transition the Equity-Related portion of the

MIST-1

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Managed by Lord, Abbett & Co. LLC

Portfolio Manager Commentary*—(Continued)

Portfolio from Convertibles to Equities, as Equities offered more attractive valuation opportunities, greater liquidity, and more desirable correlations with other asset classes held in the Portfolio.

Steven F. Rocco

Robert A. Lee

Portfolio Managers

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
Lord Abbett Bond Debenture Portfolio
Class A		5.12		8.83		7.35
Class B		4.83		8.57		7.08
Class E		4.90		8.68		7.19
Barclays U.S. Aggregate Bond Index		5.97		4.45		4.71
BofA Merrill Lynch High Yield Master II Constrained Index		2.51		8.85		7.62
Hybrid Index		4.58		8.61		7.05

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 DECEMBER 31, 2014

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		73.9
Common Stocks		11.3
Convertible Bonds		6.3
U.S. Treasury & Government Agencies		3.5
Floating Rate Loans		2.5
Mortgage-Backed Securities		2.3
Convertible Preferred Stocks		1.3
Foreign Government		0.5
Preferred Stocks		0.1
Warrants		0.0

MIST-3

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Lord Abbett Bond Debenture Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.55	%	$	1,000.00	$	990.10	$	2.76
	Hypothetical*		0.55	%	$	1,000.00	$	1,022.43	$	2.80
Class B	Actual		0.80	%	$	1,000.00	$	989.30	$	4.01
	Hypothetical*		0.80	%	$	1,000.00	$	1,021.17	$	4.08
Class E	Actual		0.70	%	$	1,000.00	$	989.30	$	3.51
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.68	$	3.57

* 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 (184 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 December 31, 2014

Corporate Bonds & Notes—73.9% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.8%
Affinion Group, Inc. 7.875%, 12/15/18 (a)		1,200,000	$	870,000
Alliance Data Systems Corp. 6.375%, 04/01/20 (144A)		7,500,000		7,668,750
Omnicom Group, Inc. 3.650%, 11/01/24		2,400,000		2,401,114
				10,939,864
Aerospace/Defense—0.6%
Esterline Technologies Corp. 7.000%, 08/01/20 (e)		2,100,000		2,205,000
GenCorp, Inc. 7.125%, 03/15/21		2,525,000		2,644,433
TransDigm, Inc. 6.000%, 07/15/22		1,250,000		1,246,875
6.500%, 07/15/24		1,900,000		1,909,500
				8,005,808
Agriculture—0.3%
Altria Group, Inc. 2.625%, 01/14/20 (a)		3,525,000		3,535,233
Airlines—0.5%
American Airlines Group, Inc. 5.500%, 10/01/19 (144A)		1,100,000		1,119,250
Gol LuxCo S.A. 8.875%, 01/24/22 (144A)		575,000		540,500
Southwest Airlines Co. 2.750%, 11/06/19		1,200,000		1,205,521
UAL Pass-Through Trust 6.636%, 07/02/22		1,607,589		1,736,196
United Continental Holdings, Inc. 6.000%, 07/15/28 (a)		2,000,000		1,905,000
				6,506,467
Apparel—0.3%
Perry Ellis International, Inc. 7.875%, 04/01/19		1,700,000		1,742,500
William Carter Co. (The) 5.250%, 08/15/21		2,375,000		2,446,250
				4,188,750
Auto Manufacturers—0.3%
Jaguar Land Rover Automotive plc 5.625%, 02/01/23 (144A)		2,000,000		2,105,000
Oshkosh Corp. 5.375%, 03/01/22		2,000,000		2,040,000
				4,145,000
Auto Parts & Equipment—0.4%
International Automotive Components Group S.A. 9.125%, 06/01/18 (144A) (b)		2,000,000		2,085,000
Auto Parts & Equipment—(Continued)
Stackpole International Intermediate / Stackpole International Powder 7.750%, 10/15/21 (144A) (a)		2,025,000		2,025,000
Tenneco, Inc. 6.875%, 12/15/20		1,250,000		1,321,875
				5,431,875
Banks—4.3%
Banco GNB Sudameris S.A. 7.500%, 07/30/22 (144A)		1,050,000		1,107,750
Bangkok Bank PCL 3.875%, 09/27/22 (144A)		1,225,000		1,266,248
Bank of America Corp. 4.200%, 08/26/24		1,200,000		1,222,470
4.250%, 10/22/26		2,825,000		2,818,658
6.500%, 10/23/24 (a)(c)		2,950,000		3,002,805
Bank of China, Ltd. 5.000%, 11/13/24 (144A)		2,375,000		2,440,481
BBVA Bancomer S.A. 5.350%, 11/12/29 (144A) (c)		1,450,000		1,435,500
CIT Group, Inc. 5.000%, 08/15/22		8,000,000		8,220,000
Citigroup, Inc. 5.950%, 01/30/23 (c)		2,375,000		2,339,375
Comcel Trust via Comunicaciones Celulares S.A. 6.875%, 02/06/24 (144A) (a)		2,575,000		2,697,312
Commerzbank AG 8.125%, 09/19/23 (144A)		2,400,000		2,759,640
Discover Bank 7.000%, 04/15/20		1,500,000		1,767,815
Industrial & Commercial Bank of China, Ltd. 3.231%, 11/13/19		2,400,000		2,410,099
JPMorgan Chase & Co. 3.875%, 09/10/24		3,000,000		3,002,553
6.750%, 02/01/24 (a) (c)		2,000,000		2,110,000
Lloyds Banking Group plc 4.500%, 11/04/24		3,575,000		3,607,672
7.500%, 06/27/24 (c)		888,000		903,540
M&T Bank Corp. 6.450%, 02/15/24 (c)		1,450,000		1,538,813
Macquarie Bank, Ltd. 1.600%, 10/27/17 (144A)		3,600,000		3,576,341
National Savings Bank 5.150%, 09/10/19 (144A) (a)		700,000		694,750
Nordea Bank AB 6.125%, 09/23/24 (144A) (a) (c)		1,425,000		1,409,681
Popular, Inc. 7.000%, 07/01/19 (a)		2,725,000		2,725,000
Royal Bank of Scotland Group plc 6.125%, 12/15/22		1,000,000		1,088,406
Synovus Financial Corp. 7.875%, 02/15/19		1,500,000		1,668,750
Wachovia Capital Trust III 5.570%, 02/02/15 (a) (c)		3,143,000		3,034,566
				58,848,225

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Beverages—0.6%
Anadolu Efes Biracilik Ve Malt Sanayii AS 3.375%, 11/01/22 (144A) (a)		2,400,000	$	2,202,000
Constellation Brands, Inc. 4.250%, 05/01/23		2,500,000		2,481,250
6.000%, 05/01/22		300,000		331,500
Cott Beverages, Inc. 5.375%, 07/01/22 (144A)		400,000		367,000
6.750%, 01/01/20 (144A)		1,475,000		1,475,000
PepsiCo, Inc. 4.250%, 10/22/44		1,200,000		1,252,378
				8,109,128
Biotechnology—0.3%
Gilead Sciences, Inc. 3.500%, 02/01/25 (a)		2,525,000		2,591,660
STHI Holding Corp. 8.000%, 03/15/18 (144A)		1,850,000		1,933,250
				4,524,910
Building Materials—0.4%
Associated Asphalt Partners LLC/Road Holdings III LLC/Associated Asphalt Finance 8.500%, 02/15/18 (144A)		250,000		237,500
Building Materials Corp. of America 5.375%, 11/15/24 (144A)		1,500,000		1,496,250
Owens Corning 9.000%, 06/15/19		268,000		324,327
Ply Gem Industries, Inc. 6.500%, 02/01/22 (a)		425,000		399,500
6.500%, 02/01/22 (144A)		1,000,000		930,000
Unifrax I LLC / Unifrax Holding Co. 7.500%, 02/15/19 (144A)		1,500,000		1,477,500
				4,865,077
Chemicals—1.5%
Braskem Finance, Ltd. 6.450%, 02/03/24		2,075,000		2,080,187
Grupo Idesa S.A. de C.V. 7.875%, 12/18/20 (144A) (a)		1,450,000		1,479,000
Hexion U.S. Finance Corp. / Hexion Nova Scotia Finance ULC 8.875%, 02/01/18 (a)		2,200,000		1,958,000
Huntsman International LLC 5.125%, 11/15/22 (144A)		1,175,000		1,157,375
Israel Chemicals, Ltd. 4.500%, 12/02/24 (144A)		2,950,000		2,951,770
Kissner Milling Co., Ltd. 7.250%, 06/01/19 (144A)		1,350,000		1,350,000
Methanex Corp. 5.250%, 03/01/22		1,875,000		2,014,155
NOVA Chemicals Corp. 5.000%, 05/01/25 (144A)		675,000		669,938
OCP S.A. 6.875%, 04/25/44 (144A) (a)		1,175,000		1,260,305
Chemicals—(Continued)
PetroLogistics L.P. / PetroLogistics Finance Corp. 6.250%, 04/01/20 (m)		950,000		1,023,625
Rockwood Specialties Group, Inc. 4.625%, 10/15/20		2,725,000		2,813,562
TPC Group, Inc. 8.750%, 12/15/20 (144A)		1,390,000		1,351,775
				20,109,692
Coal—0.1%
Peabody Energy Corp. 6.500%, 09/15/20 (a)		2,350,000		2,038,625
Commercial Services—2.0%
APX Group, Inc. 6.375%, 12/01/19		1,425,000		1,364,437
Ceridian HCM Holding, Inc. 11.000%, 03/15/21 (144A) (a)		2,200,000		2,406,602
Cleveland Clinic Foundation (The) 4.858%, 01/01/2114		1,450,000		1,490,232
FTI Consulting, Inc. 6.000%, 11/15/22 (a)		2,000,000		2,045,000
6.750%, 10/01/20 (a)		1,000,000		1,047,500
Hertz Corp. (The) 5.875%, 10/15/20		400,000		403,000
Iron Mountain Europe plc 6.125%, 09/15/22 (144A) (GBP)		975,000		1,550,789
MasterCard, Inc. 3.375%, 04/01/24		2,025,000		2,078,575
Mersin Uluslararasi Liman Isletmeciligi AS 5.875%, 08/12/20 (144A)		1,350,000		1,443,150
Midas Intermediate Holdco II LLC / Midas Intermediate Holdco II Finance, Inc. 7.875%, 10/01/22 (144A)		1,025,000		994,250
NES Rentals Holdings, Inc. 7.875%, 05/01/18 (144A)		1,400,000		1,414,000
Sotheby’s 5.250%, 10/01/22 (144A) (a)		2,500,000		2,362,500
Truven Health Analytics, Inc. 10.625%, 06/01/20		3,300,000		3,217,500
United Rentals North America, Inc. 5.750%, 11/15/24		2,500,000		2,575,000
7.625%, 04/15/22		2,200,000		2,418,900
8.250%, 02/01/21		1,000,000		1,090,000
				27,901,435
Computers—1.3%
Compiler Finance Sub, Inc. 7.000%, 05/01/21 (144A)		1,910,000		1,642,600
Dell, Inc. 7.100%, 04/15/28		175,000		185,500
iGATE Corp. 4.750%, 04/15/19		1,200,000		1,200,000
IHS, Inc. 5.000%, 11/01/22 (144A)		3,425,000		3,390,750

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Computers—(Continued)
NCR Corp. 6.375%, 12/15/23		2,100,000	$	2,184,000
Seagate HDD Cayman 4.750%, 06/01/23		2,150,000		2,233,093
SRA International, Inc. 11.000%, 10/01/19 (a)		3,750,000		3,984,375
SunGard Data Systems, Inc. 6.625%, 11/01/19		3,750,000		3,787,500
				18,607,818
Cosmetics/Personal Care—0.4%
Avon Products, Inc. 4.600%, 03/15/20		900,000		816,750
5.000%, 03/15/23 (a)		1,325,000		1,182,563
Elizabeth Arden, Inc. 7.375%, 03/15/21 (a)		3,900,000		3,578,250
				5,577,563
Distribution/Wholesale—0.1%
LKQ Corp. 4.750%, 05/15/23		1,650,000		1,584,000
Diversified Financial Services—4.0%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.750%, 05/15/19 (144A)		1,450,000		1,435,500
5.000%, 10/01/21 (144A) (a)		1,650,000		1,707,750
Affiliated Managers Group, Inc. 4.250%, 02/15/24		1,875,000		1,953,497
Air Lease Corp. 3.875%, 04/01/21 (a)		1,700,000		1,708,500
Denali Borrower LLC / Denali Finance Corp. 5.625%, 10/15/20 (144A)		1,325,000		1,378,663
General Electric Capital Corp. 7.125%, 06/15/22 (c)		4,800,000		5,586,000
General Motors Financial Co., Inc. 4.375%, 09/25/21		5,650,000		5,897,187
International Lease Finance Corp. 6.250%, 05/15/19		4,000,000		4,370,000
8.250%, 12/15/20		3,000,000		3,615,000
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 5.875%, 08/01/21 (144A)		2,600,000		2,470,000
Macquarie Group, Ltd. 6.000%, 01/14/20 (144A)		2,500,000		2,831,685
Nationstar Mortgage LLC / Nationstar Capital Corp. 6.500%, 07/01/21		1,325,000		1,205,750
Neuberger Berman Group LLC / Neuberger Berman Finance Corp. 5.625%, 03/15/20 (144A)		675,000		705,375
5.875%, 03/15/22 (144A)		4,550,000		4,788,875
Ocwen Financial Corp. 6.625%, 05/15/19 (144A) (a)		1,500,000		1,372,500
Diversified Financial Services—(Continued)
OneMain Financial Holdings, Inc. 6.750%, 12/15/19 (144A)		1,100,000		1,122,000
Rio Oil Finance Trust 6.250%, 07/06/24 (144A)		2,675,000		2,558,183
Springleaf Finance Corp. 5.250%, 12/15/19		4,025,000		3,944,500
SUAM Finance B.V. 4.875%, 04/17/24 (144A)		2,000,000		2,000,000
TD Ameritrade Holding Corp. 3.625%, 04/01/25 (a)		4,850,000		4,915,538
				55,566,503
Electric—1.9%
AES El Salvador Trust II 6.750%, 03/28/23 (144A)		1,225,000		1,152,725
Black Hills Corp. 5.875%, 07/15/20		2,000,000		2,288,856
Dominion Gas Holdings LLC 3.600%, 12/15/24 (a)		1,775,000		1,805,614
DPL, Inc. 7.250%, 10/15/21		1,325,000		1,351,500
DTE Energy Co. 2.400%, 12/01/19		1,425,000		1,425,235
Dynegy Finance I, Inc. / Dynegy Finance II, Inc. 7.375%, 11/01/22 (144A)		1,250,000		1,271,875
7.625%, 11/01/24 (144A)		1,150,000		1,173,000
E-CL S.A. 4.500%, 01/29/25 (144A)		2,575,000		2,579,859
El Paso Electric Co. 5.000%, 12/01/44		2,375,000		2,470,912
Empresas Publicas de Medellin ESP 7.625%, 09/10/24 (144A) (COP)		4,137,000,000		1,686,308
Entergy Arkansas, Inc. 4.950%, 12/15/44		1,175,000		1,226,632
FirstEnergy Transmission LLC 4.350%, 01/15/25 (144A)		1,250,000		1,282,301
Illinois Power Generating Co. 7.000%, 04/15/18 (a)		1,475,000		1,298,000
NSG Holdings LLC / NSG Holdings, Inc. 7.750%, 12/15/25 (144A) (b)		3,047,131		3,245,194
RJS Power Holdings LLC 5.125%, 07/15/19 (144A)		600,000		592,500
Trans-Allegheny Interstate Line Co. 3.850%, 06/01/25 (144A)		1,500,000		1,525,257
				26,375,768
Electrical Components & Equipment—0.4%
Anixter, Inc. 5.625%, 05/01/19		2,125,000		2,241,875
Artesyn Embedded Technologies, Inc. 9.750%, 10/15/20 (144A)		2,450,000		2,321,375
WESCO Distribution, Inc. 5.375%, 12/15/21		1,375,000		1,387,031
				5,950,281

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electronics—0.5%
Flextronics International, Ltd. 5.000%, 02/15/23		725,000	$	739,500
Jabil Circuit, Inc. 4.700%, 09/15/22		1,400,000		1,393,000
Trimble Navigation, Ltd. 4.750%, 12/01/24		4,150,000		4,252,069
				6,384,569
Energy-Alternate Sources—0.2%
Alta Wind Holdings LLC 7.000%, 06/30/35 (144A)		1,843,733		2,093,885
Engineering & Construction—0.4%
China Railway Resources Huitung, Ltd. 3.850%, 02/05/23		1,450,000		1,442,519
Dycom Investments, Inc. 7.125%, 01/15/21		2,575,000		2,703,750
SBA Communications Corp. 4.875%, 07/15/22 (144A)		900,000		866,250
				5,012,519
Entertainment—1.4%
CCM Merger, Inc. 9.125%, 05/01/19 (144A)		1,500,000		1,575,000
Cedar Fair L.P. / Canada’s Wonderland Co. / Magnum Management Corp. 5.250%, 03/15/21		1,700,000		1,708,500
Graton Economic Development Authority 9.625%, 09/01/19 (144A)		3,180,000		3,474,150
Mohegan Tribal Gaming Authority 9.750%, 09/01/21 (a)		1,325,000		1,351,500
Pinnacle Entertainment, Inc. 6.375%, 08/01/21		2,600,000		2,678,000
7.750%, 04/01/22		1,500,000		1,560,000
Regal Entertainment Group 5.750%, 03/15/22		2,100,000		2,005,500
River Rock Entertainment Authority (The) 9.000%, 11/01/18 (d) (e)		1,397,000		125,730
Rivers Pittsburgh Borrower L.P. / Rivers Pittsburgh Finance Corp. 9.500%, 06/15/19 (144A) (b)		1,676,000		1,776,560
Scientific Games International, Inc. 7.000%, 01/01/22 (144A)		1,000,000		1,012,500
WMG Acquisition Corp. 6.750%, 04/15/22 (144A)		2,200,000		2,002,000
				19,269,440
Environmental Control—0.3%
Clean Harbors, Inc. 5.250%, 08/01/20		1,800,000		1,809,000
Covanta Holding Corp. 5.875%, 03/01/24		2,175,000		2,213,063
				4,022,063
Food—1.7%
B&G Foods, Inc. 4.625%, 06/01/21 (a)		2,525,000		2,464,652
Diamond Foods, Inc. 7.000%, 03/15/19 (144A)		2,240,000		2,296,000
ESAL GmbH 6.250%, 02/05/23 (144A) (a)		975,000		923,812
JBS U.S.A. LLC / JBS U.S.A. Finance, Inc. 5.875%, 07/15/24 (144A)		2,100,000		2,063,250
Land O’ Lakes, Inc. 6.000%, 11/15/22 (144A)		2,000,000		2,140,000
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp. 4.875%, 05/01/21		1,150,000		1,121,250
Premier Foods Finance plc 6.500%, 03/15/21 (144A) (GBP)		775,000		1,036,392
R&R Ice Cream plc 5.500%, 05/15/20 (144A) (GBP)		400,000		606,957
Shearer’s Foods LLC / Chip Fin Corp. 9.000%, 11/01/19 (144A)		1,850,000		2,016,500
Smithfield Foods, Inc. 6.625%, 08/15/22		1,275,000		1,332,375
Stretford 79 plc 6.250%, 07/15/21 (144A) (GBP)		1,325,000		1,621,140
WhiteWave Foods Co. (The) 5.375%, 10/01/22		5,780,000		5,953,400
				23,575,728
Forest Products & Paper—0.3%
Cascades, Inc. 5.500%, 07/15/22 (144A) (a)		2,500,000		2,487,500
Millar Western Forest Products, Ltd. 8.500%, 04/01/21		2,000,000		2,070,000
				4,557,500
Gas—0.4%
LBC Tank Terminals Holding Netherlands B.V. 6.875%, 05/15/23 (144A)		1,350,000		1,356,750
National Fuel Gas Co. 6.500%, 04/15/18		1,500,000		1,709,154
Southern Star Central Corp. 5.125%, 07/15/22 (144A)		1,425,000		1,432,125
Transportadora de Gas del Peru S.A. 4.250%, 04/30/28 (144A)		1,500,000		1,447,500
				5,945,529
Hand/Machine Tools—0.3%
Mcron Finance Sub LLC / Mcron Finance Corp. 8.375%, 05/15/19 (144A)		2,800,000		2,968,000
Milacron LLC / Mcron Finance Corp. 7.750%, 02/15/21 (144A) (a)		1,100,000		1,122,000
				4,090,000

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Products—1.6%
Becton Dickinson and Co. 3.734%, 12/15/24		1,150,000	$	1,184,011
Biomet, Inc. 6.500%, 08/01/20		5,325,000		5,697,750
Kinetic Concepts, Inc. / KCI U.S.A., Inc. 12.500%, 11/01/19 (a)		1,275,000		1,408,875
Mallinckrodt International Finance S.A. 4.750%, 04/15/23 (a)		2,575,000		2,472,000
5.750%, 08/01/22 (144A) (a)		3,975,000		4,084,312
Medtronic, Inc. 3.150%, 03/15/22 (144A)		3,600,000		3,645,634
4.375%, 03/15/35 (144A)		3,000,000		3,182,568
				21,675,150
Healthcare-Services—4.2%
Amsurg Corp. 5.625%, 11/30/20		2,365,000		2,418,212
5.625%, 07/15/22 (144A)		1,100,000		1,127,500
Centene Corp. 4.750%, 05/15/22		1,075,000		1,077,688
5.750%, 06/01/17		3,250,000		3,445,000
CHS/Community Health Systems, Inc. 6.875%, 02/01/22 (a)		2,000,000		2,118,750
8.000%, 11/15/19		6,300,000		6,725,250
DaVita HealthCare Partners, Inc. 5.750%, 08/15/22		3,500,000		3,710,000
Dignity Health 3.812%, 11/01/24		1,800,000		1,854,715
Envision Healthcare Corp. 5.125%, 07/01/22 (144A)		1,250,000		1,240,625
Fresenius Medical Care U.S. Finance II, Inc. 5.875%, 01/31/22 (144A)		1,525,000		1,654,625
HCA Holdings, Inc. 7.750%, 05/15/21		5,000,000		5,325,000
HCA, Inc. 4.250%, 10/15/19		1,200,000		1,218,000
6.500%, 02/15/20		750,000		840,375
7.500%, 02/15/22		5,800,000		6,626,500
7.580%, 09/15/25		500,000		557,500
7.690%, 06/15/25		1,767,000		1,987,875
Kindred Escrow Corp. II 8.000%, 01/15/20 (144A)		1,025,000		1,089,063
Kindred Healthcare, Inc. 6.375%, 04/15/22 (144A)		2,000,000		1,905,000
LifePoint Hospitals, Inc. 5.500%, 12/01/21		2,000,000		2,045,000
MPH Acquisition Holdings LLC 6.625%, 04/01/22 (144A)		2,675,000		2,735,187
Select Medical Corp. 6.375%, 06/01/21		800,000		812,000
Tenet Healthcare Corp. 8.125%, 04/01/22		7,000,000		7,822,500
				58,336,365
Holding Companies-Diversified—0.1%
San Miguel Corp. 4.875%, 04/26/23		1,325,000		1,230,594
Home Builders—0.9%
Ashton Woods USA LLC / Ashton Woods Finance Co. 6.875%, 02/15/21 (144A)		1,450,000		1,381,125
Brookfield Residential Properties, Inc. 6.500%, 12/15/20 (144A)		1,600,000		1,672,000
K Hovnanian Enterprises, Inc. 5.000%, 11/01/21		1,650,000		1,402,500
Lennar Corp. 4.500%, 11/15/19		1,475,000		1,463,938
PulteGroup, Inc. 6.375%, 05/15/33		3,500,000		3,500,000
William Lyon Homes, Inc. 7.000%, 08/15/22 (144A)		3,350,000		3,383,500
				12,803,063
Housewares—0.1%
American Greetings Corp. 7.375%, 12/01/21		1,200,000		1,254,000
Insurance—1.0%
A-S Co-Issuer Subsidiary, Inc. / A-S Merger Sub LLC 7.875%, 12/15/20 (144A)		1,785,000		1,820,700
American Equity Investment Life Holding Co. 6.625%, 07/15/21		1,950,000		2,067,000
Galaxy Finco, Ltd. 7.875%, 11/15/21 (144A) (GBP)		100,000		143,235
Liberty Mutual Group, Inc. 7.800%, 03/15/37 (144A)		2,350,000		2,749,500
Teachers Insurance & Annuity Association of America 4.900%, 09/15/44 (144A)		2,775,000		3,092,316
TIAA Asset Management Finance Co. LLC 4.125%, 11/01/24 (144A)		4,000,000		4,097,664
				13,970,415
Internet—1.7%
Affinion Investments LLC 13.500%, 08/15/18 (a) (b)		1,425,000		1,068,750
Alibaba Group Holding, Ltd. 3.125%, 11/28/21 (144A)		2,975,000		2,939,232
3.600%, 11/28/24 (144A) (a)		2,800,000		2,777,163
Amazon.com, Inc. 4.800%, 12/05/34		7,700,000		8,082,983
Expedia, Inc. 4.500%, 08/15/24		1,825,000		1,842,832
Netflix, Inc. 5.375%, 02/01/21		3,700,000		3,848,000
United Group B.V. 7.875%, 11/15/20 (144A) (EUR)		100,000		128,749
VeriSign, Inc. 4.625%, 05/01/23 (a)		2,125,000		2,082,500
				22,770,209

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Investment Company Security—0.1%
Constellation Enterprises LLC 10.625%, 02/01/16 (144A)		1,500,000	$	1,177,500
Iron/Steel—0.8%
Allegheny Ludlum Corp. 6.950%, 12/15/25		1,500,000		1,635,207
ArcelorMittal 5.750%, 08/05/20 (a)		6,000,000		6,225,000
Steel Dynamics, Inc. 5.125%, 10/01/21 (144A)		1,825,000		1,859,219
5.500%, 10/01/24 (144A)		925,000		948,125
				10,667,551
Leisure Time—0.4%
NCL Corp., Ltd. 5.250%, 11/15/19 (144A)		1,025,000		1,032,688
Royal Caribbean Cruises, Ltd. 7.500%, 10/15/27 (a)		3,500,000		3,937,500
				4,970,188
Lodging—1.5%
Caesars Growth Properties Holdings LLC / Caesars Growth Properties Finance, Inc. 9.375%, 05/01/22 (144A)		800,000		704,000
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 5.625%, 10/15/21		3,000,000		3,135,000
MCE Finance, Ltd. 5.000%, 02/15/21 (144A)		2,925,000		2,734,875
MGM Resorts International 6.000%, 03/15/23 (a)		2,050,000		2,060,250
MTR Gaming Group, Inc. 11.500%, 08/01/19 (a)		1,525,000		1,650,812
Playa Resorts Holding B.V. 8.000%, 08/15/20 (144A)		2,300,000		2,294,250
Seminole Hard Rock Entertainment, Inc. / Seminole Hard Rock International LLC 5.875%, 05/15/21 (144A)		1,525,000		1,509,750
Sugarhouse HSP Gaming Prop Mezz L.P. / Sugarhouse HSP Gaming Finance Corp. 6.375%, 06/01/21 (144A)		2,950,000		2,684,500
Wyndham Worldwide Corp. 3.900%, 03/01/23		2,550,000		2,515,922
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 7.750%, 08/15/20		1,325,000		1,411,430
				20,700,789
Machinery-Construction & Mining—0.1%
BlueLine Rental Finance Corp. 7.000%, 02/01/19 (144A)		1,350,000		1,383,750
Machinery-Diversified—0.8%
Cleaver-Brooks, Inc. 8.750%, 12/15/19 (144A)		1,750,000		1,841,875
CNH Industrial Capital LLC 3.375%, 07/15/19 (144A)		1,475,000		1,408,625
Flowserve Corp. 3.500%, 09/15/22 (a)		325,000		325,122
Gardner Denver, Inc. 6.875%, 08/15/21 (144A) (a)		2,750,000		2,640,000
Manitowoc Co., Inc. (The) 8.500%, 11/01/20		2,850,000		3,078,000
Waterjet Holdings, Inc. 7.625%, 02/01/20 (144A)		1,725,000		1,776,750
				11,070,372
Media—3.8%
AMC Networks, Inc. 4.750%, 12/15/22 (a)		2,825,000		2,740,250
7.750%, 07/15/21		1,500,000		1,605,000
Cablevision Systems Corp. 5.875%, 09/15/22 (a)		4,000,000		4,050,000
CCO Holdings LLC / CCO Holdings Capital Corp. 5.750%, 09/01/23 (a)		1,400,000		1,417,500
6.625%, 01/31/22		2,200,000		2,337,500
8.125%, 04/30/20		2,000,000		2,105,000
CCOH Safari LLC 5.500%, 12/01/22		700,000		710,500
5.750%, 12/01/24		1,050,000		1,061,813
Columbus International, Inc. 7.375%, 03/30/21 (144A) (a)		1,400,000		1,456,000
DISH DBS Corp. 5.125%, 05/01/20		4,075,000		4,105,562
5.875%, 07/15/22		1,300,000		1,332,500
6.750%, 06/01/21		4,475,000		4,810,625
Globo Comunicacao e Participacoes S.A. 4.875%, 04/11/22 (144A)		525,000		538,125
Harron Communications L.P. / Harron Finance Corp. 9.125%, 04/01/20 (144A)		1,575,000		1,716,750
iHeartCommunications, Inc. 9.000%, 12/15/19 (a)		3,225,000		3,176,625
11.250%, 03/01/21		3,250,000		3,347,500
Mediacom Broadband LLC / Mediacom Broadband Corp. 6.375%, 04/01/23		3,950,000		4,048,750
Mediacom LLC / Mediacom Capital Corp. 7.250%, 02/15/22		400,000		427,000
Numericable-SFR 6.000%, 05/15/22 (144A)		2,950,000		2,966,225
6.250%, 05/15/24 (144A)		500,000		503,750
RCN Telecom Services LLC / RCN Capital Corp. 8.500%, 08/15/20 (144A)		725,000		746,750
SiTV LLC / SiTV Finance, Inc. 10.375%, 07/01/19 (144A)		750,000		695,625

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH 5.500%, 01/15/23 (144A)		3,500,000	$	3,657,500
Univision Communications, Inc. 8.500%, 05/15/21 (144A)		1,325,000		1,411,125
VTR Finance B.V. 6.875%, 01/15/24 (144A)		1,850,000		1,887,000
				52,854,975
Mining—0.8%
Alcoa, Inc. 5.125%, 10/01/24 (a)		2,650,000		2,808,391
Aleris International, Inc. 7.875%, 11/01/20		900,000		895,500
ALROSA Finance S.A. 7.750%, 11/03/20 (144A)		2,600,000		2,444,000
Century Aluminum Co. 7.500%, 06/01/21 (144A)		950,000		973,750
Imperial Metals Corp. 7.000%, 03/15/19 (144A) (a)		1,250,000		1,150,000
Mirabela Nickel, Ltd. 1.000%, 09/10/44 (e) (f)		32,278		3
MMC Norilsk Nickel OJSC via MMC Finance, Ltd. 4.375%, 04/30/18		1,150,000		1,063,750
New Gold, Inc. 6.250%, 11/15/22 (144A)		350,000		343,000
Thompson Creek Metals Co., Inc. 7.375%, 06/01/18 (a)		1,425,000		1,168,500
				10,846,894
Miscellaneous Manufacturing—0.3%
Gates Global LLC / Gates Global Co. 6.000%, 07/15/22 (144A)		1,475,000		1,412,608
Trinity Industries, Inc. 4.550%, 10/01/24		3,475,000		3,375,201
				4,787,809
Office Furnishings—0.3%
Steelcase, Inc. 6.375%, 02/15/21		3,000,000		3,462,951
Office/Business Equipment—0.2%
CDW LLC / CDW Finance Corp. 5.500%, 12/01/24		2,210,000		2,212,763
Oil & Gas—5.9%
Antero Resources Finance Corp. 5.375%, 11/01/21		2,500,000		2,418,750
Atlas Energy Holdings Operating Co. LLC / Atlas Resource Finance Corp. 7.750%, 01/15/21		3,400,000		2,465,000
Berry Petroleum Co. LLC 6.750%, 11/01/20		3,500,000		2,800,000
Oil & Gas—(Continued)
Bill Barrett Corp. 7.000%, 10/15/22		350,000		281,750
California Resources Corp. 5.500%, 09/15/21 (144A)		3,050,000		2,607,750
Carrizo Oil & Gas, Inc. 7.500%, 09/15/20 (144A)		1,050,000		1,008,000
Chaparral Energy, Inc. 8.250%, 09/01/21		4,350,000		2,958,000
Chesapeake Energy Corp. 4.875%, 04/15/22		1,000,000		972,500
Concho Resources, Inc. 5.500%, 04/01/23		4,875,000		4,897,912
7.000%, 01/15/21 (a)		1,400,000		1,466,500
CrownRock L.P. / CrownRock Finance, Inc. 7.125%, 04/15/21 (144A)		4,600,000		4,312,500
Diamondback Energy, Inc. 7.625%, 10/01/21		3,650,000		3,563,312
EXCO Resources, Inc. 7.500%, 09/15/18 (a)		1,000,000		764,375
Gulfport Energy Corp. 7.750%, 11/01/20 (144A) (a)		1,375,000		1,344,063
Hilcorp Energy I L.P. / Hilcorp Finance Co. 5.000%, 12/01/24 (144A) (a)		2,375,000		2,090,000
Kodiak Oil & Gas Corp. 5.500%, 01/15/21 (a)		2,500,000		2,506,250
Kosmos Energy, Ltd. 7.875%, 08/01/21 (144A)		1,475,000		1,246,375
Laredo Petroleum, Inc. 5.625%, 01/15/22		900,000		787,500
Legacy Reserves L.P. / Legacy Reserves Finance Corp. 6.625%, 12/01/21 (a)		2,000,000		1,630,000
8.000%, 12/01/20 (a)		3,600,000		2,988,000
MEG Energy Corp. 6.500%, 03/15/21 (144A)		3,675,000		3,353,438
7.000%, 03/31/24 (144A) (a)		2,300,000		2,081,500
Memorial Resource Development Corp. 5.875%, 07/01/22 (144A)		2,325,000		2,104,125
Newfield Exploration Co. 5.625%, 07/01/24		4,800,000		4,749,000
6.875%, 02/01/20		2,775,000		2,816,625
Northern Tier Energy LLC / Northern Tier Finance Corp. 7.125%, 11/15/20		425,000		429,250
Oasis Petroleum, Inc. 6.500%, 11/01/21		1,500,000		1,365,000
7.250%, 02/01/19 (a)		2,825,000		2,697,875
Parsley Energy LLC / Parsley Finance Corp. 7.500%, 02/15/22 (144A)		1,450,000		1,373,875
PDC Energy, Inc. 7.750%, 10/15/22		2,625,000		2,493,750
Penn Virginia Corp. 8.500%, 05/01/20		1,450,000		1,160,000
QEP Resources, Inc. 6.800%, 03/01/20 (e)		1,450,000		1,500,750

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
Rice Energy, Inc. 6.250%, 05/01/22 (144A) (a)		2,000,000	$	1,860,000
Rosetta Resources, Inc. 5.875%, 06/01/22		700,000		630,000
Seven Generations Energy, Ltd. 8.250%, 05/15/20 (144A)		2,150,000		2,064,000
Seventy Seven Energy, Inc. 6.500%, 07/15/22 (a)		1,500,000		877,500
SM Energy Co. 6.500%, 11/15/21		1,725,000		1,673,250
6.500%, 01/01/23		325,000		312,000
Tesoro Corp. 5.125%, 04/01/24 (a)		2,060,000		2,044,550
Triangle USA Petroleum Corp. 6.750%, 07/15/22 (144A)		2,025,000		1,336,500
W&T Offshore, Inc. 8.500%, 06/15/19 (a)		1,950,000		1,277,250
				81,308,775
Oil & Gas Services—1.0%
Dresser-Rand Group, Inc. 6.500%, 05/01/21		2,600,000		2,795,000
Gulfmark Offshore, Inc. 6.375%, 03/15/22		2,500,000		1,862,500
Hiland Partners L.P. / Hiland Partner Finance Corp. 5.500%, 05/15/22 (144A)		375,000		330,000
7.250%, 10/01/20 (144A)		2,015,000		1,914,250
Light Tower Rentals, Inc. 8.125%, 08/01/19 (144A)		1,550,000		1,205,125
Oceaneering International, Inc. 4.650%, 11/15/24		3,450,000		3,378,078
SEACOR Holdings, Inc. 7.375%, 10/01/19		2,125,000		2,225,937
				13,710,890
Packaging & Containers—2.3%
AEP Industries, Inc. 8.250%, 04/15/19		2,500,000		2,525,000
Ball Corp. 4.000%, 11/15/23		5,225,000		5,042,125
Crown Cork & Seal Co., Inc. 7.375%, 12/15/26		3,675,000		4,060,875
Graphic Packaging International, Inc. 4.750%, 04/15/21		1,400,000		1,410,500
4.875%, 11/15/22		575,000		577,875
Pactiv LLC 7.950%, 12/15/25		1,300,000		1,306,500
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 5.750%, 10/15/20		1,250,000		1,281,250
8.250%, 02/15/21		2,625,000		2,690,625
8.500%, 05/15/18		4,650,000		4,743,000
Packaging & Containers—(Continued)
Sealed Air Corp. 4.875%, 12/01/22 (144A)		1,250,000		1,240,625
5.125%, 12/01/24 (144A)		200,000		202,000
6.875%, 07/15/33 (144A)		4,000,000		4,090,000
8.375%, 09/15/21 (144A)		1,700,000		1,899,750
				31,070,125
Pharmaceuticals—2.1%
Bayer U.S. Finance LLC 3.375%, 10/08/24 (144A)		3,000,000		3,052,716
Catamaran Corp. 4.750%, 03/15/21		1,375,000		1,375,000
Grifols Worldwide Operations, Ltd. 5.250%, 04/01/22 (144A)		3,000,000		3,068,100
JLL/Delta Dutch Newco B.V. 7.500%, 02/01/22 (144A)		2,000,000		2,030,000
Omnicare, Inc. 4.750%, 12/01/22 (a)		1,075,000		1,088,438
5.000%, 12/01/24		700,000		717,500
Par Pharmaceutical Cos., Inc. 7.375%, 10/15/20 (a)		4,150,000		4,336,750
Perrigo Finance plc 4.900%, 12/15/44		1,300,000		1,377,581
Salix Pharmaceuticals, Ltd. 6.000%, 01/15/21 (144A)		2,400,000		2,448,000
Valeant Pharmaceuticals International, Inc. 5.625%, 12/01/21 (144A) (a)		1,000,000		1,007,500
6.375%, 10/15/20 (144A)		6,275,000		6,557,375
Zoetis, Inc. 3.250%, 02/01/23		2,125,000		2,096,159
				29,155,119
Pipelines—4.1%
Access Midstream Partners L.P. / ACMP Finance Corp. 6.125%, 07/15/22		347,000		368,688
Energy Transfer Equity L.P. 5.875%, 01/15/24		1,375,000		1,395,625
Energy Transfer Partners L.P. 5.200%, 02/01/22		2,550,000		2,727,368
IFM U.S. Colonial Pipeline 2 LLC 6.450%, 05/01/21 (144A) (b)		4,900,000		5,326,800
Kinder Morgan, Inc. 5.000%, 02/15/21 (144A)		2,000,000		2,080,708
5.300%, 12/01/34		1,175,000		1,192,691
6.500%, 09/15/20		4,000,000		4,525,956
8.050%, 10/15/30		2,925,000		3,583,154
MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp. 5.500%, 02/15/23 (a)		1,475,000		1,493,438
6.750%, 11/01/20		3,000,000		3,120,000
Midcontinent Express Pipeline LLC 6.700%, 09/15/19 (144A)		2,400,000		2,628,000
Panhandle Eastern Pipeline Co. L.P. 7.000%, 06/15/18		1,850,000		2,102,347

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—(Continued)
Regency Energy Partners L.P. / Regency Energy Finance Corp. 5.875%, 03/01/22		2,000,000	$	1,995,000
Rockies Express Pipeline LLC 6.875%, 04/15/40 (144A)		2,825,000		3,008,625
Rose Rock Midstream L.P. / Rose Rock Finance Corp. 5.625%, 07/15/22		390,000		364,650
Sabine Pass Liquefaction LLC 5.625%, 02/01/21		1,925,000		1,891,312
5.750%, 05/15/24		5,150,000		5,053,437
SemGroup Corp. 7.500%, 06/15/21		890,000		890,000
Southeast Supply Header LLC 4.250%, 06/15/24 (144A)		2,450,000		2,482,850
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp. 5.250%, 05/01/23		1,650,000		1,592,250
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp. 5.500%, 10/15/19 (144A) (a)		1,100,000		1,091,750
5.875%, 10/01/20		1,753,000		1,757,383
6.125%, 10/15/21		1,200,000		1,197,000
6.250%, 10/15/22 (144A)		1,975,000		1,970,062
Transportadora de Gas Internacional S.A. ESP 5.700%, 03/20/22 (144A) (a)		2,850,000		2,992,215
				56,831,309
Real Estate—0.2%
CBRE Services, Inc. 5.000%, 03/15/23		1,425,000		1,456,208
5.250%, 03/15/25		1,100,000		1,122,000
				2,578,208
Real Estate Investment Trusts—1.1%
American Tower Corp. 4.700%, 03/15/22		2,750,000		2,883,353
Crown Castle International Corp. 5.250%, 01/15/23 (a)		1,350,000		1,377,000
DDR Corp. 7.875%, 09/01/20		1,625,000		2,004,067
Federal Realty Investment Trust 3.000%, 08/01/22		1,175,000		1,171,636
Goodman Funding Property, Ltd. 6.000%, 03/22/22 (144A)		1,200,000		1,365,575
Host Hotels & Resorts L.P. 5.250%, 03/15/22		1,300,000		1,418,708
Omega Healthcare Investors, Inc. 4.950%, 04/01/24		800,000		832,512
5.875%, 03/15/24		525,000		557,813
6.750%, 10/15/22		1,675,000		1,775,500
RHP Hotel Properties L.P. / RHP Finance Corp. 5.000%, 04/15/21		1,000,000		995,000
Washington Real Estate Investment Trust 3.950%, 10/15/22		1,375,000		1,375,496
				15,756,660
Retail—3.8%
Bon-Ton Department Stores, Inc. (The) 8.000%, 06/15/21 (a)		1,350,000		1,127,250
Brookstone Co., Inc. Escrow (144A) (b) (d) (f)		2,041,798		4,451
Brookstone Holdings Corp. 10.000%, 07/07/21 (e) (f) (g)		223,812		223,812
Chinos Intermediate Holdings A, Inc. 7.750%, 05/01/19 (144A) (a) (g)		1,475,000		1,305,375
Claire’s Stores, Inc. 8.875%, 03/15/19 (a)		3,000,000		2,430,000
9.000%, 03/15/19 (144A)		700,000		689,500
CST Brands, Inc. 5.000%, 05/01/23		2,250,000		2,272,500
DBP Holding Corp. 7.750%, 10/15/20 (144A) (a)		1,457,000		1,238,450
El Puerto de Liverpool S.A.B. de C.V. 3.950%, 10/02/24 (144A) (a)		1,675,000		1,649,037
Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp. 8.625%, 06/15/20		1,950,000		1,954,875
Hema Bondco I B.V. 6.250%, 06/15/19 (144A) (EUR)		1,975,000		2,007,569
Hillman Group, Inc. (The) 6.375%, 07/15/22 (144A)		1,425,000		1,368,000
Macy’s Retail Holdings, Inc. 4.500%, 12/15/34		2,750,000		2,769,107
Men’s Wearhouse, Inc. (The) 7.000%, 07/01/22 (144A) (a)		1,375,000		1,412,812
Neiman Marcus Group Ltd., Inc. 8.000%, 10/15/21 (144A)		3,800,000		4,018,500
New Albertsons, Inc. 7.450%, 08/01/29		1,000,000		895,000
7.750%, 06/15/26		3,000,000		2,685,000
Petco Holdings, Inc. 8.500%, 10/15/17 (144A) (a) (g)		1,500,000		1,522,500
PF Chang’s China Bistro, Inc. 10.250%, 06/30/20 (144A) (a)		1,980,000		1,975,050
Rite Aid Corp. 6.875%, 12/15/28 (144A)		1,250,000		1,275,000
7.700%, 02/15/27		4,500,000		4,905,000
Ruby Tuesday, Inc. 7.625%, 05/15/20		150,000		147,000
SACI Falabella 4.375%, 01/27/25 (144A)		1,425,000		1,393,924
Sally Holdings LLC / Sally Capital, Inc. 5.500%, 11/01/23		875,000		914,375
5.750%, 06/01/22		1,925,000		2,016,437
Serta Simmons Holdings LLC 8.125%, 10/01/20 (144A)		1,325,000		1,401,188
Tops Holding Corp. / Tops Markets LLC 8.875%, 12/15/17		2,000,000		2,040,000
Tops Holding II Corp. 8.750%, 06/15/18		1,875,000		1,800,000
Walgreens Boots Alliance, Inc. 3.300%, 11/18/21		1,800,000		1,812,523
3.800%, 11/18/24		2,400,000		2,447,760
				51,701,995

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Savings & Loans—0.0%
Washington Mutual Bank 6.875%, 06/15/11 (d) (e) (f)		6,000,000	$	600
Semiconductors—0.9%
Freescale Semiconductor, Inc. 10.750%, 08/01/20 (a)		3,075,000		3,359,437
KLA-Tencor Corp. 4.650%, 11/01/24		7,950,000		8,230,214
Micron Technology, Inc. 5.500%, 02/01/25 (144A)		1,500,000		1,515,000
				13,104,651
Shipbuilding—0.2%
Huntington Ingalls Industries, Inc. 5.000%, 12/15/21 (144A)		500,000		508,750
7.125%, 03/15/21		2,500,000		2,700,000
				3,208,750
Software—1.6%
Activision Blizzard, Inc. 5.625%, 09/15/21 (144A)		3,000,000		3,150,000
6.125%, 09/15/23 (144A)		3,600,000		3,879,000
Audatex North America, Inc. 6.000%, 06/15/21 (144A)		1,300,000		1,339,000
Dun & Bradstreet Corp. (The) 4.375%, 12/01/22 (a)		1,500,000		1,534,408
First Data Corp. 8.250%, 01/15/21 (144A)		6,550,000		7,008,500
11.250%, 01/15/21		1,452,000		1,648,020
MSCI, Inc. 5.250%, 11/15/24 (144A)		1,175,000		1,216,125
Sophia L.P. / Sophia Finance, Inc. 9.750%, 01/15/19 (144A)		2,200,000		2,348,500
				22,123,553
Telecommunications—5.3%
Altice Finco S.A. 9.875%, 12/15/20 (144A)		3,650,000		3,901,602
Altice S.A. 7.750%, 05/15/22 (144A)		3,500,000		3,506,563
CC Holdings GS V LLC / Crown Castle GS III Corp. 3.849%, 04/15/23		1,370,000		1,360,837
Clearwire Communications LLC /Clearwire Finance, Inc. 14.750%, 12/01/16 (144A)		1,900,000		2,284,750
CommScope, Inc. 5.500%, 06/15/24 (144A)		2,200,000		2,167,000
Consolidated Communications, Inc. 6.500%, 10/01/22 (144A)		1,350,000		1,353,375
CPI International, Inc. 8.750%, 02/15/18 (a)		2,500,000		2,568,750
Digicel Group, Ltd. 7.125%, 04/01/22 (144A)		1,500,000		1,395,000
8.250%, 09/30/20 (144A)		2,000,000		1,940,000
Telecommunications—(Continued)
Digicel, Ltd. 7.000%, 02/15/20 (144A) (a)		3,000,000		2,967,000
Frontier Communications Corp. 7.625%, 04/15/24 (a)		1,400,000		1,442,000
9.250%, 07/01/21		1,225,000		1,414,875
Hughes Satellite Systems Corp. 7.625%, 06/15/21		4,000,000		4,400,000
Inmarsat Finance plc 4.875%, 05/15/22 (144A)		2,775,000		2,747,250
Intelsat Luxembourg S.A. 7.750%, 06/01/21 (a)		5,595,000		5,608,987
8.125%, 06/01/23		1,025,000		1,045,500
Motorola Solutions, Inc. 3.500%, 09/01/21		1,800,000		1,800,054
Sable International Finance, Ltd. 8.750%, 02/01/20 (144A)		1,690,000		1,833,650
SBA Telecommunications, Inc. 5.750%, 07/15/20		2,000,000		2,035,600
Sprint Capital Corp. 6.900%, 05/01/19		1,900,000		1,938,000
T-Mobile USA, Inc. 6.500%, 01/15/24		5,500,000		5,637,500
6.542%, 04/28/20		3,425,000		3,536,312
6.625%, 11/15/20		2,000,000		2,035,000
Telemovil Finance Co., Ltd. 8.000%, 10/01/17 (144A) (a)		1,500,000		1,545,000
UPCB Finance V, Ltd. 7.250%, 11/15/21 (144A)		2,850,000		3,117,188
VimpelCom Holdings B.V. 5.950%, 02/13/23 (144A)		350,000		265,825
Virgin Media Finance plc 6.000%, 10/15/24 (144A) (a)		925,000		967,781
Virgin Media Secured Finance plc 5.375%, 04/15/21 (144A)		4,000,000		4,130,000
Wind Acquisition Finance S.A. 7.375%, 04/23/21 (144A)		4,250,000		4,011,150
				72,956,549
Textiles—0.1%
Polymer Group, Inc. 6.875%, 06/01/19 (144A)		950,000		912,000
Springs Industries, Inc. 6.250%, 06/01/21		900,000		895,500
				1,807,500
Transportation—0.5%
Florida East Coast Holdings Corp. 6.750%, 05/01/19 (144A)		675,000		668,250
Hornbeck Offshore Services, Inc. 5.000%, 03/01/21 (a)		1,800,000		1,476,000
5.875%, 04/01/20		2,875,000		2,544,375
Watco Cos. LLC / Watco Finance Corp. 6.375%, 04/01/23 (144A)		1,400,000		1,386,000
XPO Logistics, Inc. 7.875%, 09/01/19 (144A)		1,325,000		1,384,625
				7,459,250

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Shares/ Principal Amount*		Value
Trucking & Leasing—0.1%
Jurassic Holdings III, Inc. 6.875%, 02/15/21 (144A)		1,350,000	$	1,255,500
Total Corporate Bonds & Notes (Cost $1,026,103,314)				1,017,968,027
Common Stocks—11.3%
Aerospace & Defense—0.3%
Raytheon Co. (a)		13,100		1,417,027
TransDigm Group, Inc.		11,800		2,316,930
				3,733,957
Airlines—0.3%
Alaska Air Group, Inc. (a)		27,800		1,661,328
Southwest Airlines Co.		44,700		1,891,704
				3,553,032
Auto Components—0.2%
American Axle & Manufacturing Holdings, Inc. (a) (h)		95,000		2,146,050
Automobiles—0.1%
Harley-Davidson, Inc. (a)		24,400		1,608,204
Beverages—0.1%
Monster Beverage Corp. (h)		15,400		1,668,590
Biotechnology—0.8%
Alexion Pharmaceuticals, Inc. (h)		7,700		1,424,731
Bluebird Bio, Inc. (h)		17,000		1,559,240
Celgene Corp. (a) (h)		16,700		1,868,062
Merrimack Pharmaceuticals, Inc. (a) (h)		64,400		727,720
Pharmacyclics, Inc. (a) (h)		17,200		2,102,872
Puma Biotechnology, Inc. (a) (h)		7,800		1,476,306
Vertex Pharmaceuticals, Inc. (h)		14,700		1,746,360
				10,905,291
Capital Markets—0.1%
Invesco, Ltd.		35,900		1,418,768
Chemicals—0.6%
Axalta Coating Systems, Ltd. (a) (h)		133,300		3,468,466
International Flavors & Fragrances, Inc. (a)		14,400		1,459,584
Potash Corp. of Saskatchewan, Inc.		39,800		1,405,736
PPG Industries, Inc. (a)		6,400		1,479,360
				7,813,146
Consumer Finance—0.1%
Ally Financial, Inc. (h)		65,900		1,556,558
Containers & Packaging—0.1%
Rock-Tenn Co. - Class A		25,800		1,573,284
Distributors—0.1%
LKQ Corp. (h)		58,200		1,636,584
Electric Utilities—0.3%
ITC Holdings Corp.		39,700		1,605,071
Portland General Electric Co. (a)		42,600		1,611,558
PPL Corp. (a)		41,400		1,504,062
				4,720,691
Electrical Equipment—0.2%
Polypore International, Inc. (a) (h)		27,600		1,298,580
Sensata Technologies Holding NV (a) (h)		32,600		1,708,566
				3,007,146
Food & Staples Retailing—0.2%
Kroger Co. (The)		39,600		2,542,716
Food Products—0.7%
Gruma S.A.B. de C.V. (ADR)		47,741		1,986,980
Hershey Co. (The) (a)		22,400		2,328,032
Keurig Green Mountain, Inc. (a)		10,400		1,376,908
Mead Johnson Nutrition Co.		13,700		1,377,398
Pinnacle Foods, Inc.		43,000		1,517,900
WhiteWave Foods Co. (The) (a) (h)		41,600		1,455,584
				10,042,802
Health Care Equipment & Supplies—0.2%
St. Jude Medical, Inc. (a)		22,900		1,489,187
Zimmer Holdings, Inc.		13,800		1,565,196
				3,054,383
Health Care Providers & Services—0.7%
Acadia Healthcare Co., Inc. (a) (h)		29,300		1,793,453
Catamaran Corp. (a) (h)		51,000		2,639,250
Community Health Systems, Inc. (a) (h)		29,900		1,612,208
Team Health Holdings, Inc. (a) (h)		38,600		2,220,658
Universal Health Services, Inc. - Class B		14,100		1,568,766
				9,834,335
Hotels, Restaurants & Leisure—1.3%
Buffalo Wild Wings, Inc. (a) (h)		9,200		1,659,496
Chipotle Mexican Grill, Inc. (a) (h)		2,200		1,505,922
Domino’s Pizza, Inc. (a)		16,200		1,525,554
Hilton Worldwide Holdings, Inc. (h)		53,700		1,401,033
Norwegian Cruise Line Holdings, Ltd. (h)		62,000		2,899,120
Popeyes Louisiana Kitchen, Inc. (a) (h)		27,600		1,553,052
Restaurant Brands International L.P. (h)		47,900		1,807,485
Royal Caribbean Cruises, Ltd. (a)		24,500		2,019,535
Starbucks Corp. (a)		18,900		1,550,745
Yum! Brands, Inc.		29,500		2,149,075
				18,071,017

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Household Durables—0.2%
Whirlpool Corp.		11,300	$	2,189,262
Insurance—0.2%
Allstate Corp. (The)		30,100		2,114,525
Internet & Catalog Retail—0.1%
Netflix, Inc. (a) (h)		4,000		1,366,440
Internet Software & Services—0.1%
Yelp, Inc. (a) (h)		28,300		1,548,859
IT Services—0.3%
Alliance Data Systems Corp. (h)		5,000		1,430,250
Cognizant Technology Solutions Corp. - Class A (h)		27,200		1,432,352
VeriFone Systems, Inc. (a) (h)		40,000		1,488,000
				4,350,602
Machinery—0.1%
Middleby Corp. (The) (h)		14,600		1,446,860
Media—0.2%
ION Media Networks, Inc. (e) (f)		785		169,403
Time Warner, Inc.		16,600		1,417,972
Twenty-First Century Fox, Inc. - Class A (a)		42,000		1,613,010
				3,200,385
Metals & Mining—0.0%
Mirabela Nickel, Ltd. (e) (f) (h)		5,556,301		131,549
Multi-Utilities—0.2%
Sempra Energy (a)		25,700		2,861,952
Multiline Retail—0.1%
Dollar General Corp. (h)		20,000		1,414,000
Oil, Gas & Consumable Fuels—0.6%
Diamondback Energy, Inc. (a) (h)		37,200		2,223,816
MEG Energy Corp. (h)		105,300		1,771,919
Memorial Resource Development Corp. (h)		85,900		1,548,777
Parsley Energy, Inc. - Class A (a) (h)		124,800		1,991,808
				7,536,320
Paper & Forest Products—0.0%
PT Indah Kiat Pulp and Paper Corp.		1,867,500		156,419
Pharmaceuticals—0.5%
Bristol-Myers Squibb Co. (a)		28,100		1,658,743
Mallinckrodt plc (a) (h)		15,500		1,534,965
Valeant Pharmaceuticals International, Inc. (h)		10,000		1,431,100
Zoetis, Inc.		64,400		2,771,132
				7,395,940
Professional Services—0.2%
Robert Half International, Inc. (a)		50,600		2,954,028
Real Estate Investment Trusts—0.1%
Hudson Pacific Properties, Inc. (a)		48,200		1,448,892
Road & Rail—0.1%
Old Dominion Freight Line, Inc. (a) (h)		18,900		1,467,396
Semiconductors & Semiconductor Equipment—0.5%
Avago Technologies, Ltd.		17,900		1,800,561
Broadcom Corp. - Class A		39,000		1,689,870
NXP Semiconductor NV (h)		22,700		1,734,280
TriQuint Semiconductor, Inc. (a) (h)		56,100		1,545,555
				6,770,266
Software—0.5%
FireEye, Inc. (a) (h)		49,400		1,560,052
Mobileye NV (a) (h)		33,300		1,350,648
Splunk, Inc. (a) (h)		36,800		2,169,360
VMware, Inc. - Class A (a) (h)		17,600		1,452,352
				6,532,412
Specialty Retail—0.4%
Brown Shoe Co., Inc.		43,600		1,401,740
Restoration Hardware Holdings, Inc. (a) (h)		19,300		1,852,993
Sally Beauty Holdings, Inc. (a) (h)		51,000		1,567,740
				4,822,473
Textiles, Apparel & Luxury Goods—0.5%
Carter’s, Inc.		26,700		2,331,177
PVH Corp.		3,700		474,229
Ralph Lauren Corp.		7,500		1,388,700
Skechers U.S.A., Inc. - Class A (a) (h)		24,500		1,353,625
Vince Holding Corp. (a) (h)		52,900		1,382,806
				6,930,537
Total Common Stocks (Cost $145,176,997)				155,525,671
Convertible Bonds—6.3%
Airlines—0.1%
United Airlines, Inc. 4.500%, 01/15/15		400,000		1,401,250
Auto Manufacturers—0.2%
Fiat Chrysler Automobiles NV 7.875%, 12/15/16		3,000,000		3,225,000
Banks—0.0%
LBG Capital No.1 plc 8.000%, 06/15/20 (144A) (c)		560,000		596,400

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Convertible Bonds—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—1.2%
Illumina, Inc. 0.250%, 03/15/16		1,550,000	$	3,424,531
0.500%, 06/15/21 (144A) (a)		1,850,000		2,102,062
Isis Pharmaceuticals, Inc. 1.000%, 11/15/21 (144A)		1,500,000		1,682,813
Medivation, Inc. 2.625%, 04/01/17		2,250,000		4,363,594
Merrimack Pharmaceuticals, Inc. 4.500%, 07/15/20 (a)		475,000		905,766
Regeneron Pharmaceuticals, Inc. 1.875%, 10/01/16		800,000		3,898,000
				16,376,766
Commercial Services—0.3%
Macquarie Infrastructure Co. LLC 2.875%, 07/15/19 (a)		3,175,000		3,607,594
Diversified Financial Services—0.3%
Janus Capital Group, Inc. 0.750%, 07/15/18		950,000		1,441,031
PRA Group, Inc. 3.000%, 08/01/20		2,450,000		2,745,531
				4,186,562
Electric—0.3%
NRG Yield, Inc. 3.500%, 02/01/19 (144A)		3,600,000		3,969,000
Gas—0.4%
CenterPoint Energy, Inc. 3.943%, 09/15/29 (i)		75,000		5,044,125
Healthcare-Products—0.3%
Cepheid, Inc. 1.250%, 02/01/21 (144A) (a)		3,425,000		3,765,359
Internet—0.6%
Twitter, Inc. 1.000%, 09/15/21 (144A)		4,150,000		3,615,687
Vipshop Holdings, Ltd. 1.500%, 03/15/19 (a)		3,750,000		4,462,500
				8,078,187
Leisure Time—0.2%
Jarden Corp. 1.875%, 09/15/18		1,450,000		2,273,781
Oil & Gas—0.0%
Energy XXI, Ltd. 3.000%, 12/15/18 (a)		1,675,000		489,938
Pharmaceuticals—0.8%
Depomed, Inc. 2.500%, 09/01/21		2,045,000		2,207,322
Pharmaceuticals—(Continued)
Mylan, Inc. 3.750%, 09/15/15		1,275,000		5,388,469
Omnicare, Inc. 3.250%, 12/15/35		1,225,000		1,417,172
3.500%, 02/15/44 (a)		2,075,000		2,479,625
				11,492,588
Real Estate Investment Trusts—0.5%
ProLogis L.P. 3.250%, 03/15/15		1,500,000		1,666,875
SL Green Operating Partnership L.P. 3.000%, 10/15/17 (144A)		3,225,000		4,744,781
				6,411,656
Retail—0.2%
Restoration Hardware Holdings, Inc. Zero Coupon, 06/15/19 (144A)		3,225,000		3,331,828
Software—0.7%
Proofpoint, Inc. 1.250%, 12/15/18		2,750,000		3,755,468
PROS Holdings, Inc. 2.000%, 12/01/19 (144A)		1,000,000		1,031,250
ServiceNow, Inc. Zero Coupon, 11/01/18		1,850,000		2,104,375
Workday, Inc. 0.750%, 07/15/18		2,150,000		2,549,094
				9,440,187
Telecommunications—0.2%
Nortel Networks Corp. 2.125%, 04/15/14 (a) (d)		3,300,000		3,223,688
Total Convertible Bonds (Cost $79,852,382)				86,913,909
U.S. Treasury & Government Agencies—3.5%
Agency Sponsored Mortgage - Backed—3.5%
Fannie Mae 30 Yr. Pool 3.500%, 07/01/43		10,941,638		11,418,625
4.000%, TBA (j)		9,400,000		10,006,484
4.500%, TBA (j)		24,550,000		26,648,259
Total U.S. Treasury & Government Agencies (Cost $47,774,131)				48,073,368
Floating Rate Loans (n)—2.5%
Airlines—0.1%
Delta Air Lines, Inc. Term Loan B, 3.250%, 04/20/17		1,196,899		1,187,798

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (n)—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—0.3%
Amgen, Inc. Term Loan, 1.255%, 09/18/18 (e)		3,500,000	$	3,497,812
Chemicals—0.0%
Britax U.S. Holdings, Inc. Term Loan, 4.500%, 10/15/20 (e)		773,043		572,052
Commercial Services—0.1%
Avis Budget Car Rental LLC Term Loan B, 3.000%, 03/15/19		1,421,383		1,411,611
Diversified Financial Services—0.2%
AWAS Finance Luxembourg S.A. Term Loan, 3.500%, 07/16/18		1,625,000		1,604,687
RPI Finance Trust Term Loan B4, 3.500%, 11/09/20		1,125,000		1,124,531
				2,729,218
Electronics—0.0%
Generac Power Systems, Inc. Term Loan B, 3.250%, 05/31/20		76,719		74,417
Energy Equipment & Services—0.1%
Chief Exploration & Development LLC 2nd Lien Term Loan, 6.500%, 05/12/21 (e)		775,000		703,313
Gas—0.1%
Astoria Energy LLC Term Loan B, 0.000%, 12/04/21 (k)		900,000		888,750
Insurance—0.0%
Asurion LLC 2nd Lien Term Loan, 8.500%, 03/03/21		125,000		124,688
Leisure Time—0.1%
Delta 2 (LUX) S.a.r.l. 2nd Lien Term Loan, 7.750%, 07/31/22		1,500,000		1,464,375
Media—0.4%
Advantage Sales & Marketing, Inc. 2nd Lien Term Loan, 7.500%, 07/25/22		1,800,000		1,781,100
Charter Communications Operating LLC Term Loan G, 4.250%, 09/12/21		2,000,000		2,012,638
Kasima LLC Term Loan B, 3.250%, 05/17/21		1,925,758		1,882,428
				5,676,166
Oil & Gas—0.2%
MEG Energy Corp. Term Loan, 0.000%, 03/31/20 (k)		847,816		812,208
Templar Energy LLC 2nd Lien Term Loan, 8.500%, 11/25/20		3,675,000		2,655,187
				3,467,395
Packaging & Containers—0.2%
Crown Americas, LLC Delayed Draw Term Loan, 1.919%, 12/19/18		1,750,000		1,754,375
Term Loan A, 1.919%, 12/19/18		650,000		651,625
				2,406,000
Semiconductors—0.5%
Avago Technologies Cayman, Ltd. Term Loan B, 3.750%, 05/06/21		2,418,922		2,412,875
NXP B.V. Term Loan D, 3.250%, 01/11/20		2,144,571		2,118,658
Sensata Technologies B.V. Term Loan, 3.500%, 10/14/21		2,718,188		2,720,906
				7,252,439
Software—0.1%
Activision Blizzard, Inc. Term Loan B, 3.250%, 10/12/20		2,050,000		2,048,971
Trading Companies & Distributors—0.1%
Neff Rental LLC 2nd Lien Term Loan, 7.250%, 06/09/21		1,249,565		1,233,946
Total Floating Rate Loans (Cost $35,499,059)				34,738,951
Mortgage-Backed Securities—2.3%
Commercial Mortgage-Backed Securities—2.3%
BB-UBS Trust 4.026%, 11/05/36 (144A) (c)		2,775,000		2,678,710
Citigroup Commercial Mortgage Trust 4.345%, 10/10/47		875,000		911,130
4.534%, 10/10/47 (c)		1,000,000		1,017,790
Commercial Mortgage Pass Through Certificates 1.087%, 12/10/47 (c) (l)		19,900,000		1,424,342
4.349%, 12/10/47 (c)		1,000,000		1,038,142
4.467%, 12/10/47 (c)		1,800,000		1,782,517
Commercial Mortgage Trust 0.044%, 12/10/47 (144A) (c) (l)		10,100,000		68,468
0.177%, 11/10/47 (144A) (l)		16,375,000		188,444
0.500%, 12/10/47 (144A) (c) (l)		4,850,000		185,328
1.436%, 11/10/47 (144A) (l)		1,225,000		134,340
4.508%, 11/10/47 (c)		1,250,000		1,270,262
4.613%, 09/10/47 (c)		950,000		985,263
Commercial WWP Mortgage Trust 3.898%, 03/10/31 (144A)		1,800,000		1,800,529
DBUBS Mortgage Trust 5.443%, 07/10/44 (144A) (c)		950,000		1,003,936
GS Mortgage Securities Trust 4.511%, 11/10/47 (c)		1,200,000		1,140,088
Impact Funding LLC 0.342%, 08/25/47 (l)		3,100,000		110,378

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Shares/ Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
JPMBB Commercial Mortgage Securities Trust 0.312%, 11/15/47 (c) (l)		9,300,000	$	258,382
0.476%, 01/15/48 (c) (l)		8,125,000		332,186
0.500%, 01/15/48 (144A) (c) (l)		6,475,000		249,343
3.927%, 01/15/48 (144A) (c)		2,300,000		1,946,180
Morgan Stanley Bank of America Merrill Lynch Trust 0.442%, 12/15/47 (144A) (c) (l)		13,150,000		529,708
0.602%, 12/15/46 (144A) (l)		6,175,000		294,548
3.989%, 12/15/46 (144A)		1,200,000		1,197,360
4.000%, 12/15/47		1,350,000		1,300,552
4.071%, 05/15/46 (c)		850,000		861,199
4.083%, 07/15/46 (c)		725,000		735,825
4.384%, 12/15/46 (144A)		2,500,000		2,494,500
4.750%, 12/15/46 (144A)		1,150,000		1,073,180
Motel 6 Trust 3.781%, 10/05/25 (144A)		2,225,000		2,200,129
Wells Fargo Commercial Mortgage Trust 0.396%, 12/15/47 (c) (l)		10,125,000		357,645
1.216%, 12/15/47 (c) (l)		10,375,000		857,265
4.193%, 12/15/47 (c)		600,000		597,692
WF-RBS Commercial Mortgage Trust 4.326%, 11/15/47 (c)		425,000		430,757
Total Mortgage-Backed Securities (Cost $31,383,080)				31,456,118
Convertible Preferred Stocks—1.3%
Diversified Financial Services—0.3%
AMG Capital Trust II 5.150%, 10/15/37		65,500		4,044,625
Electric Utilities—0.4%
NextEra Energy, Inc. 5.889%, 09/01/15		70,000		4,685,800
Metals & Mining—0.1%
Alcoa, Inc. 5.375%, 10/01/17		29,200		1,473,140
Multi-Utilities—0.2%
Dominion Resources, Inc. 6.000%, 07/01/16		50,000		3,006,000
Road & Rail—0.3%
Genesee & Wyoming, Inc. 5.000%, 10/01/15		36,000		4,177,800
Total Convertible Preferred Stocks (Cost $15,741,940)				17,387,365
Foreign Government—0.5%
Security Description	Shares/ Principal Amount*		Value
Sovereign—0.5%
Bermuda Government International Bonds 4.138%, 01/03/23 (144A) (a)		2,150,000		2,171,500
4.854%, 02/06/24 (144A)		1,225,000		1,274,000
Government of the Cayman Island 5.950%, 11/24/19 (144A)		800,000		912,000
Senegal Government International Bond 6.250%, 07/30/24 (144A) (a)		1,425,000		1,357,598
Vietnam Government International Bond 4.800%, 11/19/24 (144A) (a)		1,525,000		1,566,937
Total Foreign Government (Cost $7,316,043)				7,282,035
Preferred Stock—0.1%
Banks—0.1%
Texas Capital Bancshares, Inc., 6.500% (a) (Cost $2,170,000)		86,800		2,106,636
Warrant—0.0%
Auto Components—0.0%
Cooper-Standard Holding, Inc., Strike Price $27.33, Expires 11/27/17 (e) (h) (Cost $205,581)		20,875		666,539
Short-Term Investments—13.9%
Mutual Fund—13.5%
State Street Navigator Securities Lending MET Portfolio (o)		185,558,274		185,558,274
Repurchase Agreement—0.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $5,144,599 on 01/02/15, collateralized by $5,245,000 U.S. Treasury Note at 0.250% due 08/15/15 with a value of $5,251,556.		5,144,599		5,144,599
Total Short-Term Investments (Cost $190,702,873)				190,702,873
Total Investments—115.6% (Cost $1,581,925,400) (p)				1,592,821,492
Other assets and liabilities (net)—(15.6)%				(215,042,166	)
Net Assets—100.0%			$	1,377,779,326

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $189,603,273 and the collateral received consisted of cash in the amount of $185,558,274 and non-cash collateral with a value of $10,617,588. The cash collateral is invested in a money market fund managed by an

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

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 December 31, 2014, the market value of restricted securities was $10,353,005, which is 0.8% 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 December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(d) Non-income producing; Security is in default and/or issuer is in bankruptcy.

(e) Illiquid security. As of December 31, 2014, these securities represent 0.7% of net assets.

(f) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent less than 0.05% of net assets.

(g) Payment-in-kind security for which part of the income earned may be paid as additional principal.

(h) Non-income producing security.

(i) Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.

(j) 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.

(k) This loan will settle after December 31, 2014, at which time the interest rate will be determined.

(l) Interest only security.

(m) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $53,875.

(n) Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(o) Represents investment of cash collateral received from securities lending transactions.

(p) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,584,173,990. The aggregate unrealized appreciation and depreciation of investments were $48,398,027 and $(39,750,525), respectively, resulting in net unrealized appreciation of $8,647,502 for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $447,647,326, which is 32.5% 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.

(COP)— Colombian Peso

(EMTN)— Euro Medium-Term Note

(EUR)— Euro

(GBP)— British Pound

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
Brookstone Co., Inc.		07/25/14	$	2,041,798	$	4,340	$	4,451
IFM U.S. Colonial Pipeline 2 LLC		04/14/11		4,900,000		4,898,107		5,326,800
NSG Holdings LLC / NSG Holdings, Inc.		01/25/13		3,047,131		3,222,281		3,245,194
Rivers Pittsburgh Borrower L.P. / Rivers Pittsburgh Finance Corp.		05/30/12		1,676,000		1,741,625		1,776,560
							$	10,353,005

Futures Contracts

Futures Contracts—Short	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
U.S. Treasury Note 10 Year Futures		03/20/15		(120	)		USD	(15,319,021	)	$	103,396
U.S. Treasury Note 5 Year Futures		03/31/15		(7	)		USD	(831,621	)		(887	)
Net Unrealized Appreciation										$	102,509

(USD)— United States Dollar

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Advertising	$	—	$	10,939,864	$	—	$	10,939,864
Aerospace/Defense		—		8,005,808		—		8,005,808
Agriculture		—		3,535,233		—		3,535,233
Airlines		—		6,506,467		—		6,506,467
Apparel		—		4,188,750		—		4,188,750
Auto Manufacturers		—		4,145,000		—		4,145,000
Auto Parts & Equipment		—		5,431,875		—		5,431,875
Banks		—		58,848,225		—		58,848,225
Beverages		—		8,109,128		—		8,109,128
Biotechnology		—		4,524,910		—		4,524,910
Building Materials		—		4,865,077		—		4,865,077
Chemicals		—		20,109,692		—		20,109,692
Coal		—		2,038,625		—		2,038,625
Commercial Services		—		27,901,435		—		27,901,435
Computers		—		18,607,818		—		18,607,818
Cosmetics/Personal Care		—		5,577,563		—		5,577,563
Distribution/Wholesale		—		1,584,000		—		1,584,000
Diversified Financial Services		—		55,566,503		—		55,566,503
Electric		—		26,375,768		—		26,375,768
Electrical Components & Equipment		—		5,950,281		—		5,950,281
Electronics		—		6,384,569		—		6,384,569
Energy-Alternate Sources		—		2,093,885		—		2,093,885
Engineering & Construction		—		5,012,519		—		5,012,519
Entertainment		—		19,269,440		—		19,269,440
Environmental Control		—		4,022,063		—		4,022,063
Food		—		23,575,728		—		23,575,728
Forest Products & Paper		—		4,557,500		—		4,557,500
Gas		—		5,945,529		—		5,945,529
Hand/Machine Tools		—		4,090,000		—		4,090,000
Healthcare-Products		—		21,675,150		—		21,675,150
Healthcare-Services		—		58,336,365		—		58,336,365
Holding Companies-Diversified		—		1,230,594		—		1,230,594
Home Builders		—		12,803,063		—		12,803,063
Housewares		—		1,254,000		—		1,254,000
Insurance		—		13,970,415		—		13,970,415
Internet		—		22,770,209		—		22,770,209
Investment Company Security		—		1,177,500		—		1,177,500

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Iron/Steel	$	—	$	10,667,551	$	—	$	10,667,551
Leisure Time		—		4,970,188		—		4,970,188
Lodging		—		20,700,789		—		20,700,789
Machinery-Construction & Mining		—		1,383,750		—		1,383,750
Machinery-Diversified		—		11,070,372		—		11,070,372
Media		—		52,854,975		—		52,854,975
Mining		—		10,846,891		3		10,846,894
Miscellaneous Manufacturing		—		4,787,809		—		4,787,809
Office Furnishings		—		3,462,951		—		3,462,951
Office/Business Equipment		—		2,212,763		—		2,212,763
Oil & Gas		—		81,308,775		—		81,308,775
Oil & Gas Services		—		13,710,890		—		13,710,890
Packaging & Containers		—		31,070,125		—		31,070,125
Pharmaceuticals		—		29,155,119		—		29,155,119
Pipelines		—		56,831,309		—		56,831,309
Real Estate		—		2,578,208		—		2,578,208
Real Estate Investment Trusts		—		15,756,660		—		15,756,660
Retail		—		51,473,732		228,263		51,701,995
Savings & Loans		—		—		600		600
Semiconductors		—		13,104,651		—		13,104,651
Shipbuilding		—		3,208,750		—		3,208,750
Software		—		22,123,553		—		22,123,553
Telecommunications		—		72,956,549		—		72,956,549
Textiles		—		1,807,500		—		1,807,500
Transportation		—		7,459,250		—		7,459,250
Trucking & Leasing		—		1,255,500		—		1,255,500
Total Corporate Bonds & Notes		—		1,017,739,161		228,866		1,017,968,027
Common Stocks
Aerospace & Defense		3,733,957		—		—		3,733,957
Airlines		3,553,032		—		—		3,553,032
Auto Components		2,146,050		—		—		2,146,050
Automobiles		1,608,204		—		—		1,608,204
Beverages		1,668,590		—		—		1,668,590
Biotechnology		10,905,291		—		—		10,905,291
Capital Markets		1,418,768		—		—		1,418,768
Chemicals		7,813,146		—		—		7,813,146
Consumer Finance		1,556,558		—		—		1,556,558
Containers & Packaging		1,573,284		—		—		1,573,284
Distributors		1,636,584		—		—		1,636,584
Electric Utilities		4,720,691		—		—		4,720,691
Electrical Equipment		3,007,146		—		—		3,007,146
Food & Staples Retailing		2,542,716		—		—		2,542,716
Food Products		10,042,802		—		—		10,042,802
Health Care Equipment & Supplies		3,054,383		—		—		3,054,383
Health Care Providers & Services		9,834,335		—		—		9,834,335
Hotels, Restaurants & Leisure		18,071,017		—		—		18,071,017
Household Durables		2,189,262		—		—		2,189,262
Insurance		2,114,525		—		—		2,114,525
Internet & Catalog Retail		1,366,440		—		—		1,366,440
Internet Software & Services		1,548,859		—		—		1,548,859
IT Services		4,350,602		—		—		4,350,602
Machinery		1,446,860		—		—		1,446,860
Media		3,030,982		—		169,403		3,200,385
Metals & Mining		—		—		131,549		131,549
Multi-Utilities		2,861,952		—		—		2,861,952
Multiline Retail		1,414,000		—		—		1,414,000
Oil, Gas & Consumable Fuels		7,536,320		—		—		7,536,320
Paper & Forest Products		—		156,419		—		156,419

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Pharmaceuticals	$	7,395,940		$	—		$	—	$	7,395,940
Professional Services		2,954,028			—			—		2,954,028
Real Estate Investment Trusts		1,448,892			—			—		1,448,892
Road & Rail		1,467,396			—			—		1,467,396
Semiconductors & Semiconductor Equipment		6,770,266			—			—		6,770,266
Software		6,532,412			—			—		6,532,412
Specialty Retail		4,822,473			—			—		4,822,473
Textiles, Apparel & Luxury Goods		6,930,537			—			—		6,930,537
Total Common Stocks		155,068,300			156,419			300,952		155,525,671
Total Convertible Bonds*		—			86,913,909			—		86,913,909
Total U.S. Treasury & Government Agencies*		—			48,073,368			—		48,073,368
Total Floating Rate Loans*		—			34,738,951			—		34,738,951
Total Mortgage-Backed Securities*		—			31,456,118			—		31,456,118
Convertible Preferred Stocks
Diversified Financial Services		—			4,044,625			—		4,044,625
Electric Utilities		4,685,800			—			—		4,685,800
Metals & Mining		1,473,140			—			—		1,473,140
Multi-Utilities		3,006,000			—			—		3,006,000
Road & Rail		4,177,800			—			—		4,177,800
Total Convertible Preferred Stocks		13,342,740			4,044,625			—		17,387,365
Total Foreign Government*		—			7,282,035			—		7,282,035
Total Preferred Stock*		2,106,636			—			—		2,106,636
Total Warrant*		666,539			—			—		666,539
Short-Term Investments
Mutual Fund		185,558,274			—			—		185,558,274
Repurchase Agreement		—			5,144,599			—		5,144,599
Total Short-Term Investments		185,558,274			5,144,599			—		190,702,873
Total Investments	$	356,742,489		$	1,235,549,185		$	529,818	$	1,592,821,492
Collateral for Securities Loaned (Liability)	$	—		$	(185,558,274	)	$	—	$	(185,558,274	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	103,396		$	—		$	—	$	103,396
Futures Contracts (Unrealized Depreciation)		(887	)		—			—		(887	)
Total Futures Contracts	$	102,509		$	—		$	—	$	102,509

* 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			Purchases		Sales			Balance as of December 31, 2014		Change in Unrealized Appreciation/ Depreciation from Investments Still Held at December 31, 2014
Corporate Bonds & Notes
Retail	$	—		$	—		$	111		$	344,278	$	(116,126	)	$	228,263	$	111
Mining		—			—			(32,152	)		32,155		—			3		(32,152	)
Saving & Loans		600			(363	)		363			—		—			600		363
Common Stocks
Media		76,961	*		—			92,442			—		—			169,403		92,442
Metals & Mining		—			—			(272,472	)		404,021		—			131,549		(272,472	)
Total	$	77,561		$	(363	)	$	(211,708	)	$	780,454	$	(116,126	)	$	529,818	$	(211,708	)

* Warrants held at December 31, 2013 were converted to common stock shares on a 1 for 1 basis.

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,592,821,492
Cash		162,598
Cash denominated in foreign currencies (c)		257,298
Cash collateral for futures contracts		106,148
Receivable for:
Investments sold		1,305,509
TBA securities sold		10,018,895
Fund shares sold		414,875
Dividends and interest		16,731,139
Prepaid expenses		3,790
Total Assets		1,621,821,744
Liabilities
Collateral for securities loaned		185,558,274
Payables for:
Investments purchased		10,125,198
TBA securities purchased		46,602,908
Fund shares redeemed		656,672
Variation margin on futures contracts		27,344
Accrued expenses:
Management fees		600,893
Distribution and service fees		164,412
Deferred trustees’ fees		67,424
Other expenses		239,293
Total Liabilities		244,042,418
Net Assets	$	1,377,779,326
Net assets consist of:
Paid in surplus	$	1,242,106,510
Undistributed net investment income		73,783,849
Accumulated net realized gain		50,898,331
Unrealized appreciation on investments, futures contracts and foreign currency transactions		10,990,636
Net Assets	$	1,377,779,326
Net Assets
Class A	$	596,319,729
Class B		761,885,345
Class E		19,574,252
Capital Shares Outstanding*
Class A		45,691,656
Class B		59,067,305
Class E		1,512,303
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	13.05
Class B		12.90
Class E		12.94

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,581,925,400.

(b) Includes securities loaned at value of $189,603,273.

(c) Identified cost of cash denominated in foreign currencies was $265,255.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	3,173,657
Interest		74,648,261
Securities lending income		658,509
Total investment income		78,480,427
Expenses
Management fees		7,408,928
Administration fees		33,947
Custodian and accounting fees		185,944
Distribution and service fees—Class B		2,012,500
Distribution and service fees—Class E		32,652
Audit and tax services		63,784
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		168,225
Insurance		9,365
Miscellaneous		15,952
Total expenses		10,009,377
Net Investment Income		68,471,050
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		63,227,352
Futures contracts		(1,202,521	)
Foreign currency transactions		2,079
Net realized gain		62,026,910
Net change in unrealized depreciation on:
Investments		(58,868,894	)
Futures contracts		(661,920	)
Foreign currency transactions		(11,472	)
Net change in unrealized depreciation		(59,542,286	)
Net realized and unrealized gain		2,484,624
Net Increase in Net Assets From Operations	$	70,955,674

(a) Net of foreign withholding taxes of $6,743.

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	68,471,050		$	79,862,605
Net realized gain		62,026,910			44,063,075
Net change in unrealized depreciation		(59,542,286	)		(7,066,080	)
Increase in net assets from operations		70,955,674			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	)
Decrease in net assets from capital share transactions		(38,974,240	)		(109,762,823	)
Total decrease in net assets		(90,773,214	)		(90,802,490	)
Net Assets
Beginning of period		1,468,552,540			1,559,355,030
End of period	$	1,377,779,326		$	1,468,552,540
Undistributed net investment income
End of period	$	73,783,849		$	81,007,631

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		2,238,273		$	29,402,800			4,364,094		$	58,692,112
Reinvestments		4,202,560			53,750,737			3,285,812			42,518,412
Redemptions		(7,813,025	)		(102,547,240	)		(14,420,147	)		(196,904,953	)
Net decrease		(1,372,192	)	$	(19,393,703	)		(6,770,241	)	$	(95,694,429	)
Class B
Sales		5,498,341		$	72,158,652			6,559,278		$	85,792,951
Reinvestments		5,303,732			67,145,247			4,195,917			53,791,660
Redemptions		(11,995,075	)		(156,556,330	)		(11,626,686	)		(152,201,329	)
Net decrease		(1,193,002	)	$	(17,252,431	)		(871,491	)	$	(12,616,718	)
Class E
Sales		119,523		$	1,580,886			261,672		$	3,472,694
Reinvestments		146,352			1,858,664			123,673			1,589,195
Redemptions		(439,761	)		(5,767,656	)		(494,024	)		(6,513,565	)
Net decrease		(173,886	)	$	(2,328,106	)		(108,679	)	$	(1,451,676	)
Decrease derived from capital shares transactions				$	(38,974,240	)				$	(109,762,823	)

See accompanying notes to financial statements.

MIST-25

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.55		$	13.43		$	12.80		$	12.98		$	12.24
Income (Loss) from Investment Operations
Net investment income (a)		0.64			0.73			0.75			0.80			0.79
Net realized and unrealized gain (loss) on investments		0.03			0.32			0.86			(0.17	)		0.76
Total from investment operations		0.67			1.05			1.61			0.63			1.55
Less Distributions
Distributions from net investment income		(0.80	)		(0.93	)		(0.98	)		(0.81	)		(0.81	)
Distributions from net realized capital gains		(0.37	)		0.00			0.00			0.00			0.00
Total distributions		(1.17	)		(0.93	)		(0.98	)		(0.81	)		(0.81	)
Net Asset Value, End of Period	$	13.05		$	13.55		$	13.43		$	12.80		$	12.98
Total Return (%) (b)		5.12			8.17			13.19			4.83			13.18
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.55			0.54			0.54			0.54			0.53
Ratio of net investment income to average net assets (%)		4.86			5.50			5.76			6.18			6.40
Portfolio turnover rate (%)		87			46			47			36			42
Net assets, end of period (in millions)	$	596.3		$	637.9		$	722.9		$	715.6		$	1,163.2
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.41		$	13.29		$	12.67		$	12.87		$	12.14
Income (Loss) from Investment Operations
Net investment income (a)		0.60			0.69			0.71			0.76			0.76
Net realized and unrealized gain (loss) on investments		0.02			0.33			0.86			(0.19	)		0.76
Total from investment operations		0.62			1.02			1.57			0.57			1.52
Less Distributions
Distributions from net investment income		(0.76	)		(0.90	)		(0.95	)		(0.77	)		(0.79	)
Distributions from net realized capital gains		(0.37	)		0.00			0.00			0.00			0.00
Total distributions		(1.13	)		(0.90	)		(0.95	)		(0.77	)		(0.79	)
Net Asset Value, End of Period	$	12.90		$	13.41		$	13.29		$	12.67		$	12.87
Total Return (%) (b)		4.83			7.98			12.95			4.46			12.97
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.80			0.79			0.79			0.79			0.78
Ratio of net investment income to average net assets (%)		4.61			5.24			5.51			5.98			6.16
Portfolio turnover rate (%)		87			46			47			36			42
Net assets, end of period (in millions)	$	761.9		$	808.0		$	812.6		$	780.4		$	805.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-26

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.45		$	13.33		$	12.71		$	12.89		$	12.16
Income (Loss) from Investment Operations
Net investment income (a)		0.62			0.71			0.72			0.78			0.77
Net realized and unrealized gain (loss) on investments		0.02			0.32			0.86			(0.18	)		0.76
Total from investment operations		0.64			1.03			1.58			0.60			1.53
Less Distributions
Distributions from net investment income		(0.78	)		(0.91	)		(0.96	)		(0.78	)		(0.80	)
Distributions from net realized capital gains		(0.37	)		0.00			0.00			0.00			0.00
Total distributions		(1.15	)		(0.91	)		(0.96	)		(0.78	)		(0.80	)
Net Asset Value, End of Period	$	12.94		$	13.45		$	13.33		$	12.71		$	12.89
Total Return (%) (b)		4.90			8.06			13.01			4.69			13.03
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.70			0.69			0.69			0.69			0.68
Ratio of net investment income to average net assets (%)		4.71			5.34			5.61			6.07			6.26
Portfolio turnover rate (%)		87			46			47			36			42
Net assets, end of period (in millions)	$	19.6		$	22.7		$	23.9		$	24.3		$	30.0

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

See accompanying notes to financial statements.

MIST-27

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-28

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-29

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to convertible preferred stocks, foreign currency transactions, premium amortization adjustments, contingent payment debt instruments, Real Estate Investment Trusts (REITs), return of capital adjustments and paydown adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $5,144,599, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

MIST-30

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—December 31, 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.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets

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Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			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*	$	103,396	Unrealized depreciation on futures contracts*	$	887

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate
Futures contracts	$	(1,202,521	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Futures contracts	$	(661,920	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts short	$	(31,325,000	)

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

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Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$109,703,879	$	1,134,382,571	$	74,379,860	$	1,193,876,279

The Portfolio engaged in security transactions with other accounts managed by Lord, Abbett & Co. LLC. that amounted to $959,979 in purchases and $5,101,502 in sales of investments, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$7,408,928		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.

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Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—December 31, 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 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 year ended December 31, 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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$91,288,007	$	97,899,267	$	31,466,641	$	—	$	122,754,648	$	97,899,267

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$78,687,874	$	48,412,832	$	8,639,535	$	—	$	135,740,241

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

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Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Lord Abbett Bond Debenture 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 Lord Abbett Bond Debenture Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, 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 Lord Abbett Bond Debenture Portfolio of Met Investors Series Trust, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

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Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-39

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-40

Met Investors Series Trust

Lord Abbett Bond Debenture Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Lord Abbett Bond Debenture Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Lord, Abbett & Co. LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one- and three-year periods ended June 30, 2014, and underperformed the median of its Performance Universe for the five-year period ended June 30, 2014. The Board also considered that the Portfolio outperformed its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further noted that the Portfolio outperformed one of its benchmarks, the BoA Merrill Lynch U.S. High Yield Master II Constrained Index, for the one-year period ended October 31, 2014, and underperformed its benchmark for the three- and five-year periods ended October 31, 2014. The Board also took into account that the Portfolio outperformed its blended benchmark for the one-, three-, and five-year periods ended October 31, 2014. The Board further considered the recent change in the investment management team that became effective in October 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also considered that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board also noted that the Adviser was in the final stages of negotiating reductions to the Portfolio’s sub-advisory fee schedule, and that the Adviser intended to waive a corresponding portion of its advisory fees in order for contractholders to benefit from the lower sub-advisory fees and that those changes would be presented to the Board in February 2015 to be effective later in 2015.

MIST-41

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 0.40%. The Portfolio’s benchmark, the MSCI All Country World ex-U.S. Index¹, returned -5.41% over the same period. Since its inception on November 12, 2014, the Class B shares of the Met/Artisan International Portfolio returned -1.18%. The Portfolio’s benchmark, the MSCI All Country World ex-U.S. Index, returned -2.38% over the same period.

MARKET ENVIRONMENT / CONDITIONS

After a benign start to the year, volatility returned to the market in the latter half of 2014 as investors were faced with increasing divergence among global growth rates and corresponding central bank moves. The U.S. landed on one end of the spectrum as its recovery gathered momentum, boosted by strong hiring, with the unemployment rate declining to 5.8% in November from 7.0% a year earlier. Third quarter gross domestic product (“GDP”) grew at an annualized 5.0% rate, its fastest in more than a decade, helped by healthy consumer spending and business investment. The Federal Reserve ended its program of quantitative easing and at year end prepared to hike its key interest rate, which has been at exceptionally low levels since December 2008. Benchmark U.S. equity indices climbed to record highs as the year came to a close.

The eurozone and Japan landed at the other end of the spectrum. The eurozone is facing a difficult combination of high unemployment, weakening demand and investment, and stubbornly low inflation. At year end the European Central Bank (“ECB”) remained on the brink of large-scale quantitative easing, which many think the economy urgently needs, but the ECB must first overcome key vocal opponents. Greece jumped back into the spotlight during the fourth quarter after an election failed to produce a president, prompting a snap election which could bring the anti-austerity Syriza party to power. The political uncertainty stoked demand for safe-haven assets, driving the yield on the German 10-year government bond down to a record low of 0.56%.

Meanwhile, Japan’s economy fell into a technical recession. To jumpstart growth, Japanese Prime Minister Shinzo Abe approved an emergency stimulus package of $29 billion and laid out plans to cut taxes on corporate income, working to steer his nation out from recession. Earlier in the quarter, Abe won a snap election as voters showed their support for his “three arrows” economic plan, but observers wonder if his remaining ammunition will be sufficient.

In China, the path to a reformed economy was bumpy in 2014 with many expecting growth in the world’s second-largest economy to post its slowest rate in decades. Home sales and industrial output were slowed by a decline in credit, driven by a deleveraging of the shadow banking system. Meanwhile, anti-corruption campaigns hindered spending on luxury goods. In November, the central bank cut interest rates in an effort to offset the slowdown. Despite the gloomy economic showing, mainland benchmark Chinese indices finished near five-year highs as retail investors piled into the market.

Oil was an important force in the fourth quarter. Oil prices fell about 50% in 2014, most of that coming since June on the back of growing supply (largely U.S. shale) and waning global demand. Emerging markets were broadly pressured by the strengthening U.S. dollar, falling commodity prices and slower economic growth. Russia and Brazil, each facing political tensions, were among the most notable laggards.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio benefited from positive stock selection in several sectors, including Information Technology and Health Care. Regionally, holdings in the U.S. and emerging markets were a source of strength. From an allocation perspective, the Portfolio benefited from minimal exposure to the Energy sector. As always, sector weightings are the residual of our bottom-up stock selection process. Traditionally, we have viewed the Energy sector as highly cyclical and offering few sustainable growth opportunities which fit our investment criteria.

The Portfolio’s top individual contributors included media company Liberty Global and medical device manufacturer Covidien. European cable company Liberty Global continued to benefit from secular demographics trends, including a seemingly unwavering demand for broadband Internet. As broadband continues to shift from a convenience to an essential product, consumers continue increasing spending on it regardless of the overall macro environment. Liberty Global also benefits from its dominant market position, owing to its scale and the relatively faster speeds offered by its fixed-line cable networks. With Liberty’s network infrastructure already built out, capital expenditures are minimal relative to its competitors, supporting higher margins. Given these favorable supply and demand characteristics, we believe Liberty Global should continue to have advantageous pricing power, allowing it to raise customer prices without a meaningful impact on demand. During the fourth quarter, shares of Liberty Global rose on news the company may be considered for acquisition by mobile operator Vodafone. The news further underscores the significance of Liberty Global’s network advantage: as European telecoms vie to remain competitive by bundling fixed and mobile services, Liberty Global is squarely in the catbird seat.

Covidien (Ireland) is a global leader in the development of health care products for use in clinical and home settings. The company is currently slated for a $43 billion cash and stock acquisition by U.S.-based Medtronic. The combined company is expected to benefit from cost synergies, a lower tax rate from its new Irish domicile and market share gains that can be leveraged into stronger pricing power. During the fourth quarter, the merger gained several key regulatory approvals, including from the U.S. Federal Trade Commission and the European Commission. The clearances reassured investors the merger will likely close in early 2015 following a shareholder vote on January 6.

MIST-1

Met Investors Series Trust

Met/Artisan International Portfolio

Managed By Artisan Partners Limited Partnership

Portfolio Manager Commentary*—(Continued)

Detracting from the Portfolio’s relative returns was aero-engine manufacturer Rolls-Royce (United Kingdom). Defense spending cuts have weakened Rolls-Royce’s end markets and difficult near-term economic conditions have negatively impacted its shorter-cycle customers. Restructuring costs are another drag on underlying profit expectations for 2015. Communication is also an issue for Rolls-Royce: while the company has put impressive 2018 targets in place, the management team has yet to explain how the company will achieve them. Over the year we reduced the Portfolio’s position in favor of other opportunities.

Although we have historically found few attractive opportunities in the Energy sector, we did hold two oil field services companies during the period: Schlumberger and Technip (France). Their shares were not immune to the effects of falling oil prices and were counted among the Portfolio’s detractors. We chose to exit our small residual position in Technip. We continued to closely monitor our position in Schlumberger and have chosen to remain investors. A name we know well and have held for many years, we believe Schlumberger will be able to weather this near-term storm thanks to its scale, geographic diversification and unique technological advantages.

Over the reporting period we initiated positions in a handful of stocks, including Telefonica (Spain). Telefonica is a Spanish telecommunications operator, offering fixed and mobile services. The company also has significant assets in other countries including Germany, the United Kingdom and Brazil. We believed Telefonica is reaching an inflection point in its domestic market, where revenue trends will improve as average revenue per user stabilizes and churn rates decline. We were also attracted to the company’s efforts to consolidate its other primary markets.

During the year we exited our position in watch manufacturer Swatch (Switzerland) in favor of other opportunities, as slowing growth and an anti-corruption campaign impacted sales in China, a key region for the company.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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 DECEMBER 31, 2014

	Since Inception2
Met/Artisan International Portfolio
Class A		0.40
Class B		-1.18
MSCI AC World (ex-U.S.) Index		-5.41

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 and Class B shares are 4/29/2014 and 11/12/2014, respectively. Index since inception return is based on the Class A inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Baidu, Inc.(ADR)		5.6
Bayer AG		4.0
Covidien plc		3.7
AIA Group, Ltd.		3.4
Toyota Motor Corp.		3.4
Linde AG		3.3
ASML Holding NV		3.2
Grupo Televisa S.A.B.(ADR)		2.9
Liberty Global plc - Series C		2.8
Nestle S.A.		2.7

Top Countries

	% of Net Assets
United Kingdom		18.9
Japan		14.5
Germany		12.6
China		12.3
Switzerland		8.3
United States		7.4
France		6.1
Hong Kong		4.2
Belgium		3.9
Netherlands		3.2

MIST-3

Met Investors Series Trust

Met/Artisan International Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Met/Artisan International Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.83	%	$	1,000.00	$	958.90	$	4.10
	Hypothetical*		0.83	%	$	1,000.00	$	1,021.02	$	4.23
Class B(a)	Actual		1.29	%	$	1,000.00	$	988.20	$	1.76
	Hypothetical*		1.29	%	$	1,000.00	$	1,005.08	$	1.77

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days for Class A and 50 days for Class B) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) Commencement of operations was November 12, 2014.

MIST-4

Met Investors Series Trust

Met/Artisan International Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—96.1% of Net Assets

Security Description	Shares		Value
Belgium—3.9%
Anheuser-Busch InBev NV		178,327	$	20,067,799
Telenet Group Holding NV		142,715		8,015,447
UCB S.A.		125,576		9,529,990
				37,613,236
Brazil—0.2%
Ambev S.A. (ADR) (b)		270,353		1,681,596
China—12.3%
Alibaba Group Holding, Ltd. (ADR) (a) (b)		27,277		2,835,171
Baidu, Inc. (ADR) (a)		239,859		54,680,656
Beijing Enterprises Holdings, Ltd.		1,790,000		13,993,255
China Mobile, Ltd.		1,479,500		17,419,027
Industrial & Commercial Bank of China, Ltd. - Class H		9,882,000		7,178,654
Ping An Insurance Group Co. of China, Ltd. - Class H		625,572		6,316,752
Tencent Holdings, Ltd.		1,202,000		17,246,700
				119,670,215
Denmark—0.1%
Rockwool International A/S - B Shares		12,296		1,389,313
France—6.1%
L’Oreal S.A.		42,355		7,110,858
LVMH Moet Hennessy Louis Vuitton S.A.		42,753		6,760,706
Orange S.A.		629,416		10,704,022
Pernod-Ricard S.A.		34,371		3,810,952
Publicis Groupe S.A.		671		48,059
Schneider Electric SE		126,428		9,186,493
Vinci S.A.		105,785		5,788,628
Zodiac Aerospace		490,318		16,547,044
				59,956,762
Germany—11.3%
Allianz SE		56,522		9,391,339
Bayer AG		286,398		39,153,304
Beiersdorf AG		146,425		11,942,788
Deutsche Post AG		427,499		13,987,186
Linde AG		170,144		31,735,219
MTU Aero Engines AG		43,970		3,839,181
				110,049,017
Hong Kong—4.2%
AIA Group, Ltd.		6,055,972		33,231,053
Sands China, Ltd.		1,597,100		7,778,157
				41,009,210
Italy—0.6%
Telecom Italia S.p.A. (b)		5,135,697		5,446,507
Japan—14.5%
Bridgestone Corp.		33,219		1,154,390
IHI Corp.		4,427,000		22,477,344
Kawasaki Heavy Industries, Ltd.		970,505		4,432,006
Japan—(Continued)
KDDI Corp. (b)		226,400		14,165,899
LIXIL Group Corp.		386,200		8,167,377
NGK Insulators, Ltd.		669,000		13,778,284
Olympus Corp.		714,900		25,190,154
Ono Pharmaceutical Co., Ltd.		52,800		4,678,718
SoftBank Corp.		248,264		14,774,746
Toyota Motor Corp.		526,100		32,807,894
				141,626,812
Mexico—2.9%
Grupo Televisa S.A.B. (ADR)		821,922		27,994,663
Netherlands—3.2%
ASML Holding NV		295,399		31,648,068
South Korea—0.4%
NAVER Corp.		5,405		3,491,740
Orion Corp.		115		105,766
				3,597,506
Spain—2.2%
Grifols S.A. (b)		131,800		5,246,645
Grifols S.A. (ADR)		117,207		3,983,866
Telefonica S.A.		861,947		12,329,259
				21,559,770
Sweden—0.9%
Swedbank AB - A Shares		336,631		8,376,372
Switzerland—8.3%
Actelion, Ltd. (a)		110,578		12,721,687
Nestle S.A.		356,541		26,135,005
Novartis AG		10,471		962,992
Roche Holding AG		96,060		26,036,147
Syngenta AG		18,595		5,970,863
Zurich Insurance Group AG (a)		30,593		9,579,978
				81,406,672
United Kingdom—18.9%
Babcock International Group plc		304,117		4,975,641
BT Group plc		2,018,123		12,527,627
Croda International plc		333,580		13,744,806
Diageo plc		31,581		905,779
InterContinental Hotels Group plc		233,455		9,355,041
Johnson Matthey plc		395,447		20,730,936
Liberty Global plc - Class A (a)		345,421		17,341,861
Liberty Global plc - Series C (a) (b)		572,676		27,665,978
Lloyds Banking Group plc (a)		6,190,562		7,310,226
Prudential plc		500,423		11,515,813
Rolls-Royce Holdings plc (a)		945,168		12,732,420
SABMiller plc		374,847		19,399,194
Saga plc		244,573		585,498
Unilever NV		252,697		9,926,635
WPP plc		752,533		15,612,196
				184,329,651

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Met/Artisan International Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
United States—6.1%
Autoliv, Inc.		13,975	$	1,494,699
Cognizant Technology Solutions Corp. - Class A (a)		234,826		12,365,937
Covidien plc (a)		354,788		36,287,717
Schlumberger, Ltd. (b)		112,893		9,642,191
				59,790,544
Total Common Stocks (Cost $919,632,805)				937,145,914
Preferred Stock—1.3%
Germany—1.3%
Henkel AG & Co. KGaA (Cost $12,763,542)		115,194		12,461,060
Equity Linked Security—0.9%
Ireland—0.9%
Ryanair Holdings plc (HSBC Bank plc), 11/17/16 (c) (Cost $7,085,047)		739,900		8,765,145
Short-Term Investments—6.2%
Mutual Fund—4.8%
State Street Navigator Securities Lending MET Portfolio (d)		46,918,992		46,918,992
Repurchase Agreement—1.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $13,594,621 on 01/02/15, collateralized by $13,900,000 U.S. Treasury Notes with a rates ranging from of 0.750% - 2.500%, maturity dates ranging from 03/31/18 - 05/15/24 with a value of $13,869,454.		13,594,621		13,594,621
Total Short-Term Investments (Cost $60,513,613)				60,513,613
Total Investments—104.5% (Cost $999,995,007) (e)				1,018,885,732
Other assets and liabilities (net)—(4.5)%				(44,050,003	)
Net Assets—100.0%			$	974,835,729

* 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 December 31, 2014, the market value of securities loaned was $45,139,111 and the collateral received consisted of cash in the amount of $46,918,992. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

(c) 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.

(d) Represents investment of cash collateral received from securities lending transactions.

(e) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,000,040,559. The aggregate unrealized appreciation and depreciation of investments were $66,894,725 and $(48,049,552), respectively, resulting in net unrealized appreciation of $18,845,173 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Ten Largest Industries as of December 31, 2014	% of Net Assets
Media		9.9
Pharmaceuticals		8.2
Internet Software & Services		8.0
Chemicals		7.4
Insurance		7.3
Health Care Equipment & Supplies		6.3
Wireless Telecommunication Services		4.8
Beverages		4.7
Diversified Telecommunication Services		4.2
Machinery		4.2

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Met/Artisan International Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Belgium	$	—	$	37,613,236		$	—	$	37,613,236
Brazil		1,681,596		—			—		1,681,596
China		57,515,827		62,154,388			—		119,670,215
Denmark		—		1,389,313			—		1,389,313
France		—		59,956,762			—		59,956,762
Germany		—		110,049,017			—		110,049,017
Hong Kong		—		41,009,210			—		41,009,210
Italy		—		5,446,507			—		5,446,507
Japan		—		141,626,812			—		141,626,812
Mexico		27,994,663		—			—		27,994,663
Netherlands		—		31,648,068			—		31,648,068
South Korea		—		3,597,506			—		3,597,506
Spain		3,983,866		17,575,904			—		21,559,770
Sweden		—		8,376,372			—		8,376,372
Switzerland		—		81,406,672			—		81,406,672
United Kingdom		45,007,839		139,321,812			—		184,329,651
United States		58,295,845		1,494,699			—		59,790,544
Total Common Stocks		194,479,636		742,666,278			—		937,145,914
Total Preferred Stock*		—		12,461,060			—		12,461,060
Total Equity Linked Security*		8,765,145		—			—		8,765,145
Short-Term Investments
Mutual Fund		46,918,992		—			—		46,918,992
Repurchase Agreement		—		13,594,621			—		13,594,621
Total Short-Term Investments		46,918,992		13,594,621			—		60,513,613
Total Investments	$	250,163,773	$	768,721,959		$	—	$	1,018,885,732
Collateral for securities loaned (Liability)	$	—	$	(46,918,992	)	$	—	$	(46,918,992	)

* 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

December 31, 2014

Assets
Investments at value (a) (b)	$	1,018,885,732
Cash denominated in foreign currencies (c)		95,370
Receivable for:
Investments sold		3,448,692
Fund shares sold		181,516
Dividends		839,042
Prepaid expenses		2,517
Total Assets		1,023,452,869
Liabilities
Collateral for securities loaned		46,918,992
Payables for:
Investments purchased		827,612
Accrued expenses:
Management fees		629,505
Deferred trustees’ fees		14,019
Other expenses		227,012
Total Liabilities		48,617,140
Net Assets	$	974,835,729
Net assets consist of:
Paid in surplus	$	970,519,272
Undistributed net investment income		7,651,431
Accumulated net realized loss		(22,171,492	)
Unrealized appreciation on investments and foreign currency transactions		18,836,518
Net Assets	$	974,835,729
Net Assets
Class A	$	974,834,746
Class B		983
Capital Shares Outstanding*
Class A		97,054,996
Class B		98
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.04
Class B		10.03

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $999,995,007.

(b) Includes securities loaned at value of $45,139,111.

(c) Identified cost of cash denominated in foreign currencies was $97,783.

Statement of Operations

Period Ended December 31, 2014(a)

Investment Income
Dividends (b)	$	11,124,583
Securities lending income		36,350
Total investment income		11,160,933
Expenses
Management fees		4,938,820
Administration fees		15,710
Custodian and accounting fees		315,045
Distribution and service fees—Class B (c)		0
Audit and tax services		53,787
Legal		58,563
Trustees’ fees and expenses		28,769
Shareholder reporting		42,000
Insurance		3,571
Miscellaneous		4,988
Total expenses		5,461,253
Less broker commission recapture		(4,566	)
Net expenses		5,456,687
Net Investment Income		5,704,246
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(21,137,558	)
Futures contracts		(1,019,622	)
Foreign currency transactions		1,932,873
Net realized loss		(20,224,307	)
Net change in unrealized appreciation (depreciation) on:
Investments		18,890,725
Foreign currency transactions		(54,207	)
Net change in unrealized appreciation		18,836,518
Net realized and unrealized loss		(1,387,789	)
Net Increase in Net Assets From Operations	$	4,316,457

(a) Commencement of operations of the Portfolio was April 29, 2014.

(b) Net of foreign withholding taxes of $854,339.

(c) Distribution and service fees paid during the period amounted to less than $1.00.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Met/Artisan International Portfolio

Statements of Changes in Net Assets

	Period Ended December 31, 2014(a)
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,704,246
Net realized loss		(20,224,307	)
Net change in unrealized appreciation		18,836,518
Increase in net assets from operations		4,316,457
Increase in net assets from capital share transactions		970,519,272
Total increase in net assets		974,835,729
Net Assets
Beginning of period		0
End of period	$	974,835,729
Undistributed net investment income
End of period	$	7,651,431

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Period Ended December 31, 2014
	Shares			Value
Class A(a)
Sales		98,371,303		$	983,894,348
Redemptions		(1,316,307	)		(13,376,076	)
Net increase		97,054,996		$	970,518,272
Class B(b)
Sales		98		$	1,000
Net increase		98		$	1,000
Increase derived from capital shares transactions				$	970,519,272

(a) Commencement of operations of the Portfolio and Class A was April 29, 2014.

(b) Commencement of operations of Class B was November 12, 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 December 31, 2014(a)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.06
Net realized and unrealized loss on investments		(0.02	)
Total from investment operations		0.04
Net Asset Value, End of Period	$	10.04
Total Return (%) (c)		0.40	(d)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.83	(e)
Ratio of net investment income to average net assets (%)		0.86	(e)
Portfolio turnover rate (%)		33	(d)
Net assets, end of period (in millions)	$	974.8
	Class B
	Period Ended December 31, 2014(f)
Net Asset Value, Beginning of Period	$	10.15
Income (Loss) from Investment Operations
Net investment loss (b)		(0.00	)(g)
Net realized and unrealized loss on investments		(0.12	)
Total from investment operations		(0.12	)
Net Asset Value, End of Period	$	10.03
Total Return (%) (c)		(1.18	)(d)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		1.29	(e)
Ratio of net investment loss to average net assets (%)		(0.04	)(e)
Portfolio turnover rate (%)		33	(d)
Net assets, end of period (in millions)	$	0.0	(h)

(a) Commencement of operations of the Portfolio and Class A 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.

(f) Commencement of operations of Class B was November 12, 2014.

(g) Net investment income (loss) was less than $0.01.

(h) Net assets, end of period rounds to less than $0.1 million.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Met/Artisan International Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 and B shares are currently offered by the Portfolio. Class B commenced operations on November 12, 2014. Shares of each Class of the Portfolio represent an equal pro rata interest in the Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Portfolio, and certain Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

2. Significant Accounting Policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. In the preparation of these financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-11

Met Investors Series Trust

Met/Artisan International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-12

Met Investors Series Trust

Met/Artisan International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, broker commission recapture 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 fiscal years after the returns are filed. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $13,594,621, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the period ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MIST-13

Met Investors Series Trust

Met/Artisan International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the period ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 29, 2014 through May 7, 2014, the Portfolio had bought and sold $699,968,700 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the period ended December 31, 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.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

MIST-14

Met Investors Series Trust

Met/Artisan International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the period ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	1,269,195,494	$	0	$	308,655,010

During the period ended December 31, 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 December 31, 2014	% per annum			Average Daily Net Assets
$4,938,820		0.750	%	ALL

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.

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,

MIST-15

Met Investors Series Trust

Met/Artisan International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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 year ended December 31, 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

There were no distributions paid for the period ending December 31, 2014.

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Other Accumulated Capital Losses			Total
$7,652,290	$	—	$	18,804,126	$	(22,125,940	)	$	4,330,476

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, 2014, the Portfolio had short-term accumulated capital losses of $22,125,940.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-16

Met Investors Series Trust

Met/Artisan International Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Met/Artisan International 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 Met/Artisan International Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the period April 29, 2014 (commencement of operations) to December 31, 2014. 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 audit.

We conducted our audit 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 audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, and brokers; when replies were not received from brokers, we performed other auditing procedure. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Met/Artisan International Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations, the changes in its net assets, and the financial highlights for the period April 29, 2014 (commencement of operations) to December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-17

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-18

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-19

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Managed by Eaton Vance Management

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the Met/Eaton Vance Floating Rate Portfolio returned 1.01% and 0.74%, respectively. The Portfolio’s benchmark, the S&P/LSTA Leveraged Loan Index¹, returned 1.60%.

MARKET ENVIRONMENT / CONDITIONS

Following a typical “clip-the-coupon” type year in calendar year 2013, where leveraged loans, as measured by the S&P/LSTA Leveraged Loan Index (the “Index”), returned 5.29%, loans eked out a more modest 1.60% return in calendar year 2014. At mid-year, June 30, 2014, loans were on pace to produce a similar return experience to 2013, but loan prices retreated in the final six months of 2014 as technical conditions weighed on loan performance. Decomposing the 1.60% calendar year return, 4.58% was attributed to coupon income, while price declines represented -2.98%.

Technical conditions in the leveraged loan market, which were favorable at the beginning of the period, deteriorated in the second half of 2014, as loan supply growth outstripped demand. Total outstanding loans for the Index grew from $682 billion as of December 31, 2013 to a record $832 billion as of December 31, 2014. Alternatively, demand from retail investors, which was robust going into 2014, went from net inflows to net outflows in April 2014 for the first time in nearly two years, and remained in net redemptions for the remainder of 2014. Investor expectations of rising interest rates in 2014 did not materialize as rates actually fell across the longer end of the yield curve, with strong investor demand for high quality, longer-term fixed income securities. Helping to partially offset the retail redemptions were robust production in collateralized loan obligations and net inflows from the institutional investor channel.

Issuer fundamentals remained strong during the period, with continued robust operating performance, as measured by quarter-over-quarter earnings growth and strong cash flow and interest coverage ratios. The trailing-12-month default rate by principal edged up from 2.1% to 3.2% over the period, with the increase attributed to the default of Energy Future Holdings (formerly TXU Corp.), a widely anticipated default which occurred during the second quarter 2014. Excluding the Energy Future Holdings default from the 3.2% total, the default rate finished the period at a scant 0.3%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Relative to the benchmark, the Portfolio maintains a greater focus on higher-quality loans. During the period, lower quality CCC loans were the strongest-performing loan group by a meaningful margin, outperforming the broader leveraged loan market, 6.01% vs. 1.60%. The Portfolio’s consistent underweight to this loan group detracted from relative performance. While delivering lower overall credit risk compared to the benchmark, the Portfolio’s quality bias also contributed to lower coupon income compared to the overall benchmark, with the benchmark’s yield advantage serving as a relative headwind to performance.

With respect to individual loan positions, the Portfolio’s underexposure to distressed firm Energy Future Holdings, which defaulted in the second quarter 2014, helped relative performance. Additionally, the Portfolio’s underweights to a number of oil-related issuers also contributed to relative performance given the steep decline in oil prices during the period. Detracting from relative performance results were overweight positions in post-secondary education provider Education Management and weight management services company Weight Watchers as well as not owning distressed loans of educational content and services provider Cengage Learning, which rallied during the period.

The Portfolio employs a rigorous, bottom-up credit research process where loan selection drives Portfolio performance. That said, looking at the impact of performance results by industry, select industry exposures had a meaningful impact on relative performance. A modest underweight to the oil & gas industry, which was the worst-performing industry during the period by a wide margin, was beneficial to relative performance, as steep oil price declines weighed on performance. An underweight to the utilities industry, namely the avoidance of its largest constituent, Energy Future Holdings, also aided results. Detracting from relative performance was an underweight to the publishing industry, which was the strongest-performing industry during the period, and an overweight to the steel industry, which lagged the broader loan market.

The cornerstones of the strategy’s investment philosophy are intense, internal credit research and broad diversification. The Portfolio held 445 issuer positions across 35 industries as of December 31, 2014. Important to note, we believe the optimal risk/return profile can be achieved predominately through interest income realized through investments of higher quality loans, rather than primarily seeking the capital gains associated with distressed loans. As of the end of the calendar year 2014, the Portfolio maintained a sizeable overweight position relative to the Index in BB loans (42.3% vs. 36.2%) and minimal exposure to the more distressed loan categories rated below B (0.5% vs. 5.3%). The Portfolio’s higher quality positioning was also exhibited in its average loan price of $97.37 vs. a $95.92 average loan price for the Index as of December 31, 2014.

MIST-1

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Managed by Eaton Vance Management

Portfolio Manager Commentary*—(Continued)

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 60 days on average as of December 31, 2014, resulting in a portfolio duration of roughly 0.16 years for the period.

Scott H. Page

Craig P. Russ

Andrew N. Sveen

Portfolio Managers

Eaton Vance Management

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P/LSTA LEVERAGED LOAN INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		Since Inception2
Met/Eaton Vance Floating Rate Portfolio
Class A		1.01		3.91
Class B		0.74		3.64
S&P/LSTA Leveraged Loan Index		1.60		4.63

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 Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Industries

	% of Net Assets
Healthcare-Services		7.3
Retail		6.4
Commercial Services		5.9
Food		4.9
Chemicals		4.6
Software		4.6
Media		4.5
Telecommunications		4.5
Diversified Financial Services		3.6
Healthcare-Products		3.4

MIST-3

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Met/Eaton Vance Floating Rate Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.68	%	$	1,000.00	$	995.20	$	3.42
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.78	$	3.47
Class B	Actual		0.93	%	$	1,000.00	$	993.20	$	4.67
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.52	$	4.74

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-4

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (a)—96.8% of Net Assets

Security Description	Principal Amount*		Value
Advertising—0.4%
inVentiv Health, Inc.
Incremental Term Loan B3, 7.750%, 05/15/18		1,543,450	$	1,539,592
Term Loan B4, 7.750%, 05/15/18		1,681,243		1,675,989
				3,215,581
Aerospace/Defense—2.3%
BE Aerospace, Inc. Term Loan B, 4.000%, 12/16/21		1,000,000		1,000,000
DAE Aviation Holdings, Inc. Term Loan B1, 5.000%, 11/02/18		1,167,546		1,164,627
Ducommun, Inc. Term Loan, 4.750%, 06/28/17		236,842		237,434
Flying Fortress, Inc. Term Loan, 3.500%, 06/30/17		2,729,167		2,701,875
Silver II U.S. Holdings LLC Term Loan, 4.000%, 12/13/19		5,460,287		5,083,757
Standard Aero, Ltd. Term Loan B2, 5.000%, 11/02/18		304,908		304,146
Transdigm, Inc.
Term Loan C, 3.750%, 02/28/20		8,715,197		8,580,835
Term Loan D, 3.750%, 06/04/21		1,791,000		1,761,449
				20,834,123
Auto Components—1.1%
CS Intermediate Holdco 2 LLC Term Loan B, 4.000%, 04/04/21		696,500		689,100
Dayco Products LLC Term Loan B, 5.250%, 12/12/19		997,487		991,876
Federal-Mogul Holdings Corp. Term Loan C, 4.750%, 04/15/21		4,289,250		4,263,785
MPG Holdco I, Inc. Term Loan B, 4.250%, 10/20/21		2,655,185		2,645,892
Visteon Corp. Delayed Draw Term Loan B, 3.500%, 04/09/21		1,169,125		1,156,703
				9,747,356
Auto Manufacturers—1.0%
Chrysler Group LLC Term Loan B, 3.250%, 12/31/18		4,242,938		4,215,095
Term Loan B, 3.500%, 05/24/17		4,768,235		4,762,275
				8,977,370
Auto Parts & Equipment —1.7%
Affinia Group Intermediate Holdings, Inc. Term Loan B2, 4.750%, 04/27/20		430,258		426,897
Goodyear Tire & Rubber Co. (The) 2nd Lien Term Loan, 4.750%, 04/30/19		7,300,000		7,283,575
INA Beteiligungsgesellschaft mbH Term Loan B, 4.250%, 05/15/20		1,025,000		1,026,709
TI Group Automotive Systems LLC Term Loan B, 4.250%, 07/02/21		1,840,750		1,817,740
Auto Parts & Equipment —(Continued)
Tower Automotive Holdings USA LLC Term Loan, 4.000%, 04/23/20		1,531,645		1,507,713
Veyance Technologies, Inc. 1st Lien Term Loan, 5.250%, 09/08/17		3,090,938		3,089,006
				15,151,640
Beverages—0.2%
Flavors Holdings, Inc. 1st Lien Term Loan, 6.750%, 04/03/20		790,000		756,425
Virtuoso U.S. LLC Term Loan, 4.750%, 02/11/21		720,184		715,683
				1,472,108
Biotechnology—0.2%
Ikaria, Inc. 1st Lien Term Loan, 5.000%, 02/12/21		2,253,169		2,244,016
Building Materials—0.3%
CPG International, Inc. Term Loan, 4.750%, 09/30/20		617,188		612,559
Quikrete Holdings, Inc. 1st Lien Term Loan, 4.000%, 09/28/20		945,346		934,710
Summit Materials Cos. I LLC Term Loan B, 5.000%, 01/30/19		438,809		438,992
Tank Holding Corp. Term Loan, 4.250%, 07/09/19		767,915		755,437
				2,741,698
Capital Markets—0.8%
Armor Holding II LLC 1st Lien Term Loan, 5.750%, 06/26/20		650,706		647,241
Corporate Capital Trust, Inc. Term Loan B, 4.000%, 05/15/19		1,167,320		1,153,429
Guggenheim Partners LLC Term Loan, 4.250%, 07/22/20		1,736,856		1,724,915
Medley LLC Term Loan, 6.500%, 06/15/19		496,591		494,108
NXT Capital, Inc. Incremental Term Loan, 6.250%, 09/04/18		124,058		124,678
Term Loan B, 6.250%, 09/04/18		740,625		744,328
RCS Capital Corp. 1st Lien Term Loan, 6.500%, 04/29/19		1,911,123		1,786,900
Sheridan Investment Partners II L.P. Term Loan A, 4.250%, 12/16/20		101,178		81,954
Term Loan B, 4.250%, 12/16/20		727,338		589,144
Term Loan M, 4.250%, 12/16/20		37,734		30,565
				7,377,262
Chemicals—4.6%
AIlnex (Luxembourg) & Cy SCA Term Loan B1, 4.500%, 10/03/19		925,597		918,655
AIlnex USA, Inc. Term Loan B2, 4.500%, 10/03/19		480,248		476,646

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Chemicals—(Continued)
Arysta LifeScience SPC LLC 1st Lien Term Loan, 4.500%, 05/29/20		2,216,246	$	2,207,011
Axalta Coating Systems U.S. Holdings, Inc. Term Loan, 3.750%, 02/01/20		4,731,147		4,621,739
AZ Chem U.S., Inc. 1st Lien Term Loan, 4.500%, 06/12/21		653,973		646,207
Chemtura Corp. Term Loan B, 3.500%, 08/27/16		283,095		283,213
ECO Services Operations LLC Term Loan B, 4.750%, 10/08/21		400,000		396,000
Emerald Performance Materials LLC 1st Lien Term Loan, 4.500%, 08/01/21		498,750		488,567
Flint Group GmbH Term Loan C, 4.750%, 09/07/21		141,506		137,791
Flint Group U.S. LLC 1st Lien Term Loan B2, 4.750%, 09/07/21		855,994		833,524
Gemini HDPE LLC Term Loan B, 4.750%, 08/07/21		448,876		434,288
Huntsman International LLC Incremental Term Loan, 3.750%, 08/12/21		2,050,000		2,020,531
Ineos U.S. Finance LLC Term Loan, 3.750%, 05/04/18		7,981,694		7,769,325
Kronos Worldwide, Inc. Term Loan, 4.750%, 02/18/20		322,563		322,159
MacDermid, Inc. 1st Lien Term Loan, 4.000%, 06/07/20		2,309,763		2,270,065
Minerals Technologies, Inc. Term Loan B, 4.000%, 05/09/21		1,999,952		1,984,952
Omnova Solutions, Inc. Term Loan B1, 4.250%, 05/31/18		1,754,406		1,736,862
Orion Engineered Carbons GmbH Term Loan, 5.000%, 07/25/21		573,563		575,714
OXEA Finance LLC Term Loan B2, 4.250%, 01/15/20		2,153,250		2,067,120
PQ Corp. Term Loan, 4.000%, 08/07/17		1,835,540		1,802,500
Sonneborn LLC Term Loan, 5.500%, 12/10/20		382,500		383,456
Sonneborn Refined Products B.V. Term Loan, 5.500%, 12/10/20		67,500		67,669
Tata Chemicals North America, Inc. Term Loan B, 3.750%, 08/07/20		1,157,375		1,138,568
Tronox Pigments (Netherlands) B.V. Term Loan, 4.000%, 03/19/20		4,203,806		4,146,004
Unifrax Corp. Term Loan, 4.250%, 11/28/18		272,705		270,546
Univar, Inc. Term Loan B, 5.000%, 06/30/17		3,913,821		3,797,107
				41,796,219
Coal—1.0%
Alpha Natural Resources LLC Term Loan B, 3.500%, 05/22/20		2,726,438		2,211,822
Arch Coal, Inc. Term Loan B, 6.250%, 05/16/18		2,780,124		2,311,673
Coal—(Continued)
Murray Energy Corp. 1st Lien Term Loan, 5.250%, 12/05/19		1,463,938		1,413,066
Patriot Coal Corp. Term Loan, 9.000%, 12/15/18		990,000		946,688
Walter Energy, Inc. Term Loan B, 7.250%, 04/02/18		2,236,381		1,740,184
				8,623,433
Commercial Services—5.9%
Acosta Holdco, Inc. Term Loan, 5.000%, 09/26/21		3,350,000		3,349,163
BakerCorp International, Inc. Term Loan, 4.250%, 02/14/20		1,737,871		1,603,186
Brickman Group, Ltd. LLC 1st Lien Term Loan, 4.000%, 12/18/20		891,011		869,572
Bright Horizons Family Solutions, Inc. Term Loan B, 3.750%, 01/30/20		1,473,684		1,453,421
Ceridian LLC Term Loan, 4.500%, 09/15/20		605,807		598,235
ClientLogic Corp. Extended Term Loan, 7.479%, 01/30/17		2,394,165		2,334,311
Education Management LLC Term Loan C3, 9.250%, 03/30/18		2,018,684		913,454
Garda World Security Corp. Delayed Draw Term Loan, 4.000%, 11/06/20		729,040		713,548
Term Loan B, 4.000%, 11/06/20		2,849,884		2,789,324
Genpact International, Inc. Term Loan B, 3.500%, 08/30/19		1,519,116		1,505,824
Hertz Corp. (The) Term Loan B, 4.000%, 03/11/18		1,764,000		1,741,214
Term Loan B2, 3.500%, 03/11/18		2,503,410		2,444,998
IAP Worldwide Services, Inc. 2nd Lien Term Loan, 8.000%, 07/18/19 (b)		341,473		273,178
Revolver, 0.000%, 07/18/18 (c)		248,024		248,024
Interactive Data Corp. Term Loan, 4.750%, 05/02/21		1,641,750		1,633,952
KAR Auction Services, Inc. Term Loan B2, 3.500%, 03/11/21		4,663,098		4,607,724
Language Line LLC 1st Lien Term Loan B, 6.250%, 06/20/16		1,349,782		1,339,378
Laureate Education, Inc. Term Loan B, 5.000%, 06/15/18		6,753,340		6,466,323
Live Nation Entertainment, Inc. Term Loan B1, 3.500%, 08/17/20		2,689,575		2,659,318
McGraw-Hill Global Education Holdings LLC 1st Lien Term Loan, 5.750%, 03/22/19		672,638		670,431
Merrill Communications LLC 1st Lien Term Loan, 5.750%, 03/08/18		628,341		628,341
Moneygram International, Inc. Term Loan B, 4.250%, 03/27/20		910,044		844,066
Monitronics International, Inc. Term Loan B, 4.250%, 03/23/18		2,129,605		2,108,309
Rent-A-Center, Inc. Term Loan B, 3.750%, 03/19/21		545,875		534,275

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Commercial Services—(Continued)
ServiceMaster Co. Term Loan B, 4.250%, 07/01/21		2,418,938	$	2,379,315
SGS Cayman L.P. Term Loan B, 6.000%, 04/23/21		202,478		201,465
SunEdison Semiconductor B.V. 1st Lien Term Loan, 6.500%, 05/27/19		845,750		833,064
Truven Health Analytics, Inc. Term Loan B, 4.500%, 06/06/19		1,588,560		1,546,860
U.S. Security Holdings, Inc. Delayed Draw Term Loan, 6.250%, 07/28/17		110,962		110,407
Term Loan, 6.250%, 07/28/17		566,863		564,029
Weight Watchers International, Inc. Term Loan B2, 4.000%, 04/02/20		7,049,438		5,467,720
				53,432,429
Communications Equipment—0.3%
Blue Coat Systems, Inc. 1st Lien Term Loan, 4.000%, 05/31/19		2,468,756		2,410,123
Computers—2.7%
Dell, Inc. Term Loan B, 4.500%, 04/29/20		9,604,241		9,591,381
Term Loan C, 3.750%, 10/29/18		1,023,462		1,020,354
Expert Global Solutions, Inc. Term Loan B, 8.522%, 04/03/18		626,946		624,073
Sirius Computer Solutions, Inc. Term Loan B, 7.000%, 11/30/18		428,077		429,147
SkillSoft Corp. 1st Lien Term Loan, 5.750%, 04/28/21		2,244,375		2,207,343
Smart Technologies ULC Term Loan, 10.500%, 01/31/18		566,406		560,742
SunGard Data Systems, Inc. Term Loan C, 3.907%, 02/28/17		2,213,819		2,205,037
Term Loan E, 4.000%, 03/08/20		5,949,290		5,904,670
TNS, Inc. 1st Lien Term Loan, 5.000%, 02/14/20		1,492,360		1,492,982
				24,035,729
Construction Materials—0.2%
Fairmount Minerals, Ltd. Term Loan B1, 3.813%, 03/15/17		395,000		365,375
Term Loan B2, 4.500%, 09/05/19		1,999,688		1,821,381
				2,186,756
Cosmetics/Personal Care—0.1%
Revlon Consumer Products Corp. Term Loan, 4.000%, 10/08/19		1,188,000		1,171,294
Distribution/Wholesale—0.2%
ABC Supply Co., Inc. Term Loan, 3.500%, 04/16/20		1,731,856		1,682,065
Distributors—0.0%
PFS Holding Corp. 1st Lien Term Loan, 4.500%, 01/31/21		248,125		207,184
Diversified Consumer Services—0.0%
WASH Multifamily Laundry Systems LLC Term Loan, 4.500%, 02/21/19		294,750		291,434
Diversified Financial Services—3.6%
Altisource Solutions S.a.r.l. Term Loan B, 4.500%, 12/09/20		1,798,766		1,403,037
American Beacon Advisors, Inc. Term Loan B, 4.750%, 11/22/19		349,495		345,126
Citco Funding LLC Term Loan, 4.250%, 06/29/18		2,421,277		2,414,214
Clipper Acquisitions Corp. Term Loan B, 3.000%, 02/06/20		1,497,109		1,441,866
Delos Finance S.a.r.l. Term Loan B, 3.500%, 03/06/21		2,675,000		2,659,397
Grosvenor Capital Management Holdings LLP Term Loan B, 3.750%, 01/04/21		4,286,712		4,211,695
Hamilton Lane Advisors LLC Term Loan, 4.000%, 02/28/18		507,516		501,172
Harbourvest Partners LLC Term Loan, 3.250%, 02/04/21		823,974		798,225
Home Loan Servicing Solutions, Ltd. Term Loan B, 4.500%, 06/26/20		1,034,250		978,659
La Frontera Generation LLC Term Loan, 4.500%, 09/30/20		2,817,503		2,780,523
LPL Holdings, Inc. Term Loan B, 3.250%, 03/29/19		3,411,731		3,364,479
MIP Delaware LLC Term Loan B1, 4.000%, 03/09/20		517,614		513,732
Nord Anglia Education Finance LLC Term Loan, 4.500%, 03/31/21		920,375		906,569
Ocwen Financial Corp. Term Loan, 5.000%, 02/15/18		2,173,937		2,047,125
PGX Holdings, Inc. 1st Lien Term Loan, 6.250%, 09/29/20		571,406		573,549
Shield Finance Co. S.a.r.l. Term Loan, 5.000%, 01/29/21		744,375		742,514
TransUnion LLC Term Loan, 4.000%, 04/09/21		4,565,500		4,511,285
Walker & Dunlop, Inc. Term Loan B, 5.250%, 12/11/20		693,000		691,268
Walter Investment Management Corp. Term Loan, 4.750%, 12/11/20		2,241,334		2,028,407
				32,912,842
Electric—2.4%
Calpine Construction Finance Co. L.P. Term Loan B1, 3.000%, 05/03/20		1,009,625		978,705
Term Loan B2, 3.250%, 01/31/22		1,012,749		984,055
Calpine Corp. Delayed Draw Term Loan, 4.000%, 10/30/20		371,250		366,899

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Calpine Corp. Term Loan B1, 4.000%, 04/01/18		3,946,250	$	3,916,653
Term Loan B2, 4.000%, 04/01/18		868,500		862,203
Term Loan B3, 4.000%, 10/09/19		782,000		773,691
Dynegy Holdings, Inc. Term Loan B2, 4.000%, 04/23/20		4,020,898		3,980,689
EFS Cogen Holdings I LLP Term Loan B, 3.750%, 12/17/20		547,462		540,619
Energy Future Intermediate Holding Co. LLC Term Loan, 4.250%, 06/19/16		1,725,000		1,727,696
Equipower Resources Holdings LLC Term Loan C, 4.250%, 12/31/19		566,378		564,491
Granite Acquisition, Inc. Term Loan B, 5.000%, 10/15/21		2,490,421		2,515,326
Term Loan C, 5.000%, 10/15/21		109,579		110,674
NRG Energy, Inc. Term Loan B, 2.750%, 07/02/18		4,006,021		3,935,916
				21,257,617
Electrical Components & Equipment—0.8%
Carros Finance Luxembourg S.a.r.l. 1st Lien Term Loan, 4.500%, 09/30/21		349,125		346,070
Electrical Components International, Inc. Term Loan B, 5.750%, 05/28/21		848,250		849,310
Orbotech, Inc. Term Loan B, 5.000%, 08/06/20		448,875		445,508
Pelican Products, Inc. Term Loan, 5.250%, 04/10/20		1,609,465		1,601,418
Tallgrass Operations LLC Term Loan B, 4.250%, 11/13/18		1,677,249		1,641,608
Zebra Technologies Corp. Term Loan B, 4.750%, 10/27/21		2,125,000		2,141,603
				7,025,517
Electronics—2.2%
Allflex Holdings III, Inc. 1st Lien Term Loan, 4.250%, 07/17/20		617,188		604,844
CDW LLC Term Loan, 3.250%, 04/29/20		3,267,567		3,180,349
CompuCom Systems, Inc. Term Loan B, 4.250%, 05/11/20		2,175,219		2,078,694
Eagle Parent, Inc. Term Loan, 4.000%, 05/16/18		2,446,571		2,419,047
EIG Investors Corp. Term Loan, 5.000%, 11/09/19		4,898,000		4,879,632
Excelitas Technologies Corp. 1st Lien Term Loan, 6.000%, 10/31/20		1,831,925		1,822,765
Fender Musical Instruments Corp. Term Loan B, 5.750%, 04/03/19		351,500		349,959
Sensata Technologies B.V. Term Loan, 3.250%, 05/12/19		1,701,204		1,701,470
Sensus USA, Inc. 1st Lien Term Loan, 4.500%, 05/09/17		2,063,755		2,022,480
Vantiv LLC Term Loan B, 3.750%, 06/13/21		895,500		889,478
				19,948,718
Energy Equipment & Services—0.6%
EnergySolutions LLC Term Loan, 6.750%, 05/29/20		845,750		846,279
Floatel International, Ltd. Term Loan B, 6.000%, 06/27/20		1,042,125		849,332
Seadrill Partners Finco LLC Term Loan B, 4.000%, 02/21/21		3,887,859		3,036,418
Seventy Seven Operating LLC Term Loan B, 3.750%, 06/25/21		497,500		421,631
				5,153,660
Engineering & Construction—0.1%
Brock Holdings III, Inc. Term Loan B, 6.000%, 03/16/17		795,006		749,293
Entertainment—1.8%
Affinity Gaming LLC Term Loan B, 5.250%, 11/09/17		388,333		385,421
Amaya Holdings B.V. 1st Lien Term Loan, 5.000%, 08/01/21		2,718,188		2,702,558
Aufinco Pty, Ltd. 1st Lien Term Loan, 4.000%, 05/29/20		443,250		433,277
Dave & Buster’s, Inc. Term Loan, 4.250%, 07/25/20		141,981		141,449
National CineMedia LLC Term Loan, 2.920%, 11/26/19		500,000		477,083
Pinnacle Entertainment, Inc. Term Loan B2, 3.750%, 08/13/20		693,357		686,208
Scientific Games International, Inc. Term Loan B1, 6.000%, 10/18/20		3,514,500		3,472,765
SeaWorld Parks & Entertainment, Inc. Term Loan B2, 3.000%, 05/14/20		2,937,796		2,790,906
Seminole Hard Rock Entertainment, Inc. Term Loan B, 3.500%, 05/14/20		270,875		261,620
SGMS Escrow Corp. Incremental Term Loan B2, 6.000%, 10/01/21		875,000		864,062
Six Flags Theme Parks, Inc. Term Loan B, 3.500%, 12/20/18		2,006,854		2,005,183
WMG Acquisition Corp. Term Loan, 3.750%, 07/01/20		2,374,460		2,291,354
				16,511,886
Environmental Control—0.5%
Darling International, Inc. Term Loan B, 3.250%, 01/06/21		744,375		741,584
Tervita Corp. Term Loan, 6.250%, 05/15/18		3,756,962		3,487,712
				4,229,296
Food—4.9%
AdvancePierre Foods, Inc. Term Loan, 5.750%, 07/10/17		3,231,829		3,215,670
Albertson’s Holdings LLC Term Loan B3, 4.000%, 08/25/19		2,225,000		2,218,325
Term Loan B4, 4.500%, 08/25/21		900,000		901,688

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Food—(Continued)
American Seafoods Group LLC Term Loan B, 4.500%, 03/18/18		386,228	$	366,917
Aramark Services, Inc. Extended Synthetic LOC 2, 3.671%, 07/26/16		154,267		152,431
Extended Synthetic LOC 3, 3.671%, 07/26/16		160,084		158,179
Blue Buffalo Co., Ltd. Term Loan B3, 3.750%, 08/08/19		1,222,054		1,210,598
Centerplate, Inc. Term Loan A, 4.750%, 11/26/19		467,716		460,700
Charger OpCo B.V. Term Loan B1, 3.500%, 07/23/21		2,175,000		2,126,063
Clearwater Seafoods L.P. Term Loan B, 4.750%, 06/24/19		443,250		442,419
CSM Bakery Solutions LLC 1st Lien Term Loan, 5.000%, 07/03/20		987,505		970,223
Del Monte Foods, Inc. 1st Lien Term Loan, 4.250%, 02/18/21		1,517,303		1,395,919
Diamond Foods, Inc. Term Loan, 4.250%, 08/20/18		1,215,813		1,207,201
Dole Food Co., Inc. Term Loan B, 4.500%, 11/01/18		2,788,750		2,764,348
H.J. Heinz Co. Term Loan B2, 3.500%, 06/05/20		7,062,991		7,033,955
High Liner Foods, Inc. Term Loan B, 4.250%, 04/24/21		868,438		858,668
JBS USA Holdings, Inc. Incremental Term Loan, 3.750%, 09/18/20		1,580,000		1,560,724
Term Loan, 3.750%, 05/25/18		4,960,810		4,889,375
NPC International, Inc. Term Loan B, 4.000%, 12/28/18		2,099,956		2,047,457
Pinnacle Foods Finance LLC Incremental Term Loan H, 3.000%, 04/29/20		691,250		671,895
Post Holdings, Inc. Incremental Term Loan, 3.750%, 06/02/21		547,250		546,077
Supervalu, Inc. Term Loan B, 4.500%, 03/21/19		4,110,864		4,047,918
U.S. Foods, Inc. Term Loan, 4.500%, 03/31/19		4,828,969		4,807,842
				44,054,592
Food Service—0.1%
OSI Restaurant Partners LLC Term Loan, 3.500%, 10/25/19		596,250		590,660
Hand/Machine Tools—0.2%
Apex Tool Group LLC Term Loan B, 4.500%, 01/31/20		1,677,674		1,631,539
Milacron LLC Term Loan, 4.000%, 03/28/20		517,093		504,165
				2,135,704
Healthcare-Products—3.4%
Alere, Inc. Term Loan B, 4.250%, 06/30/17		5,094,668		5,064,951
Biomet, Inc. Term Loan B2, 3.670%, 07/25/17		6,931,541		6,910,601
BSN Medical, Inc. Term Loan B1B, 4.000%, 08/28/19		544,143		544,143
CeramTec Acquisition Corp. Term Loan B2, 4.250%, 08/30/20		31,275		30,962
CHG Healthcare Services, Inc. Term Loan, 4.250%, 11/19/19		832,423		824,619
Convatec, Inc. Term Loan, 4.000%, 12/22/16		3,099,203		3,072,085
DJO Finance LLC Term Loan, 4.250%, 09/15/17		2,749,305		2,694,319
Faenza Acquisition GmbH Term Loan B1, 4.250%, 08/30/20		315,262		312,109
Term Loan B3, 4.250%, 08/30/20		94,239		93,296
Halyard Health, Inc. Term Loan B, 4.000%, 11/01/21		675,000		676,582
Hologic, Inc. Term Loan B, 3.250%, 08/01/19		1,065,508		1,061,845
Kinetic Concepts, Inc. Term Loan E1, 4.000%, 05/04/18		4,812,942		4,768,822
Mallinckrodt International Finance S.A. Incremental Term Loan B1, 3.500%, 03/19/21		1,122,188		1,106,407
Term Loan B, 3.250%, 03/19/21		1,662,438		1,631,613
Sage Products Holdings III LLC Term Loan B, 5.000%, 12/13/19		1,137,209		1,135,788
Tecomet, Inc. 1st Lien Term Loan, 5.750%, 12/05/21		1,100,000		1,061,500
				30,989,642
Healthcare-Services—7.3%
Alliance Healthcare Services, Inc. Term Loan B, 4.250%, 06/03/19		1,182,005		1,170,185
Amsurg Corp. 1st Lien Term Loan B, 3.750%, 07/16/21		597,000		594,761
Ardent Medical Services, Inc. Term Loan, 6.750%, 07/02/18		3,677,223		3,685,269
ATI Holdings, Inc. Term Loan, 5.250%, 12/20/19		416,838		416,578
CareCore National LLC Term Loan B, 5.500%, 03/05/21		448,869		443,820
Community Health Systems, Inc. Term Loan D, 4.250%, 01/27/21		7,988,828		7,983,283
Term Loan E, 3.486%, 01/25/17		2,013,006		2,004,559
CPI Buyer LLC 1st Lien Term Loan, 5.500%, 08/18/21		1,022,438		1,007,101
DaVita HealthCare Partners, Inc. Term Loan B, 3.500%, 06/24/21		3,184,000		3,158,413
Emdeon Business Services LLC Term Loan B2, 3.750%, 11/02/18		2,396,326		2,359,381
Envision Healthcare Corp. Term Loan, 4.000%, 05/25/18		6,826,679		6,764,815

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Healthcare-Services—(Continued)
Gentiva Health Services, Inc. Term Loan B, 6.500%, 10/18/19		2,427,994	$	2,431,029
HCA, Inc. Extended Term Loan A2, 2.669%, 05/02/16		812,500		809,656
Extended Term Loan B4, 3.005%, 05/01/18		4,993,336		4,961,349
Iasis Healthcare LLC Term Loan B2, 4.500%, 05/03/18		1,514,063		1,502,708
IMS Health, Inc. Term Loan, 3.500%, 03/17/21		3,173,600		3,111,451
Kindred Healthcare, Inc. Term Loan, 4.250%, 04/09/21		1,616,875		1,572,411
LHP Hospital Group, Inc. Term Loan, 9.000%, 07/03/18		841,826		812,362
Millennium Laboratories, Inc. Term Loan B, 5.250%, 04/16/21		3,184,000		3,173,056
MMM Holdings, Inc. Term Loan, 9.750%, 12/12/17		1,294,138		1,255,314
MSO of Puerto Rico, Inc. Term Loan, 9.750%, 12/12/17		940,853		931,445
National Mentor Holdings, Inc. Term Loan B, 4.250%, 01/31/21		570,688		558,204
Onex Carestream Finance L.P. 1st Lien Term Loan, 5.000%, 06/07/19		2,557,064		2,545,877
Opal Acquisition, Inc. 1st Lien Term Loan, 5.000%, 11/27/20		1,757,250		1,742,424
Ortho-Clinical Diagnostics, Inc. Term Loan B, 4.750%, 06/30/21		3,034,750		2,991,125
Radnet Management, Inc. Term Loan B, 4.270%, 10/10/18		1,713,309		1,704,208
Regionalcare Hospital Partners, Inc. 1st Lien Term Loan, 6.000%, 04/19/19		797,750		795,756
Select Medical Corp. Term Loan B, 3.750%, 06/01/18		1,650,000		1,608,750
Steward Health Care System LLC Term Loan B, 6.750%, 04/12/20		1,329,750		1,318,514
U.S. Renal Care, Inc. Term Loan, 4.250%, 07/03/19		2,103,159		2,074,240
				65,488,044
Holding Companies-Diversified—0.0%
ARG IH Corp. Term Loan B, 4.750%, 11/15/20		272,250		271,399
Home Furnishings—0.2%
Tempur-Pedic International, Inc. Term Loan B, 3.500%, 03/18/20		2,006,315		1,981,237
Hotels, Restaurants & Leisure—0.8%
1011778 B.C. Unlimited Liability Co. Term Loan B, 4.500%, 12/12/21		6,525,000		6,527,910
CEC Entertainment, Inc. Term Loan, 4.000%, 02/14/21		794,000		775,474
				7,303,384
Household Products/Wares—0.8%
Libbey Glass, Inc. Term Loan B, 3.750%, 04/09/21		447,750		442,153
Polarpak, Inc. 1st Lien Canadian Borrower, 4.500%, 06/05/20		233,565		229,769
Prestige Brands, Inc. Term Loan, 4.125%, 01/31/19		178,125		178,051
Term Loan B2, 4.500%, 09/03/21		627,431		627,823
Spectrum Brands, Inc. Term Loan C, 3.500%, 09/04/19		1,012,187		1,002,825
Spin Holdco, Inc. Term Loan B, 4.250%, 11/14/19		3,136,939		3,093,806
Sun Products Corp. (The) Term Loan, 5.500%, 03/23/20		2,102,007		1,965,376
WNA Holdings, Inc. 1st Lien U.S. Borrower, 4.500%, 06/07/20		121,834		119,854
				7,659,657
Industrial Conglomerates—0.2%
IG Investment Holdings LLC 1st Lien Term Loan, 5.250%, 10/31/19		1,402,062		1,399,433
Insurance—2.6%
Alliant Holdings I, Inc. Term Loan B, 4.250%, 12/20/19		2,865,757		2,829,041
AmWINS Group LLC Term Loan, 5.000%, 09/06/19		1,054,816		1,052,179
Asurion LLC 2nd Lien Term Loan, 8.500%, 03/03/21		1,125,000		1,122,188
Term Loan B1, 5.000%, 05/24/19		8,677,571		8,572,720
Term Loan B2, 4.250%, 07/08/20		935,750		910,017
CGSC of Delaware Holding Corp. 1st Lien Term Loan, 5.000%, 04/16/20		467,875		432,784
CNO Financial Group, Inc. Term Loan B2, 3.750%, 09/28/18		1,839,397		1,798,010
Cunningham Lindsey U.S., Inc. 1st Lien Term Loan, 5.000%, 12/10/19		1,869,958		1,829,053
Hub International, Ltd. Term Loan B, 4.250%, 10/02/20		2,839,170		2,765,352
USI, Inc. Term Loan B, 4.250%, 12/27/19		2,306,622		2,267,697
				23,579,041
Internet—2.0%
Ascend Learning LLC Term Loan B, 6.000%, 07/31/19		1,389,500		1,382,552
Getty Images, Inc. Term Loan B, 4.750%, 10/18/19		6,600,399		6,116,372
Go Daddy Operating Co. LLC Term Loan B, 4.750%, 05/13/21		5,717,317		5,687,541
RP Crown Parent LLC Term Loan, 6.000%, 12/21/18		3,638,918		3,386,468
Sabre, Inc. Term Loan B, 4.000%, 02/19/19		1,151,500		1,136,387

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Internet—(Continued)
SurveyMonkey.com LLC Term Loan B, 5.500%, 02/05/19		530,030	$	527,698
				18,237,018
Internet Software & Services—0.5%
Answers Corp. 1st Lien Term Loan, 6.250%, 10/03/21		1,125,000		1,080,000
Dealertrack Technologies, Inc. Term Loan B, 3.250%, 02/28/21		524,712		515,687
Extreme Reach, Inc. 1st Lien Term Loan, 6.750%, 02/07/20		770,688		767,797
Sutherland Global Services, Inc. Term Loan B, 6.000%, 04/23/21		869,835		865,486
Travelport Finance (Luxembourg) S.a.r.l. Term Loan B, 6.000%, 09/02/21		1,200,000		1,200,300
				4,429,270
Leisure Time—1.0%
Bombardier Recreational Products, Inc. Term Loan B, 4.000%, 01/30/19		3,149,143		3,094,033
ClubCorp Club Operations, Inc. Term Loan, 4.500%, 07/24/20		425,000		419,422
Equinox Holdings, Inc. Term Loan B, 5.000%, 01/31/20		2,989,528		2,970,844
SRAM LLC Term Loan B, 4.010%, 04/10/20		1,719,286		1,666,990
Town Sports International, Inc. Term Loan B, 4.500%, 11/16/20		1,233,136		890,941
				9,042,230
Lodging—1.5%
Boyd Gaming Corp. Term Loan B, 4.000%, 08/14/20		443,729		437,073
Caesars Entertainment Operating Co. Extended Term Loan B6, 6.985%, 03/01/17		1,358,460		1,200,539
CityCenter Holdings LLC Term Loan B, 4.250%, 10/16/20		818,338		813,480
Four Seasons Holdings, Inc. 1st Lien Term Loan, 3.500%, 06/27/20		691,250		679,585
Golden Nugget, Inc. Delayed Draw Term Loan, 5.500%, 11/21/19		148,500		147,479
Term Loan B, 5.500%, 11/21/19		346,500		344,118
Hilton Worldwide Finance LLC Term Loan B2, 3.500%, 10/26/20		5,279,605		5,225,489
La Quinta Intermediate Holdings LLC Term Loan B, 4.000%, 04/14/21		1,150,771		1,138,688
MGM Resorts International Term Loan B, 3.500%, 12/20/19		2,450,000		2,396,406
Playa Resorts Holding B.V. Term Loan B, 4.000%, 08/06/19		469,063		462,027
Sonifi Solutions, Inc. Term Loan C, 6.750%, 03/28/18 (b)		815,846		57,109
Tropicana Entertainment, Inc. Term Loan, 4.000%, 11/27/20		395,000		388,828
				13,290,821
Machinery—1.0%
Allison Transmission, Inc. Term Loan B3, 3.750%, 08/23/19		4,843,022		4,794,592
Delachaux S.A. Term Loan B2, 5.250%, 09/25/21		575,000		573,563
Doosan Infracore International, Inc. Term Loan B, 4.500%, 05/28/21		1,009,885		1,004,835
Gates Global, Inc. Term Loan B, 4.250%, 07/05/21		1,496,250		1,459,112
NN, Inc. Term Loan B, 6.000%, 08/27/21		665,357		664,941
Paladin Brands Holding, Inc. Term Loan B, 6.750%, 08/16/19		680,394		678,693
				9,175,736
Machinery-Diversified—1.0%
Alliance Laundry Systems LLC Term Loan, 4.250%, 12/10/18		1,226,105		1,215,376
CPM Acquisition Corp. 1st Lien Term Loan, 6.250%, 08/29/17		446,728		446,728
Gardner Denver, Inc. Term Loan, 4.250%, 07/30/20		2,130,006		2,001,874
Interline Brands, Inc. Term Loan, 4.000%, 03/17/21		992,500		959,003
Manitowoc Co., Inc. (The) Term Loan B, 3.250%, 01/03/21		294,875		291,926
PRA Holdings, Inc. 1st Lien Term Loan, 4.500%, 09/23/20		2,816,925		2,785,235
WTG Holdings III Corp. 1st Lien Term Loan, 4.750%, 01/15/21		1,418,231		1,400,503
				9,100,645
Marine—0.3%
Drillships Ocean Ventures, Inc. Term Loan B, 5.500%, 07/25/21		1,047,375		849,683
Stena International S.a.r.l. Term Loan B, 4.000%, 03/03/21		1,687,250		1,493,216
				2,342,899
Media—4.5%
ALM Media Holdings, Inc. 1st Lien Term Loan, 5.500%, 07/31/20		422,344		421,288
AMC Entertainment, Inc. Term Loan, 3.500%, 04/30/20		2,333,438		2,306,213
AP NMT Acquisition B.V. 1st Lien Term Loan, 6.750%, 08/13/21		448,875		442,142
Atlantic Broadband Finance LLC Term Loan B, 3.250%, 11/30/19		725,539		711,935
AVSC Holding Corp. 1st Lien Term Loan, 4.500%, 01/24/21		446,625		444,950
Block Communications, Inc. Term Loan B, 5.750%, 10/21/21		224,438		223,876
Bragg Communications, Inc. Term Loan B, 3.500%, 02/28/18		389,000		388,271
Cequel Communications LLC Term Loan B, 3.500%, 02/14/19		1,885,362		1,861,403

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Media—(Continued)
Charter Communications Operating LLC Term Loan E, 3.000%, 07/01/20		1,305,125	$	1,281,353
Clear Channel Communications, Inc. Extended Term Loan E, 7.669%, 07/30/19		425,533		409,043
Term Loan B, 3.819%, 01/29/16		11,163		11,048
Term Loan D, 6.919%, 01/30/19		1,323,104		1,249,920
Crossmark Holdings, Inc. 1st Lien Term Loan, 4.500%, 12/20/19		1,447,839		1,420,088
Crown Media Holdings, Inc. Term Loan B, 4.000%, 07/14/18		618,389		612,979
CSC Holdings, Inc. Term Loan B, 2.669%, 04/17/20		1,911,245		1,874,453
Cumulus Media Holdings, Inc. Term Loan, 4.250%, 12/23/20		4,395,366		4,260,758
Entercom Radio LLC Term Loan B, 4.000%, 11/23/18		384,267		382,826
Entravision Communications Corp. Term Loan, 3.500%, 05/31/20		1,996,500		1,936,605
Gray Television, Inc. Term Loan B, 3.750%, 06/10/21		244,833		241,589
Information Resources, Inc. Term Loan B, 4.750%, 09/30/20		1,234,375		1,232,832
Kasima LLC Term Loan B, 3.250%, 05/17/21		866,176		846,688
Media General, Inc. Term Loan B, 4.250%, 07/31/20		1,447,674		1,433,498
Mediacom Illinois LLC Term Loan E, 3.140%, 10/23/17		478,697		471,965
Term Loan G, 3.750%, 06/30/21		473,813		465,126
MH Sub I LLC 1st Lien Term Loan, 5.000%, 07/08/21		395,382		392,416
Delayed Draw Term Loan, 4.000%, 07/08/21 (d)		27,667		27,459
Mission Broadcasting, Inc. Term Loan B2, 3.750%, 10/01/20		796,798		788,830
Nexstar Broadcasting, Inc. Term Loan B2, 3.750%, 10/01/20		903,582		894,546
Numericable U.S. LLC Term Loan B1, 4.500%, 05/21/20		1,233,154		1,233,154
Term Loan B2, 4.500%, 05/21/20		1,066,846		1,066,846
Penton Media, Inc. 1st Lien Term Loan, 5.500%, 10/03/19		592,500		589,538
ProQuest LLC Term Loan B, 5.250%, 10/24/21		675,000		673,031
Raycom TV Broadcasting LLC Term Loan B, 3.750%, 08/04/21		798,249		790,267
Sinclair Television Group, Inc. Term Loan B, 3.000%, 04/09/20		466,699		455,032
Springer Science+Business Media Deutschland GmbH Term Loan B3, 4.750%, 08/14/20		2,073,829		2,047,906
Sterling Entertainment Enterprises LLC Term Loan A, 3.170%, 12/28/17 (b)		720,000		688,968
TWCC Holding Corp. 2nd Lien Term Loan, 7.000%, 06/26/20		700,000		668,500
Media—(Continued)
Univision Communications, Inc. Term Loan C4, 4.000%, 03/01/20		4,748,190		4,653,226
Zuffa LLC Term Loan B, 3.750%, 02/25/20		992,410		952,713
				40,853,281
Metal Fabricate/Hardware—1.4%
Ameriforge Group, Inc. 1st Lien Term Loan, 5.000%, 12/19/19		2,964,195		2,712,239
JMC Steel Group, Inc. Term Loan, 4.750%, 04/01/17		4,897,219		4,805,396
Rexnord LLC 1st Lien Term Loan B, 4.000%, 08/21/20		4,517,813		4,430,845
WireCo WorldGroup, Inc. Term Loan, 6.000%, 02/15/17		605,153		606,288
				12,554,768
Mining—1.4%
FMG Resources (August 2006) Pty, Ltd. Term Loan B, 3.750%, 06/30/19		7,072,203		6,460,755
Neenah Foundry Co. Term Loan, 6.750%, 04/26/17		1,709,172		1,694,930
Noranda Aluminum Acquisition Corp. Term Loan B, 5.750%, 02/28/19		972,500		933,600
Novelis, Inc. Term Loan, 3.750%, 03/10/17		3,766,758		3,737,332
				12,826,617
Miscellaneous Manufacturing—0.6%
Filtration Group Corp. 1st Lien Term Loan, 4.500%, 11/21/20		297,000		296,629
Husky Injection Molding Systems, Ltd. 1st Lien Term Loan, 4.250%, 06/30/21		2,789,354		2,716,133
RGIS Services LLC Term Loan C, 5.500%, 10/18/17		2,746,025		2,512,612
				5,525,374
Multi-Utilities—0.2%
Lonestar Generation LLC Term Loan B, 5.250%, 02/20/21		548,620		537,647
PowerTeam Services LLC 1st Lien Term Loan, 4.250%, 05/06/20		262,667		256,428
Delayed Draw Term Loan, 4.250%, 05/06/20		14,025		13,710
TerraForm Power Operating LLC Term Loan, 4.750%, 07/23/19		1,218,875		1,219,257
				2,027,042
Office/Business Equipment—0.7%
Quintiles Transnational Corp. Term Loan B3, 3.750%, 06/08/18		6,103,597		6,042,561

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—2.5%
Bronco Midstream Funding LLC Term Loan B, 5.000%, 08/15/20		2,547,883	$	2,407,750
Citgo Petroleum Corp. Term Loan B, 4.500%, 07/29/21		972,563		970,131
Crestwood Holdings LLC Term Loan B1, 7.000%, 06/19/19		1,807,385		1,707,979
Emerald Expositions Holding, Inc. Term Loan B, 4.750%, 06/17/20		983,721		968,965
Fieldwood Energy LLC 1st Lien Term Loan, 3.875%, 09/28/18		1,062,187		1,009,742
2nd Lien Term Loan, 8.375%, 09/30/20		675,000		497,137
MEG Energy Corp. Term Loan, 3.750%, 03/31/20		7,888,355		7,557,045
Obsidian Natural Gas Trust Term Loan, 7.000%, 11/02/15		738,413		732,875
Oxbow Carbon LLC Term Loan B, 4.250%, 07/19/19		913,734		842,920
Paragon Offshore Finance Co. Term Loan B, 3.750%, 07/18/21		847,875		703,736
Samson Investments Co. 2nd Lien Term Loan, 5.000%, 09/25/18		825,000		652,437
Sheridan Production Partners I LLC Term Loan B2, 4.250%, 10/01/19		1,913,370		1,674,199
Term Loan B2 I-A, 4.250%, 10/01/19		253,537		221,845
Term Loan B2 I-M, 4.250%, 10/01/19		154,862		135,504
Southcross Energy Partners L.P. 1st Lien Term Loan, 5.250%, 08/04/21		497,500		470,138
Southcross Holdings Borrower L.P. Term Loan B, 6.000%, 08/04/21		398,000		356,210
TPF II Power LLC Term Loan B, 5.500%, 10/02/21		1,350,000		1,346,062
				22,254,675
Packaging & Containers—1.5%
Berry Plastics Holding Corp. Term Loan E, 3.750%, 01/06/21		3,373,000		3,295,701
Crown Americas LLC Term Loan B, 0.000%, 10/22/21 (d)		1,525,000		1,529,194
Hilex Poly Co. LLC Term Loan B, 6.000%, 12/05/21		1,450,000		1,435,500
Multi Packaging Solutions, Inc. Term Loan B, 4.250%, 09/30/20		347,375		337,171
Reynolds Group Holdings, Inc. Term Loan, 4.000%, 12/01/18		5,341,545		5,257,127
Signode Industrial Group U.S., Inc. Term Loan B, 3.750%, 05/01/21		1,312,500		1,263,281
TricorBraun, Inc. Term Loan B, 4.010%, 05/03/18		578,125		571,380
				13,689,354
Pharmaceuticals—2.7%
Akorn, Inc. Term Loan B, 4.500%, 04/16/21		1,122,188		1,115,174
Alkermes, Inc. Term Loan, 3.500%, 09/18/19		367,481		365,644
Pharmaceuticals—(Continued)
AMAG Pharmaceuticals, Inc. 1st Lien Term Loan, 7.250%, 11/12/20		600,000		597,000
Amneal Pharmaceuticals LLC Term Loan, 5.001%, 11/01/19		1,093,301		1,093,073
Auris Luxembourg II S.A. Term Loan B, 0.000%, 12/31/21 (c)		750,000		749,063
Auxilium Pharmaceuticals, Inc. Term Loan B, 6.250%, 04/26/17		524,787		524,349
DPx Holdings B.V. Term Loan, 4.250%, 03/11/21		2,935,250		2,857,284
Endo Luxembourg Finance Co. I S.a r.l. Term Loan B, 3.250%, 02/28/21		421,813		409,685
Impax Laboratories, Inc. Term Loan B, 0.000%, 12/02/20 (c)		800,000		800,000
Par Pharmaceutical Cos., Inc. Term Loan B2, 4.000%, 09/30/19		1,922,992		1,880,526
Pharmaceutical Product Development LLC Term Loan B, 4.000%, 12/05/18		1,813,000		1,805,748
Salix Pharmaceuticals, Ltd. Term Loan, 4.250%, 01/02/20		2,933,279		2,906,698
Valeant Pharmaceuticals International, Inc. Term Loan B, 3.500%, 02/13/19		1,465,366		1,453,612
Term Loan B, 3.500%, 12/11/19		3,965,490		3,933,270
Term Loan B, 3.500%, 08/05/20		3,801,839		3,774,116
				24,265,242
Pipelines—0.2%
Energy Transfer Equity L.P. Term Loan, 3.250%, 12/02/19		1,825,000		1,774,813
Real Estate—0.9%
MCS AMS Sub-Holdings LLC Term Loan B, 7.000%, 10/15/19		566,250		506,794
RE/MAX International, Inc. Term Loan B, 4.000%, 07/31/20		1,659,393		1,639,148
Realogy Corp. Term Loan B, 3.750%, 03/05/20		3,956,287		3,900,239
RHP Hotel Properties L.P. Term Loan B, 3.750%, 01/15/21		671,625		672,045
Starwood Property Trust, Inc. Term Loan B, 3.500%, 04/17/20		1,060,137		1,040,701
				7,758,927
Retail—6.3%
99 Cents Only Stores Term Loan, 4.500%, 01/11/19		2,404,920		2,386,883
Albertson’s LLC Term Loan B2, 4.750%, 03/21/19		1,091,019		1,086,473
Burlington Coat Factory Warehouse Corp. Term Loan B3, 4.250%, 08/13/21		498,750		494,386
David’s Bridal, Inc. Term Loan B, 5.250%, 10/11/19		621,040		589,212
Dunkin’ Brands, Inc. Term Loan B4, 3.250%, 02/07/21		3,025,914		2,960,857

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Retail—(Continued)
Evergreen AcqCo 1 L.P. Term Loan, 5.000%, 07/09/19		635,407	$	626,671
General Nutrition Centers, Inc. Term Loan, 3.250%, 03/04/19		3,348,210		3,241,486
Harbor Freight Tools USA, Inc. 1st Lien Term Loan, 4.750%, 07/26/19		1,086,250		1,085,164
Hudson’s Bay Co. 1st Lien Term Loan, 4.750%, 11/04/20		1,316,250		1,318,883
J Crew Group, Inc. Term Loan B, 4.000%, 03/05/21		3,134,250		2,954,031
Jo-Ann Stores, Inc. Term Loan, 4.000%, 03/16/18		2,719,446		2,651,460
Landry’s, Inc. Term Loan B, 4.000%, 04/24/18		2,230,146		2,219,693
Men’s Wearhouse, Inc. (The) Term Loan B, 4.500%, 06/18/21		1,496,250		1,490,639
Michaels Stores, Inc. Incremental Term Loan B2, 4.000%, 01/28/20		997,500		985,031
Term Loan B, 3.750%, 01/28/20		2,462,500		2,420,945
NBTY, Inc. Term Loan B2, 3.500%, 10/01/17		8,115,571		7,902,538
Neiman Marcus Group, Inc. (The) Term Loan, 4.250%, 10/25/20		1,403,333		1,376,630
New Albertson’s, Inc. Term Loan, 4.750%, 06/27/21		2,443,875		2,412,564
P.F. Chang’s China Bistro, Inc. Term Loan B, 4.250%, 07/02/19		382,246		366,956
Pantry, Inc. (The) Term Loan B, 4.750%, 08/02/19		415,163		414,903
Party City Holdings, Inc. Term Loan, 4.000%, 07/27/19		1,323,135		1,296,672
Pep Boys-Manny, Moe & Jack (The) Term Loan B, 4.250%, 10/11/18		441,000		437,968
Petco Animal Supplies, Inc. Term Loan, 4.000%, 11/24/17		3,662,545		3,625,920
Pier 1 Imports (U.S.), Inc. Term Loan B, 4.500%, 04/30/21		522,375		519,763
Pilot Travel Centers LLC Term Loan B, 4.250%, 10/01/21		2,025,000		2,031,328
Rite Aid Corp. 2nd Lien Term Loan, 5.750%, 08/21/20		450,000		452,531
Term Loan 7, 3.500%, 02/21/20		3,693,961		3,687,035
Serta Simmons Holdings LLC Term Loan, 4.250%, 10/01/19		4,842,959		4,790,747
Toys “R” Us Property Co. I LLC Term Loan B, 6.000%, 08/21/19		1,584,000		1,517,999
				57,345,368
Semiconductors—1.5%
Avago Technologies Cayman, Ltd. Term Loan B, 3.750%, 05/06/21		6,467,500		6,451,331
Entegris, Inc. Term Loan B, 3.500%, 04/30/21		466,622		457,582
Semiconductors—(Continued)
Freescale Semiconductor, Inc. Term Loan B4, 4.250%, 02/28/20		2,379,774		2,326,229
M/A-COM Technology Solutions Holdings, Inc. Term Loan, 4.500%, 05/07/21		497,500		497,500
Microsemi Corp. Term Loan B1, 3.250%, 02/19/20		1,213,898		1,193,565
NXP B.V. Term Loan D, 3.250%, 01/11/20		2,098,438		2,073,082
Spansion LLC Term Loan, 3.750%, 12/19/19		1,004,591		998,313
				13,997,602
Software—4.6%
Activision Blizzard, Inc. Term Loan B, 3.250%, 10/12/20		2,966,250		2,964,761
Applied Systems, Inc. 1st Lien Term Loan, 4.250%, 01/25/21		915,750		901,785
Campaign Monitor Finance Pty, Ltd. 1st Lien Term Loan, 6.250%, 03/18/21		744,375		735,070
CCC Information Services, Inc. Term Loan, 4.000%, 12/20/19		416,807		406,126
Cinedigm Digital Funding I LLC Term Loan, 3.750%, 02/28/18		995,927		997,172
First Data Corp. Extended Term Loan, 3.667%, 03/23/18		4,848,844		4,757,929
Term Loan, 3.667%, 09/24/18		1,850,000		1,815,892
Term Loan B, 3.667%, 03/24/17		500,000		492,250
GXS Group, Inc. Term Loan B, 3.250%, 01/16/21		1,014,750		1,008,725
Hyland Software, Inc. Term Loan B, 4.750%, 02/19/21		492,776		490,620
Infor (U.S.), Inc. Term Loan B3, 3.750%, 06/03/20		433,060		420,791
Term Loan B5, 3.750%, 06/03/20		8,431,913		8,192,135
ION Trading Technologies S.a.r.l. 1st Lien Term Loan, 4.250%, 06/10/21		1,213,235		1,201,103
IPC Systems, Inc. 1st Lien Term Loan, 6.000%, 11/08/20		1,019,875		1,016,050
Kronos, Inc. Incremental Term Loan, 4.500%, 10/30/19		4,628,113		4,604,972
MA FinanceCo. LLC Term Loan B, 5.250%, 10/07/21		1,125,000		1,084,688
Term Loan C, 4.500%, 10/07/19		1,125,000		1,079,063
Magic Newco LLC 1st Lien Term Loan, 5.000%, 12/12/18		2,208,048		2,199,768
MedAssets, Inc. Term Loan B, 4.000%, 12/13/19		358,000		356,317
Renaissance Learning, Inc. 1st Lien Term Loan, 4.500%, 04/09/21		769,188		755,727
Rocket Software, Inc. Term Loan, 5.750%, 02/08/18		407,293		406,020
Sophia L.P. Term Loan B, 4.000%, 07/19/18		1,174,133		1,160,924
Sybil Software LLC Term Loan, 4.750%, 03/20/20		1,467,813		1,456,804

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (a)—(Continued)

Security Description	Principal Amount*		Value
Software—(Continued)
Vertafore, Inc. 1st Lien Term Loan, 4.250%, 10/03/19		1,016,083	$	1,008,039
Wall Street Systems Delaware, Inc. Term Loan B, 4.500%, 04/30/21		1,519,022		1,501,299
Websense, Inc. Term Loan B, 4.500%, 06/25/20		788,380		776,554
				41,790,584
Telecommunications—4.5%
Arris Group, Inc. Term Loan B, 3.250%, 04/17/20		1,336,465		1,320,316
Cellular South, Inc. Term Loan, 3.250%, 05/22/20		368,438		365,367
CommScope, Inc. Term Loan B4, 3.250%, 01/14/18		1,234,375		1,226,145
Crown Castle Operating Co. Term Loan B2, 3.000%, 01/31/21		3,448,706		3,395,683
Intelsat Jackson Holdings S.A. Term Loan B2, 3.750%, 06/30/19		8,125,000		8,026,826
MCC Iowa LLC Term Loan H, 3.250%, 01/29/21		935,750		902,999
Term Loan J, 3.750%, 06/30/21		845,750		829,539
Sable International Finance, Ltd. Term Loan, 0.000%, 11/06/16 (c)		375,000		375,000
Syniverse Holdings, Inc. Term Loan, 4.000%, 04/23/19		1,751,683		1,702,053
Term Loan B, 4.000%, 04/23/19		1,163,426		1,130,462
Telesat Canada Term Loan B2, 3.500%, 03/28/19		3,632,364		3,577,878
UPC Financing Partnership Term Loan AH, 3.250%, 06/30/21		4,028,489		3,948,927
Virgin Media Bristol LLC Term Loan B, 3.500%, 06/07/20		5,975,000		5,885,375
West Corp. Term Loan B10, 3.250%, 06/30/18		4,540,400		4,460,943
Windstream Corp. Term Loan B5, 3.500%, 08/08/19		879,862		869,964
Ziggo Financing Partnership Term Loan B1, 3.500%, 01/15/22		961,447		937,411
Term Loan B2A, 3.500%, 01/15/22		619,574		604,085
Term Loan B3, 3.500%, 01/15/22		1,018,979		993,504
				40,552,477
Trading Companies & Distributors—0.1%
Solenis International L.P. 1st Lien Term Loan, 4.250%, 07/31/21		299,250		293,452
STS Operating, Inc. Term Loan, 4.750%, 02/12/21		322,563		317,724
				611,176
Transportation—0.2%
Atlantic Aviation FBO, Inc. Term Loan B, 3.250%, 06/01/20		641,435		626,201
Transportation—(Continued)
Swift Transportation Co. LLC Term Loan B, 3.750%, 06/09/21		1,166,188	$	1,153,942
				1,780,143
Wireless Telecommunication Services—0.2%
SBA Senior Finance II LLC Term Loan B1, 3.250%, 03/24/21		1,965,125		1,928,279
Total Floating Rate Loans (Cost $895,665,468)				874,036,344
Corporate Bonds & Notes—0.0%
Aerospace/Defense—0.0%
Erickson Air-Crane, Inc. 6.000%, 11/02/20 (b) (e) (Cost $57,794)		71,875		46,941
Common Stock—0.0%
Commercial Services—0.0%
IAP Worldwide Services LLC (b) (e) (f) (h) (Cost $52,139)		44		41,963
Short-Term Investment—3.9%
Repurchase Agreement—3.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $35,360,604 on 01/02/15, collateralized by $35,405,000 U.S. Treasury Note at 1.750% due 05/31/16 with a value of $36,068,844.		35,360,604		35,360,604
Total Short-Term Investment (Cost $35,360,604)				35,360,604
Total Investments—100.7% (Cost $931,136,005)				909,485,852
Unfunded Loan Commitments—(0.2)% (Cost $(1,552,667))				(1,552,667	)
Net Investments—100.5% (Cost $929,583,338) (g)				907,933,185
Other assets and liabilities (net)—(0.5)%				(4,868,633	)
Net Assets—100.0%			$	903,064,552

* 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

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

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) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent 0.1% of net assets.

(c) This loan will settle after December 31, 2014, at which time the interest rate will be determined.

(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) Illiquid security. As of December 31, 2014, these securities represent 0.0% of net assets.

(f) Non-income producing security.

(g) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $929,756,350. The aggregate unrealized appreciation and depreciation of investments were $876,032 and $(22,699,197), respectively, resulting in net unrealized depreciation of $(21,823,165) for federal income tax purposes.

(h) Security was acquired in connection with a restructuring of a senior loan and may be subject to restrictions on resale.

(LOC)— Letter of Credit.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Floating Rate Loans
Advertising	$	—	$	3,215,581	$	—	$	3,215,581
Aerospace/Defense		—		20,834,123		—		20,834,123
Auto Components		—		9,747,356		—		9,747,356
Auto Manufacturers		—		8,977,370		—		8,977,370
Auto Parts & Equipment		—		15,151,640		—		15,151,640
Beverages		—		1,472,108		—		1,472,108
Biotechnology		—		2,244,016		—		2,244,016
Building Materials		—		2,741,698		—		2,741,698
Capital Markets		—		7,377,262		—		7,377,262
Chemicals		—		41,796,219		—		41,796,219
Coal		—		8,623,433		—		8,623,433
Commercial Services		—		53,159,251		273,178		53,432,429
Communications Equipment		—		2,410,123		—		2,410,123
Computers		—		24,035,729		—		24,035,729
Construction Materials		—		2,186,756		—		2,186,756
Cosmetics/Personal Care		—		1,171,294		—		1,171,294
Distribution/Wholesale		—		1,682,065		—		1,682,065
Distributors		—		207,184		—		207,184
Diversified Consumer Services		—		291,434		—		291,434

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2		Level 3		Total
Diversified Financial Services	$	—	$	32,912,842	$	—	$	32,912,842
Electric		—		21,257,617		—		21,257,617
Electrical Components & Equipment		—		7,025,517		—		7,025,517
Electronics		—		19,948,718		—		19,948,718
Energy Equipment & Services		—		5,153,660		—		5,153,660
Engineering & Construction		—		749,293		—		749,293
Entertainment		—		16,511,886		—		16,511,886
Environmental Control		—		4,229,296		—		4,229,296
Food		—		44,054,592		—		44,054,592
Food Service		—		590,660		—		590,660
Hand/Machine Tools		—		2,135,704		—		2,135,704
Healthcare-Products		—		30,989,642		—		30,989,642
Healthcare-Services		—		65,488,044		—		65,488,044
Holding Companies-Diversified		—		271,399		—		271,399
Home Furnishings		—		1,981,237		—		1,981,237
Hotels, Restaurants & Leisure		—		7,303,384		—		7,303,384
Household Products/Wares		—		7,659,657		—		7,659,657
Industrial Conglomerates		—		1,399,433		—		1,399,433
Insurance		—		23,579,041		—		23,579,041
Internet		—		18,237,018		—		18,237,018
Internet Software & Services		—		4,429,270		—		4,429,270
Leisure Time		—		9,042,230		—		9,042,230
Lodging		—		13,233,712		57,109		13,290,821
Machinery		—		9,175,736		—		9,175,736
Machinery-Diversified		—		9,100,645		—		9,100,645
Marine		—		2,342,899		—		2,342,899
Media (Less Unfunded Loan Commitments of $27,667)		—		40,136,646		688,968		40,825,614
Metal Fabricate/Hardware		—		12,554,768		—		12,554,768
Mining		—		12,826,617		—		12,826,617
Miscellaneous Manufacturing		—		5,525,374		—		5,525,374
Multi-Utilities		—		2,027,042		—		2,027,042
Office/Business Equipment		—		6,042,561		—		6,042,561
Oil & Gas		—		22,254,675		—		22,254,675
Packaging & Containers (Less Unfunded Loan Commitments of $1,525,000)		—		12,164,354		—		12,164,354
Pharmaceuticals		—		24,265,242		—		24,265,242
Pipelines		—		1,774,813		—		1,774,813
Real Estate		—		7,758,927		—		7,758,927
Retail		—		57,345,368		—		57,345,368
Semiconductors		—		13,997,602		—		13,997,602
Software		—		41,790,584		—		41,790,584
Telecommunications		—		40,552,477		—		40,552,477
Trading Companies & Distributors		—		611,176		—		611,176
Transportation		—		1,780,143		—		1,780,143
Wireless Telecommunication Services		—		1,928,279		—		1,928,279
Total Floating Rate Loans (Less Unfunded Loan Commitments)		—		871,464,422		1,019,255		872,483,677
Total Corporate Bonds & Notes*		—		—		46,941		46,941
Total Common Stock*		—		—		41,963		41,963
Total Short-Term Investment*		—		35,360,604		—		35,360,604
Total Net Investments	$	—	$	906,825,026	$	1,108,159	$	907,933,185

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Accrued Discounts/ (Premiums)		Realized Gain		Change in Unrealized Depreciation			Purchases		Sales			Balance as of December 31, 2014		Change in Unrealized Depreciation from Investments Still Held at December 31, 2014
Floating Rate Loans
Commercial Services	$	—	$	4,219	$	321	$	(6,532	)	$	276,886	$	(1,716	)(a)	$	273,178	$	(6,532	)
Lodging		—		35,664		1,490		(641,876	)		670,016		(8,185	)(a)		57,109		(641,876	)
Media		718,463		3,219		196		(17,910	)		—		(15,000	)(a)		688,968		(17,910	)
Corporate Bonds & Notes
Aerospace/Defense		55,113		1,207		—		(9,379	)		—		—			46,941		(9,379	)
Common Stocks
Commercial Services		—		—		—		(10,176	)		52,139		—			41,963	$	(10,176	)
	$	773,576	$	44,309	$	2,007	$	(685,873	)	$	999,041	$	(24,901	)	$	1,108,159	$	(685,873	)

(a) Sales include principal reductions

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)(b)	$	907,933,185
Cash		7,614,966
Receivable for:
Fund shares sold		145,430
Interest		2,371,579
Prepaid expenses		2,360
Total Assets		918,067,520
Liabilities
Payables for:
Investments purchased		14,012,839
Fund shares redeemed		260,740
Accrued expenses:
Management fees		462,616
Distribution and service fees		23,481
Deferred trustees’ fees		58,066
Other expenses		185,226
Total Liabilities		15,002,968
Net Assets	$	903,064,552
Net assets consist of:
Paid in surplus	$	892,791,824
Undistributed net investment income		33,214,572
Accumulated net realized loss		(1,291,691	)
Unrealized depreciation on investments		(21,650,153	)
Net Assets	$	903,064,552
Net Assets
Class A	$	793,463,537
Class B		109,601,015
Capital Shares Outstanding*
Class A		76,978,598
Class B		10,700,414
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.31
Class B		10.24

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $929,583,338.

(b) Investments at value includes unfunded loan commitments of $1,552,667.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Interest	$	40,179,342
Total investment income		40,179,342
Expenses
Management fees		5,681,625
Administration fees		22,305
Custodian and accounting fees		350,718
Distribution and service fees—Class B		296,395
Audit and tax services		115,154
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		49,036
Insurance		5,756
Miscellaneous		13,479
Total expenses		6,612,548
Net Investment Income		33,566,794
Net Realized and Unrealized Loss
Net realized loss on investments		(1,237,749	)
Net change in unrealized depreciation on investments		(23,377,536	)
Net realized and unrealized loss		(24,615,285	)
Net Increase in Net Assets From Operations	$	8,951,509

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	33,566,794		$	35,468,649
Net realized gain (loss)		(1,237,749	)		4,120,552
Net change in unrealized depreciation		(23,377,536	)		(3,817,470	)
Increase in net assets from operations		8,951,509			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		(54,958,948	)		161,483,079
Total increase (decrease) in net assets		(85,763,780	)		157,524,205
Net Assets
Beginning of period		988,828,332			831,304,127
End of period	$	903,064,552		$	988,828,332
Undistributed net investment income
End of period	$	33,214,572		$	35,326,393

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		3,069,597		$	31,906,634			9,059,273		$	96,332,060
Reinvestments		3,404,708			34,966,346			3,480,811			36,304,856
Redemptions		(11,413,749	)		(117,482,370	)		(1,675,722	)		(17,659,690	)
Net increase (decrease)		(4,939,444	)	$	(50,609,390	)		10,864,362		$	114,977,226
Class B
Sales		2,469,832		$	25,823,648			6,655,673		$	69,851,416
Reinvestments		468,689			4,789,995			329,716			3,425,749
Redemptions		(3,380,126	)		(34,963,201	)		(2,552,951	)		(26,771,312	)
Net increase (decrease)		(441,605	)	$	(4,349,558	)		4,432,438		$	46,505,853
Increase (decrease) derived from capital shares transactions				$	(54,958,948	)				$	161,483,079

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			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)		0.37			0.42			0.46			0.42			0.25
Net realized and unrealized gain (loss) on investments		(0.26	)		0.01			0.30			(0.18	)		0.09
Total from investment operations		0.11			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	$	10.31		$	10.63		$	10.69		$	10.34		$	10.34
Total Return (%) (c)		1.01			4.13			7.51			2.33			3.40	(d)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.67			0.67			0.68			0.68			0.69	(e)
Ratio of net investment income to average net assets (%)		3.59			3.95			4.42			4.10			3.71	(e)
Portfolio turnover rate (%)		30			40			42			40			31	(d)
Net assets, end of period (in millions)	$	793.5		$	871.0		$	759.9		$	706.2		$	536.1
	Class B
	Year Ended December 31,
	2014			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)		0.35			0.39			0.44			0.40			0.25
Net realized and unrealized gain (loss) on investments		(0.28	)		0.02			0.30			(0.19	)		0.07
Total from investment operations		0.07			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	$	10.24		$	10.58		$	10.64		$	10.29		$	10.32
Total Return (%) (c)		0.74			3.84			7.33			2.01			3.20	(d)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.92			0.92			0.93			0.93			0.94	(e)
Ratio of net investment income to average net assets (%)		3.34			3.67			4.18			3.86			3.73	(e)
Portfolio turnover rate (%)		30			40			42			40			31	(d)
Net assets, end of period (in millions)	$	109.6		$	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-21

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-22

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distribution re-designations.

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

MIST-23

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $35,360,604, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

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 December 31, 2014, the Portfolio had open unfunded loan commitments of $1,552,667. At December 31, 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; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

MIST-24

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	270,925,896	$	0	$	323,009,497

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by Metlife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$5,681,625		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 year ended December 31, 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-25

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$36,723,835	$	37,136,071	$	3,032,506	$	2,594,534	$	39,756,341	$	39,730,605

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards		Other Accumulated Capital Losses			Total
$33,272,638	$	—	$	(21,823,165	)	$	—	$	(1,118,679	)	$	10,330,794

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the post-enactment long-term capital losses were $1,118,679.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-26

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Met/Eaton Vance Floating Rate 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 Met/Eaton Vance Floating Rate Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operation for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from April 30, 2010 (commencement of operations) to December 31, 2010. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Met/Eaton Vance Floating Rate Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in net assets for each of the two years then ended, and the financial highlights for each of the four years in the period then ended and for the period from April 30, 2010 (commencement of operations) to December 31, 2010, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-27

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-28

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-29

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-30

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-31

Met Investors Series Trust

Met/Eaton Vance Floating Rate Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Met/Eaton Vance Floating Rate Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Eaton Vance Management regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of one of its Performance Universes and its Lipper Index for the one-year, three-year, and since-inception (April 30, 2010) periods ended June 30, 2014. The Board also considered that the Portfolio outperformed the median of its other Performance Universe for the three-year period ended June 30, 2014 and underperformed the median of its other Performance Universe for the one-year and since-inception (April 30, 2010) periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the S&P/LSTA Leveraged Loan Index, for the one-year, three-year, and since-inception (April 30, 2010) periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance, including prevailing market conditions.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the median of the Expense Universe and Sub-advised Expense Universe, and were equal to the median of the Expense Group. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe at the Portfolio’s current size.

MIST-32

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Managed by Franklin Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the Met/Franklin Low Duration Total Return Portfolio returned 1.27% and 1.06%, respectively. The Portfolio’s benchmark, the Barclays U.S. Government/Credit 1-3 Year Index¹, returned 0.77%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. economy continued to grow during the year, underpinned by manufacturing activity, consumer and business spending, federal defense spending and a narrower trade deficit helped by lower oil imports. Home sales experienced weakness resulting from reduced inventory, higher mortgage rates and tight credit requirements but began to recover in May as mortgage rates declined. Home prices stayed higher than a year earlier. Retail sales generally improved, supported by job growth and lower gasoline prices in the latter part of 2014. The unemployment rate declined, and inflation remained low.

In January 2014, the U.S. Federal Reserve Board (the “Fed”) began reducing its bond purchases $10 billion a month and ended the buying in October. The Fed believed underlying economic strength could support ongoing progress in labor market conditions. The Fed also noted that although inflation might remain low in the near term, the likelihood of inflation running persistently below 2% had diminished. Toward year end, the Fed stated that it could be patient with regard to raising interest rates and that the interest rate might not rise for at least a couple of meetings, possibly implying at least the first two meetings of 2015.

The 10-year Treasury yield declined from 3.04% at the beginning of the period to 2.17% at year end, as investors shifted to less risky assets given the crises in Ukraine and the Middle East, weak economic data in Europe and Japan, record-low bond yields and lower Treasury issuance.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its benchmark index over the year, with spread sectors adding to relative returns. The Portfolio’s exposure to corporate credit (both high yield and investment grade), Adjustable-Rate Mortgage Securities and the municipal debt market were contributors during the period. Although our allocation to the Senior Secured Floating Rate Debt sector detracted from performance, our security selection within the sector benefited returns. Commercial Mortgage-Backed Securities (“CMBS”) also performed well, and CMBS positions contributed significantly to Portfolio performance. Currency exposure and non-Agency Residential Mortgage-Backed Securities were also strong contributors to performance. Intermediate and longer-term interest rates ended the period lower than they started and performance was mixed across fixed income sectors. These interest rate movements hurt relative results as the Portfolio’s yield curve positioning was a detractor.

We increased the Portfolio’s allocation to Asset-Backed Securities and Mortgage-Backed Securities (“MBS”) as we found what we considered to be attractive valuations in those sectors. In contrast, we reduced sector exposure to U.S. Treasuries and trimmed the Portfolio’s Municipal Bond allocation to take profits. We also reduced exposure to International Bonds.

In addition, the Portfolio employed derivatives as a tool in seeking efficient management of certain risks, including interest rate risk. During the period, the use of derivatives provided exposures that were beneficial through means that we believed to be advantageous to the Portfolio.

At year end, we continued to view the environment for corporate debt as largely supportive. The corporate default rate remained close to historical lows and liquidity levels appear generally adequate, in our view. As a result, we tended to view pullbacks as potential buying opportunities. Accordingly, at period end, the Portfolio’s heaviest allocation positioning was in Investment-Grade Corporate debt securities, followed by U.S. Treasuries and MBS.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		Since Inception2
Met/Franklin Low Duration Total Return Portfolio
Class A		1.27		1.63
Class B		1.06		1.40
Barclays U.S. Government/Credit 1-3 Year Bond Index		0.77		0.98

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 Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		35.5
Asset-Backed Securities		16.9
U.S. Treasury & Government Agencies		13.2
Mortgage-Backed Securities		11.7
Floating Rate Loans		6.0
Foreign Government		3.5
Municipals		1.5

MIST-2

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Met/Franklin Low Duration Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.51	%	$	1,000.00	$	1,002.00	$	2.57
	Hypothetical*		0.51	%	$	1,000.00	$	1,022.64	$	2.60
Class B(a)	Actual		0.76	%	$	1,000.00	$	1,001.00	$	3.83
	Hypothetical*		0.76	%	$	1,000.00	$	1,021.37	$	3.87

* Hypothetical assumes a rate of return of 5% per year before expenses.

**Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a)The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MIST-3

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—35.5% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—0.1%
Boeing Co. (The) 0.950%, 05/15/18		1,500,000	$	1,466,709
Agriculture—0.6%
Altria Group, Inc. 2.625%, 01/14/20 (a)		3,900,000		3,911,322
Japan Tobacco, Inc. 2.100%, 07/23/18 (144A)		4,000,000		4,036,092
Reynolds American, Inc. 1.050%, 10/30/15 (a)		1,000,000		1,001,089
				8,948,503
Auto Manufacturers—0.4%
Hyundai Capital America 1.450%, 02/06/17 (144A)		7,000,000		6,973,694
4.000%, 06/08/17 (144A)		300,000		313,439
				7,287,133
Banks—10.9%
ANZ New Zealand International, Ltd. 1.400%, 04/27/17 (144A)		7,500,000		7,485,060
Banca Monte dei Paschi di Siena S.p.A. 2.875%, 04/16/21 (EUR)		4,100,000		5,396,621
Banco Comercial Portugues S.A. 4.750%, 06/22/17 (EUR)		1,800,000		2,375,650
Banco Popolare SC 3.625%, 03/31/17 (EUR)		1,000,000		1,290,718
4.750%, 03/31/16 (EUR)		3,300,000		4,200,279
Banco Santander Totta S.A. 1.500%, 04/03/17 (EUR)		3,000,000		3,710,355
Bank of America Corp. 1.271%, 01/15/19 (b)		6,600,000		6,693,766
2.600%, 01/15/19		2,500,000		2,519,440
2.650%, 04/01/19 (a)		4,000,000		4,029,340
Bankinter S.A. 1.750%, 06/10/19 (EUR)		3,800,000		4,751,917
BB&T Corp. 0.892%, 02/01/19 (b)		8,000,000		8,003,096
2.050%, 06/19/18		1,000,000		1,006,589
BNP Paribas S.A. 2.700%, 08/20/18 (a)		2,700,000		2,759,441
CIT Group, Inc. 3.875%, 02/19/19		3,000,000		2,992,500
4.250%, 08/15/17 (a)		700,000		714,000
5.000%, 05/15/17		400,000		415,000
5.250%, 03/15/18		500,000		521,250
Citigroup, Inc. 0.506%, 06/09/16 (b)		6,400,000		6,338,778
1.003%, 04/08/19 (b)		1,600,000		1,606,002
Credit Suisse 0.724%, 05/26/17 (b)		3,900,000		3,895,234
Depfa ACS Bank 1.650%, 12/20/16 (JPY)		250,000,000		2,117,367
2.125%, 10/13/17 (CHF)		2,000,000		2,112,959
Fifth Third Bank 0.742%, 11/18/16 (b)		7,300,000		7,315,454
Banks—(Continued)
HSBC Bank Brasil S.A. - Banco Multiplo 4.000%, 05/11/16 (144A)		4,200,000		4,265,100
Industrial & Commercial Bank of China, Ltd. 3.231%, 11/13/19		4,000,000		4,016,832
ING Bank NV 0.945%, 10/01/19 (144A) (b)		6,300,000		6,308,757
Intesa Sanpaolo S.p.A. 0.229%, 05/18/17 (EUR) (b)		1,100,000		1,313,712
1.588%, 07/29/15 (EUR) (b)		3,700,000		4,502,885
2.375%, 01/13/17 (a)		1,000,000		1,008,753
3.875%, 01/16/18 (a)		3,900,000		4,060,501
3.875%, 01/15/19		600,000		621,236
JPMorgan Chase & Co. 1.134%, 01/25/18 (b)		8,000,000		8,062,824
2.200%, 10/22/19		7,000,000		6,939,639
Morgan Stanley 1.514%, 04/25/18 (b)		6,500,000		6,603,434
MUFG Union Bank N.A. 1.005%, 09/26/16 (b)		2,000,000		2,010,256
PNC Funding Corp. 2.700%, 09/19/16		1,300,000		1,335,045
Regions Financial Corp. 2.000%, 05/15/18		3,200,000		3,168,605
Royal Bank of Canada 0.605%, 03/08/16 (b)		3,000,000		3,005,190
Royal Bank of Scotland plc (The) 6.934%, 04/09/18 (EUR)		1,800,000		2,507,847
Svenska Handelsbanken AB 0.733%, 06/17/19 (b)		4,500,000		4,503,712
U.S. Bank N.A. 3.778%, 04/29/20 (b)		1,000,000		1,008,976
UniCredit S.p.A. 1.030%, 04/10/17 (EUR) (b)		2,300,000		2,793,942
1.634%, 07/24/15 (EUR) (b)		3,000,000		3,650,367
Unione di Banche Italiane SCPA 2.875%, 02/18/19 (EUR)		3,600,000		4,638,544
Wachovia Corp. 0.601%, 10/15/16 (b)		8,500,000		8,465,651
Woori Bank 4.750%, 04/30/24 (144A)		3,900,000		4,028,595
				171,071,219
Beverages—0.7%
Anheuser-Busch InBev NV 2.875%, 09/25/24 (EUR)		300,000		415,329
Coca-Cola Femsa S.A.B. de C.V. 2.375%, 11/26/18		4,000,000		4,072,840
Constellation Brands, Inc. 3.875%, 11/15/19 (a)		1,700,000		1,712,750
7.250%, 09/01/16		2,000,000		2,160,000
7.250%, 05/15/17		2,000,000		2,210,000
Pernod Ricard S.A. 2.125%, 09/27/24 (EUR)		300,000		379,914
				10,950,833

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Biotechnology—0.6%
Amgen, Inc. 0.833%, 05/22/19 (a) (b)		6,200,000	$	6,199,795
Celgene Corp. 2.300%, 08/15/18		3,000,000		3,024,780
Gilead Sciences, Inc. 3.050%, 12/01/16		1,000,000		1,037,650
				10,262,225
Building Materials—0.1%
Cemex S.A.B. de C.V. 9.000%, 01/11/18 (144A)		1,200,000		1,236,000
Coal—0.2%
Peabody Energy Corp. 7.375%, 11/01/16		2,500,000		2,568,750
Computers—0.7%
Apple, Inc. 0.482%, 05/03/18 (b)		9,000,000		9,006,039
Dell, Inc. 3.100%, 04/01/16		1,500,000		1,507,500
				10,513,539
Cosmetics/Personal Care—0.1%
Colgate-Palmolive Co. 0.900%, 05/01/18		2,000,000		1,954,234
Diversified Financial Services—2.2%
American Express Credit Corp. 1.550%, 09/22/17 (a)		3,400,000		3,406,650
Capital One Bank USA N.A. 2.300%, 06/05/19		5,900,000		5,854,275
Ford Motor Credit Co. LLC
0.755%, 09/08/17 (b)		3,000,000		2,979,342
2.375%, 01/16/18 (a)		2,000,000		2,011,590
7.000%, 04/15/15 (a)		12,000,000		12,206,484
General Motors Financial Co., Inc. 2.625%, 07/10/17 (a)		3,000,000		3,013,005
Navient Corp. 5.500%, 01/15/19		3,000,000		3,067,500
8.450%, 06/15/18		500,000		557,500
Seven & Seven, Ltd. 1.395%, 09/11/19 (144A) (b)		1,600,000		1,598,530
				34,694,876
Electric—1.3%
DPL, Inc. 6.500%, 10/15/16		1,131,000		1,193,205
Duke Energy Corp. 2.100%, 06/15/18		1,100,000		1,110,048
GDF Suez 1.625%, 10/10/17 (144A)		1,000,000		998,780
Georgia Power Co. 0.625%, 11/15/15		1,000,000		1,001,101
Electric—(Continued)
Korea Western Power Co., Ltd. 3.125%, 05/10/17 (144A)		3,100,000		3,188,567
PPL Energy Supply LLC 6.200%, 05/15/16		6,000,000		6,235,224
Southern Co. (The) 2.450%, 09/01/18		3,000,000		3,061,578
State Grid Overseas Investment 2013, Ltd. 1.750%, 05/22/18 (144A)		2,000,000		1,961,480
State Grid Overseas Investment 2014, Ltd. 2.750%, 05/07/19 (144A)		1,100,000		1,104,621
Virginia Electric & Power Co. 1.200%, 01/15/18		900,000		888,773
				20,743,377
Food—1.2%
Casino Guichard Perrachon S.A. 3.311%, 01/25/23 (EUR)		1,100,000		1,492,251
Dean Foods Co. 7.000%, 06/01/16 (a)		1,771,000		1,877,260
Kraft Foods Group, Inc. 1.625%, 06/04/15		3,000,000		3,012,783
2.250%, 06/05/17 (a)		3,000,000		3,049,485
Mondelez International, Inc. 0.752%, 02/01/19 (b)		2,000,000		1,977,684
Sysco Corp. 1.450%, 10/02/17 (a)		5,600,000		5,593,840
Tyson Foods, Inc. 2.650%, 08/15/19		2,700,000		2,724,597
				19,727,900
Healthcare-Products—0.3%
Becton Dickinson and Co. 2.675%, 12/15/19 (a)		4,000,000		4,052,604
Edwards Lifesciences Corp. 2.875%, 10/15/18		1,400,000		1,419,230
				5,471,834
Healthcare-Services—0.2%
Aetna, Inc. 1.500%, 11/15/17		1,000,000		992,199
HCA, Inc. 4.250%, 10/15/19		800,000		812,000
Laboratory Corp. of America Holdings 2.200%, 08/23/17 (a)		1,000,000		1,008,729
				2,812,928
Holding Companies-Diversified—0.2%
Hutchison Whampoa International, Ltd. 1.625%, 10/31/17 (144A) (a)		3,200,000		3,173,632
Home Builders—2.2%
Beazer Homes USA, Inc. 5.750%, 06/15/19		14,000,000		13,440,000

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Home Builders—(Continued)
Centex Corp. 5.250%, 06/15/15		3,000,000	$	3,045,000
6.500%, 05/01/16		6,000,000		6,385,200
DR Horton, Inc. 4.750%, 05/15/17		2,000,000		2,090,000
5.625%, 01/15/16		3,425,000		3,562,000
Toll Brothers Finance Corp. 5.150%, 05/15/15		6,000,000		6,060,000
				34,582,200
Insurance—2.1%
Jackson National Life Global Funding 2.300%, 04/16/19 (144A) (a)		6,000,000		5,991,222
New York Life Global Funding 2.100%, 01/02/19 (144A)		4,000,000		4,014,324
2.150%, 06/18/19 (144A) (a)		5,000,000		4,990,240
Pricoa Global Funding I 1.600%, 05/29/18 (144A)		3,500,000		3,451,956
Prudential Covered Trust 2.997%, 09/30/15 (144A)		7,470,000		7,574,924
Prudential Financial, Inc. 1.012%, 08/15/18 (b)		3,000,000		3,018,126
TIAA Asset Management Finance Co. LLC 2.950%, 11/01/19 (144A)		3,900,000		3,907,546
				32,948,338
Internet—0.2%
Alibaba Group Holding, Ltd. 2.500%, 11/28/19 (144A)		4,000,000		3,946,068
Iron/Steel—0.4%
ArcelorMittal 5.000%, 02/25/17 (a)		2,500,000		2,600,000
Glencore Funding LLC 3.125%, 04/29/19 (144A) (a)		3,500,000		3,508,400
				6,108,400
Leisure Time—0.4%
Carnival Corp. 3.950%, 10/15/20		5,800,000		6,077,176
Machinery-Diversified—0.1%
John Deere Capital Corp. 1.300%, 03/12/18 (a)		1,100,000		1,088,390
Media—1.0%
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 2.400%, 03/15/17 (a)		2,700,000		2,750,946
DISH DBS Corp. 7.125%, 02/01/16		2,500,000		2,628,125
NBCUniversal Enterprise, Inc. 0.916%, 04/15/18 (144A) (b)		3,000,000		3,024,960
Time Warner, Inc. 2.100%, 06/01/19 (a)		4,000,000		3,940,820
Media—(Continued)
Viacom, Inc. 2.200%, 04/01/19		2,100,000		2,070,098
2.750%, 12/15/19		1,800,000		1,803,570
				16,218,519
Mining—0.6%
FMG Resources (August 2006) Pty, Ltd. 6.000%, 04/01/17 (144A) (a)		900,000		860,625
6.875%, 02/01/18 (144A) (a)		222,222		201,667
8.250%, 11/01/19 (144A) (a)		1,000,000		910,000
Freeport-McMoRan, Inc. 2.300%, 11/14/17 (a)		3,900,000		3,904,680
Glencore Finance Canada, Ltd. 2.050%, 10/23/15 (144A) (a)		3,000,000		3,019,521
				8,896,493
Oil & Gas—3.3%
BG Energy Capital plc 2.875%, 10/15/16 (144A)		4,500,000		4,612,536
California Resources Corp. 5.500%, 09/15/21 (144A) (a)		1,600,000		1,368,000
Canadian Natural Resources, Ltd. 1.750%, 01/15/18		2,700,000		2,684,116
Chesapeake Energy Corp. 3.481%, 04/15/19 (a) (b)		2,500,000		2,450,000
6.500%, 08/15/17 (a)		500,000		532,500
Chevron Corp. 1.104%, 12/05/17		6,000,000		5,962,908
Clayton Williams Energy, Inc. 7.750%, 04/01/19 (a)		1,000,000		850,000
CNOOC Nexen Finance 2014 ULC 1.625%, 04/30/17		7,100,000		7,065,331
CNPC General Capital, Ltd. 1.133%, 05/14/17 (144A) (b)		5,800,000		5,809,216
1.950%, 04/16/18 (144A)		1,500,000		1,472,490
CNPC HK Overseas Capital, Ltd. 3.125%, 04/28/16 (144A)		500,000		509,675
Linn Energy LLC / Linn Energy Finance Corp. 6.250%, 11/01/19 (a)		1,500,000		1,267,500
Lukoil International Finance B.V. 3.416%, 04/24/18 (144A)		2,300,000		1,955,000
Penn Virginia Corp. 8.500%, 05/01/20		1,000,000		800,000
Petrobras Global Finance B.V. 3.123%, 03/17/20 (a) (b)		4,100,000		3,702,300
Sanchez Energy Corp. 7.750%, 06/15/21		300,000		279,000
Sinopec Group Overseas Development 2013, Ltd. 2.500%, 10/17/18 (144A)		2,200,000		2,197,105
Sinopec Group Overseas Development 2014, Ltd. 1.750%, 04/10/17 (144A)		2,500,000		2,488,075
Statoil ASA 0.692%, 11/08/18 (b)		5,600,000		5,608,411
				51,614,163

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas Services—0.1%
Petrofac, Ltd. 3.400%, 10/10/18 (144A)		1,200,000	$	1,183,838
Packaging & Containers—0.1%
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 8.500%, 05/15/18		2,000,000		2,040,000
9.000%, 04/15/19 (a)		500,000		517,500
				2,557,500
Pharmaceuticals—0.6%
Bayer U.S. Finance LLC 2.375%, 10/08/19 (144A)		6,300,000		6,324,998
Zoetis, Inc. 1.150%, 02/01/16		1,800,000		1,798,393
1.875%, 02/01/18		1,200,000		1,189,202
				9,312,593
Pipelines—0.7%
EnLink Midstream Partners L.P. 2.700%, 04/01/19		1,800,000		1,772,534
Enterprise Products Operating LLC 2.550%, 10/15/19 (a)		2,600,000		2,573,823
Kinder Morgan Energy Partners L.P. 2.650%, 02/01/19		600,000		591,188
Kinder Morgan Finance Co. LLC 5.700%, 01/05/16		500,000		519,060
6.000%, 01/15/18 (144A)		2,000,000		2,167,600
Kinder Morgan, Inc. 3.050%, 12/01/19 (a)		3,200,000		3,174,560
				10,798,765
Real Estate Investment Trusts—1.6%
American Tower Corp. 3.400%, 02/15/19		6,100,000		6,208,696
Boston Properties L.P. 3.700%, 11/15/18		3,900,000		4,112,281
HCP, Inc. 3.750%, 02/01/19		4,000,000		4,198,212
Hospitality Properties Trust 5.625%, 03/15/17		5,000,000		5,355,290
Prologis L.P. 2.750%, 02/15/19 (a)		6,000,000		6,085,650
				25,960,129
Retail—0.4%
CVS Health Corp. 1.200%, 12/05/16 (a)		1,000,000		1,002,764
Edcon Pty, Ltd. 9.500%, 03/01/18 (144A) (EUR)		1,000,000		966,249
Walgreens Boots Alliance, Inc. 1.750%, 11/17/17 (a)		4,000,000		4,009,904
				5,978,917
Savings & Loans—0.3%
Yorkshire Building Society 2.310%, 03/23/16 (GBP) (b)		3,000,000		4,761,917
Semiconductors—0.3%
Maxim Integrated Products, Inc. 2.500%, 11/15/18		4,200,000		4,190,546
Software—0.4%
Oracle Corp. 0.811%, 01/15/19 (b)		6,000,000		6,042,924
Sovereign—0.1%
Export-Import Bank of Korea 0.980%, 01/14/17 (b)		1,000,000		1,002,803
Telecommunications—0.6%
Embarq Corp. 7.082%, 06/01/16		2,071,000		2,231,743
Sprint Communications, Inc. 9.000%, 11/15/18 (144A)		3,000,000		3,412,200
Telefonica Emisiones S.A.U. 3.192%, 04/27/18		2,300,000		2,365,179
Verizon Communications, Inc. 2.625%, 02/21/20 (144A)		1,395,000		1,379,051
				9,388,173
Trucking & Leasing—0.2%
Aviation Capital Group Corp. 3.875%, 09/27/16 (144A)		3,300,000		3,383,084
Water—0.0%
Veolia Environnement S.A. 4.625%, 03/30/27 (EUR)		200,000		316,772
Total Corporate Bonds & Notes (Cost $552,609,181)				559,241,400
Asset-Backed Securities—16.9%
Asset-Backed - Automobile—0.4%
Ford Credit Auto Owner Trust 0.510%, 04/15/17		3,519,464		3,519,112
1.150%, 06/15/17		2,750,000		2,758,511
Mercedes-Benz Auto Lease Trust 0.720%, 12/17/18		380,000		380,150
				6,657,773
Asset-Backed - Credit Card—9.9%
American Express Credit Account Master Trust 0.261%, 10/16/17 (b)		800,000		799,784
0.311%, 03/15/18 (b)		1,820,000		1,819,075
0.431%, 01/15/20 (b)		8,760,000		8,754,796
1.361%, 02/15/18 (b)		6,460,000		6,494,425
BA Credit Card Trust 0.431%, 09/16/19 (b)		7,010,000		6,997,158

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Credit Card—(Continued)
Capital One Multi-Asset Execution Trust 0.211%, 11/15/19 (b)		6,842,000	$	6,809,685
0.241%, 12/16/19 (b)		8,400,000		8,351,473
0.341%, 02/15/19 (b)		2,900,000		2,900,099
5.050%, 12/17/18		5,240,000		5,484,462
Chase Issuance Trust 0.211%, 04/15/19		3,035,000		3,018,059
0.291%, 08/15/17 (b)		7,730,000		7,725,455
0.311%, 10/16/17 (b)		4,070,000		4,067,538
0.361%, 05/15/18 (b)		8,710,000		8,706,368
0.411%, 04/15/19 (b)		5,700,000		5,663,873
0.441%, 04/15/20 (b)		4,580,000		4,564,913
0.531%, 04/15/21 (b)		5,340,000		5,322,308
0.540%, 10/16/17		1,211,000		1,210,402
0.621%, 04/15/19 (b)		2,600,000		2,584,780
0.790%, 06/15/17		460,000		460,610
Citibank Credit Card Issuance Trust 0.267%, 04/24/17 (b)		8,410,000		8,404,416
0.358%, 05/09/18 (b)		1,600,000		1,600,000
0.397%, 02/07/18 (b)		7,010,000		7,009,215
0.462%, 11/07/18 (b)		4,600,000		4,595,041
0.550%, 10/10/17		830,000		829,764
1.365%, 05/22/17 (b)		4,290,000		4,306,667
4.150%, 07/07/17		2,350,000		2,394,328
5.100%, 11/20/17		5,300,000		5,506,101
5.300%, 03/15/18		1,760,000		1,855,035
Discover Card Execution Note Trust 0.361%, 01/16/18 (b)		8,760,000		8,758,572
0.591%, 07/15/21 (b)		5,610,000		5,622,140
0.611%, 04/15/21 (b)		4,020,000		4,031,312
0.741%, 03/15/18 (b)		4,170,000		4,178,649
Discover Card Master Trust 0.860%, 11/15/17		4,210,000		4,216,311
				155,042,814
Asset-Backed - Home Equity—0.6%
Argent Securities, Inc. 0.530%, 10/25/35 (b)		1,270,000		1,176,241
Bayview Financial Acquisition Trust 0.800%, 08/28/44 (b)		1,082,097		1,081,266
GSAA Home Equity Trust 1.100%, 02/25/35 (b)		2,622,000		2,456,347
Home Loan Trust 5.480%, 06/25/34 (c)		593,387		613,123
MASTR Asset Backed Securities Trust 1.265%, 09/25/34 (b)		1,400,000		1,387,144
Morgan Stanley ABS Capital I, Inc. Trust 1.370%, 05/25/33 (b)		401,199		376,150
NovaStar Mortgage Funding Trust 1.820%, 03/25/35 (b)		800,000		786,425
RAAC Trust 0.870%, 03/25/34 (b)		644,304		614,236
Wells Fargo Home Equity Trust 0.540%, 04/25/34 (b)		1,570,000		1,489,049
				9,979,981
Asset-Backed - Manufactured Housing—0.1%
ABSC Manufactured Housing Contract Resecuritization Trust 5.019%, 04/16/30 (144A)		1,230,116		1,242,018
Conseco Financial Corp. 6.740%, 02/01/31		43,068		43,062
CountryPlace Manufactured Housing Contract Trust 4.800%, 12/15/35 (144A) (b)		112,479		114,825
Vanderbilt Acquisition Loan Trust 7.330%, 05/07/32 (b)		260,124		280,809
				1,680,714
Asset-Backed - Other—5.9%
Aames Mortgage Investment Trust 0.860%, 10/25/35 (b)		422,368		422,197
American Homes 4 Rent 1.250%, 06/17/31 (144A) (b)		2,299,292		2,269,164
American Residential Properties Trust 1.912%, 09/17/31 (144A) (b)		7,900,000		7,890,133
Ameriquest Mortgage Securities, Inc. 0.595%, 08/25/34 (b)		1,100,669		1,098,389
0.980%, 06/25/34 (b)		1,797,700		1,754,454
Anthracite CDO III, Ltd. 0.714%, 03/23/39 (144A) (b)		134,168		133,913
Anthracite, Ltd. 0.522%, 07/26/45		192,366		191,927
Apidos CLO XIV 4.850%, 04/15/25 (144A)		1,710,000		1,640,492
Arbor Realty Mortgage Securities LLC 0.681%, 02/21/40 (144A) (b)		195,500		193,863
ARCap 2004-1 Resecuritization Trust 4.730%, 04/21/24 (144A)		1,147,372		1,169,298
Ares CLO, Ltd. 0.500%, 10/11/21 (144A) (b)		2,287,195		2,222,620
0.599%, 04/16/21 (144A) (b)		3,340,000		3,236,123
Atrium XI 3.435%, 10/23/25 (144A) (b)		3,650,000		3,568,740
Babson CLO, Inc. 0.456%, 01/18/21 (144A) (b)		2,923,990		2,920,005
Catamaran CLO, Ltd. 3.270%, 10/18/26 (144A) (b)		2,355,800		2,250,703
Cent CDO XI, Ltd. 1.033%, 04/25/19 (144A) (b)		1,150,000		1,113,545
Cent CLO 22, Ltd. 3.433%, 11/07/26 (144A) (b)		2,650,000		2,616,639
Centerline REIT, Inc. 4.760%, 09/21/45 (144A) (b)		4,728,505		4,834,897
Chase Funding Trust 5.351%, 02/26/35 (b)		62,715		62,677
Citigroup Mortgage Loan Trust, Inc. 0.320%, 10/25/36 (b)		208,274		207,858
Colony American Homes 1.400%, 05/17/31 (144A) (b)		3,614,254		3,590,968
ColumbusNova CLO IV, Ltd. 1.481%, 10/15/21 (144A) (b)		680,000		670,755

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
Countrywide Asset-Backed Certificates 0.680%, 06/25/35 (b)		612,646	$	610,820
0.920%, 03/25/34 (b)		576,386		549,671
1.220%, 12/25/34 (b)		762,902		758,501
CREST 2004-1, Ltd. 0.723%, 01/28/40 (144A) (b)		2,649,195		2,631,631
CT CDO III, Ltd. 5.471%, 06/25/35 (144A)		2,470,000		2,466,468
CT CDO IV, Ltd. 0.475%, 10/20/43 (144A) (b)		3,295,884		3,265,627
Eaton Vance CLO, Ltd. 2.285%, 07/15/26 (144A) (b)		778,900		762,655
3.235%, 07/15/26 (144A) (b)		668,600		649,481
Emerson Park CLO, Ltd. 5.640%, 07/15/25 (144A)		570,000		578,099
Fairfield Street Solar, Ltd. 0.586%, 11/28/39 (144A) (b)		1,357,884		1,283,608
GSAMP Trust 1.175%, 06/25/35 (b)		1,304,051		1,271,050
Highbridge Loan Management, Ltd. 5.800%, 10/20/24 (144A)		510,000		517,185
Invitation Homes Trust 1.762%, 09/17/31 (144A) (b)		2,950,000		2,912,482
JPMorgan Mortgage Acquisition Trust 0.305%, 05/25/36 (b)		276,794		272,808
Landmark IX CDO, Ltd. 0.931%, 04/15/21 (144A) (b)		940,000		909,777
Long Beach Mortgage Loan Trust 0.640%, 08/25/35 (b)		1,448,471		1,436,095
Morgan Stanley ABS Capital I, Inc. Trust 0.905%, 01/25/35 (b)		730,696		710,995
N-Star REL CDO VI, Ltd. 0.573%, 06/16/41 (144A) (b)		2,036,275		1,978,160
Newcastle CDO V, Ltd. 0.595%, 12/24/39 (144A) (b)		981,473		946,591
Ownit Mortgage Loan Trust 1.100%, 03/25/36 (b)		2,338,999		2,298,441
Park Place Securities, Inc. 0.620%, 09/25/35 (b)		675,000		670,049
1.107%, 10/25/34 (b)		294,178		293,089
1.115%, 02/25/35 (b)		1,993,763		1,990,667
Silver Bay Realty Trust 1.165%, 09/17/31 (144A) (b)		936,085		921,832
1.615%, 09/17/31 (144A) (b)		420,000		412,745
Structured Asset Investment Loan Trust 1.210%, 12/25/34 (b)		2,789,561		2,740,861
Structured Asset Securities Corp. 0.470%, 02/25/36 (b)		1,410,971		1,385,905
SWAY Residential Trust 1.457%, 01/17/20 (144A) (b)		3,150,000		3,140,961
Trade MAPS 1, Ltd. 0.862%, 12/10/18 (144A) (b)		5,500,000		5,507,123
West CLO, Ltd. 2.333%, 07/18/26 (144A) (b)		1,230,000		1,206,855
3.083%, 07/18/26 (144A) (b)		3,240,000		3,068,257
				92,207,849
Total Asset-Backed Securities (Cost $265,199,671)				265,569,131
U.S. Treasury & Government Agencies—13.2%
Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—4.2%
Fannie Mae 15 Yr. Pool 4.000%, 04/01/26		3,052,969		3,269,506
4.000%, 05/01/26		3,052,923		3,262,759
4.500%, 09/01/24		1,480,227		1,598,003
4.500%, 03/01/25		2,923,590		3,159,485
Fannie Mae ARM Pool 1.175%, 03/01/30 (b)		36,608		37,134
1.391%, 02/01/44 (b)		131,200		136,736
1.611%, 03/01/28 (b)		18,120		18,810
1.633%, 11/01/33 (b)		5,617		5,925
1.648%, 11/01/33 (b)		13,754		14,352
1.781%, 03/01/35 (b)		70,491		74,391
1.787%, 11/01/34 (b)		16,776		17,660
1.790%, 06/01/32 (b)		11,349		11,392
1.790%, 09/01/32 (b)		16,513		16,978
1.797%, 12/01/32 (b)		661,879		702,898
1.800%, 11/01/32 (b)		18,130		18,904
1.809%, 02/01/36 (b)		120,271		128,223
1.811%, 03/01/33 (b)		22,890		23,918
1.901%, 12/01/34 (b)		91,160		97,475
1.915%, 11/01/17 (b)		15,561		15,677
1.945%, 11/01/35 (b)		216,418		228,202
1.960%, 03/01/36 (b)		419,698		448,416
1.965%, 12/01/34 (b)		128,725		133,122
1.985%, 09/01/31 (b)		31,093		31,853
1.995%, 11/01/32 (b)		99,431		104,892
2.000%, 05/01/19 (b)		58,950		59,487
2.010%, 06/01/32 (b)		5,979		6,015
2.019%, 03/01/37 (b)		30,125		31,898
2.021%, 04/01/36 (b)		90,628		96,032
2.051%, 08/01/29 (b)		10,044		10,624
2.052%, 07/01/33 (b)		45,108		47,460
2.058%, 07/01/33 (b)		91,018		96,977
2.075%, 05/01/19 (b)		2,009		2,016
2.086%, 02/01/25 (b)		183,883		195,555
2.097%, 08/01/37 (b)		45,857		49,137
2.105%, 12/01/32 (b)		33,610		35,609
2.112%, 01/01/36 (b)		135,875		145,210
2.116%, 05/01/33 (b)		30,959		33,136
2.123%, 10/01/32 (b)		40,157		42,577
2.124%, 12/01/32 (b)		60,882		64,495
2.128%, 06/01/28 (b)		2,804		2,943
2.135%, 06/01/25 (b)		111,282		114,436
2.145%, 09/01/39 (b)		53,336		57,266
2.155%, 02/01/33 (b)		41,921		42,502
2.158%, 10/01/35 (b)		31,038		31,341
2.160%, 07/01/35 (b)		149,109		157,367
2.169%, 05/01/34 (b)		54,437		58,217
2.170%, 10/01/33 (b)		25,781		26,457
2.175%, 07/01/36 (b)		107,051		110,743
2.180%, 01/01/20 (b)		124,034		127,595
2.190%, 12/01/25 (b)		14,128		14,330
2.193%, 07/01/33 (b)		81,439		85,357
2.207%, 09/01/33 (b)		14,309		15,191
2.210%, 02/01/36 (b)		48,462		51,110
2.213%, 03/01/33 (b)		62,468		67,298

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae ARM Pool 2.220%, 08/01/35 (b)		967,025	$	1,040,047
2.223%, 04/01/27 (b)		12,904		13,611
2.230%, 08/01/34 (b)		30,514		32,437
2.252%, 04/01/34 (b)		229,222		244,375
2.267%, 11/01/36 (b)		4,622,570		4,918,571
2.275%, 04/01/34 (b)		35,148		35,935
2.277%, 12/01/33 (b)		124,290		132,422
2.296%, 07/01/25 (b)		3,006		3,121
2.298%, 10/01/36 (b)		17,246		18,385
2.306%, 08/01/33 (b)		131,012		137,596
2.306%, 11/01/36 (b)		7,177		7,746
2.311%, 09/01/37 (b)		6,897		7,415
2.313%, 03/01/30 (b)		1,728		1,840
2.315%, 11/01/35 (b)		33,659		36,072
2.323%, 06/01/33 (b)		48,477		49,902
2.329%, 11/01/35 (b)		5,520,275		5,872,259
2.333%, 09/01/32 (b)		158,102		159,372
2.336%, 09/01/35 (b)		7,684,913		8,188,139
2.338%, 02/01/32 (b)		86,171		87,517
2.339%, 10/01/33 (b)		47,677		50,261
2.345%, 02/01/36 (b)		32,589		34,607
2.348%, 07/01/35 (b)		90,542		97,448
2.351%, 01/01/32 (b)		15,930		17,097
2.353%, 09/01/36 (b)		2,083		2,240
2.357%, 03/01/38 (b)		52,495		55,281
2.359%, 07/01/33 (b)		89,274		92,876
2.363%, 06/01/32 (b)		4,053		4,075
2.365%, 01/01/33 (b)		185,310		189,859
2.375%, 02/01/34 (b)		88,119		89,976
2.375%, 03/01/36 (b)		32,309		34,269
2.375%, 09/01/37 (b)		87,938		94,364
2.380%, 03/01/34 (b)		105,658		108,293
2.395%, 01/01/29 (b)		18,160		18,713
2.395%, 08/01/30 (b)		28,123		29,135
2.395%, 09/01/30 (b)		104,628		109,128
2.395%, 01/01/32 (b)		14,912		14,993
2.400%, 06/01/35 (b)		54,044		55,395
2.403%, 06/01/30 (b)		23,431		24,068
2.403%, 12/01/35 (b)		219,873		226,388
2.405%, 07/01/32 (b)		3,954		3,976
2.410%, 02/01/35 (b)		80,240		84,624
2.415%, 08/01/32 (b)		85,492		89,377
2.419%, 11/01/35 (b)		2,989,392		3,213,758
2.425%, 09/01/32 (b)		8,735		8,920
2.425%, 06/01/34 (b)		42,657		43,719
2.435%, 04/01/35 (b)		1,177,357		1,274,083
2.440%, 06/01/34 (b)		115,588		116,372
2.457%, 08/01/32 (b)		64,706		66,026
2.481%, 09/01/33 (b)		108,386		115,434
2.485%, 11/01/34 (b)		6,636,774		7,099,078
2.489%, 07/01/28 (b)		13,214		13,885
2.490%, 06/01/26 (b)		4,833		4,908
2.495%, 03/01/37 (b)		19,016		20,312
2.498%, 08/01/33 (b)		113,962		122,831
2.500%, 09/01/33 (b)		16,691		17,519
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae ARM Pool
2.503%, 04/01/36 (b)		8,017		8,599
2.526%, 08/01/35 (b)		59,575		61,659
2.625%, 10/01/33 (b)		59,418		60,910
2.625%, 05/01/34 (b)		141,245		149,341
2.650%, 05/01/32 (b)		13,144		13,233
2.650%, 08/01/32 (b)		32,133		32,942
2.700%, 02/01/25 (b)		11,898		11,975
2.919%, 02/01/33 (b)		154,066		158,112
3.629%, 05/01/34 (b)		128,094		131,404
3.770%, 04/01/40 (b)		12,935		13,663
5.175%, 09/01/35 (b)		33,044		35,074
5.706%, 03/01/36 (b)		66,636		71,861
5.783%, 03/01/36 (b)		49,368		52,667
Freddie Mac ARM Non-Gold Pool
1.635%, 09/01/37 (b)		46,316		48,166
1.838%, 05/01/37 (b)		16,288		17,083
1.875%, 09/01/22 (b)		18,786		18,803
1.939%, 04/01/18 (b)		2,830		2,856
1.945%, 02/01/37 (b)		89,415		94,138
1.945%, 04/01/37 (b)		35,217		37,163
2.185%, 05/01/28 (b)		68,159		70,753
2.237%, 02/01/26 (b)		26,611		27,526
2.265%, 07/01/34 (b)		107,136		109,785
2.270%, 09/01/30 (b)		2,963		3,131
2.282%, 09/01/27 (b)		6,194		6,613
2.284%, 11/01/32 (b)		37,150		39,483
2.292%, 10/01/22 (b)		2,900		3,039
2.318%, 05/01/25 (b)		26,258		27,616
2.327%, 09/01/37 (b)		509,539		543,403
2.344%, 01/01/35 (b)		139,259		148,396
2.351%, 05/01/31 (b)		41,089		43,111
2.352%, 03/01/34 (b)		23,318		24,838
2.355%, 12/01/33 (b)		1,078		1,125
2.356%, 05/01/38 (b)		75,360		80,537
2.375%, 03/01/19 (b)		4,069		4,088
2.375%, 05/01/34 (b)		224,909		238,493
2.375%, 07/01/36 (b)		47,138		50,454
2.375%, 02/01/37 (b)		28,133		30,137
2.380%, 03/01/35 (b)		915,289		975,448
2.384%, 07/01/31 (b)		20,542		21,321
2.385%, 08/01/18 (b)		16,978		17,019
2.390%, 11/01/24 (b)		124,023		127,558
2.393%, 10/01/32 (b)		54,035		56,472
2.397%, 01/01/35 (b)		1,284,195		1,368,981
2.401%, 09/01/30 (b)		77,709		81,048
2.402%, 07/01/35 (b)		314,382		337,029
2.409%, 06/01/37 (b)		432,644		464,180
2.444%, 07/01/38 (b)		87,331		92,103
2.475%, 04/01/34 (b)		1,045,863		1,122,892
2.490%, 09/01/30 (b)		16,026		16,829
2.493%, 07/01/36 (b)		135,575		142,121
2.495%, 05/01/37 (b)		21,650		23,100
2.495%, 07/01/37 (b)		576,652		617,915
2.514%, 06/01/37 (b)		5,953,990		6,385,469
2.562%, 04/01/38 (b)		71,443		76,848

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac ARM Non-Gold Pool
2.564%, 04/01/30 (b)		81,562	$	86,055
2.567%, 04/01/37 (b)		47,084		50,616
2.580%, 10/01/37 (b)		28,906		30,798
2.656%, 05/01/31 (b)		21,090		21,971
2.895%, 06/01/25 (b)		15,840		16,188
2.903%, 04/01/35 (b)		85,497		88,982
4.173%, 03/01/38 (b)		285,109		301,397
5.121%, 04/01/35 (b)		70,757		74,149
5.498%, 08/01/24 (b)		5,964		6,361
5.536%, 05/01/37 (b)		68,427		72,479
5.927%, 01/01/37 (b)		48,938		51,972
				65,264,620
U.S. Treasury—9.0%
U.S. Treasury Bond 11.250%, 02/15/15		4,000,000		4,052,188
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/16		3,227,280		3,217,446
U.S. Treasury Notes 0.250%, 07/15/15		3,000,000		3,001,875
1.750%, 07/31/15		11,000,000		11,100,980
1.875%, 06/30/15 (a)		32,800,000		33,081,883
4.125%, 05/15/15 (a)		25,000,000		25,369,150
4.250%, 08/15/15		33,000,000		33,826,287
4.500%, 11/15/15		27,000,000		27,989,307
				141,639,116
Total U.S. Treasury & Government Agencies (Cost $215,110,502)				206,903,736
Mortgage-Backed Securities—11.7%
Collateralized Mortgage Obligations—3.6%
Adjustable Rate Mortgage Trust 2.499%, 02/25/35 (b)		3,129,016		3,063,413
American Home Mortgage Investment Trust 1.833%, 10/25/34 (b)		2,119,736		2,084,684
Banc of America Mortgage 2003-E Trust 2.733%, 06/25/33 (b)		1,154,939		1,161,083
CHL Mortgage Pass-Through Trust 2.060%, 07/25/34 (b)		1,314,882		1,301,972
2.461%, 05/25/34 (b)		2,274,351		2,266,127
Credit Suisse First Boston Mortgage Securities Corp. 2.498%, 04/25/34 (b)		2,178,607		2,220,872
5.000%, 09/25/19		672,010		699,628
First Horizon Alternative Mortgage Securities Trust 2.069%, 12/25/34 (b)		2,181,874		2,129,096
Granite Master Issuer plc 0.246%, 12/20/54 (b)		249,757		247,709
Impac Secured Assets CMN Owner Trust 0.680%, 02/25/35 (b)		1,120,000		1,046,867
Kildare Securities, Ltd. 0.358%, 12/10/43 (144A) (b)		1,169,673		1,164,840
Collateralized Mortgage Obligations—(Continued)
MASTR Adjustable Rate Mortgages Trust 0.330%, 01/25/47 (b)		1,186,520		1,168,726
0.370%, 05/25/47 (b)		730,329		708,476
MASTR Alternative Loan Trust 5.000%, 02/25/18		673,417		689,988
5.000%, 08/25/18		797,323		822,995
5.500%, 12/25/18		626,535		644,895
5.500%, 04/25/19		934,390		970,242
5.554%, 11/25/19 (b)		881,861		917,336
Merrill Lynch Mortgage Investors Trust 0.910%, 03/25/28 (b)		1,031,099		1,010,158
1.007%, 01/25/29 (b)		1,273,643		1,187,867
2.127%, 04/25/35 (b)		840,451		814,875
2.327%, 10/25/36 (b)		1,751,720		1,717,302
New York Mortgage Trust 0.620%, 02/25/36 (b)		741,894		679,838
Sequoia Mortgage Trust 0.485%, 11/20/34 (b)		686,252		651,310
0.785%, 07/20/33 (b)		188,127		176,311
0.987%, 07/20/33 (b)		330,402		309,654
Structured Adjustable Rate Mortgage Loan Trust 0.610%, 08/25/35 (b)		1,741,439		1,623,197
2.415%, 09/25/34 (b)		3,919,436		3,937,246
Structured Asset Mortgage Investments II Trust 0.864%, 02/19/35 (b)		1,141,113		1,070,123
Structured Asset Mortgage Investments Trust 0.894%, 12/19/33 (b)		513,990		493,866
Thornburg Mortgage Securities Trust 0.810%, 09/25/43 (b)		785,032		749,871
2.155%, 09/25/37 (b)		776,785		761,171
WaMu Mortgage Pass-Through Certificates Trust 0.400%, 04/25/45 (b)		3,029,288		2,816,572
0.460%, 07/25/45 (b)		1,710,556		1,597,453
0.460%, 10/25/45 (b)		4,781,065		4,381,010
0.500%, 01/25/45 (b)		3,241,055		3,028,034
Wells Fargo Mortgage Backed Securities Trust 2.597%, 07/25/34 (b)		1,142,827		1,140,443
2.611%, 02/25/35 (b)		2,000,950		2,010,560
2.614%, 06/25/35 (b)		1,351,106		1,339,191
2.630%, 10/25/34 (b)		2,049,820		2,072,708
				56,877,709
Commercial Mortgage-Backed Securities—8.1%
Banc of America Commercial Mortgage Trust 5.460%, 09/10/45 (b)		5,250,000		5,411,269
5.695%, 07/10/46 (b)		5,224,000		5,397,108
Bear Stearns Commercial Mortgage Securities Trust 5.129%, 10/12/42 (b)		800,000		801,324
5.435%, 03/11/39 (b)		5,211,000		5,365,600
5.540%, 09/11/41		2,752,746		2,894,860
5.611%, 09/11/41 (b)		5,220,000		5,356,273
5.707%, 06/11/40 (b)		4,580,000		4,976,192
5.743%, 09/11/38 (b)		1,194,000		1,228,532
CD Commercial Mortgage Trust 5.226%, 07/15/44 (b)		2,530,000		2,539,837

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—(Continued)
Citigroup Commercial Mortgage Trust 5.482%, 10/15/49		2,000,000	$	1,954,794
5.710%, 12/10/49 (b)		5,000,000		5,337,315
Colony Multifamily Mortgage Trust 2.543%, 04/20/50 (144A)		7,862,001		7,824,868
Commercial Mortgage Pass-Through Certificates Trust 5.796%, 12/10/49 (b)		3,142,383		3,400,596
Commercial Mortgage Trust 5.819%, 07/10/38 (b)		3,081,720		3,221,300
G-FORCE LLC 0.470%, 12/25/39 (144A) (b)		2,047,801		1,927,493
5.090%, 08/22/36 (144A)		999,998		1,016,988
Greenwich Capital Commercial Funding Corp. 5.475%, 03/10/39		4,000,000		4,191,052
5.819%, 07/10/38 (b)		5,015,000		5,166,020
Hilton USA Trust 1.157%, 11/05/30 (144A) (b)		1,970,930		1,971,031
JP Morgan Chase Commercial Mortgage Securities Trust 5.115%, 07/15/41		149,777		149,922
5.391%, 12/15/44 (b)		1,000,000		1,010,992
5.464%, 12/12/43		5,000,000		5,167,140
5.865%, 04/15/45 (b)		3,120,000		3,141,309
LB-UBS Commercial Mortgage Trust 4.739%, 07/15/30		1,538,203		1,547,196
4.847%, 10/15/36 (144A) (b)		650,000		669,666
5.276%, 02/15/41 (b)		1,230,000		1,243,117
5.853%, 06/15/38 (b)		2,000,000		2,083,840
Mach One 2004-1A ULC 6.197%, 05/28/40 (144A) (b)		716,685		716,542
6.237%, 05/28/40 (144A) (b)		1,000,000		1,005,000
Merrill Lynch Mortgage Trust 5.288%, 11/12/37 (b)		1,483,000		1,523,249
ML-CFC Commercial Mortgage Trust 5.409%, 07/12/46 (b)		2,792,195		2,961,106
Morgan Stanley Capital I Trust 5.412%, 03/12/44 (b)		2,600,887		2,666,169
5.492%, 03/12/44 (b)		3,100,000		3,182,779
Resource Capital Corp., Ltd. 1.212%, 04/15/32 (144A) (b)		2,380,000		2,377,394
Seawall 2006 1, Ltd. 1.407%, 04/15/46		894,773		888,241
Talisman-6 Finance plc 0.262%, 10/22/16 (EUR) (b)		2,552,383		3,011,299
Wachovia Bank Commercial Mortgage Trust 0.301%, 06/15/20 (144A) (b)		5,210,000		5,119,763
5.287%, 03/15/42 (b)		1,000,000		1,003,633
5.466%, 01/15/45 (b)		1,842,289		1,917,873
5.515%, 01/15/45 (b)		5,300,000		5,499,513
5.723%, 05/15/43 (b)		6,400,000		6,577,867
5.795%, 07/15/45 (b)		2,400,000		2,555,119
5.828%, 10/15/35 (144A) (b)		1,200,000		1,265,258
				127,266,439
Total Mortgage-Backed Securities (Cost $183,220,413)				184,144,148
Floating Rate Loans (g)—6.0%
Security Description	Principal Amount*		Value
Aerospace/Defense—0.3%
FGI Operating Co. LLC Term Loan, 5.500%, 04/19/19		3,099,360		3,037,372
Henniges Automotive Holdings, Inc. Term Loan B, 5.500%, 06/12/21		936,188		936,188
Transdigm, Inc. Term Loan C, 3.750%, 02/28/20		405,494		399,243
Term Loan D, 3.750%, 06/04/21		237,550		233,631
				4,606,434
Auto Components—0.1%
Crowne Group LLC 1st Lien Term Loan, 6.000%, 09/29/20		1,260,042		1,241,141
Auto Parts & Equipment—0.0%
UCI International, Inc. Term Loan B, 5.500%, 07/26/17		443,870		442,390
Capital Markets—0.0%
Guggenheim Partners LLC Term Loan, 4.250%, 07/22/20		301,175		299,105
Chemicals—0.5%
Arysta LifeScience SPC LLC 1st Lien Term Loan, 4.500%, 05/29/20		2,755,454		2,743,972
AZ Chem U.S., Inc. 1st Lien Term Loan, 4.500%, 06/12/21		1,199,200		1,184,960
Ineos U.S. Finance LLC Term Loan, 0.000%, 05/04/18 (d)		225,262		219,268
MacDermid, Inc. 1st Lien Term Loan, 4.000%, 06/07/20		1,716,050		1,686,556
OCI Beaumont LLC Term Loan B3, 5.000%, 08/20/19		665,381		659,975
Tronox Pigments (Netherlands) B.V. Term Loan, 4.000%, 03/19/20		352,687		347,838
Univar, Inc. Term Loan B, 5.000%, 06/30/17		339,127		329,014
				7,171,583
Coal—0.1%
Bowie Resource Holdings LLC 2nd Lien Delayed Draw Term Loan, 11.750%, 02/16/21		371,429		365,857
Peabody Energy Corp. Term Loan B, 4.250%, 09/24/20		930,383		845,098
				1,210,955
Commercial Services—0.4%
Interactive Data Corp. Term Loan, 4.750%, 05/02/21		2,732,615		2,719,635
Moneygram International, Inc. Term Loan B, 4.250%, 03/27/20		3,869,069		3,588,561
Truven Health Analytics, Inc. Term Loan B, 4.500%, 06/06/19		839,779		817,736
				7,125,932

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (g)—(Continued)

Security Description	Principal Amount*		Value
Computers—0.2%
Dell, Inc. Term Loan B, 4.500%, 04/29/20		1,305,409	$	1,303,661
Sungard Availability Services Capital, Inc. Term Loan B, 6.000%, 03/31/19		2,207,123		1,923,876
				3,227,537
Distribution/Wholesale—0.1%
Autoparts Holdings, Ltd. 1st Lien Term Loan, 6.500%, 07/29/17		1,009,182		1,006,154
Diversified Financial Services—0.1%
Doncasters Finance U.S. LLC Term Loan, 4.500%, 04/09/20		207,419		206,512
TransUnion LLC Term Loan, 4.000%, 04/09/21		2,048,322		2,023,998
				2,230,510
Electronics—0.1%
Sensus USA, Inc. 1st Lien Term Loan, 4.500%, 05/09/17		985,487		965,778
Entertainment—0.0%
Diamond Resorts Corp. Term Loan, 5.500%, 05/09/21		436,976		434,791
Varsity Brands, Inc. 1st Lien Term Loan, 0.000%, 12/11/21 (d)		251,232		250,918
				685,709
Food—0.1%
Big Heart Pet Brands Term Loan, 3.500%, 03/08/20		1,264,454		1,217,037
Forest Products & Paper—0.4%
Appvion, Inc. Term Loan, 5.753%, 06/28/19		784,885		776,546
Caraustar Industries, Inc. Term Loan B, 0.000%, 05/08/19 (d)		2,100,000		2,068,500
Term Loan B, 7.500%, 05/01/19		1,135,902		1,129,512
Exopack Holdings S.A. Term Loan B, 5.250%, 05/08/19		2,788,126		2,782,318
				6,756,876
Health Care Equipment & Supplies—0.0%
Surgery Center Holdings, Inc. 1st Lien Term Loan, 5.250%, 11/03/20		57,100		55,744
Healthcare-Services—0.8%
24 Hour Fitness Worldwide, Inc. Term Loan B, 4.750%, 05/28/21		1,966,383		1,898,789
Community Health Systems, Inc. Term Loan D, 4.250%, 01/27/21		2,978,393		2,976,326
Cyanco Intermediate Corp. Term Loan B, 5.500%, 05/01/20		2,847,942		2,762,504
Healthcare-Services—(Continued)
Fitness International LLC Term Loan B, 5.500%, 07/01/20		2,375,116		2,291,986
Millennium Laboratories, Inc. Term Loan B, 5.250%, 04/16/21		870,233		867,242
U.S. Renal Care, Inc. Term Loan, 4.250%, 07/03/19		1,428,954		1,409,306
				12,206,153
Hotels, Restaurants & Leisure—0.1%
Cannery Casino Resorts LLC Term Loan B, 6.000%, 10/02/18		2,113,066		1,980,118
Industrial Conglomerates—0.2%
OSG Bulk Ships, Inc Term Loan, 5.250%, 08/05/19		961,464		939,831
OSG International, Inc. Term Loan B, 5.750%, 08/05/19		1,509,344		1,471,611
				2,411,442
Insurance—0.1%
Connolly Corp. 1st Lien Term Loan, 5.000%, 05/14/21		1,445,369		1,439,949
Internet Software & Services—0.2%
Onsite U.S. Finco LLC Term Loan, 5.500%, 07/30/21		1,685,265		1,668,412
Travelport Finance (Luxembourg) S.a.r.l. Term Loan B, 6.000%, 09/02/21		2,270,395		2,270,963
				3,939,375
IT Services—0.0%
Worldpay U.S., Inc. Term Loan B2A, 0.000%, 11/30/19 (d)		324,332		324,940
Leisure Time—0.0%
ClubCorp Club Operations, Inc. Term Loan, 4.500%, 07/24/20		104,402		103,032
Machinery—0.2%
UTEX Industries, Inc. 1st Lien Term Loan, 5.000%, 05/22/21		2,802,408		2,606,240
Marine—0.0%
Drillships Ocean Ventures, Inc. Term Loan B, 5.500%, 07/25/21		416,556		337,931
Media—0.4%
Cumulus Media Holdings, Inc. Term Loan, 4.250%, 12/23/20		284,594		275,878
Radio One, Inc. Term Loan B, 7.500%, 03/31/16		1,313,435		1,303,584
William Morris Endeavor Entertainment LLC 1st Lien Term Loan, 5.250%, 05/06/21		4,737,471		4,583,503
				6,162,965

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (b)—(Continued)

Security Description	Principal Amount*		Value
Metal Fabricate/Hardware—0.0%
WireCo WorldGroup, Inc. Term Loan, 0.000%, 02/15/17 (d)		39,518	$	39,592
Mining—0.1%
FMG Resources (August 2006) Pty, Ltd. Term Loan B, 3.750%, 06/30/19		2,120,992		1,937,615
Oil & Gas—0.1%
Alfred Fueling Systems, Inc. 1st Lien Term Loan, 4.750%, 06/20/21		354,718		348,510
Citgo Petroleum Corp. Term Loan B, 4.500%, 07/29/21		181,150		180,697
Oxbow Carbon LLC Term Loan B, 4.250%, 07/19/19		436,413		402,590
				931,797
Packaging & Containers—0.3%
Reynolds Group Holdings, Inc. Term Loan, 4.000%, 12/01/18		3,425,799		3,371,658
Signode Industrial Group U.S., Inc. Term Loan B, 3.750%, 05/01/21		752,500		724,281
TGI Friday’s, Inc. 1st Lien Term Loan, 6.124%, 07/15/20		37,946		37,851
				4,133,790
Real Estate—0.0%
Realogy Corp. Term Loan B, 0.000%, 03/05/20 (d)		70,562		69,562
Retail—0.7%
BJ’s Wholesale Club, Inc. 1st Lien Term Loan, 4.500%, 09/26/19		2,682,592		2,641,234
Evergreen Acqco 1 L.P. Term Loan, 5.000%, 07/09/19		3,807,140		3,754,792
Harbor Freight Tools USA, Inc. 1st Lien Term Loan, 4.750%, 07/26/19		2,288,649		2,286,361
J.C. Penney Corp., Inc. Term Loan, 5.000%, 06/20/19		387		389
Men’s Wearhouse, Inc. (The) Term Loan B, 4.500%, 06/18/21		892,491		889,144
Party City Holdings, Inc. Term Loan, 4.000%, 07/27/19		792,257		776,412
				10,348,332
Semiconductors—0.0%
M/A-COM Technology Solutions Holdings, Inc. Term Loan, 4.500%, 05/07/21		393,323		393,323
Software—0.3%
BMC Software Finance, Inc. Revolver, 0.500%, 09/10/18 (e)		1,825,218		1,688,326
Term Loan, 5.000%, 09/10/20		3,966,470		3,856,155
				5,544,481
Telecommunications—0.0%
Presidio, Inc. Term Loan, 5.000%, 03/31/17		529,847		530,178
Trucking & Leasing—0.1%
Global TIP Finance B.V. Term Loan C, 7.000%, 10/23/20		879,728		875,330
Total Floating Rate Loans (Cost $96,627,440)				94,559,030
Foreign Government—3.5%
Banks—0.5%
Export-Import Bank of China (The) 2.500%, 07/31/19 (144A)		6,000,000		5,998,098
Korea Monetary Stabilization Bond 2.470%, 04/02/15 (KRW)		1,800,000,000		1,639,217
				7,637,315
Sovereign—3.0%
Brazil Notas do Tesouro Nacional 6.000%, 08/15/18 (BRL)		600,000		563,228
Hungary Government Bonds 5.500%, 12/22/16 (HUF)		448,490,000		1,830,747
5.500%, 12/20/18 (HUF)		307,110,000		1,285,023
6.750%, 11/24/17 (HUF)		3,690,000		15,757
7.750%, 08/24/15 (HUF)		3,800,000		15,109
8.000%, 02/12/15 (HUF)		12,120,000		46,605
Korea Treasury Bonds 2.750%, 12/10/15 (KRW)		1,273,840,000		1,166,041
2.750%, 06/10/16 (KRW)		1,600,000,000		1,468,763
3.000%, 12/10/16 (KRW)		11,490,000,000		10,629,152
3.250%, 06/10/15 (KRW)		186,850,000		170,839
Malaysia Government Bonds 3.172%, 07/15/16 (MYR)		7,600,000		2,160,237
3.197%, 10/15/15 (MYR)		4,010,000		1,143,408
3.741%, 02/27/15 (MYR)		6,115,000		1,749,761
3.835%, 08/12/15 (MYR)		16,155,000		4,631,012
4.720%, 09/30/15 (MYR)		2,530,000		729,484
Mexican Bonos 6.000%, 06/18/15 (MXN)		101,000		6,936
6.250%, 06/16/16 (MXN)		17,287,000		1,215,497
7.250%, 12/15/16 (MXN)		83,849,000		6,062,066
8.000%, 12/17/15 (MXN)		50,714,000		3,589,236
Philippine Government Bond 7.000%, 01/27/16 (PHP)		80,000,000		1,871,284
Poland Government Bonds Zero Coupon, 07/25/15 (PLN)		820,000		229,460
2.690%, 01/25/17 (PLN) (b)		5,746,000		1,622,518
2.690%, 01/25/21 (PLN) (b)		5,829,000		1,620,785
5.000%, 04/25/16 (PLN)		8,225,000		2,417,867
5.500%, 04/25/15 (PLN)		561,000		160,331
6.250%, 10/24/15 (PLN)		1,551,000		453,444

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Foreign Government—(Continued)

Security Description	Principal/ Notional Amount*		Value
Sovereign—(Continued)
Republic of Serbia 5.250%, 11/21/17 (144A)		1,200,000	$	1,232,400
				48,086,990
Total Foreign Government (Cost $60,220,356)				55,724,305
Municipals—1.5%
Acalanes Union High School District, General Obligation Unlimited 1.427%, 08/01/18		1,000,000		985,280
City of Cleveland, Ohio, Public Improvements, General Obligation, Ltd. 2.250%, 12/01/15		1,295,000		1,317,624
New York State Urban Development Corp., Revenue, Refunding 5.000%, 01/01/15		2,000,000		2,000,000
Puerto Rico Sales Tax Financing Corp. Zero Coupon, 08/01/45		3,655,000		523,359
Zero Coupon, 08/01/46		500,000		67,185
Reading School District, Refunding, General Obligation Unlimited 5.000%, 04/01/15		2,500,000		2,522,750
State Board of Administration Finance Corp. 2.107%, 07/01/18		2,000,000		2,013,840
State of Arkansas 3.250%, 06/15/22		985,000		1,066,499
State of California 0.655%, 07/01/41 (b)		5,615,000		5,624,602
0.656%, 07/01/41 (b)		260,000		260,445
State of Illinois, Refunding, General Obligation Unlimited 5.000%, 01/01/16		2,500,000		2,607,725
State of Minnesota 2.500%, 08/01/18		1,250,000		1,287,112
State of Rhode Island 5.000%, 08/01/19		2,250,000		2,605,140
Total Municipals (Cost $23,279,638)				22,881,561
Purchased Options—0.0%
Put Options—0.0%
Markit CDX North America High Yield Index, Series 23, Exercise Price $103.50, Expires 03/18/15 (Counterparty - Credit Suisse International)		11,500,000		121,570
Markit CDX North America Investment Grade Index, Series 23, Exercise Rate 0.650%, Expires 03/18/15 (Counterparty - Credit Suisse International)		24,000,000		94,711
Total Purchased Options (Cost $417,700)				216,281
Common Stock—0.0%
Security Description	Shares/ Principal Amount*		Value
Paper & Forest Products—0.0%
NewPage Holding, Inc. (Cost $277,205)		1,200		109,800
Short-Term Investments—14.6%
Discount Note—0.6%
Federal Home Loan Bank 0.010%, 01/02/15 (f)		8,835,000		8,835,000
Mutual Fund—4.8%
State Street Navigator Securities Lending MET Portfolio (h)		75,775,580		75,775,580
U.S. Treasury—7.4%
U.S. Treasury Bills 0.013%, 03/05/15 (f)		7,000,000		6,999,790
0.016%, 01/02/15 (f)		50,000,000		50,000,000
0.019%, 01/15/15 (f)		25,000,000		24,999,775
0.019%, 02/05/15 (f)		25,000,000		24,999,400
0.024%, 03/12/15 (a) (f)		10,000,000		9,999,520
				116,998,485
Repurchase Agreement—1.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $28,175,233 on 01/02/15, collateralized by $28,750,000 U.S. Treasury Notes ranging from 0.375% - 0.750%, maturity dates ranging from 03/31/16 - 03/31/18 with a value of $28,741,488.		28,175,233		28,175,233
Total Short-Term Investments (Cost $229,784,522)				229,784,298
Total Investments—102.9% (Cost $1,626,746,628)				1,619,133,690
Unfunded Loan Commitments—(0.1)% (Cost $(1,825,218))				(1,825,218	)
Net Investments—102.8% (Cost $1,624,921,410) (i)				1,617,308,472
Other assets and liabilities (net)—(2.8)%				(43,374,497	)
Net Assets—100.0%			$	1,573,933,975

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $73,707,863 and the collateral received consisted of cash in the amount of $75,775,580. The cash collateral is invested in a money market fund managed by an affiliate of the custodian.

(b) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

(c) Security is a “step-up” bond where coupon increases or steps up at a predetermined date. Rate shown is current coupon rate.

(d) This loan will settle after December 31, 2014, at which time the interest rate will be determined.

(e) 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.

(f) The rate shown represents current yield to maturity.

(g) 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.

(h) Represents investment of cash collateral received from securities lending transactions.

(i) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,642,650,659. The aggregate unrealized appreciation and depreciation of investments were $12,908,896 and $(38,251,083), respectively, resulting in net unrealized depreciation of $(25,342,187) for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $238,430,496, which is 15.1% 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

(JPY)— Japanese Yen

(KRW)— South Korea Won

(MXN)— Mexican Peso

(MYR)— Malaysian Ringgit

(PHP)— Philippine Peso

(PLN)— Polish Zloty

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	$	(5,796	)
CAD	185,000	Barclays Bank plc		01/09/15		USD	167,406		(8,194	)
CAD	211,000	Barclays Bank plc		01/09/15		USD	190,930		(9,342	)
CAD	262,000	Barclays Bank plc		01/09/15		USD	237,053		(11,574	)
CAD	259,000	Citibank N.A.		01/09/15		USD	231,271		(8,374	)
CAD	130,000	Deutsche Bank AG		01/09/15		USD	116,885		(5,007	)
CAD	132,000	Deutsche Bank AG		01/09/15		USD	119,457		(5,857	)
CAD	194,000	Deutsche Bank AG		01/09/15		USD	173,471		(6,514	)
CAD	260,000	Deutsche Bank AG		01/09/15		USD	234,023		(10,266	)
CAD	261,000	Deutsche Bank AG		01/09/15		USD	235,666		(11,048	)
CAD	165,000	Barclays Bank plc		02/09/15		USD	147,668		(5,764	)
CAD	132,000	HSBC Bank plc		02/09/15		USD	118,126		(4,603	)
CAD	144,000	HSBC Bank plc		02/09/15		USD	128,868		(5,025	)
CAD	1,042,200	Deutsche Bank AG		03/09/15		USD	950,046		(54,302	)
CHF	1,440,250	Deutsche Bank AG		04/16/15		USD	1,593,197		(141,663	)
CLP	387,880,000	Deutsche Bank AG		03/09/15		USD	671,537		(36,391	)
CLP	1,133,875,000	JPMorgan Chase Bank N.A.		03/09/15		USD	1,965,121		(108,422	)
EUR	5,500,000	Deutsche Bank AG		01/09/15		USD	7,534,725		(879,165	)
EUR	2,211,174	Deutsche Bank AG		02/09/15		USD	3,076,738		(400,137	)
JPY	609,216,000	Deutsche Bank AG		01/09/15		USD	5,701,600		(615,347	)
SGD	631,300	Deutsche Bank AG		01/09/15		USD	500,436		(23,908	)
SGD	1,623,132	Deutsche Bank AG		03/09/15		USD	1,290,248		(66,351	)
SGD	2,637,300	Deutsche Bank AG		03/09/15		USD	2,103,781		(115,167	)
SGD	1,629,622	Morgan Stanley & Co. LLC		03/09/15		USD	1,297,367		(68,576	)
SGD	3,496,264	Morgan Stanley & Co. LLC		06/18/15		USD	2,706,977		(73,218	)

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	1,997,503	Deutsche Bank AG		06/18/15		USD	1,598,002	$	(14,205	)
CHF	1,440,250	Deutsche Bank AG		04/16/15		USD	1,621,355		169,821
CLP	387,880,000	Deutsche Bank AG		03/09/15		USD	631,726		(3,420	)
CLP	1,133,875,000	JPMorgan Chase Bank N.A.		03/09/15		USD	1,847,906		(8,794	)
EUR	183,001	Barclays Bank plc		01/09/15		USD	251,884		30,435
EUR	6,173,855	Deutsche Bank AG		01/09/15		USD	8,434,473		963,481
EUR	3,539,000	Deutsche Bank AG		01/09/15		USD	4,798,884		516,334
EUR	3,112,056	Deutsche Bank AG		01/09/15		USD	4,250,664		484,759
EUR	2,174,938	Deutsche Bank AG		01/09/15		USD	2,941,822		309,925
EUR	2,105,000	Deutsche Bank AG		01/09/15		USD	2,844,276		297,012
EUR	1,439,000	Deutsche Bank AG		01/09/15		USD	1,949,269		207,933
EUR	434,458	Deutsche Bank AG		01/09/15		USD	587,040		61,301
EUR	87,929	JPMorgan Chase Bank N.A.		01/09/15		USD	120,979		14,576
EUR	3,060,000	Deutsche Bank AG		02/09/15		USD	4,250,034		545,938
EUR	2,752,764	Deutsche Bank AG		02/09/15		USD	3,796,502		464,312
EUR	395,300	Deutsche Bank AG		02/09/15		USD	547,945		69,439
EUR	178,275	Deutsche Bank AG		02/09/15		USD	247,606		31,806
EUR	198,000	JPMorgan Chase Bank N.A.		02/09/15		USD	276,230		36,553
EUR	198,000	JPMorgan Chase Bank N.A.		02/09/15		USD	275,305		35,628
EUR	198,000	JPMorgan Chase Bank N.A.		02/09/15		USD	274,731		35,054
EUR	158,000	JPMorgan Chase Bank N.A.		02/09/15		USD	219,688		28,431
EUR	118,600	JPMorgan Chase Bank N.A.		02/09/15		USD	164,561		20,997
EUR	2,909,965	Citibank N.A.		03/09/15		USD	4,037,315		514,045
EUR	3,500,000	Deutsche Bank AG		03/09/15		USD	4,797,800		560,139
EUR	2,433,206	Deutsche Bank AG		03/09/15		USD	3,314,756		368,728
EUR	1,824,000	Deutsche Bank AG		03/09/15		USD	2,520,768		312,341
EUR	1,687,455	Deutsche Bank AG		03/09/15		USD	2,300,339		257,235
EUR	1,070,160	Deutsche Bank AG		03/09/15		USD	1,458,735		163,028
EUR	843,663	Deutsche Bank AG		03/09/15		USD	1,164,677		143,203
EUR	755,100	Deutsche Bank AG		03/09/15		USD	1,028,295		114,050
EUR	715,290	Deutsche Bank AG		03/09/15		USD	980,520		114,475
EUR	626,821	Deutsche Bank AG		03/09/15		USD	853,605		94,675
EUR	513,104	Deutsche Bank AG		03/09/15		USD	711,522		90,276
EUR	400,000	Deutsche Bank AG		03/09/15		USD	552,240		67,936
EUR	366,000	Deutsche Bank AG		03/09/15		USD	495,667		52,528
EUR	346,239	Deutsche Bank AG		03/09/15		USD	479,991		60,779
EUR	300,000	Deutsche Bank AG		03/09/15		USD	414,600		51,372
EUR	203,152	Deutsche Bank AG		03/09/15		USD	281,609		35,641
EUR	93,500	Deutsche Bank AG		03/09/15		USD	127,459		14,253
EUR	35,796	Deutsche Bank AG		03/09/15		USD	48,781		5,441
EUR	6,170,000	Goldman Sachs & Co.		03/09/15		USD	8,525,398		1,055,007
EUR	2,350,000	Goldman Sachs & Co.		03/09/15		USD	3,247,113		401,826
EUR	693,000	Goldman Sachs & Co.		03/09/15		USD	949,791		110,734
EUR	31,978	Barclays Bank plc		05/07/15		USD	41,391		2,651
EUR	21,514	Barclays Bank plc		05/07/15		USD	27,819		1,756
EUR	17,272	Barclays Bank plc		05/07/15		USD	23,110		2,186
EUR	46,169	Citibank N.A.		05/07/15		USD	61,844		5,913
EUR	5,933	Citibank N.A.		05/07/15		USD	7,947		760
EUR	6,294,833	Deutsche Bank AG		05/07/15		USD	8,577,969		952,157
EUR	5,445,686	Deutsche Bank AG		05/07/15		USD	7,463,857		866,736
EUR	5,330,000	Deutsche Bank AG		05/07/15		USD	7,016,945		559,970
EUR	1,905,310	Deutsche Bank AG		05/07/15		USD	2,597,128		288,959
EUR	1,046,650	Deutsche Bank AG		05/07/15		USD	1,410,256		142,303
EUR	1,000,000	Deutsche Bank AG		05/07/15		USD	1,340,200		128,760
EUR	923,000	Deutsche Bank AG		05/07/15		USD	1,249,742		131,583
EUR	1,618,079	JPMorgan Chase Bank N.A.		05/07/15		USD	2,074,183		113,978
EUR	3,200,000	Deutsche Bank AG		06/18/15		USD	3,992,640		114,285

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
GBP	2,053,243	Deutsche Bank AG		01/09/15		USD	3,358,901	$	158,814
GBP	1,030,342	Deutsche Bank AG		02/09/15		USD	1,707,431		101,982
JPY	42,660,000	Barclays Bank plc		01/09/15		USD	417,703		61,541
JPY	21,350,000	Barclays Bank plc		01/09/15		USD	209,049		30,801
JPY	85,250,000	Citibank N.A.		01/09/15		USD	834,500		122,760
JPY	42,570,000	Citibank N.A.		01/09/15		USD	415,865		60,454
JPY	3,025,280,000	Deutsche Bank AG		01/09/15		USD	29,064,079		3,806,469
JPY	40,500,000	Deutsche Bank AG		01/09/15		USD	399,448		61,319
JPY	14,279,000	Deutsche Bank AG		01/09/15		USD	139,798		20,585
JPY	42,760,000	Goldman Sachs & Co.		01/09/15		USD	417,639		60,643
JPY	64,350,000	HSBC Bank plc		01/09/15		USD	637,148		99,899
JPY	64,319,000	JPMorgan Chase Bank N.A.		01/09/15		USD	637,043		100,053
JPY	42,710,000	JPMorgan Chase Bank N.A.		01/09/15		USD	417,489		60,910
JPY	42,690,000	JPMorgan Chase Bank N.A.		01/09/15		USD	418,038		61,625
JPY	480,350,000	Deutsche Bank AG		03/09/15		USD	4,695,503		683,079
JPY	436,983,750	Deutsche Bank AG		03/09/15		USD	4,277,863		627,683
JPY	55,178,000	Deutsche Bank AG		03/09/15		USD	541,758		80,849
JPY	29,200,000	Deutsche Bank AG		03/09/15		USD	285,575		41,663
JPY	88,300,000	HSBC Bank plc		03/09/15		USD	863,823		126,242
JPY	82,910,000	JPMorgan Chase Bank N.A.		03/09/15		USD	810,614		118,056
JPY	81,810,000	JPMorgan Chase Bank N.A.		03/09/15		USD	800,067		116,697
JPY	59,880,000	JPMorgan Chase Bank N.A.		03/09/15		USD	585,603		85,418
JPY	34,500,000	JPMorgan Chase Bank N.A.		03/09/15		USD	337,897		49,715
JPY	281,655,500	Morgan Stanley & Co. LLC		03/09/15		USD	2,765,463		412,759
JPY	265,900,000	Morgan Stanley & Co. LLC		03/09/15		USD	2,618,750		397,653
JPY	258,876,042	JPMorgan Chase Bank N.A.		09/02/16		USD	2,538,000		339,196
SGD	2,120,800	Deutsche Bank AG		03/09/15		USD	1,599,276		121
Cross Currency Contracts to Buy
EUR	3,167,289	Deutsche Bank AG		03/09/15		SEK	29,334,800		70,949
SEK	29,334,800	Deutsche Bank AG		03/09/15		EUR	3,216,253		(130,232	)
Net Unrealized Appreciation								$	17,344,717

Futures Contracts

Futures Contracts—Short	Expiration Date	Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
U.S. Treasury Long Bond Futures	03/20/15		(40	)		USD	(5,661,462	)	$	(121,037	)
U.S. Treasury Note 10 Year Futures	03/20/15		(333	)		USD	(42,118,464	)		(104,895	)
U.S. Treasury Note 5 Year Futures	03/31/15		(430	)		USD	(51,242,758	)		102,992
U.S. Treasury Ultra Long Bond Futures	03/20/15		(8	)		USD	(1,273,799	)		(47,701	)
Net Unrealized Depreciation									$	(170,641	)

Written Options

Credit Default Swaptions	Strike Rate/Price	Counterparty	Reference Obligation	Buy/Sell Protection	Expiration Date		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Put - OTC - 5 Year Credit Default Swap	0.850%	Credit Suisse International	Markit CDX North America Investment Grade Index, Series 23	Sell		03/18/15		USD	(24,000,000	)	$	(70,320	)	$	(34,299	)	$	36,021
Put - OTC - 5 Year Credit Default Swap	$99.00	Credit Suisse International	Markit CDX North America High Yield Index, Series 23	Sell		03/18/15		USD	(11,500,000	)		(117,300	)		(45,757	)		71,543
Totals											$	(187,620	)	$	(80,056	)	$	107,564

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Swap Agreements

Cross-Currency Swaps

Receive

Pay

Maturity Date(a)

Counterparty

Notional Amount of Currency Received

Notional Amount of Currency Delivered

Market Value

Upfront Premium Paid/ (Received)

Unrealized Appreciation

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

$

232,085

$

—

$

232,085

(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 Index	Maturity Date		Counterparty	Underlying Reference Instrument	Notional Amount			Market Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Pay	3-Month USD-LIBOR-BBA		03/20/15	JPMorgan Chase Bank N.A.	Markit IBOXX USD Liquid Leveraged Loan Total Return		USD	8,000,000	$	(48,140	)	$	—	$	(48,140	)
Pay	3-Month USD-LIBOR-BBA		09/21/15	JPMorgan Chase Bank N.A.	Markit IBOXX USD Liquid Leveraged Loan Total Return		USD	10,300,000		27,738			—		27,738
Totals									$	(20,402	)	$	—	$	(20,402	)

OTC Credit Default Swaps on Corporate Issues—Buy Protection (a)
Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Bank of America Corp. 5.000%, due 01/15/15		(1.000%)		09/20/17	Credit Suisse International		0.383%		USD	2,000,000	$	(33,371)	$	4,498	$	(37,869)
Beazer Homes USA, Inc. 9.125%, due 05/15/19		(5.000%)		06/20/19	Credit Suisse International		3.818%		USD	2,000,000		(96,183)		(86,028)		(10,155)
Beazer Homes USA, Inc. 9.125%, due 05/15/19		(5.000%)		06/20/19	Credit Suisse International		3.818%		USD	5,000,000		(240,458)		(249,868)		9,410
Beazer Homes USA, Inc. 9.125%, due 05/15/19		(5.000%)		06/20/19	Credit Suisse International		3.818%		USD	5,000,000		(240,458)		(228,025)		(12,433)
Centex Corp. 5.250%, due 06/15/15		(5.000%)		06/20/15	JPMorgan Chase Bank N.A.		0.066%		USD	3,000,000		(70,208)		(137,578)		67,370
Centex Corp. 5.250%, due 06/15/15		(5.000%)		06/20/16	Credit Suisse International		0.112%		USD	6,000,000		(434,612)		(737,831)		303,219
Constellation Brands, Inc. 7.250%, due 09/01/16		(5.000%)		09/20/16	Barclays Bank plc		0.322%		USD	2,000,000		(161,851)		(241,928)		80,077
Constellation Brands, Inc. 7.250%, due 09/01/16		(5.000%)		06/20/17	Barclays Bank plc		0.458%		USD	2,000,000		(223,582)		(262,181)		38,599
D.R. Horton, Inc. 5.250% due 02/15/15		(5.000%)		03/20/16	JPMorgan Chase Bank N.A.		0.263%		USD	3,425,000		(199,265)		(394,626)		195,361
D.R. Horton, Inc. 5.250% due 02/15/15		(5.000%)		06/20/17	Citibank N.A.		0.694%		USD	2,000,000		(211,401)		(281,353)		69,952
DPL, Inc. 7.250%, due 10/25/21		(5.000%)		12/20/16	JPMorgan Chase Bank N.A.		1.655%		USD	1,131,000		(73,699)		(104,572)		30,873
Dean Foods Co. 7.000%, due 06/01/16		(5.000%)		06/20/16	JPMorgan Chase Bank N.A.		0.551%		USD	1,771,000		(116,297)		(171,491)		55,194
Dell, Inc. 7.100%, due 04/15/28		(1.000%)		06/20/16	Citibank N.A.		0.500%		USD	1,500,000		(11,061)		(2,575)		(8,486)

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Swap Agreements—(Continued)

Reference Obligation	Fixed Deal (Pay) Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Dish DBS Corp. 6.750%, due 06/01/21		(5.000%)		03/20/16	Barclays Bank plc		0.754%		USD	2,500,000	$	(129,776)	$	(162,053)	$	32,277
Embarq Corp. 7.082%, due 06/01/16		(5.000%)		06/20/16	Credit Suisse International		0.294%		USD	2,071,000		(144,174)		(247,588)		103,414
First Data Corp. 12.625%, due 01/15/21		(5.000%)		03/20/15	Barclays Bank plc		0.528%		USD	400,000		(3,920)		(24,925)		21,005
First Data Corp. 12.625%, due 01/15/21		(5.000%)		03/20/15	Barclays Bank plc		0.528%		USD	2,600,000		(25,478)		(120,307)		94,829
Ford Motor Credit Co. LLC 5.000%, due 05/15/18		(5.000%)		06/20/15	Credit Suisse International		0.149%		USD	10,000,000		(229,950)		(837,653)		607,703
Hospitality Properties Trust 5.125%, due 02/15/15		(5.000%)		03/20/17	Credit Suisse International		0.522%		USD	5,000,000		(488,194)		(663,898)		175,704
Lennar Corp. 4.750%, due 12/15/17		(5.000%)		09/20/19	Citibank N.A.		1.896%		USD	1,350,000		(185,031)		(155,949)		(29,082)
Lennar Corp. 4.750%, due 12/15/17		(5.000%)		09/20/19	Credit Suisse International		1.896%		USD	2,000,000		(274,120)		(285,162)		11,042
Lennar Corp. 4.750%, due 12/15/17		(5.000%)		12/20/19	Citibank N.A.		2.008%		USD	2,000,000		(275,978)		(264,588)		(11,390)
PPL Energy Supply LLC 5.500%, due 05/01/18		(5.000%)		06/20/16	JPMorgan Chase Bank N.A.		0.607%		USD	3,000,000		(194,587)		(252,981)		58,394
PPL Energy Supply LLC 6.500%, due 05/01/18		(5.000%)		06/20/16	JPMorgan Chase Bank N.A.		0.607%		USD	3,000,000		(194,587)		(253,214)		58,627
Tenet Healthcare Corp. 6.875%, due 11/15/31		(5.000%)		12/05/16	Barclays Bank plc		0.851%		USD	3,500,000		(284,819)		(322,116)		37,297
Toll Brothers, Inc. 5.150%, due 05/15/15		(5.000%)		06/20/15	Credit Suisse International		0.190%		USD	3,000,000		(68,414)		(330,262)		261,848
Toll Brothers, Inc. 5.150%, due 05/15/15		(5.000%)		06/20/15	Credit Suisse International		0.190%		USD	3,000,000		(68,414)		(316,024)		247,610
Totals											$	(4,679,888)	$	(7,130,278)	$	2,450,390

OTC Credit Default Swaps on Corporate and Sovereign Issues—Sell Protection (d)
Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Anadarko Petroleum Corp. 6.950%, due 06/15/19		1.000%		09/20/19	Barclays Bank plc		1.108%		USD	3,100,000	$	(15,143)	$	74,922	$	(90,065)
Bank of America Corp. 5.650%, due 05/01/18		1.000%		09/20/17	Credit Suisse International		0.383%		USD	2,000,000		33,371		(4,498)		37,869
Beazer Home USA, Inc. 9.125%, due 05/15/19		5.000%		09/20/19	Citibank N.A.		4.052%		USD	1,350,000		54,351		28,152		26,199
Beazer Homes USA, Inc. 9.125%, due 05/15/19		5.000%		12/20/19	Citibank N.A.		4.256%		USD	2,000,000		65,655		59,704		5,951
Berkshire Hathaway, Inc. 1.900%, due 01/31/17		1.000%		09/20/15	Barclays Bank plc		0.083%		USD	1,800,000		12,026		21,363		(9,337)
Berkshire Hathaway, Inc. 2.450%, due 05/15/15		1.000%		09/20/17	Barclays Bank plc		0.281%		USD	6,000,000		117,077		(84,614)		201,691
Celanese U.S. Holdings LLC 3.246%, due 10/31/16		1.800%		06/20/16	Credit Suisse International		0.564%		USD	500,000		9,068		—		9,068
First Data Corp. 12.625%, due 01/15/21		5.000%		03/20/16	Barclays Bank plc		0.605%		USD	2,000,000		107,578		(5,000)		112,578
First Data Corp. 12.625%, due 01/15/21		5.000%		03/20/16	Barclays Bank plc		0.605%		USD	1,000,000		53,789		39,817		13,972
Ford Motor Credit Co. LLC 5.000%, due 05/15/18		5.000%		03/20/19	Barclays Bank plc		0.648%		USD	3,000,000		533,217		596,396		(63,179)

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Swap Agreements—(Continued)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
IHeart Communications, Inc. 6.875%, due 06/15/18		5.000%		12/20/16	JPMorgan Chase Bank N.A.		9.232%		USD	1,600,000	$	(123,067)	$	(160,000)	$	36,933
Obrigacoes Do Tesouro 4.950%, due 10/25/23		1.000%		09/20/19	JPMorgan Chase Bank N.A.		1.687%		USD	2,600,000		(78,967)		(139,372)		60,405
Obrigacoes Do Tesouro 4.950%, due 10/25/23		1.000%		09/20/19	JPMorgan Chase Bank N.A.		3.223%		USD	4,000,000		(374,602)		(197,893)		(176,709)
PSEG Power LLC 5.500%, due 12/01/15		1.000%		06/20/19	JPMorgan Chase Bank N.A.		0.882%		USD	4,000,000		20,459		(15,384)		35,843
PSEG Power LLC 5.500%, due 12/01/15		1.000%		09/20/19	JPMorgan Chase Bank N.A.		0.963%		USD	1,600,000		2,706		(12,992)		15,698
Republic of Lithuania 4.500%, due 03/05/13		1.000%		06/20/16	Credit Suisse International		0.391%		USD	400,000		3,605		(18,566)		22,171
Tate & Lyle International Financial plc 6.750%, due 11/25/19		1.000%		09/20/19	Citibank N.A.		0.901%		EUR	2,300,000		12,787		52,058		(39,271)
Tenet Healthcare Corp. 6.875%, due 11/15/31		5.000%		12/20/18	Barclays Bank plc		2.374%		USD	2,500,000		246,194		169,065		77,129
Totals											$	680,104	$	403,158	$	276,946

OTC Credit Default Swaps on Credit Indices—Sell Protection (d)
Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation
Markit CMBX North America, AM Tranche, Series 2		0.500%		03/15/49	Credit Suisse International		0.000%		USD	1,900,000	$	(19,166)	$	(27,906)	$	8,740
Markit CMBX North America, AM Tranche, Series 2		0.500%		03/15/49	Credit Suisse International		0.000%		USD	3,460,000		(34,903)		(48,656)		13,753
Markit MCDX North America, Series 21		1.000%		12/20/18	Citibank N.A.		1.088%		USD	4,000,000		(12,632)		(78,611)		65,979
Markit MCDX North America, Series 23		1.000%		12/20/19	Citibank N.A.		0.833%		USD	3,300,000		24,739		22,701		2,038
Totals											$	(41,962)	$	(132,472)	$	90,510

Cash in the amount of $1,730,000 and securities in the amount of $304,356 have been deposited in segregated accounts held by the counterparties as collateral for forward foreign exchange contracts and 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

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(CHF)— Swiss Franc

(CLP)— Chilean Peso

(CMBX)— Commercial Mortgage-Backed Index

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(LIBOR)— London InterBank Offered Rate

(MCDX)— Municipal Single Name Index

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

(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 December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Corporate Bonds & Notes*	$	—	$	559,241,400		$	—	$	559,241,400
Total Asset-Backed Securities*		—		265,569,131			—		265,569,131
Total U.S. Treasury & Government Agencies*		—		206,903,736			—		206,903,736
Total Mortgage-Backed Securities*		—		184,144,148			—		184,144,148
Total Floating Rate Loans (Less Unfunded Loan Commitments)*		—		92,733,812			—		92,733,812
Total Foreign Government*		—		55,724,305			—		55,724,305
Total Municipals		—		22,881,561			—		22,881,561
Total Purchased Options*		—		216,281			—		216,281
Total Common Stock*		—		109,800			—		109,800
Short-Term Investments
Discount Note		—		8,835,000			—		8,835,000
Mutual Fund		75,775,580		—			—		75,775,580
U.S. Treasury		—		116,998,485			—		116,998,485
Repurchase Agreement		—		28,175,233			—		28,175,233
Total Short-Term Investments		75,775,580		154,008,718			—		229,784,298
Total Net Investments	$	75,775,580	$	1,541,532,892		$	—	$	1,617,308,472
Collateral for Securities Loaned (Liability)	$	—	$	(75,775,580	)	$	—	$	(75,775,580	)

See accompanying notes to financial statements.

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Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	20,181,379		$	—	$	20,181,379
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(2,836,662	)		—		(2,836,662	)
Total Forward Contracts	$	—		$	17,344,717		$	—	$	17,344,717
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	102,992		$	—		$	—	$	102,992
Futures Contracts (Unrealized Depreciation)		(273,633	)		—			—		(273,633	)
Total Futures Contracts	$	(170,641	)	$	—		$	—	$	(170,641	)
Written Options at Value		—			(80,056	)		—		(80,056	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	1,556,445		$	—	$	1,556,445
OTC Swap Contracts at Value (Liabilities)		—			(5,386,508	)		—		(5,386,508	)
Total OTC Swap Contracts	$	—		$	(3,830,063	)	$	—	$	(3,830,063	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b) (c)	$	1,617,308,472
Cash		2,747,100
Cash denominated in foreign currencies (d)		8,496,075
Cash collateral (e)		3,528,252
OTC swap contracts at market value (f)		1,556,445
Unrealized appreciation on forward foreign currency exchange contracts		20,181,379
Receivable for:
Investments sold		3,324,860
Fund shares sold		855,828
Principal paydowns		183,389
Dividends and interest		7,222,478
Interest on OTC swap contracts		44,220
Prepaid expenses		4,011
Total Assets		1,665,452,509
Liabilities
Written options at value (g)		80,056
OTC swap contracts at market value (h)		5,386,508
Unrealized depreciation on forward foreign currency exchange contracts		2,836,662
Collateral for securities loaned		75,775,580
Payables for:
Investments purchased		5,793,824
Fund shares redeemed		390,042
Variation margin on futures contracts		154,031
Payable for premium on purchased options		376
Interest on OTC swap contracts		142,786
Accrued expenses:
Management fees		627,680
Distribution and service fees		70,686
Deferred trustees’ fees		50,253
Other expenses		210,050
Total Liabilities		91,518,534
Net Assets	$	1,573,933,975
Net assets consist of:
Paid in surplus	$	1,577,451,386
Undistributed net investment income		29,425,641
Accumulated net realized loss		(45,284,052	)
Unrealized appreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		12,341,000
Net Assets	$	1,573,933,975
Net Assets
Class A	$	1,243,725,247
Class B		330,208,728
Capital Shares Outstanding*
Class A		124,688,683
Class B		33,290,901
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.97
Class B		9.92

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,624,921,410.

(b) Investments at value includes unfunded loan commitments of $1,825,218.

(c) Includes securities loaned at value of $73,707,863.

(d) Identified cost of cash denominated in foreign currencies was $8,789,486.

(e) Includes collateral of $892,189 for futures contracts, $1,063 for centrally cleared swap contracts and $2,635,000 for OTC swap contracts.

(f) Net premium paid on OTC swap contracts was $848,202.

(g) Premiums received on written options were $187,620.

(h) Net premium received on OTC swap contracts was $7,707,794.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	41,225
Interest (a)		30,620,627
Securities lending income		17,677
Total investment income		30,679,529
Expenses
Management fees		7,410,262
Administration fees		35,189
Custodian and accounting fees		401,158
Distribution and service fees—Class B		832,688
Audit and tax services		94,683
Legal		34,300
Trustees’ fees and expenses		43,757
Shareholder reporting		36,266
Insurance		8,670
Miscellaneous		13,415
Total expenses		8,910,388
Less management fee waiver		(278,855	)
Net expenses		8,631,533
Net Investment Income		22,047,996
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		3,534,888
Futures contracts		(3,084,926	)
Written options		(82,659	)
Swap contracts		(1,948,950	)
Foreign currency transactions		(4,054,505	)
Net realized loss		(5,636,152	)
Net change in unrealized appreciation (depreciation) on:
Investments		(19,634,876	)
Futures contracts		(930,506	)
Written options		79,143
Swap contracts		2,035,905
Foreign currency transactions		19,832,716
Net change in unrealized appreciation		1,382,382
Net realized and unrealized loss		(4,253,770	)
Net Increase in Net Assets From Operations	$	17,794,226

(a) Net of foreign withholding taxes of $107,364.

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	22,047,996		$	17,663,197
Net realized gain (loss)		(5,636,152	)		2,299,964
Net change in unrealized appreciation (depreciation)		1,382,382			(3,186,750	)
Increase in net assets from operations		17,794,226			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		236,366,758			327,760,599
Total increase in net assets		222,542,997			325,141,635
Net Assets
Beginning of period		1,351,390,978			1,026,249,343
End of period	$	1,573,933,975		$	1,351,390,978
Undistributed net investment income
End of period	$	29,425,641		$	32,225,765

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		17,789,482		$	176,824,635			14,696,535		$	147,589,727
Reinvestments		2,470,712			24,484,757			1,763,919			17,639,187
Redemptions		(2,330,215	)		(23,267,025	)		(2,592,610	)		(25,943,588	)
Net increase		17,929,979		$	178,042,367			13,867,844		$	139,285,326
Class B
Sales		13,809,843		$	137,911,876			22,871,088		$	228,235,754
Reinvestments		722,718			7,133,230			176,147			1,756,188
Redemptions		(8,722,431	)		(86,720,715	)		(4,153,055	)		(41,516,669	)
Net increase		5,810,130		$	58,324,391			18,894,180		$	188,475,273
Increase derived from capital shares transactions				$	236,366,758					$	327,760,599

See accompanying notes to financial statements

MIST-25

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			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)		0.15			0.16			0.17			0.09
Net realized and unrealized gain (loss) on investments		(0.03	)		(0.02	)		0.29			(0.21	)
Total from investment operations		0.12			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	$	9.97		$	10.08		$	10.12		$	9.88
Total Return (%) (c)		1.17	(e)		1.33			4.67			(1.20	) (d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.53			0.55			0.57			0.59	(f)
Net ratio of expenses to average net assets (%) (g)		0.51			0.52			0.53			0.56	(f)
Ratio of net investment income to average net assets (%)		1.51			1.55			1.70			1.40	(f)
Portfolio turnover rate (%)		59			67			60			76	(d)
Net assets, end of period (in millions)	$	1,243.7		$	1,075.7		$	939.7		$	809.9
	Class B
	Year Ended December 31,
	2014			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)		0.13			0.13			0.14			0.09
Net realized and unrealized gain (loss) on investments		(0.02	)		(0.01	)		0.29			(0.23	)
Total from investment operations		0.11			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	$	9.92		$	10.03		$	10.08		$	9.86
Total Return (%) (c)		1.06			1.16			4.40			(1.40	) (d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78			0.80			0.82			0.84	(f)
Net ratio of expenses to average net assets (%) (g)		0.76			0.77			0.78			0.81	(f)
Ratio of net investment income to average net assets (%)		1.26			1.32			1.45			1.37	(f)
Portfolio turnover rate (%)		59			67			60			76	(d)
Net assets, end of period (in millions)	$	330.2		$	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) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio 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.

(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-26

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

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Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

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Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, swap transactions, 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $28,175,233, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Mortgage-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 Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

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.

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 December 31, 2014, the Portfolio had open unfunded loan commitments of $1,825,218. At December 31, 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 as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of

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Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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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Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 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.

Options on swaps (“swaptions”) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

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Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be 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.

MIST-33

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2014, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Currency Swaps: The Portfolio may enter into currency swap agreements to gain or mitigate exposure to currency risk. A currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for the other designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction.

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 December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts* (a)	$	102,992	Unrealized depreciation on futures contracts* (a)	$	273,633
Credit	OTC swap contracts at market value (b)		1,296,622	OTC swap contracts at market value (b)		5,338,368
	Investments at market value (c)		216,281
				Written options at value		80,056
Equity	OTC swap contracts at market value (b)		27,738	OTC swap contracts at market value (b)		48,140
Foreign Exchange	OTC swap contracts at market value (b)		232,085
	Unrealized appreciation on forward foreign currency exchange contracts		20,181,379	Unrealized depreciation on forward foreign currency exchange contracts		2,836,662
Total			$22,057,097		$	8,576,859

* 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) Financial instrument not subject to a master netting agreement.

(b) Excludes OTC swap interest receivable of $44,220 and OTC swap interest payable of $142,786.

(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.

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Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 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”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	1,199,251	$	(885,239	)	$	(220,000	)(1)	$	94,012
Citibank N.A.		1,093,549		(704,477	)		(304,356	)(1)		84,716
Credit Suisse International		262,325		(262,325	)		—			—
Deutsche Bank AG		15,466,427		(2,518,980	)		—			12,947,447
Goldman Sachs & Co.		1,628,210		—			(1,510,000	)(1)		118,210
HSBC Bank plc		226,141		(9,628	)		—			216,513
JPMorgan Chase Bank N.A.		1,267,790		(1,267,790	)		—			—
Morgan Stanley & Co. LLC		810,412		(141,794	)		—			668,618
	$	21,954,105	$	(5,790,233	)	$	(2,034,356	)	$	14,129,516

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	885,239	$	(885,239	)	$	—		$	—
Citibank N.A.		704,477		(704,477	)		—			—
Credit Suisse International		2,452,473		(262,325	)		(2,190,148	)		—
Deutsche Bank AG		2,518,980		(2,518,980	)		—			—
HSBC Bank plc		9,628		(9,628	)		—			—
JPMorgan Chase Bank N.A.		1,590,635		(1,267,790	)		(320,000	)		2,845
Morgan Stanley & Co. LLC		141,794		(141,794	)		—			—
	$	8,303,226	$	(5,790,233	)	$	(2,510,148	)	$	2,845

* 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.

(1) Collateral was received into a segregated account in the counterparty’s name at the custodian.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	—		$	(60,350	)	$	(707,590	)	$	(767,940	)
Forward foreign currency transactions		—			—			(3,208,469	)		(3,208,469	)
Futures contracts		(3,084,926	)		—			—			(3,084,926	)
Swap contracts		—			(1,678,129	)		(270,821	)		(1,948,950	)
Written options		—			(49,211	)		(33,448	)		(82,659	)
	$	(3,084,926	)	$	(1,787,690	)	$	(4,220,328	)	$	(9,092,944	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange			Total
Investments (a)	$	—		$	(201,419	)	$	474,564		$	273,145
Forward foreign currency transactions		—			—			20,239,341			20,239,341
Futures contracts		(930,506	)		—			—			(930,506	)
Swap contracts		—			1,650,152			385,753			2,035,905
Written options		—			107,564			(28,421	)		79,143
	$	(930,506	)	$	1,556,297		$	21,071,237		$	21,697,028

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Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	52,023,854
Forward foreign currency transactions		204,643,172
Futures contracts long		156,100,000
Futures contracts short		(72,216,667	)
Swap contracts		115,241,466
Written options		(24,433,548	)

‡ Averages are based on activity levels during 2014.

(a) Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

Written Options

The Portfolio transactions in written options during the year December 31, 2014:

Call Options	Notional Amount			Premium Received
Options outstanding December 31, 2013		6,700,000		$	70,946
Options written		5,000,000			25,723
Options bought back		(11,700,000	)		(96,669	)
Options outstanding December 31, 2014		—		$	—
Put Options	Notional Amount			Premium Received
Options outstanding December 31, 2013		—		$	—
Options written		85,312,971			423,530
Options bought back		(23,000,000	)		(178,678	)
Options expired		(26,812,971	)		(57,232	)
Options outstanding December 31, 2014		35,500,000		$	187,620

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

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Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$110,997,056	$	778,318,915	$	269,969,298	$	531,818,457

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$7,410,262		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

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Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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, 2014 and 2013 were as follows:

Ordinary Income			Long- Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$31,617,987	$	19,395,375	$	—	$	—	$	31,617,987	$	19,395,375

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Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$50,354,267	$	—	$	(26,095,981	)	$	(27,725,443	)	$	(3,467,157	)

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, 2014, the accumulated short-term capital losses were $11,417,817 and the accumulated long-term capital losses were $16,307,626.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-39

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Met/Franklin Low Duration Total Return 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 Met/Franklin Low Duration Total Return Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from April 29, 2011 (commencement of operations) to December 31, 2011. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Met/Franklin Low Duration Total Return Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and for the period from April 29, 2011 (commencement of operations) to December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-40

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-41

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-42

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-43

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-44

Met Investors Series Trust

Met/Franklin Low Duration Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Met/Franklin Low Duration Total Return Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Franklin Advisers, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-year, three-year, and the since-inception (beginning April 29, 2011) periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Barclays U.S. Government/Credit 1-3 Year Bond Index, for the one-year, three-year, and since-inception (beginning April 29, 2011) periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were equal to the Expense Group median and the Expense Universe median and were below the Sub-advised Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-l fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board further noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio’s current size. The Board also considered that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-45

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Managed by Franklin Advisers, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the Met/Templeton International Bond Portfolio returned 1.41% and 1.14%, respectively. The Portfolio’s benchmark, the Citigroup World Government Bond Index (“WGBI”) ex-U.S.¹, returned -2.68%.

MARKET ENVIRONMENT/CONDITIONS

During the period, global financial markets were broadly influenced by the pickup in U.S. growth, China’s economic stabilization, and the abundance of global liquidity from the Bank of Japan (the “BOJ”) and the European Central Bank (the “ECB”). We continued to see differentiation among specific emerging market economies; some had healthy current account and fiscal balances with strong export-driven economies, while others struggled with deficits and economic imbalances.

The U.S. dollar broadly strengthened over the course of the year while oil prices weakened significantly, particularly in the final months. Global liquidity from the BOJ and the ECB helped dampen volatility in emerging markets, and it helped compensate for the withdrawal of liquidity from the ending of the U.S. Federal Reserve’s (the “Fed”) bond-buying program in October. However, several emerging market currencies depreciated during the period.

In late October, the BOJ introduced a new round of quantitative easing (“QE”) with an indefinite time horizon. The annual level of asset purchasing was raised to 80 trillion yen, a level approximately equal to the U.S. Fed’s former QE program. This massive amount of liquidity had significant implications for global markets. Although Japan’s QE was positive for global risk assets, it contributed to further yen depreciation.

In Europe, economic data was mixed with a persistent lack of inflation. Eurozone bond yields remained around historical lows at the end of the period. The ECB’s renewed commitment to increase the size of its balance sheet will likely maintain weakening pressure on the euro, in our view. China’s growth moderated during the period, but the country’s economy did not face a “hard landing” and did not have a major impact on global aggregate demand.

PORTFOLIO REVIEW/PERIOD END POSITIONING

During the period, the Portfolio’s absolute performance benefited from interest rate strategies while sovereign credit exposures and currency positions had a largely neutral effect. The Portfolio maintained a defensive approach regarding interest rates in developed and emerging markets. Select duration exposures in Europe contributed to absolute performance. Among currencies, the Portfolio’s net-negative positions in the Japanese yen and the euro, through the use of currency forward contracts, contributed to absolute return, while currency positions in the Americas and Asia ex-Japan detracted. Positions in peripheral European currencies against the euro also detracted from absolute performance.

Relative to the benchmark index, currency positions contributed to performance, while interest rate strategies detracted. Sovereign credit exposures had a largely neutral effect on relative return. Underweighted positioning in the euro and the Japanese yen, through the use of currency forwards, contributed to relative performance during the period. However, currency positions in the Americas and Asia ex-Japan detracted from relative return, as did positions in peripheral European currencies against the euro. The Portfolio maintained a shorter duration position relative to its benchmark. Select underweighted duration exposures in Europe and Asia also detracted from relative performance.

The core of our strategy remained seeking to position ourselves to navigate a rising rate environment. Thus, we continued to maintain short portfolio duration while aiming at a negative correlation with U.S. Treasury rates. We also actively sought opportunities that could potentially offer positive real yields without taking undue interest rate risk. We favored countries that we believe have solid underlying fundamentals and policymakers who have been proactive regarding fiscal, monetary and financial policy. We augmented this positioning with select opportunities in emerging markets and with a number of currency strategies.

Michael Hasenstab

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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.

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
Met/Templeton International Bond Portfolio
Class A		1.41		6.00		7.09
Class B		1.14		5.74		6.82
Citigroup World Government Bond Index (“WGBI”) ex-U.S.		-2.68		0.85		2.47

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 Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Countries

	% of Net Assets
United States		19.6
South Korea		14.2
Poland		8.6
Mexico		8.2
Hungary		7.0
Malaysia		4.8
Brazil		4.6
Singapore		4.5
Ireland		4.4
Canada		3.1

MIST-2

Met Investors Series Trust

Met/Templeton International 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, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Met/Templeton International Bond Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.73	%	$	1,000.00	$	986.10	$	3.65
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.53	$	3.72
Class B	Actual		0.98	%	$	1,000.00	$	984.20	$	4.90
	Hypothetical*		0.98	%	$	1,000.00	$	1,020.27	$	4.99

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-3

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2014

Foreign Government—73.8% of Net Assets

Security Description	Principal Amount*		Value
Brazil—4.6%
Brazil Letras do Tesouro Nacional
Zero Coupon, 10/01/15 (BRL)		800,000	$	274,856
Zero Coupon, 01/01/16 (BRL)		11,500,000		3,829,372
Zero Coupon, 07/01/16 (BRL)		15,280,000		4,786,062
Zero Coupon, 10/01/16 (BRL)		760,000		230,717
Zero Coupon, 01/01/17 (BRL)		17,580,000		5,186,193
Zero Coupon, 01/01/18 (BRL)		10,440,000		2,741,535
Brazil Notas do Tesouro Nacional
6.000%, 05/15/15 (BRL)		13,495,000		12,888,067
6.000%, 08/15/16 (BRL)		3,245,000		3,072,399
6.000%, 08/15/18 (BRL)		4,225,000		3,966,062
6.000%, 05/15/19 (BRL)		2,420,000		2,288,380
6.000%, 08/15/20 (BRL)		430,000		412,270
6.000%, 08/15/22 (BRL)		6,930,000		6,504,571
6.000%, 05/15/23 (BRL)		1,070,000		1,004,105
6.000%, 08/15/24 (BRL)		1,140,000		1,067,442
6.000%, 05/15/45 (BRL)		6,400,000		5,910,274
10.000%, 01/01/17 (BRL)		19,225,000		6,538,632
10.000%, 01/01/19 (BRL)		6,700,000		2,206,404
10.000%, 01/01/21 (BRL)		3,480,000		1,119,062
10.000%, 01/01/23 (BRL)		8,090,000		2,551,292
				66,577,695
Canada—3.1%
Canadian Government Bonds
1.000%, 02/01/15 (CAD)		17,581,000		15,131,797
1.500%, 08/01/15 (CAD)		2,730,000		2,356,569
Canadian Treasury Bills
0.855%, 02/12/15 (CAD) (a)		20,047,000		17,237,521
0.859%, 03/12/15 (CAD) (a)		8,813,000		7,572,520
0.885%, 04/23/15 (CAD) (a)		2,410,000		2,068,540
				44,366,947
Hungary—7.0%
Hungary Government Bonds
4.000%, 04/25/18 (HUF)		614,930,000		2,430,797
5.500%, 02/12/16 (HUF)		168,700,000		672,857
5.500%, 12/22/16 (HUF)		5,482,200,000		22,378,469
5.500%, 12/20/18 (HUF)		1,325,670,000		5,546,928
5.500%, 06/24/25 (HUF)		2,424,530,000		10,682,864
6.000%, 11/24/23 (HUF)		146,990,000		665,867
6.500%, 06/24/19 (HUF)		474,530,000		2,072,533
6.750%, 02/24/17 (HUF)		226,970,000		949,308
6.750%, 11/24/17 (HUF)		1,796,830,000		7,672,928
7.000%, 06/24/22 (HUF)		2,700,030,000		12,672,951
7.500%, 11/12/20 (HUF)		129,680,000		605,448
7.750%, 08/24/15 (HUF)		200,360,000		796,650
8.000%, 02/12/15 (HUF)		109,300,000		420,289
Hungary Government International Bonds
3.875%, 02/24/20 (EUR) (b)		6,510,000		8,546,299
4.375%, 07/04/17 (EUR)		580,000		752,150
5.750%, 06/11/18 (EUR) (b)		4,840,000		6,676,573
6.250%, 01/29/20		10,995,000		12,355,631
6.375%, 03/29/21 (b)		4,058,000		4,638,805
				100,537,347
Iceland—0.2%
Iceland Government International Bond 5.875%, 05/11/22 (144A)		3,080,000		3,451,802
Indonesia—2.0%
Indonesia Treasury Bonds
10.000%, 09/15/24 (IDR)		186,070,000,000		16,924,332
10.000%, 02/15/28 (IDR)		34,960,000,000		3,203,844
12.800%, 06/15/21 (IDR)		93,010,000,000		9,307,759
				29,435,935
Ireland—4.4%
Ireland Government Bonds
4.500%, 04/18/20 (EUR)		2,539,000		3,701,504
5.000%, 10/18/20 (EUR)		13,476,500		20,403,620
5.400%, 03/13/25 (EUR)		21,787,510		36,326,033
5.900%, 10/18/19 (EUR)		1,669,000		2,538,830
				62,969,987
Lithuania—1.1%
Lithuania Government International Bonds
6.125%, 03/09/21 (144A)		930,000		1,081,711
6.750%, 01/15/15 (144A)		7,480,000		7,489,724
7.375%, 02/11/20 (144A)		6,420,000		7,743,354
				16,314,789
Malaysia—4.8%
Bank Negara Malaysia Monetary Notes
2.758%, 01/29/15 (MYR) (a)		70,000		19,971
2.802%, 04/28/15 (MYR) (a)		28,250,000		7,993,187
2.842%, 02/17/15 (MYR) (a)		8,190,000		2,332,467
2.846%, 03/12/15 (MYR) (a)		1,290,000		366,603
2.870%, 04/16/15 (MYR) (a)		2,700,000		764,810
2.918%, 05/05/15 (MYR) (a)		760,000		214,853
2.940%, 03/05/15 (MYR) (a)		5,420,000		1,541,303
2.951%, 08/04/15 (MYR) (a)		1,500,000		420,294
2.954%, 03/03/15 (MYR) (a)		10,480,000		2,980,783
2.990%, 07/16/15 (MYR) (a)		2,470,000		693,801
2.994%, 05/19/15 (MYR) (a)		19,370,000		5,469,752
3.015%, 06/03/15 (MYR) (a)		1,660,000		468,084
3.015%, 06/16/15 (MYR) (a)		3,710,000		1,044,838
3.052%, 01/22/15 (MYR) (a)		3,210,000		916,379
3.057%, 09/22/15 (MYR) (a)		1,270,000		354,520
3.062%, 01/08/15 (MYR) (a)		2,465,000		704,603
3.065%, 10/01/15 (MYR) (a)		10,040,000		2,800,299
3.082%, 06/30/15 (MYR) (a)		2,600,000		731,245
3.089%, 08/18/15 (MYR) (a)		11,310,000		3,165,784
3.107%, 04/07/15 (MYR) (a)		860,000		243,820
3.129%, 03/24/15 (MYR) (a)		400,000		113,549
3.134%, 11/03/15 (MYR) (a)		360,000		100,002
3.139%, 10/27/15 (MYR) (a)		180,000		50,035
3.150%, 04/23/15 (MYR) (a)		4,720,000		1,336,125
3.158%, 08/11/15 (MYR) (a)		15,565,000		4,359,789
3.213%, 01/20/15 (MYR) (a)		4,130,000		1,179,234
3.218%, 09/08/15 (MYR) (a)		8,390,000		2,343,597

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2014

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Malaysia—(Continued)
Bank Negara Malaysia Monetary Notes
3.255%, 06/04/15 (MYR) (a)		730,000	$	205,852
3.257%, 05/28/15 (MYR) (a)		2,460,000		694,148
3.304%, 02/10/15 (MYR) (a)		630,000		179,539
Malaysia Government Bonds
3.172%, 07/15/16 (MYR)		20,000,000		5,684,833
3.197%, 10/15/15 (MYR)		3,675,000		1,047,886
3.741%, 02/27/15 (MYR)		22,420,000		6,415,313
3.835%, 08/12/15 (MYR)		16,880,000		4,838,842
4.720%, 09/30/15 (MYR)		24,680,000		7,116,077
				68,892,217
Mexico—8.2%
Mexican Bonos
6.000%, 06/18/15 (MXN)		654,875,000		44,975,770
6.250%, 06/16/16 (MXN)		108,438,000		7,624,576
7.250%, 12/15/16 (MXN)		25,000		1,808
7.750%, 12/14/17 (MXN)		195,000,000		14,434,421
8.000%, 12/17/15 (MXN)		137,068,000		9,700,861
Mexican Udibonos
2.500%, 12/10/20 (MXN)		12,959,835		899,390
3.500%, 12/14/17 (MXN)		23,938,011		1,731,599
4.000%, 06/13/19 (MXN)		16,417,196		1,214,301
5.000%, 06/16/16 (MXN)		23,932,741		1,723,081
Mexico Cetes
Zero Coupon, 04/01/15 (MXN) (a)		674,592,000		4,538,370
Zero Coupon, 06/25/15 (MXN) (a)		347,046,000		2,316,972
Zero Coupon, 07/23/15 (MXN) (a)		110,000		733
2.913%, 03/19/15 (MXN) (a)		286,875,000		1,932,035
2.976%, 05/28/15 (MXN) (a)		128,340,000		859,233
2.981%, 06/11/15 (MXN) (a)		577,910,000		3,864,511
2.996%, 04/16/15 (MXN) (a)		1,352,784,000		9,089,498
3.043%, 09/17/15 (MXN) (a)		1,010,628,000		6,703,256
3.061%, 10/01/15 (MXN) (a)		780,431,000		5,166,568
3.147%, 11/12/15 (MXN) (a)		71,190,000		469,397
3.158%, 12/10/15 (MXN) (a)		146,972,000		965,186
				118,211,566
Peru—0.2%
Peru Government Bond
7.840%, 08/12/20 (PEN)		5,663,000		2,173,414
Philippines—0.9%
Philippine Government Bond
1.625%, 04/25/16 (PHP)		503,310,000		11,132,656
Philippine Treasury Bills
1.336%, 11/04/15 (PHP) (a)		12,000,000		263,803
1.349%, 05/06/15 (PHP) (a)		10,360,000		229,767
1.392%, 06/03/15 (PHP) (a)		15,720,000		348,330
1.414%, 12/02/15 (PHP) (a)		29,720,000		651,345
1.473%, 10/07/15 (PHP) (a)		38,490,000		848,436
				13,474,337
Poland—8.6%
Poland Government Bonds
Zero Coupon, 07/25/15 (PLN)		65,950,000		18,454,712
Zero Coupon, 01/25/16 (PLN)		58,547,000		16,229,783
Zero Coupon, 07/25/16 (PLN)		107,520,000		29,527,907
2.690%, 01/25/17 (PLN) (c)		28,518,000		8,052,724
2.690%, 01/25/21 (PLN) (c)		28,929,000		8,043,864
4.750%, 10/25/16 (PLN)		60,400,000		17,944,338
4.750%, 04/25/17 (PLN)		1,320,000		396,833
5.000%, 04/25/16 (PLN)		23,660,000		6,955,227
5.500%, 04/25/15 (PLN)		9,432,000		2,695,620
6.250%, 10/24/15 (PLN)		53,896,000		15,756,803
				124,057,811
Portugal—1.0%
Portugal Government International Bond 5.125%, 10/15/24 (144A)		14,050,000		14,759,778
Russia—1.2%
Russian Foreign Bond - Eurobond 7.500%, 03/31/30 (144A)		16,506,000		17,116,722
Serbia—1.7%
Republic of Serbia 4.875%, 02/25/20 (144A)		3,150,000		3,145,275
5.250%, 11/21/17 (144A)		1,720,000		1,766,440
7.250%, 09/28/21 (144A)		17,560,000		19,668,605
				24,580,320
Singapore—4.5%
Monetary Authority of Singapore 0.296%, 01/20/15 (SGD) (a)		6,000,000		4,528,004
0.334%, 01/30/15 (SGD) (a)		23,435,000		17,682,372
0.424%, 02/13/15 (SGD) (a)		15,465,000		11,665,681
0.443%, 02/23/15 (SGD) (a)		16,830,000		12,693,122
0.830%, 03/27/15 (SGD) (a)		23,750,000		17,901,312
				64,470,491
Slovenia—0.4%
Slovenia Government International Bonds 5.500%, 10/26/22 (144A)		3,200,000		3,548,000
5.850%, 05/10/23 (144A)		1,850,000		2,091,703
				5,639,703
South Korea—14.2%
Korea Monetary Stabilization Bonds Zero Coupon, 01/13/15 (KRW)		893,200,000		812,075
2.070%, 12/02/16 (KRW)		1,406,000,000		1,280,385
2.130%, 10/08/15 (KRW)		620,200,000		567,194
2.220%, 10/02/16 (KRW)		1,374,700,000		1,253,199
2.460%, 08/02/16 (KRW)		9,210,700,000		8,425,216
2.470%, 04/02/15 (KRW)		40,784,600,000		37,141,574
2.660%, 06/09/15 (KRW)		9,015,500,000		8,222,088
2.740%, 02/02/15 (KRW)		481,310,000		438,111
2.760%, 06/02/15 (KRW)		6,555,600,000		5,980,653

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2014

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
South Korea—(Continued)
Korea Monetary Stabilization Bonds 2.780%, 02/02/16 (KRW)		5,175,740,000	$	4,742,789
2.790%, 06/02/16 (KRW)		5,925,600,000		5,442,694
2.800%, 08/02/15 (KRW)		23,319,650,000		21,302,447
2.800%, 04/02/16 (KRW)		13,568,690,000		12,451,321
2.810%, 10/02/15 (KRW)		1,092,000,000		998,836
2.900%, 12/02/15 (KRW)		50,092,900,000		45,904,903
Korea Treasury Bonds 2.750%, 12/10/15 (KRW)		11,222,000,000		10,272,334
2.750%, 06/10/16 (KRW)		17,138,600,000		15,732,834
3.000%, 12/10/16 (KRW)		20,004,200,000		18,505,455
3.250%, 06/10/15 (KRW)		2,412,300,000		2,205,597
4.000%, 09/10/15 (KRW)		2,754,400,000		2,538,095
4.000%, 03/10/16 (KRW)		1,043,200,000		970,123
4.500%, 03/10/15 (KRW)		521,600,000		476,550
				205,664,473
Sri Lanka—1.2%
Sri Lanka Government Bonds 6.400%, 08/01/16 (LKR)		56,200,000		427,626
6.400%, 10/01/16 (LKR)		35,400,000		268,477
6.500%, 07/15/15 (LKR)		80,900,000		617,217
7.500%, 08/15/18 (LKR)		25,830,000		198,511
8.000%, 11/15/18 (LKR)		243,630,000		1,904,423
8.250%, 03/01/17 (LKR)		540,000		4,203
8.500%, 11/01/15 (LKR)		71,720,000		556,553
8.500%, 04/01/18 (LKR)		156,800,000		1,242,710
8.500%, 06/01/18 (LKR)		1,410,000		11,167
8.500%, 07/15/18 (LKR)		45,000,000		362,408
9.000%, 05/01/21 (LKR)		3,530,000		29,117
10.600%, 07/01/19 (LKR)		85,130,000		731,104
10.600%, 09/15/19 (LKR)		15,930,000		137,243
11.000%, 08/01/15 (LKR)		522,600,000		4,100,060
11.000%, 09/01/15 (LKR)		762,125,000		6,038,133
11.200%, 07/01/22 (LKR)		26,640,000		242,339
11.750%, 03/15/15 (LKR)		11,590,000		89,430
				16,960,721
Sweden—2.1%
Sweden Government Bond 4.500%, 08/12/15 (SEK)		234,670,000		30,898,696
Ukraine—2.4%
Financing of Infrastrucural Projects State Enterprise 7.400%, 04/20/18 (144A)		400,000		240,000
8.375%, 11/03/17 (144A)		440,000		264,000
Ukraine Government International Bonds 4.950%, 10/13/15 (144A) (EUR)		150,000		122,518
6.250%, 06/17/16 (144A)		3,440,000		2,230,840
6.580%, 11/21/16 (144A)		5,050,000		3,131,000
7.500%, 04/17/23 (144A) (b)		3,400,000		2,006,000
7.750%, 09/23/20 (144A)		6,949,000		4,169,400
7.800%, 11/28/22 (144A)		4,150,000		2,531,500
Ukraine—(Continued)
Ukraine Government International Bonds 7.950%, 02/23/21 (144A)		9,904,000	$	6,041,440
9.250%, 07/24/17 (144A) (b)		22,630,000		13,804,300
Ukreximbank Via Biz Finance plc 8.750%, 01/22/18		1,330,000		758,100
				35,299,098
Total Foreign Government (Cost $1,122,701,855)				1,065,853,849
Short-Term Investments—21.1%
Discount Note—2.0%
Federal Home Loan Bank 0.010%, 01/02/15 (a)		28,500,000		28,500,000
Mutual Fund—1.5%
State Street Navigator Securities Lending MET Portfolio (d)		21,978,040		21,978,040
Repurchase Agreement—17.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $254,930,419 on 01/02/15, collateralized by $259,290,000 U.S. Treasury Notes with rates ranging from 0.500% - 1.750%, maturity dates ranging from 05/31/16 - 09/30/17 with a value of $260,033,288.		254,930,419		254,930,419
Total Short-Term Investments (Cost $305,408,459)				305,408,459
Total Investments—94.9% (Cost $1,428,110,314) (e)				1,371,262,308
Other assets and liabilities (net)—5.1%				73,421,651
Net Assets—100.0%			$	1,444,683,959

* 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 December 31, 2014, the market value of securities loaned was $20,031,644 and the collateral received consisted of cash in the amount of $21,978,040. 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 December 31, 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 December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,432,266,393. The aggregate unrealized

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2014

appreciation and depreciation of investments were $28,054,343 and $(89,058,428), respectively, resulting in net unrealized depreciation of $(61,004,085) for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $116,404,112, which is 8.1% 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 December 31, 2014 (Unaudited)	% of Net Assets
Global Government Investment Grade		44.3%
Global Government High Yield		29.5%
		73.8%

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
CLP	864,300,000	Morgan Stanley & Co.		01/12/15		USD	1,567,038	$	(144,081	)
CLP	108,963,000	Deutsche Bank AG		01/30/15		USD	180,869		(1,853	)
CLP	104,773,000	Deutsche Bank AG		02/02/15		USD	174,884		(2,811	)
CLP	303,150,000	Deutsche Bank AG		02/02/15		USD	503,739		(5,863	)
CLP	89,414,000	Deutsche Bank AG		02/03/15		USD	149,222		(2,391	)
CLP	438,100,000	Barclays Bank plc		02/10/15		USD	753,656		(34,693	)
CLP	993,900,000	Morgan Stanley & Co.		02/12/15		USD	1,726,720		(95,905	)
CLP	370,000,000	Deutsche Bank AG		02/17/15		USD	643,926		(37,070	)
CLP	433,400,000	Deutsche Bank AG		02/18/15		USD	741,679		(30,896	)
CLP	202,490,000	JPMorgan Chase Bank N.A.		02/20/15		USD	347,027		(14,994	)
CLP	488,550,000	Morgan Stanley & Co.		02/23/15		USD	855,305		(54,403	)
CLP	687,600,000	JPMorgan Chase Bank N.A.		02/24/15		USD	1,204,625		(77,504	)
CLP	313,500,000	Morgan Stanley & Co.		02/25/15		USD	546,786		(32,936	)
CLP	360,850,000	Deutsche Bank AG		02/26/15		USD	628,221		(36,809	)
CLP	39,050,000	Deutsche Bank AG		03/03/15		USD	67,397		(3,423	)
CLP	408,600,000	JPMorgan Chase Bank N.A.		03/20/15		USD	693,130		(24,638	)
CLP	9,313,680,000	JPMorgan Chase Bank N.A.		05/11/15		USD	15,893,652		(720,325	)
CLP	440,900,000	Morgan Stanley & Co.		05/11/15		USD	752,517		(34,228	)
CLP	9,249,063,000	Deutsche Bank AG		05/12/15		USD	15,776,653		(709,837	)
CLP	1,155,000,000	Barclays Bank plc		06/04/15		USD	2,032,377		(154,427	)
CLP	113,400,000	Morgan Stanley & Co.		06/05/15		USD	198,686		(14,321	)
CLP	753,400,000	Morgan Stanley & Co.		07/28/15		USD	1,296,306		(76,719	)
CLP	438,900,000	Deutsche Bank AG		08/12/15		USD	741,636		(32,016	)
CLP	376,530,000	Morgan Stanley & Co.		08/18/15		USD	634,476		(25,992	)
CLP	202,610,000	JPMorgan Chase Bank N.A.		08/20/15		USD	341,526		(14,154	)
CLP	245,250,000	Deutsche Bank AG		08/27/15		USD	409,227		(13,184	)
CLP	246,100,000	JPMorgan Chase Bank N.A.		08/28/15		USD	410,714		(13,330	)
CLP	39,050,000	Deutsche Bank AG		09/08/15		USD	64,482		(1,482	)
EUR	975,000	Deutsche Bank AG		01/07/15		USD	1,218,058		(38,234	)
EUR	4,876,000	Deutsche Bank AG		01/07/15		USD	5,964,811		(64,480	)
EUR	10,382,000	Deutsche Bank AG		02/09/15		USD	14,320,412		(1,753,117	)
EUR	13,630,862	Deutsche Bank AG		02/27/15		USD	18,335,131		(1,832,760	)
EUR	457,000	Deutsche Bank AG		03/05/15		USD	614,756		(61,457	)
INR	14,658,000	JPMorgan Chase Bank N.A.		01/22/15		USD	234,247		(2,866	)
INR	16,661,000	Deutsche Bank AG		01/27/15		USD	265,938		(3,216	)
INR	16,661,000	Deutsche Bank AG		01/30/15		USD	267,389		(4,834	)
INR	71,467,067	Deutsche Bank AG		01/30/15		USD	1,148,944		(22,719	)
INR	75,632,417	Deutsche Bank AG		01/30/15		USD	1,217,031		(25,166	)

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
INR	27,220,000	HSBC Bank plc		01/30/15		USD	437,990	$	(9,040	)
INR	201,041,000	HSBC Bank plc		01/30/15		USD	3,232,046		(63,909	)
INR	75,632,417	Deutsche Bank AG		02/02/15		USD	1,215,320		(24,209	)
INR	35,346,000	Deutsche Bank AG		02/03/15		USD	567,205		(10,669	)
INR	34,949,750	HSBC Bank plc		02/03/15		USD	560,779		(10,482	)
INR	1,228,565,000	HSBC Bank plc		02/12/15		USD	19,733,194		(424,673	)
INR	34,949,750	HSBC Bank plc		03/03/15		USD	555,263		(8,097	)
KRW	2,321,000,000	Deutsche Bank AG		06/29/15		USD	2,241,646		(143,895	)
KRW	2,328,000,000	HSBC Bank plc		09/30/15		USD	2,213,769		(112,098	)
MXN	521,116,000	Citibank N.A.		02/17/15		USD	38,054,330		(2,827,962	)
MXN	16,965,000	HSBC Bank plc		03/10/15		USD	1,281,151		(135,917	)
MXN	205,379,143	HSBC Bank plc		05/19/15		USD	15,372,000		(1,567,423	)
MXN	285,397,780	HSBC Bank plc		10/07/15		USD	20,670,514		(1,663,725	)
MXN	35,485,000	Deutsche Bank AG		10/14/15		USD	2,594,691		(232,618	)
MYR	3,409,400	Deutsche Bank AG		01/08/15		USD	1,016,124		(41,269	)
MYR	1,900,500	JPMorgan Chase Bank N.A.		01/08/15		USD	567,178		(23,765	)
MYR	1,022,000	JPMorgan Chase Bank N.A.		01/09/15		USD	305,220		(13,022	)
MYR	306,000	JPMorgan Chase Bank N.A.		01/12/15		USD	91,480		(4,013	)
MYR	697,000	JPMorgan Chase Bank N.A.		01/16/15		USD	210,009		(10,843	)
MYR	3,758,000	JPMorgan Chase Bank N.A.		02/04/15		USD	1,110,553		(38,346	)
MYR	10,421,193	HSBC Bank plc		02/27/15		USD	3,121,800		(154,421	)
MYR	6,890,000	JPMorgan Chase Bank N.A.		04/02/15		USD	2,114,535		(158,076	)
MYR	13,780,000	JPMorgan Chase Bank N.A.		04/02/15		USD	4,134,289		(221,372	)
MYR	48,436,950	JPMorgan Chase Bank N.A.		05/06/15		USD	14,550,000		(827,664	)
MYR	50,424,120	JPMorgan Chase Bank N.A.		05/14/15		USD	15,293,012		(1,015,244	)
MYR	99,141,840	HSBC Bank plc		06/08/15		USD	29,992,994		(1,966,849	)
MYR	6,890,000	JPMorgan Chase Bank N.A.		07/02/15		USD	2,103,560		(158,918	)
MYR	4,429,000	JPMorgan Chase Bank N.A.		07/31/15		USD	1,363,944		(116,185	)
MYR	7,610,828	HSBC Bank plc		08/06/15		USD	2,328,610		(185,257	)
MYR	7,165,900	JPMorgan Chase Bank N.A.		08/27/15		USD	2,214,842		(199,442	)
MYR	21,469,000	HSBC Bank plc		10/01/15		USD	6,418,236		(393,304	)
MYR	13,558,531	JPMorgan Chase Bank N.A.		10/16/15		USD	4,077,018		(275,438	)
MYR	3,043,000	JPMorgan Chase Bank N.A.		10/20/15		USD	909,254		(56,249	)
MYR	5,541,000	HSBC Bank plc		10/23/15		USD	1,657,146		(104,183	)
MYR	4,132,000	Deutsche Bank AG		10/26/15		USD	1,239,984		(82,122	)
MYR	2,756,789	HSBC Bank plc		10/26/15		USD	827,368		(54,864	)
MYR	2,837,000	JPMorgan Chase Bank N.A.		10/30/15		USD	849,528		(54,735	)
MYR	2,742,080	Deutsche Bank AG		11/19/15		USD	802,341		(35,039	)
MYR	1,632,000	HSBC Bank plc		11/20/15		USD	476,232		(19,585	)
SGD	2,190,000	JPMorgan Chase Bank N.A.		01/26/15		USD	1,765,417		(113,080	)
SGD	12,676,300	JPMorgan Chase Bank N.A.		01/30/15		USD	10,218,785		(655,642	)
SGD	10,161,130	Morgan Stanley & Co.		01/30/15		USD	8,179,618		(513,948	)
SGD	2,353,000	HSBC Bank plc		02/09/15		USD	1,888,443		(113,675	)
SGD	4,687,000	Deutsche Bank AG		02/12/15		USD	3,737,640		(202,549	)
SGD	1,398,000	HSBC Bank plc		02/17/15		USD	1,119,045		(64,683	)
SGD	1,398,000	HSBC Bank plc		02/18/15		USD	1,106,013		(51,663	)
SGD	1,398,000	Deutsche Bank AG		02/23/15		USD	1,119,452		(65,159	)
SGD	2,961,000	Deutsche Bank AG		02/27/15		USD	2,365,772		(132,848	)
SGD	4,013,100	HSBC Bank plc		03/16/15		USD	3,176,630		(150,815	)
SGD	10,928,651	Deutsche Bank AG		05/06/15		USD	8,730,000		(493,974	)
SGD	3,014,189	Morgan Stanley & Co.		05/08/15		USD	2,418,413		(146,910	)
SGD	3,051,000	Deutsche Bank AG		05/19/15		USD	2,442,070		(143,069	)
SGD	569,250	Deutsche Bank AG		05/28/15		USD	438,678		(9,771	)
SGD	569,250	Deutsche Bank AG		05/29/15		USD	453,495		(24,593	)
SGD	2,180,000	JPMorgan Chase Bank N.A.		06/15/15		USD	1,661,585		(19,329	)
SGD	2,625,000	HSBC Bank plc		06/22/15		USD	1,997,869		(20,515	)
SGD	3,488,000	HSBC Bank plc		09/21/15		USD	2,763,867		(137,524	)

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	16,117,434	Deutsche Bank AG		01/07/15		USD	21,983,052	$	2,479,732
EUR	8,953,000	Standard Chartered Bank		01/13/15		USD	12,167,217		1,332,713
EUR	913,000	Barclays Bank plc		01/21/15		USD	1,244,419		139,455
EUR	1,858,400	Citibank N.A.		01/29/15		USD	2,540,758		291,425
EUR	9,760,000	Deutsche Bank AG		01/30/15		USD	13,339,968		1,526,730
EUR	8,440,000	Deutsche Bank AG		02/03/15		USD	11,439,998		1,224,016
EUR	10,382,000	Deutsche Bank AG		02/09/15		USD	14,043,731		1,476,437
EUR	6,590,000	Goldman Sachs & Co.		02/09/15		USD	9,184,747		1,207,626
EUR	1,915,000	Barclays Bank plc		02/10/15		USD	2,605,262		287,157
EUR	2,553,000	Citibank N.A.		02/10/15		USD	3,471,748		381,346
EUR	419,000	HSBC Bank plc		02/10/15		USD	569,886		62,687
EUR	1,023,000	Barclays Bank plc		02/11/15		USD	1,390,973		152,623
EUR	446,000	Standard Chartered Bank		02/13/15		USD	610,226		70,331
EUR	1,912,000	JPMorgan Chase Bank N.A.		02/19/15		USD	2,622,145		307,507
EUR	2,080,000	Barclays Bank plc		02/20/15		USD	2,858,066		340,028
EUR	1,022,000	Goldman Sachs & Co.		02/23/15		USD	1,406,425		169,168
EUR	1,673,320	Deutsche Bank AG		02/25/15		USD	2,299,978		274,185
EUR	3,134,584	Barclays Bank plc		02/26/15		USD	4,307,138		512,245
EUR	1,623,255	Barclays Bank plc		02/26/15		USD	2,228,161		262,963
EUR	1,120,359	Bank of America N.A.		02/27/15		USD	1,531,867		175,490
EUR	13,630,862	Deutsche Bank AG		02/27/15		USD	18,683,823		2,181,451
EUR	457,000	Deutsche Bank AG		03/05/15		USD	630,043		76,744
EUR	2,142,782	Barclays Bank plc		03/09/15		USD	2,944,718		350,323
EUR	1,405,634	Barclays Bank plc		03/09/15		USD	1,930,294		228,408
EUR	8,070,000	Deutsche Bank AG		03/09/15		USD	11,079,706		1,308,872
EUR	714,000	HSBC Bank plc		03/09/15		USD	981,579		117,096
EUR	10,839,830	Citibank N.A.		03/10/15		USD	15,002,596		1,878,053
EUR	2,023,000	Morgan Stanley & Co.		03/10/15		USD	2,801,804		352,416
EUR	225,000	JPMorgan Chase Bank N.A.		03/16/15		USD	311,812		39,375
EUR	651,717	Barclays Bank plc		03/17/15		USD	908,819		119,694
EUR	462,068	Citibank N.A.		03/17/15		USD	644,723		85,233
EUR	399,325	Barclays Bank plc		03/23/15		USD	556,060		72,517
EUR	1,040,000	Deutsche Bank AG		03/26/15		USD	1,432,236		172,869
EUR	1,815,000	Barclays Bank plc		03/27/15		USD	2,506,515		308,659
EUR	205,485	Deutsche Bank AG		03/31/15		USD	282,850		34,012
EUR	1,200,000	Goldman Sachs & Co.		03/31/15		USD	1,529,580		76,404
EUR	1,005,008	Barclays Bank plc		04/02/15		USD	1,385,353		168,288
EUR	2,372,000	Deutsche Bank AG		04/07/15		USD	3,272,008		399,397
EUR	640,496	Deutsche Bank AG		04/07/15		USD	884,237		108,564
EUR	3,821,000	HSBC Bank plc		04/10/15		USD	5,267,917		640,346
EUR	4,186,153	Deutsche Bank AG		04/13/15		USD	5,778,021		708,054
EUR	1,911,000	Standard Chartered Bank		04/13/15		USD	2,641,442		326,976
EUR	3,193,000	JPMorgan Chase Bank N.A.		04/14/15		USD	4,425,658		558,484
EUR	3,696,678	HSBC Bank plc		04/16/15		USD	5,133,244		655,949
EUR	989,372	Barclays Bank plc		04/22/15		USD	1,365,415		167,044
EUR	31,188,000	Deutsche Bank AG		04/22/15		USD	43,098,697		5,322,387
EUR	274,083	JPMorgan Chase Bank N.A.		04/22/15		USD	379,179		47,197
EUR	692,175	Barclays Bank plc		04/30/15		USD	959,673		121,207
EUR	5,010,000	Standard Chartered Bank		04/30/15		USD	6,933,139		864,280
EUR	3,083,128	Barclays Bank plc		05/05/15		USD	4,272,784		537,840
EUR	9,737,000	Deutsche Bank AG		05/07/15		USD	13,514,469		1,718,678
EUR	7,580,000	Goldman Sachs & Co.		05/07/15		USD	10,522,101		1,339,386
EUR	24,145,000	Deutsche Bank AG		05/12/15		USD	33,435,996		4,184,210
EUR	2,440,000	Goldman Sachs & Co.		05/13/15		USD	3,362,320		406,216
EUR	17,552,000	Standard Chartered Bank		05/13/15		USD	24,144,092		2,879,530
EUR	7,408,999	Goldman Sachs & Co.		05/14/15		USD	10,205,451		1,229,220
EUR	8,042,000	Deutsche Bank AG		05/15/15		USD	11,020,757		1,277,521

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	2,080,000	Barclays Bank plc		05/18/15		USD	2,855,258	$	335,165
EUR	302,256	JPMorgan Chase Bank N.A.		05/20/15		USD	379,360		13,144
EUR	1,287,000	Deutsche Bank AG		05/21/15		USD	1,616,215		56,857
EUR	1,154,000	Goldman Sachs & Co.		05/21/15		USD	1,584,223		186,011
EUR	469,000	Barclays Bank plc		05/22/15		USD	643,058		74,801
EUR	195,330	Barclays Bank plc		06/05/15		USD	266,030		29,325
EUR	2,021,800	Deutsche Bank AG		06/10/15		USD	2,762,385		312,202
EUR	1,546,000	Deutsche Bank AG		06/15/15		USD	2,095,402		221,732
EUR	9,480,000	JPMorgan Chase Bank N.A.		06/23/15		USD	12,941,148		1,450,904
EUR	776,000	Barclays Bank plc		07/16/15		USD	1,059,907		119,074
EUR	3,870,000	Morgan Stanley & Co.		07/16/15		USD	5,283,943		591,899
EUR	7,170,000	Deutsche Bank AG		07/17/15		USD	9,749,407		1,056,257
EUR	1,218,000	Barclays Bank plc		07/20/15		USD	1,651,279		174,464
EUR	670,000	Deutsche Bank AG		07/22/15		USD	908,453		96,057
EUR	4,966,000	Morgan Stanley & Co.		07/22/15		USD	6,722,673		701,244
EUR	609,000	Deutsche Bank AG		07/23/15		USD	825,000		86,557
EUR	799,500	Citibank N.A.		07/28/15		USD	1,078,470		108,958
EUR	5,010,000	JPMorgan Chase Bank N.A.		07/31/15		USD	6,735,745		660,088
EUR	146,322	Barclays Bank plc		08/04/15		USD	196,267		18,810
EUR	5,009,000	HSBC Bank plc		08/04/15		USD	6,722,203		647,370
EUR	5,009,000	UBS AG		08/04/15		USD	6,722,078		647,244
EUR	3,073,000	Barclays Bank plc		08/05/15		USD	4,130,957		404,013
EUR	1,362,600	JPMorgan Chase Bank N.A.		08/05/15		USD	1,831,825		179,259
EUR	502,668	Citibank N.A.		08/10/15		USD	672,143		62,456
EUR	146,742	Citibank N.A.		08/10/15		USD	196,341		18,357
EUR	1,943,000	Deutsche Bank AG		08/11/15		USD	2,603,533		246,829
EUR	2,537,900	JPMorgan Chase Bank N.A.		08/11/15		USD	3,399,200		320,931
EUR	900,000	Goldman Sachs & Co.		08/12/15		USD	1,208,466		116,821
EUR	650,000	Morgan Stanley & Co.		08/14/15		USD	811,824		23,388
EUR	650,000	Morgan Stanley & Co.		08/17/15		USD	872,641		84,168
EUR	2,341,000	Barclays Bank plc		08/18/15		USD	3,141,657		301,893
EUR	1,313,000	Deutsche Bank AG		08/20/15		USD	1,761,160		168,366
EUR	2,600,000	JPMorgan Chase Bank N.A.		08/20/15		USD	3,488,875		334,828
EUR	4,541,000	JPMorgan Chase Bank N.A.		08/21/15		USD	6,062,916		554,164
EUR	1,115,456	Barclays Bank plc		08/26/15		USD	1,484,254		130,970
EUR	440,882	Deutsche Bank AG		08/31/15		USD	583,119		48,193
EUR	720,000	Deutsche Bank AG		09/02/15		USD	951,466		77,855
EUR	1,516,100	Deutsche Bank AG		09/08/15		USD	2,000,069		160,336
EUR	281,896	Barclays Bank plc		09/21/15		USD	366,852		24,710
EUR	3,307,000	Deutsche Bank AG		09/23/15		USD	4,270,825		256,932
EUR	685,747	Barclays Bank plc		09/24/15		USD	884,188		51,845
EUR	840,650	Citibank N.A.		09/28/15		USD	1,084,186		63,760
EUR	1,538,000	Deutsche Bank AG		09/28/15		USD	1,980,683		113,775
EUR	1,815,000	Barclays Bank plc		09/29/15		USD	2,317,401		114,221
EUR	1,620,000	HSBC Bank plc		09/30/15		USD	2,064,261		97,754
EUR	4,440,000	Deutsche Bank AG		10/01/15		USD	5,663,753		273,982
EUR	2,310,000	JPMorgan Chase Bank N.A.		10/07/15		USD	2,927,625		123,178
EUR	3,220,000	Goldman Sachs & Co.		10/09/15		USD	4,079,257		169,848
EUR	3,217,000	JPMorgan Chase Bank N.A.		10/14/15		USD	4,072,272		166,055
EUR	3,529,000	Deutsche Bank AG		10/26/15		USD	4,479,536		193,290
EUR	2,313,904	Barclays Bank plc		10/27/15		USD	2,938,589		128,107
EUR	8,218,000	Deutsche Bank AG		10/28/15		USD	10,454,118		472,254
EUR	4,118,000	Goldman Sachs & Co.		10/29/15		USD	5,238,096		236,117
EUR	1,370,039	Deutsche Bank AG		10/30/15		USD	1,749,471		85,298
EUR	92,609	Deutsche Bank AG		11/03/15		USD	117,289		4,788
EUR	4,170,000	UBS AG		11/04/15		USD	5,242,732		176,890
EUR	1,990,000	Deutsche Bank AG		11/05/15		USD	2,495,918		78,350

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
EUR	652,963	Barclays Bank plc		11/06/15		USD	820,278	$	27,002
EUR	1,618,000	Deutsche Bank AG		11/10/15		USD	2,020,801		54,934
EUR	9,537,000	Citibank N.A.		11/12/15		USD	11,953,485		365,510
EUR	1,525,000	Deutsche Bank AG		11/12/15		USD	1,900,531		47,573
EUR	413,121	JPMorgan Chase Bank N.A.		11/12/15		USD	517,661		15,697
EUR	1,623,000	Morgan Stanley & Co.		11/12/15		USD	2,029,115		57,082
EUR	309,733	Deutsche Bank AG		11/16/15		USD	387,615		11,238
EUR	86,267	Deutsche Bank AG		11/19/15		USD	107,838		3,002
EUR	1,380,000	Deutsche Bank AG		12/04/15		USD	1,721,826		44,199
EUR	263,000	Standard Chartered Bank		12/09/15		USD	324,889		5,131
EUR	1,529,000	Bank of America N.A.		12/15/15		USD	1,901,235		42,001
EUR	1,340,000	JPMorgan Chase Bank N.A.		12/15/15		USD	1,672,762		43,349
EUR	14,641,000	Barclays Bank plc		01/05/16		USD	17,844,833		33,029
JPY	296,207,000	Deutsche Bank AG		01/07/15		USD	2,844,315		371,369
JPY	174,225,000	Goldman Sachs & Co.		01/08/15		USD	1,679,909		225,342
JPY	44,450,000	Citibank N.A.		01/13/15		USD	424,993		53,874
JPY	133,330,000	Standard Chartered Bank		01/14/15		USD	1,276,129		162,931
JPY	554,560,000	Barclays Bank plc		01/15/15		USD	5,347,533		717,360
JPY	183,890,000	HSBC Bank plc		01/15/15		USD	1,768,173		232,825
JPY	360,500,000	JPMorgan Chase Bank N.A.		01/15/15		USD	3,475,888		465,975
JPY	60,980,000	Deutsche Bank AG		01/16/15		USD	589,937		80,794
JPY	44,590,000	Deutsche Bank AG		01/16/15		USD	431,376		59,078
JPY	248,150,000	Standard Chartered Bank		01/16/15		USD	2,401,703		329,815
JPY	55,370,000	JPMorgan Chase Bank N.A.		01/20/15		USD	533,332		71,013
JPY	359,980,000	Goldman Sachs & Co.		01/27/15		USD	3,482,273		476,398
JPY	342,205,982	Deutsche Bank AG		01/28/15		USD	3,351,675		494,190
JPY	443,025,359	HSBC Bank plc		01/28/15		USD	4,329,125		629,780
JPY	133,761,000	Goldman Sachs & Co.		02/12/15		USD	1,310,072		193,000
JPY	164,870,000	HSBC Bank plc		02/12/15		USD	1,617,602		240,730
JPY	164,783,000	JPMorgan Chase Bank N.A.		02/12/15		USD	1,618,646		242,501
JPY	218,400,000	Citibank N.A.		02/13/15		USD	2,142,857		318,928
JPY	109,360,000	JPMorgan Chase Bank N.A.		02/13/15		USD	1,070,645		157,344
JPY	109,070,000	Citibank N.A.		02/17/15		USD	1,068,895		157,984
JPY	109,540,000	Goldman Sachs & Co.		02/18/15		USD	1,079,116		164,272
JPY	46,833,020	Goldman Sachs & Co.		02/18/15		USD	461,114		69,979
JPY	196,520,000	JPMorgan Chase Bank N.A.		02/18/15		USD	1,935,338		294,064
JPY	144,240,000	HSBC Bank plc		02/24/15		USD	1,413,813		209,103
JPY	54,700,000	Barclays Bank plc		02/25/15		USD	534,049		77,184
JPY	144,300,000	JPMorgan Chase Bank N.A.		02/25/15		USD	1,408,341		203,119
JPY	468,190,000	Barclays Bank plc		02/26/15		USD	4,578,114		667,668
JPY	350,622,000	Standard Chartered Bank		02/26/15		USD	3,431,482		502,996
JPY	36,614,000	Deutsche Bank AG		02/27/15		USD	359,207		53,395
JPY	178,400,000	JPMorgan Chase Bank N.A.		03/03/15		USD	1,752,180		262,072
JPY	160,000,000	JPMorgan Chase Bank N.A.		03/03/15		USD	1,571,092		234,672
JPY	159,900,000	HSBC Bank plc		03/04/15		USD	1,566,879		231,283
JPY	578,374,700	Barclays Bank plc		03/09/15		USD	5,656,006		824,769
JPY	109,701,956	Citibank N.A.		03/17/15		USD	1,072,125		155,687
JPY	465,903,000	Citibank N.A.		03/19/15		USD	4,589,544		697,353
JPY	200,950,000	Morgan Stanley & Co.		03/19/15		USD	1,990,195		311,443
JPY	160,844,000	Deutsche Bank AG		03/24/15		USD	1,575,111		231,330
JPY	164,310,000	Barclays Bank plc		03/25/15		USD	1,608,517		235,764
JPY	86,066,450	Barclays Bank plc		03/25/15		USD	843,458		124,403
JPY	100,800,000	Citibank N.A.		04/15/15		USD	995,787		153,431
JPY	177,260,000	Barclays Bank plc		04/17/15		USD	1,744,548		263,204
JPY	106,500,000	JPMorgan Chase Bank N.A.		04/21/15		USD	1,044,497		154,444
JPY	627,180,000	JPMorgan Chase Bank N.A.		04/22/15		USD	6,152,292		910,698
JPY	8,128,806,420	Goldman Sachs & Co.		05/12/15		USD	80,004,000		12,052,074

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	796,134,720	Deutsche Bank AG		05/13/15		USD	7,849,879	$	1,194,593
JPY	791,049,590	Morgan Stanley & Co.		05/13/15		USD	7,793,822		1,181,046
JPY	8,630,050	Bank of America N.A.		05/18/15		USD	85,000		12,853
JPY	8,604,125	Bank of America N.A.		05/19/15		USD	85,000		13,069
JPY	8,627,500	Barclays Bank plc		05/19/15		USD	85,000		12,873
JPY	8,617,300	Citibank N.A.		05/19/15		USD	85,000		12,959
JPY	8,634,400	HSBC Bank plc		05/19/15		USD	85,000		12,815
JPY	275,190,000	JPMorgan Chase Bank N.A.		05/20/15		USD	2,345,336		44,693
JPY	462,800,000	Citibank N.A.		06/09/15		USD	4,531,391		661,365
JPY	693,100,000	HSBC Bank plc		06/09/15		USD	6,785,585		989,745
JPY	596,690,000	Barclays Bank plc		06/10/15		USD	5,843,743		854,043
JPY	464,700,000	Citibank N.A.		06/10/15		USD	4,544,210		658,250
JPY	430,940,000	Citibank N.A.		06/10/15		USD	4,214,078		610,429
JPY	635,480,000	HSBC Bank plc		06/10/15		USD	6,225,954		911,881
JPY	210,400,000	Deutsche Bank AG		06/11/15		USD	2,059,918		300,469
JPY	588,770,000	JPMorgan Chase Bank N.A.		06/11/15		USD	5,763,102		839,573
JPY	119,465,000	Citibank N.A.		06/17/15		USD	1,174,311		175,225
JPY	248,300,000	JPMorgan Chase Bank N.A.		06/17/15		USD	2,441,003		364,470
JPY	930,710,000	Deutsche Bank AG		06/22/15		USD	9,139,841		1,355,849
JPY	811,652,000	Barclays Bank plc		06/30/15		USD	8,010,185		1,221,284
JPY	353,334,000	Citibank N.A.		07/24/15		USD	3,496,210		539,664
JPY	544,000,000	JPMorgan Chase Bank N.A.		07/24/15		USD	5,380,013		828,057
JPY	189,600,000	JPMorgan Chase Bank N.A.		07/27/15		USD	1,876,113		289,538
JPY	411,460,000	Barclays Bank plc		07/29/15		USD	4,055,691		612,467
JPY	105,370,000	Barclays Bank plc		08/11/15		USD	1,033,921		151,949
JPY	303,103,000	Citibank N.A.		08/11/15		USD	2,975,244		438,201
JPY	105,400,000	Citibank N.A.		08/11/15		USD	1,034,601		152,378
JPY	105,370,000	Deutsche Bank AG		08/12/15		USD	1,038,271		156,284
JPY	338,124,000	Deutsche Bank AG		08/18/15		USD	3,315,315		484,787
JPY	639,006,000	HSBC Bank plc		08/20/15		USD	6,252,505		903,022
JPY	457,974,000	JPMorgan Chase Bank N.A.		08/20/15		USD	4,483,304		649,344
JPY	151,705,000	Barclays Bank plc		08/24/15		USD	1,474,453		204,354
JPY	149,920,000	Deutsche Bank AG		08/25/15		USD	1,449,791		194,614
JPY	300,880,000	HSBC Bank plc		08/25/15		USD	2,911,272		392,211
JPY	427,709,000	Barclays Bank plc		08/26/15		USD	4,141,818		560,842
JPY	302,459,000	JPMorgan Chase Bank N.A.		08/26/15		USD	2,926,862		394,537
JPY	256,658,000	Deutsche Bank AG		08/27/15		USD	2,477,621		328,724
JPY	488,094,000	HSBC Bank plc		08/27/15		USD	4,712,151		625,531
JPY	244,017,000	JPMorgan Chase Bank N.A.		08/27/15		USD	2,358,712		315,654
JPY	150,260,000	JPMorgan Chase Bank N.A.		08/31/15		USD	1,452,665		194,508
JPY	109,297,635	Barclays Bank plc		09/18/15		USD	1,025,172		109,708
JPY	109,471,259	JPMorgan Chase Bank N.A.		09/29/15		USD	1,007,661		90,565
JPY	66,105,000	JPMorgan Chase Bank N.A.		09/30/15		USD	609,024		55,219
JPY	55,370,000	JPMorgan Chase Bank N.A.		10/19/15		USD	523,856		59,775
JPY	104,580,000	JPMorgan Chase Bank N.A.		10/20/15		USD	989,170		112,616
JPY	698,590,000	Barclays Bank plc		10/22/15		USD	6,565,078		709,415
JPY	94,232,353	Citibank N.A.		11/10/15		USD	826,581		36,315
JPY	229,154,000	Citibank N.A.		11/12/15		USD	2,016,562		94,690
JPY	157,477,000	HSBC Bank plc		11/12/15		USD	1,380,439		59,709
JPY	92,567,000	JPMorgan Chase Bank N.A.		11/12/15		USD	813,332		36,992
JPY	119,300,000	Morgan Stanley & Co.		11/16/15		USD	1,040,331		39,678
JPY	93,849,000	Standard Chartered Bank		11/16/15		USD	819,771		32,594
JPY	306,357,000	Deutsche Bank AG		11/18/15		USD	2,641,464		71,695
JPY	379,208,000	Citibank N.A.		11/19/15		USD	3,274,539		93,600
JPY	425,961,000	Citibank N.A.		11/20/15		USD	3,675,246		102,029
JPY	79,941,000	HSBC Bank plc		11/24/15		USD	683,841		13,176
JPY	929,100,000	Deutsche Bank AG		12/21/15		USD	7,953,261		152,965

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
JPY	930,530,000	HSBC Bank plc		12/21/15		USD	7,956,648	$	144,346
JPY	383,980,000	Barclays Bank plc		12/22/15		USD	3,247,408		23,602
JPY	599,020,000	Citibank N.A.		12/22/15		USD	5,073,001		43,771
MYR	48,436,950	JPMorgan Chase Bank N.A.		05/06/15		USD	14,712,514		990,179
Cross Currency Contracts to Buy
EUR	14,637,395	Barclays Bank plc		01/29/15		SEK	137,978,000		15,506
HUF	789,872,400	Deutsche Bank AG		03/19/15		EUR	2,475,313		16,119
HUF	236,727,980	JPMorgan Chase Bank N.A.		03/19/15		EUR	741,978		4,690
HUF	396,052,000	JPMorgan Chase Bank N.A.		03/20/15		EUR	1,245,564		2,694
HUF	393,926,000	JPMorgan Chase Bank N.A.		03/20/15		EUR	1,238,878		2,680
HUF	388,774,000	JPMorgan Chase Bank N.A.		09/23/15		EUR	1,235,655		(23,868	)
HUF	311,219,000	JPMorgan Chase Bank N.A.		09/25/15		EUR	988,091		(17,902	)
MYR	48,436,950	JPMorgan Chase Bank N.A.		10/08/15		JPY	1,581,287,200		337,675
MYR	44,900,000	JPMorgan Chase Bank N.A.		10/13/15		JPY	1,449,179,828		447,123
PLN	4,666,000	Deutsche Bank AG		02/10/15		EUR	1,091,590		(5,663	)
PLN	4,666,000	Barclays Bank plc		02/11/15		EUR	1,090,952		(4,959	)
PLN	4,666,000	Deutsche Bank AG		02/17/15		EUR	1,095,820		(11,257	)
PLN	5,956,000	Morgan Stanley & Co.		05/27/15		EUR	1,395,501		(18,219	)
PLN	39,200,000	Deutsche Bank AG		07/07/15		EUR	9,263,198		(234,451	)
PLN	35,870,000	Deutsche Bank AG		08/19/15		EUR	8,416,237		(158,883	)
SEK	261,920,000	Barclays Bank plc		01/29/15		EUR	28,314,359		(669,205	)
Net Unrealized Appreciation								$	82,779,359

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	$	(1,779,141	)	$	—	$	(1,779,141	)
Receive	3-Month USD-LIBOR		3.848	%	08/22/43	JPMorgan Chase Bank N.A.		USD	15,360,000		(3,672,680	)		—		(3,672,680	)
Totals											$(5,451,821)		$	—		$(5,451,821)

Centrally Cleared Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Receive		3-Month USD-LIBOR		0.925	%		10/17/17		USD	74,980,000	$	590,633
Receive		3-Month USD-LIBOR		2.730	%		07/07/24		USD	14,050,000		(582,467	)
Total											$	8,166

Cash in the amount of $37,080,892 and securities in the amount of $7,605,795 have been deposited in segregated accounts held by the counterparties as collateral for forward foreign exchange contracts and swap contracts.

(CLP)— Chilean Peso

(EUR)— Euro

(HUF)— Hungarian Forint

(INR)— Indian Rupee

(JPY)— Japanese Yen

(KRW)— South Korea Won

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Schedule of Investments as of December 31, 2014

(MXN)— Mexican Peso

(MYR)— Malaysian Ringgit

(PLN)— Polish Zloty

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

(USD)— United States Dollar

(LIBOR)—London Interbank Offered Rate

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Foreign Government*	$	—	$	1,065,853,849		$	—	$	1,065,853,849
Short-Term Investments
Discount Note		—		28,500,000			—		28,500,000
Mutual Fund		21,978,040		—			—		21,978,040
Repurchase Agreement		—		254,930,419			—		254,930,419
Total Short-Term Investments		21,978,040		283,430,419			—		305,408,459
Total Investments	$	21,978,040	$	1,349,284,268		$	—	$	1,371,262,308
Collateral for Securities Loaned (Liability)	$	—	$	(21,978,040	)	$	—	$	(21,978,040	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—	$	106,647,569		$	—	$	106,647,569
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—		(23,868,210	)		—		(23,868,210	)
Total Forward Contracts	$	—	$	82,779,359		$	—	$	82,779,359
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	590,633		$	—	$	590,633
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—		(582,467	)		—		(582,467	)
Total Centrally Cleared Swap Contracts	$	—	$	8,166		$	—	$	8,166
OTC Swap Contracts
OTC Swap Contracts at Value (Liabilities)	$	—	$	(5,451,821	)	$	—	$	(5,451,821	)

* 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

December 31, 2014

Assets
Investments at value (a) (b)	$	1,116,331,889
Repurchase Agreement		254,930,419
Cash		244,615
Cash denominated in foreign currencies (c)		21,287,380
Cash collateral for centrally cleared swaps		1,588,253
Unrealized appreciation on forward foreign currency exchange contracts		106,647,569
Receivable for:
Investments sold		4,670,936
Fund shares sold		313,748
Dividends and interest		11,860,323
Interest on OTC swap contracts		10,471
Prepaid expenses		3,769
Total Assets		1,517,889,372
Liabilities
OTC swap contracts at market value		5,451,821
Cash collateral for centrally cleared swap contracts		11,942
Unrealized depreciation on forward foreign currency exchange contracts		23,868,210
Collateral for securities loaned		21,978,040
Payables for:
Investments purchased		19,409,302
Fund shares redeemed		43,335
Foreign taxes		603,591
Variation margin on swap contracts		40,137
Interest on OTC swap contracts		502,379
Accrued expenses:
Management fees		738,875
Distribution and service fees		13,708
Deferred trustees’ fees		67,424
Other expenses		476,649
Total Liabilities		73,205,413
Net Assets	$	1,444,683,959
Net assets consist of:
Paid in surplus	$	1,401,095,571
Undistributed net investment income		25,845,725
Accumulated net realized loss		(1,726,054	)
Unrealized appreciation on investments, swap contracts and foreign currency transactions (d)		19,468,717
Net Assets	$	1,444,683,959
Net Assets
Class A	$	1,380,515,884
Class B		64,168,075
Capital Shares Outstanding*
Class A		121,962,912
Class B		5,707,540
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	11.32
Class B		11.24

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding repurchase agreement, was $1,173,179,895.

(b) Includes securities loaned at value of $20,031,644.

(c) Identified cost of cash denominated in foreign currencies was $21,339,311.

(d) Includes foreign capital gains tax of $603,591

Statement of Operations

Year Ended December 31, 2014

Investment Income
Interest (a)	$	46,676,939
Securities lending income		148,692
Total investment income		46,825,631
Expenses
Management fees		8,540,596
Administration fees		33,305
Custodian and accounting fees		1,510,785
Distribution and service fees—Class B		171,060
Audit and tax services		95,069
Legal		34,319
Trustees’ fees and expenses		43,769
Shareholder reporting		50,096
Insurance		8,651
Miscellaneous		13,340
Total expenses		10,500,990
Net Investment Income		36,324,641
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		214,445
Swap contracts		(1,774,173	)
Foreign currency transactions		3,800,190
Net realized gain		2,240,462
Net change in unrealized appreciation (depreciation) on:
Investments (b)		(98,410,293	)
Swap contracts		(5,650,683	)
Foreign currency transactions		84,721,010
Net change in unrealized depreciation		(19,339,966	)
Net realized and unrealized loss		(17,099,504	)
Net Increase in Net Assets From Operations	$	19,225,137

(a) Net of foreign withholding taxes of $1,751,373.

(b) Includes change in foreign capital gains tax of $(115,683).

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	36,324,641		$	44,996,540
Net realized gain		2,240,462			20,144,603
Net change in unrealized depreciation		(19,339,966	)		(51,091,458	)
Increase in net assets from operations		19,225,137			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		167,260,154			214,998,175
Total increase in net assets		122,882,998			196,870,965
Net Assets
Beginning of period		1,321,800,961			1,124,929,996
End of period	$	1,444,683,959		$	1,321,800,961
Undistributed net investment income
End of period	$	25,845,725		$	57,510,785

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		13,374,366		$	151,454,777			17,720,480		$	210,385,198
Reinvestments		5,387,232			60,444,741			2,542,274			30,329,331
Redemptions		(3,534,727	)		(40,475,497	)		(1,799,528	)		(21,180,248	)
Net increase		15,226,871		$	171,424,021			18,463,226		$	219,534,281
Class B
Sales		419,298		$	4,797,172			1,006,488		$	11,739,010
Reinvestments		282,935			3,157,552			155,650			1,847,564
Redemptions		(1,059,442	)		(12,118,591	)		(1,563,610	)		(18,122,680	)
Net decrease		(357,209	)	$	(4,163,867	)		(401,472	)	$	(4,536,106	)
Increase derived from capital shares transactions				$	167,260,154					$	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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.72		$	11.88		$	11.54		$	12.45		$	11.02
Income (Loss) from Investment Operations
Net investment income (a)		0.30			0.43			0.43			0.50			0.49
Net realized and unrealized gain (loss) on investments		(0.14	)		(0.28	)		1.15			(0.47	)		1.03
Total from investment operations		0.16			0.15			1.58			0.03			1.52
Less Distributions
Distributions from net investment income		(0.56	)		(0.26	)		(1.24	)		(0.92	)		(0.09	)
Distributions from net realized capital gains		0.00			(0.05	)		0.00			(0.02	)		(0.00	)(b)
Total distributions		(0.56	)		(0.31	)		(1.24	)		(0.94	)		(0.09	)
Net Asset Value, End of Period	$	11.32		$	11.72		$	11.88		$	11.54		$	12.45
Total Return (%) (c)		1.41			1.27			14.64			(0.06	)		13.73
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.73			0.72			0.73			0.74			0.73
Ratio of net investment income to average net assets (%)		2.56			3.69			3.78			4.09			4.18
Portfolio turnover rate (%)		28			37			35			46			18
Net assets, end of period (in millions)	$	1,380.5		$	1,251.2		$	1,048.6		$	926.3		$	747.3
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.64		$	11.80		$	11.48		$	12.41		$	11.00
Income (Loss) from Investment Operations
Net investment income (a)		0.26			0.40			0.40			0.46			0.46
Net realized and unrealized gain (loss) on investments		(0.13	)		(0.27	)		1.14			(0.46	)		1.03
Total from investment operations		0.13			0.13			1.54			0.00			1.49
Less Distributions
Distributions from net investment income		(0.53	)		(0.24	)		(1.22	)		(0.91	)		(0.08	)
Distributions from net realized capital gains		0.00			(0.05	)		0.00			(0.02	)		(0.00	)(b)
Total distributions		(0.53	)		(0.29	)		(1.22	)		(0.93	)		(0.08	)
Net Asset Value, End of Period	$	11.24		$	11.64		$	11.80		$	11.48		$	12.41
Total Return (%) (c)		1.14			1.04			14.29			(0.33	)		13.54
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.98			0.97			0.98			0.99			0.98
Ratio of net investment income to average net assets (%)		2.31			3.44			3.53			3.81			3.86
Portfolio turnover rate (%)		28			37			35			46			18
Net assets, end of period (in millions)	$	64.2		$	70.6		$	76.3		$	67.3		$	46.3

(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.

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-18

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MIST-19

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, swap transactions 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $254,930,419, 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 December 31, 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-20

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

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 as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

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

MIST-21

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s 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

MIST-22

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts* (b)	$	590,633	Unrealized depreciation on centrally cleared swap contracts* (b)	$	582,467
				OTC swap contracts at market value (a)		5,451,821
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		106,647,569	Unrealized depreciation on forward foreign currency exchange contracts		23,868,210
Total		$	107,238,202		$	29,902,498

* 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) Excludes OTC swap interest receivable of $10,471 and OTC swap interest payable of $502,379.

(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”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	243,413	$	—		$	—		$	243,413
Barclays Bank plc		13,122,275		(863,284	)		(12,007,000	)(1)		251,991
Citibank N.A.		8,411,231		(2,827,962	)		(5,459,191	)(1)		124,078
Deutsche Bank AG		34,190,970		(6,735,656	)		—			27,455,314
Goldman Sachs & Co.		18,317,882		—			(18,317,882	)(1)		—
HSBC Bank plc		7,817,359		(7,412,702	)		—			404,657
JPMorgan Chase Bank N.A.		13,870,644		(10,322,765	)		(2,160,496	)(1)		1,387,383
Morgan Stanley & Co.		3,342,364		(1,157,662	)		—			2,184,702
Standard Chartered Bank		6,507,297		—			(6,370,000	)(1)		137,297
UBS AG		824,134		—			—			824,134
	$	106,647,569	$	(29,320,031	)	$	(44,314,569	)	$	33,012,969

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Met Investors Series Trust

Met/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Barclays Bank plc	$	863,284	$	(863,284	)	$	—	$	—
Citibank N.A.		2,827,962		(2,827,962	)		—		—
Deutsche Bank AG		6,735,656		(6,735,656	)		—		—
HSBC Bank plc		7,412,702		(7,412,702	)		—		—
JPMorgan Chase Bank N.A.		10,322,765		(10,322,765	)		—		—
Morgan Stanley & Co.		1,157,662		(1,157,662	)		—		—
	$	29,320,031	$	(29,320,031	)	$	—	$	—

* 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.

(1) Collateral was received into a segregated account in the counterparty’s name at the custodian.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Foreign Exchange		Total
Forward foreign currency transactions	$	—		$	4,556,846	$	4,556,846
Swap contracts		(1,774,173	)		—		(1,774,173	)
	$	(1,774,173	)	$	4,556,846	$	2,782,673
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Foreign Exchange		Total
Forward foreign currency transactions	$	—		$	85,267,334	$	85,267,334
Swap contracts		(5,650,683	)		—		(5,650,683	)
	$	(5,650,683	)	$	85,267,334	$	79,616,651

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	1,350,481,119
Swap contracts		68,000,000

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant

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Met/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	274,838,268	$	0	$	259,055,933

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by Metlife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$8,540,596		0.600	%	ALL

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Met Investors Series Trust

Met/Templeton International Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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 year ended December 31, 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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$63,602,293	$	26,818,418	$	—	$	5,358,477	$	63,602,293	$	32,176,895

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards		Total
$118,597,789	$	2,430,024	$	(77,372,001	)	$	—	$	43,655,812

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized $2,828,709 of capital loss carryforwards.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

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Notes to Financial Statements—December 31, 2014—(Continued)

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Met Investors Series Trust

Met/Templeton International Bond Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Met/Templeton International 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 Met/Templeton International Bond Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Met/Templeton International Bond Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

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Met/Templeton International Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-31

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-32

Met Investors Series Trust

Met/Templeton International Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Met/Templeton International Bond Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Franklin Advisers, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the three- and five-year periods ended June 30, 2014 and underperformed the median of its Performance Universe and its Lipper Index for the one-year period ended June 30, 2014. The Board also considered that the Portfolio outperformed its benchmark, the Citigroup World Government Bond Index (WGBI) ex-US Index, for the one-, three-, and five-year periods ended October 31, 2014.

The Board also took into account that the Portfolio’s actual management fees were below the medians of the Expense Group, the Expense Universe, and the Sub-advised Expense Universe. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-l fees) were equal to the median of the Expense Group, slightly below the median of the Expense Universe, and slightly above the median of the Sub-advised Expense Universe. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also considered that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

MIST-33

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the MetLife Asset Allocation 100 Portfolio returned 5.24% and 5.09%, respectively. The Portfolio’s benchmark, the Dow Jones Aggressive Index¹, returned 6.59%.

MARKET ENVIRONMENT / CONDITIONS

After a sharp weather-related contraction in the first quarter, the U.S. economy turned the corner and ended 2014 on a strong note, with the majority of leading economic indicators pointing to continued strength. U.S. Gross Domestic Product (GDP) grew at a healthy rate in the second and third quarters, the strongest two quarters of expansion since 2003. Solid economic growth domestically, combined with the Federal Reserve Bank’s (the “Fed”) accommodative stance in respect to interest rates, provided ample support for the U.S. stock market, which delivered another strong year of performance in 2014. Economic growth around the world became increasingly divergent in 2014. While the U.S. economy was on the rise, renewed concerns over economic growth in Europe and Asia weighed on the equity market outside the U.S. Furthermore, geopolitical tension in Eastern Europe and Iraq added to short-term volatility. As the Fed finally wound down its quantitative easing program as planned, the European Central Bank initiated an easing strategy, and the Bank of Japan increased its asset purchasing program. In November, China cut interest rates unexpectedly, stepping up a campaign to prop up growth in the world’s second-largest economy as it headed toward its slowest growth in nearly a quarter century. As other central banks moved toward further stimulus, the U.S. dollar rallied strongly, which further dented the returns of international stocks in U.S. dollar terms.

The U.S. stock market, as measured by the S&P 500 Index, was the bright spot in the global equity market, advancing 13.7% over the twelve month period. Small cap stocks, represented by the S&P Small Cap 600 Index, trailed their large cap counterparts at 5.8%, despite an outperformance in the fourth quarter. Energy stocks were the bottom performing sector and the only sector that produced a negative return for the year, driven by plummeting oil prices as a result of increased production in the U.S. and a slower demand worldwide. On the other side of the spectrum, the Utilities sector delivered the best results, as investors were hungry for yields in an extended low interest rate environment. The Health Care sector followed closely behind, gaining on strong earnings reports and forward guidance. Technology stocks performed strongly as well, with semiconductor manufacturers and software firms benefitting from order expansions and merger activities. The equity markets outside the U.S., however, ended the year in negative territory in both the developed world and emerging markets. The MSCI EAFE Index and MSCI Emerging Markets Index declined 4.9% and 2.2% in U.S. dollar terms, respectively.

Contrary to many investors’ expectations of rising yields in the U.S., Treasury yields declined across the maturity spectrum in 2014. The 10-year Treasury yield dropped to 2.17% at the end of the year. As a result, the bond market rallied over the course of the past year. The yield curve continued to flatten with yields on the long end of the curve coming down significantly more than yields on the short end. While Investment Grade Credit outperformed Treasuries, the High Yield sector underperformed. For the twelve month period, the Barclays U.S. Aggregate Bond Index advanced 6.0%. The Barclays Corporate High Yield Index was up 2.5%. As yields across the world declined due to further monetary easing implemented by a number of central banks, bond markets outside the U.S. on average delivered strong returns in local currency terms. However, the positive local returns were erased by the depreciation of many currencies against the U.S. dollar. The Barclays Global Aggregate ex-U.S. Index lost 3.1% in U.S. dollar terms for the year.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The MetLife Asset Allocation 100 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.

Over the twelve month period, the Portfolio underperformed the Dow Jones Aggressive Index due to unfavorable security selection in a number of underlying portfolios in addition to a cash drag during a year the market was fairly strong.

The domestic equity portfolios in aggregate produced a positive contribution. The ClearBridge Aggressive Growth Portfolio considerably outpaced its benchmark. Strong stock selection in the Health Care, Technology, and Consumer Discretionary sectors generated sizable contributions to relative performance. An overweight to the Health Care sector further enhanced return. The T. Rowe Price Large Cap Value Portfolio and WMC Large Cap Research Portfolio also contributed positively. For the T. Rowe Price Large Cap Value Portfolio, solid stock selection in the Industrials sector more than compensated for a negative impact from an underweight position to the Technology sector. More specifically, within the Industrials sector, the portfolio’s holding in Southwest Airlines generated a significant contribution as the price of the stock soared more than 100% in the past year. The WMC Large Cap Research Portfolio benefited from strong stock selection in the Health Care and Materials sectors. Conversely, the Morgan Stanley Mid Cap Growth Portfolio detracted from the allocation portfolio’s relative performance, driven largely by stock selection in the Technology sector. A number of holdings in the internet and software space, which enjoyed strong returns in 2013, struggled during the growth sell-off in the spring of 2014. The Jennison Growth Portfolio was another performance detractor. Underperformance was primarily attributable to weak stock selection in the Technology and Consumer Discretionary sectors. Additionally, the Loomis Sayles Small Cap Growth Portfolio underperformed its benchmark index as well. Stock selection in the Information Technology sector was particularly weak. An overweight position to the Energy sector further dampened the relative performance.

MIST-1

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Managed by MetLife Advisers, LLC

Portfolio Manager Commentary*—(Continued)

Within the equity portfolios that invest outside the U.S., the Van Eck Global Natural Resources Portfolio produced a large detraction to the allocation portfolio’s relative performance as the Energy sector sold off due to plummeting oil prices. The MFS Emerging Markets Portfolio was another performance detractor. Despite a positive contribution from an underweight position to the Energy and Materials sector, stock selection in a number of sectors hampered the relative performance. The MFS Research International Portfolio also hindered the allocation portfolio’s relative results to some extent due to its weak stock selection in the Industrials, Consumer Discretionary, and Financials sectors. Conversely, the Clarion Global Real Estate Portfolio aided the relative performance of the allocation portfolio as the real estate investment trust (“REIT”) industry surged in the past year. The Clarion Global Real Estate Portfolio serves as a good diversifier in the underlying portfolio line-up, especially to balance off the other portfolios whose managers don’t invest in REITs. Since being added to the allocation portfolio in the beginning of May, the Met/Artisan International Portfolio also contributed positively, benefiting from a minimal exposure to the Energy sector in addition to healthy stock selection in the Technology and Health Care sectors.

Investment Committee

MetLife Advisers, LLC

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the advisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
MetLife Asset Allocation 100 Portfolio
Class A		5.24		12.03		—		6.78
Class B		5.09		11.77		5.86		—
Dow Jones Aggressive Index		6.59		12.37		7.87		—

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
ClearBridge Aggressive Growth Portfolio (Class A)		6.1
T. Rowe Price Large Cap Growth Portfolio (Class A)		6.1
Jennison Growth Portfolio (Class A)		6.1
MFS Value Portfolio (Class A)		5.1
T. Rowe Price Large Cap Value Portfolio (Class A)		5.1
WMC Core Equity Opportunities Portfolio (Class A)		5.1
Invesco Comstock Portfolio (Class A)		5.1
Harris Oakmark International Portfolio (Class A)		4.4
Met/Dimensional International Small Company Portfolio (Class A)		4.2
BlackRock Capital Appreciation Portfolio (Class A)		4.1

MIST-3

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Asset Allocation 100 Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.79	%	$	1,000.00	$	997.20	$	3.98
	Hypothetical*		0.79	%	$	1,000.00	$	1,021.22	$	4.02
Class B(a)	Actual		1.04	%	$	1,000.00	$	996.40	$	5.23
	Hypothetical*		1.04	%	$	1,000.00	$	1,019.96	$	5.30

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

MIST-4

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Schedule of Investments as of December 31, 2014

Mutual Funds—100.0% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—100.0%
Baillie Gifford International Stock Portfolio (Class A) (a)		6,152,045	$	61,951,096
BlackRock Capital Appreciation Portfolio (Class A) (a)		1,800,228		74,151,408
BlackRock Large Cap Value Portfolio (Class A) (a)		6,522,492		64,507,451
Clarion Global Real Estate Portfolio (Class A) (b)		5,901,439		73,354,888
ClearBridge Aggressive Growth Portfolio (Class A) (b)		6,928,014		110,640,382
Frontier Mid Cap Growth Portfolio (Class A) (a)		748,078		27,888,360
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		1,711,574		27,967,112
Harris Oakmark International Portfolio (Class A) (b)		4,914,882		78,343,217
Invesco Comstock Portfolio (Class A) (b)		5,834,871		92,132,610
Invesco Mid Cap Value Portfolio (Class A) (b)		907,505		18,476,810
Invesco Small Cap Growth Portfolio (Class A) (b)		2,359,603		46,295,413
Jennison Growth Portfolio (Class A) (a)		6,765,985		109,811,929
JPMorgan Small Cap Value Portfolio (Class A) (b)		1,873,546		33,892,448
Loomis Sayles Small Cap Growth Portfolio (Class A) (a)		2,287,123		33,620,702
Met/Artisan International Portfolio (Class A) (b) (c)		5,232,788		52,537,192
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		134,537		36,565,680
Met/Dimensional International Small Company Portfolio (Class A) (a)		5,079,046		75,373,038
MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio) (Class A) (b)		1,612,268		33,067,620
MFS Emerging Markets Equity Portfolio (Class A) (b)		6,023,856		57,949,491
MFS Research International Portfolio (Class A) (b)		4,698,191		51,351,223
MFS Value Portfolio (Class A) (a)		5,044,370		92,715,521
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b)		1,094,549		18,071,007
Affiliated Investment Companies—(Continued)
Neuberger Berman Genesis Portfolio (Class A) (a)		1,630,080		29,455,537
Oppenheimer Global Equity Portfolio (Class A) (b)		1,302,141		26,485,549
T. Rowe Price Large Cap Growth Portfolio (Class A) (a)		4,457,248		110,361,460
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		2,574,865		92,540,658
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		2,231,799		27,942,129
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		1,192,106		27,895,275
Van Eck Global Natural Resources Portfolio (Class A) (a)		5,197,216		58,832,485
WMC Core Equity Opportunities Portfolio (Class A) (a)		2,136,755		92,158,261
WMC Large Cap Research Portfolio (Class A) (b)		4,473,695		64,823,848
Total Mutual Funds (Cost $1,496,932,926)				1,801,159,800
Total Investments—100.0% (Cost $1,496,932,926) (d)				1,801,159,800
Other assets and liabilities (net)—0.0%				(504,539	)
Net Assets—100.0%			$	1,800,655,261

(a) A Portfolio of Metropolitan Series Fund. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(b) A Portfolio of Met Investors Series Trust. (See Note 6 of the Notes to Financial Statements for a summary of transactions in the securities of affiliated issuers.)

(c) Non-income producing security.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,531,260,935. The aggregate unrealized appreciation and depreciation of investments were $286,484,699 and $(16,585,834), respectively, resulting in net unrealized appreciation of $269,898,865 for federal income tax purposes.

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	1,801,159,800	$	—	$	—	$	1,801,159,800
Total Investments	$	1,801,159,800	$	—	$	—	$	1,801,159,800

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Affiliated investments at value (a)	$	1,801,159,800
Receivable for:
Investments sold		209,163
Fund shares sold		175,440
Total Assets		1,801,544,403
Liabilities
Payables for:
Fund shares redeemed		384,603
Accrued expenses:
Management fees		108,534
Distribution and service fees		248,918
Deferred trustees’ fees		111,560
Other expenses		35,527
Total Liabilities		889,142
Net Assets	$	1,800,655,261
Net assets consist of:
Paid in surplus	$	1,375,025,186
Undistributed net investment income		24,042,354
Accumulated net realized gain		97,360,847
Unrealized appreciation on affiliated investments		304,226,874
Net Assets	$	1,800,655,261
Net Assets
Class A	$	631,639,932
Class B		1,169,015,329
Capital Shares Outstanding*
Class A		45,010,389
Class B		83,648,944
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.03
Class B		13.98

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of affiliated investments was $1,496,932,926.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from affiliated investments	$	17,138,050
Total investment income		17,138,050
Expenses
Management fees		1,293,628
Administration fees		22,323
Deferred expense reimbursement		68,214
Custodian and accounting fees		25,277
Distribution and service fees—Class B		2,996,675
Audit and tax services		26,310
Legal		35,265
Trustees’ fees and expenses		45,669
Miscellaneous		6,423
Total expenses		4,519,784
Net Investment Income		12,618,266
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Affiliated investments		123,281,321
Capital gain distributions from Affiliated Underlying Portfolios		82,767,075
Net realized gain		206,048,396
Net change in unrealized depreciation on affiliated investments		(126,655,012	)
Net realized and unrealized gain		79,393,384
Net Increase in Net Assets From Operations	$	92,011,650

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	12,618,266		$	12,510,544
Net realized gain		206,048,396			87,220,247
Net change in unrealized appreciation (depreciation)		(126,655,012	)		296,960,137
Increase in net assets from operations		92,011,650			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		(145,510,433	)		415,127,110
Total increase (decrease) in net assets		(68,008,308	)		802,800,224
Net Assets
Beginning of period		1,868,663,569			1,065,863,345
End of period	$	1,800,655,261		$	1,868,663,569
Undistributed net investment income
End of period	$	24,042,354		$	14,185,143

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		1,212,369		$	16,611,001			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		(4,686,992	)		(64,293,621	)		(5,808,570	)		(69,512,462	)
Net increase (decrease)		(3,023,280	)	$	(41,724,894	)		41,495,828		$	467,918,831
Class B
Sales		5,347,753		$	72,593,786			9,511,395		$	112,021,339
Reinvestments		649,339			8,551,799			754,879			8,281,024
Redemptions		(13,551,678	)		(184,931,124	)		(14,650,878	)		(173,094,084	)
Net decrease		(7,554,586	)	$	(103,785,539	)		(4,384,604	)	$	(52,791,721	)
Increase (decrease) derived from capital shares transactions				$	(145,510,433	)				$	415,127,110

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.46		$	10.48		$	9.03		$	9.68		$	8.39
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.12			0.02			0.09			(0.01	)		0.08
Net realized and unrealized gain (loss) on investments		0.58			3.07			1.44			(0.51	)		1.33
Total from investment operations		0.70			3.09			1.53			(0.52	)		1.41
Less Distributions
Distributions from net investment income		(0.13	)		(0.11	)		(0.08	)		(0.13	)		(0.12	)
Total distributions		(0.13	)		(0.11	)		(0.08	)		(0.13	)		(0.12	)
Net Asset Value, End of Period	$	14.03		$	13.46		$	10.48		$	9.03		$	9.68
Total Return (%) (b)		5.24			29.77			17.05			(5.57	)		16.92
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.08			0.10			0.10			0.10			0.11
Net ratio of expenses to average net assets (%) (c) (d)		0.08			0.10			0.10			0.10			0.10
Ratio of net investment income (loss) to average net assets (%) (e)		0.85			0.15			0.89			(0.08	)		0.87
Portfolio turnover rate (%)		17			13			13			23			13
Net assets, end of period (in millions)	$	631.6		$	646.3		$	68.5		$	56.3		$	1.2
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	13.40		$	10.43		$	8.99		$	9.64		$	8.37
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.13			0.07			0.06			0.09
Net realized and unrealized gain (loss) on investments		0.60			2.93			1.43			(0.60	)		1.28
Total from investment operations		0.68			3.06			1.50			(0.54	)		1.37
Less Distributions
Distributions from net investment income		(0.10	)		(0.09	)		(0.06	)		(0.11	)		(0.10	)
Total distributions		(0.10	)		(0.09	)		(0.06	)		(0.11	)		(0.10	)
Net Asset Value, End of Period	$	13.98		$	13.40		$	10.43		$	8.99		$	9.64
Total Return (%) (b)		5.09			29.51			16.74			(5.78	)		16.50
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.33			0.35			0.35			0.35			0.36
Net ratio of expenses to average net assets (%) (c) (d)		0.33			0.35			0.35			0.35			0.35
Ratio of net investment income to average net assets (%) (e)		0.60			1.07			0.67			0.61			1.02
Portfolio turnover rate (%)		17			13			13			23			13
Net assets, end of period (in millions)	$	1,169.0		$	1,222.3		$	997.4		$	945.4		$	798.0

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) The ratio of operating expenses to average net assets does not include expenses of the Underlying Portfolios in which the Portfolio invests.

(d) Includes the effects of expenses reimbursed by the Adviser (see Note 5 of the Notes to Financial Statements).

(e) Recognition of net investment income by the 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-9

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 (the “Asset Allocation Portfolio”), which is diversified. Shares in the Asset Allocation Portfolio are not offered directly to the general public and are currently available only to separate accounts established by Metropolitan Life Insurance Company (“MetLife”) and other affiliated life insurance companies.

The Asset Allocation Portfolio has registered four classes of shares: Class A, B, C and E shares. Class A and B shares are currently offered by the Asset Allocation Portfolio. Shares of each Class of the Asset Allocation Portfolio represent an equal pro rata interest in the Asset Allocation Portfolio and generally give the shareholder the same voting, dividend, liquidation, and other rights. Investment income, realized and unrealized capital gains and losses, the common expenses of the Asset Allocation Portfolio, and certain Asset Allocation Portfolio-level expense reductions, if any, are allocated on a pro rata basis to each Class based on the relative net assets of each Class to the net assets of the Asset Allocation Portfolio. Each Class of shares differs in its respective distribution plan and such distribution expenses are allocated to that Class.

The Asset Allocation Portfolio is designed on established principles of asset allocation to achieve a specific risk profile. The Asset Allocation 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 December 31, 2014 through the date the financial statements were issued. The Asset Allocation Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Asset Allocation Portfolio in the preparation of its financial statements.

Valuation - Investments in the Underlying Portfolios are valued at their closing daily net asset value. The net asset value of the Asset Allocation Portfolio is calculated based on the net asset values of the Underlying Portfolios in which the Asset Allocation 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 - Asset Allocation Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date. Realized gains and losses on investments 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 Asset Allocation Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to 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 Asset Allocation Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Asset Allocation Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Asset Allocation Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Asset Allocation Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-10

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Underlying Portfolios may be exposed to counterparty risk, or the risk that an entity with which the Underlying Portfolios have unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Underlying Portfolios to credit and counterparty risk consist principally of cash due from counterparties and investments. The Underlying Portfolios manage counterparty risk by entering into agreements only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Underlying Portfolios’ investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of their trading partners, (ii) monitoring and/or limiting the amount of their net exposure to each individual counterparty based on the adviser’s assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Underlying Portfolios restrict their exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom the Underlying Portfolios undertake a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

The Asset Allocation Portfolio’s prospectus includes a discussion of the principal risks of investing in the Asset Allocation Portfolio and 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 Asset Allocation Portfolio, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	315,659,251	$	0	$	380,317,571

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - 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 Asset Allocation 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 Asset Allocation Portfolio’s Management Agreement, the Asset Allocation Portfolio pays the Adviser a monthly fee based upon annual rates applied to the Asset Allocation Portfolio’s average daily net assets as follows:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$1,293,628		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 Asset Allocation 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 Asset Allocation Portfolio. The Expense Limitation Agreement was in effect with respect to the Asset Allocation 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 Asset Allocation

MIST-11

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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 Asset Allocation 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 Asset Allocation Portfolio’s average daily net assets:

Maximum Expense Ratio under Current Expense Limitation Agreement
Class A	Class B
0.10%	0.35%

If, in any year in which the Management Agreement is still in effect, the estimated aggregate operating expenses of the Asset Allocation 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 Asset Allocation 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 Asset Allocation 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 December 31, 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 year ended December 31, 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 Asset Allocation 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 Asset Allocation 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 Asset Allocation Portfolio, may pay annually up to 0.50% of the average daily net assets of the Asset Allocation 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 Asset Allocation Portfolio attributable to its Class B Shares. Amounts incurred by the Asset Allocation Portfolio for the year ended December 31, 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 Asset Allocation 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 Asset Allocation Portfolio under the Plan is reflected as Deferred trustees’ fees in the Statement of Assets and Liabilities.

6. Transactions in Securities of Affiliated Issuers

The Asset Allocation Portfolio does not invest in the Underlying Portfolios for the purpose of exercising control; however, investments by the Asset Allocation Portfolio within its principal investment strategies may represent a significant portion of the Underlying Portfolios’ net assets. Transactions in the Underlying Portfolios for the year ended December 31, 2014 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
Baillie Gifford International Stock		7,047,790		149,147		(1,044,892	)		6,152,045
BlackRock Capital Appreciation		2,505,725		9,855		(715,352	)		1,800,228
BlackRock Large Cap Value		4,688,404		2,064,270		(230,182	)		6,522,492

MIST-12

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
Clarion Global Real Estate		7,979,733		216,016		(2,294,310	)		5,901,439
ClearBridge Aggressive Growth		8,436,377		30,923		(1,539,286	)		6,928,014
Frontier Mid Cap Growth		1,020,730		97,055		(369,707	)		748,078
Goldman Sachs Mid Cap Value		2,389,858		539,415		(1,217,699	)		1,711,574
Harris Oakmark International		4,353,531		647,083		(85,732	)		4,914,882
Invesco Comstock		7,768,499		95,824		(2,029,452	)		5,834,871
Invesco Mid Cap Value		—		925,670		(18,165	)		907,505
Invesco Small Cap Growth		2,299,893		294,287		(234,577	)		2,359,603
Jennison Growth		8,348,024		537,812		(2,119,851	)		6,765,985
JPMorgan Small Cap Value		1,694,510		259,913		(80,877	)		1,873,546
Loomis Sayles Small Cap Growth		3,178,318		440,673		(1,331,868	)		2,287,123
Met/Artisan International		—		5,267,743		(34,955	)		5,232,788
Met/Artisan Mid Cap Value		157,150		1,259		(23,872	)		134,537
Met/Dimensional International Small Company		4,456,244		849,160		(226,358	)		5,079,046
MetLife Small Cap Value (formerly, Third Avenue Small Cap Value)		1,613,240		77,448		(78,420	)		1,612,268
MFS Emerging Markets Equity		7,754,220		535,788		(2,266,152	)		6,023,856
MFS Research International		6,150,753		208,855		(1,661,417	)		4,698,191
MFS Value		5,308,269		370,613		(634,512	)		5,044,370
Morgan Stanley Mid Cap Growth		2,609,224		46,637		(1,561,312	)		1,094,549
Neuberger Berman Genesis		1,659,725		13,607		(43,252	)		1,630,080
Oppenheimer Global Equity		—		1,311,907		(9,766	)		1,302,141
T. Rowe Price Large Cap Growth		5,388,791		434,396		(1,365,939	)		4,457,248
T. Rowe Price Large Cap Value		2,924,611		47,263		(397,009	)		2,574,865
T. Rowe Price Mid Cap Growth		3,454,542		364,143		(1,586,886	)		2,231,799
T. Rowe Price Small Cap Growth		396,540		850,784		(55,218	)		1,192,106
Van Eck Global Natural Resources		5,147,395		505,816		(455,995	)		5,197,216
WMC Core Equity Opportunities		1,759,025		496,216		(118,486	)		2,136,755
WMC Large Cap Research		—		4,675,147		(201,452	)		4,473,695
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Underlying Portfolios		Capital Gain Distributions from Underlying Portfolios		Dividend Income from Underlying Portfolios			Ending Value as of December 31, 2014
Baillie Gifford International Stock	$	2,077,529	$	—	$	1,027,876		$	61,951,096
BlackRock Capital Appreciation		5,790,142		—		58,671			74,151,408
BlackRock Large Cap Value		758,530		13,138,759		721,057			64,507,451
Clarion Global Real Estate		10,009,469		—		1,710,981			73,354,888
ClearBridge Aggressive Growth		13,639,494		—		349,763			110,640,382
Frontier Mid Cap Growth		932,849		3,222,933		—			27,888,360
Goldman Sachs Mid Cap Value		3,746,520		7,494,875		332,342			27,967,112
Harris Oakmark International		837,440		7,672,486		2,086,188			78,343,217
Invesco Comstock		13,792,762		—		1,312,507			92,132,610
Invesco Mid Cap Value		19,354		—		—			18,476,810
Invesco Small Cap Growth		2,534,011		5,139,235		—			46,295,413
Jennison Growth		14,272,477		6,852,325		336,999			109,811,929
JPMorgan Small Cap Value		197,410		3,950,280		360,939			33,892,448
Loomis Sayles Small Cap Growth		3,522,995		5,792,635		—			33,620,702
Met/Artisan International		1,354		—		—			52,537,192
Met/Artisan Mid Cap Value		2,475,694		—		301,550			36,565,680
Met/Dimensional International Small Company		1,636,164		2,529,849		1,619,616			75,373,038
MetLife Small Cap Value (formerly, Third Avenue Small Cap Value)		831,900		1,349,704		93,796			33,067,620
MFS Emerging Markets Equity		6,959,246		—		884,283			57,949,491
MFS Research International		4,427,189		—		1,768,152			51,351,223
MFS Value		5,503,573		4,449,339		1,594,652			92,715,521
Morgan Stanley Mid Cap Growth		4,941,144		—		21,999			18,071,007
Neuberger Berman Genesis		306,198		—		114,796			29,455,537
Oppenheimer Global Equity		1,944		—		—			26,485,549
T. Rowe Price Large Cap Growth		9,531,088		8,961,985		78,476			110,361,460
T. Rowe Price Large Cap Value		4,916,988		—		1,445,746			92,540,658
T. Rowe Price Mid Cap Growth		5,720,983		3,977,630		—			27,942,129

MIST-13

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 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 December 31, 2014
T. Rowe Price Small Cap Growth	$	190,149	$	689,238	$	1,545	$	27,895,275
Van Eck Global Natural Resources		2,370,148		1,195,229		384,731		58,832,485
WMC Core Equity Opportunities		1,125,647		6,350,573		531,385		92,158,261
WMC Large Cap Research		210,930		—		—		64,823,848
	$	123,281,321	$	82,767,075	$	17,138,050	$	1,801,159,800

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$14,509,525	$	9,017,814	$	—	$	—	$	14,509,525	$	9,017,814

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$24,153,914	$	131,688,856	$	269,898,865	$	—	$	425,741,635

The Asset Allocation Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Asset Allocation Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

During the year ended December 31, 2014, the Asset Allocation Portfolio utilized capital loss carryforwards of $45,809,779.

9. Acquisition

At the close of business on April 26, 2013, the Asset Allocation 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 Asset Allocation 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 Asset Allocation 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 Asset Allocation 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

MIST-14

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Asset Allocation Portfolio were recorded at fair value; however, the cost basis of the investments received by the Asset Allocation Portfolio from Zenith Equity were carried forward to align ongoing reporting of the Asset Allocation Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of the Asset Allocation 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 Asset Allocation 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 Asset Allocation 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, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Asset Allocation Portfolio’s financial statement disclosures.

MIST-15

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MetLife Asset Allocation 100 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 the MetLife Asset Allocation 100 Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the transfer agent. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the MetLife Asset Allocation 100 Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-16

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-17

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-18

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with MetLife Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser that the Adviser had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its investment management activities, trading practices, financial condition, relevant personnel matters and compliance program, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser regularly review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding material information related to those reviews and assessments.

The Board further considered the provision of investment advisory services by the Adviser to the Asset Allocation Portfolios (i.e., MetLife Asset Allocation 20 Portfolio, MetLife Asset Allocation 40 Portfolio, MetLife Asset Allocation 60 Portfolio, MetLife Asset Allocation 80 Portfolio and MetLife Asset Allocation 100 Portfolio) and the American Funds of Funds (i.e., American Funds Balanced Allocation Portfolio, American Funds Growth Allocation Portfolio and American Funds Moderate Allocation Portfolio). With respect to the Asset Allocation Portfolios, the Board noted that the Adviser has hired an independent consultant to provide research and consulting services with respect to the periodic asset allocation targets for each of the Asset Allocation Portfolios and to investments

MIST-19

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

in other Portfolios of the Trusts (the “Underlying Portfolios”), which may assist the Adviser with the selection of Underlying Portfolios for inclusion in each Asset Allocation Portfolio. Additionally, the Board considered that a committee, consisting of investment professionals from across the Adviser, meets periodically to review the asset allocations and discuss the performance of the Asset Allocation Portfolios and the American Funds of Funds.

The Board further considered and found that the advisory fee to be paid to the Adviser with respect to each Asset Allocation Portfolio and American Fund of Funds was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the Underlying Portfolios in which the Portfolio invests.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance. The Board focused particular attention on Portfolios with less favorable performance records.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”) and a narrower group of peer funds (“Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report.

The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. In the case of the Asset Allocation Portfolios, the Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the Underlying Portfolios of the Trust in which the Asset Allocation Portfolios invest. The Board further considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Portfolios, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board considered the effective fees under the Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MIST-20

Met Investors Series Trust

MetLife Asset Allocation 100 Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

MetLife Asset Allocation 100 Portfolio (formerly, MetLife Aggressive Strategy Portfolio). The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreement with the Adviser regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed both the median of its Performance Universe and its Lipper Index for the one-year period ended June 30, 2014 and underperformed both the median of its Performance Universe and its Lipper Index for the three- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Aggressive AA Broad Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board also noted that the Portfolio underperformed its other benchmark, the Dow Jones Aggressive Index, for the one- and five-year periods ended October 31, 2014 and outperformed the Dow Jones Aggressive Index for the three-year period ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were below the Expense Group median and equal to the Expense Universe median. The Board also noted that the Portfolio’s total expenses (exclusive of 12b-l fees) were above the Expense Group median and below the Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size.

MIST-21

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Managed by MetLife Advisers, LLC and Pacific Investment Management Company LLC

Portfolio Manager Commentary*

For the one year period ended December 31, 2014, the Class B shares of the MetLife Balanced Plus Portfolio returned 9.65%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

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 their accommodative stance during the first half of the year. Despite the weak first quarter, the U.S. Federal Reserve (the “Fed”) continued tapering its asset purchases and remained on track to conclude their 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 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 and investors beginning to embrace the view that policy rates would remain lower than historical norms suggested.

Far from the typical summer lull, the third quarter was marked by geopolitical tension and diverging markets. Most developed market government yields were led lower by easy central bank policies, while credit market yields backed up. Equity markets somersaulted their way to modest gains in the U.S., but were flat or slightly negative in many other regions as economic data varied. U.S. growth became more sure-footed, but the eurozone recovery sputtered and growth decelerated in parts of Asia. In addition to headline volatility around central bank actions and the Scottish independence referendum, geopolitical tensions flared in Ukraine and the Middle East.

Evidence of global growth divergence was further borne out in the final quarter of 2014, but the most defining event of the quarter was the sharp decline in oil prices and accompanying market volatility. Growth in the U.S. exceeded expectations and handily outpaced its peers in the developed world, especially Japan and Europe, which continued to struggle. Meanwhile, oil prices plunged nearly 40% as still weak global growth brought concerns about oil demand and OPEC’s (Organization of the Petroleum Exporting Countries) decision not to cut production led to a supply glut. The uneven growth and drop in oil led to bouts of market volatility that dissipated quickly but still managed to leave certain risk sectors bruised. Core bonds in developed markets rallied over the quarter as weak growth and lower oil prices kept many central banks in easing mode.

TOTAL PORTFOLIO REVIEW/ PERIOD END POSITIONING

The MetLife Balanced Plus Portfolio was composed of two sleeves. 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”) are designed to keep the Portfolio’s overall volatility level within the desired range by dynamically changing its total equity exposure in response to measures of implied equity market volatility. To gain and actively manage this equity exposure, the Overlay Sleeve’s subadviser, Pacific Investment Management Company LLC (“PIMCO”), invested in equity index derivative instruments and various fixed income instruments that served as collateral for the equity derivative exposures.

Combining the two sleeves, the equity exposure of the Portfolio was at its maximum of 70% for the majority of the period as well as at the year end. However, short bouts of volatility activated de-risking which resulted in brief periods of lower Portfolio equity allocations in February, October, and December.

BASE SLEEVE PORTFOLIO REVIEW / PERIOD END POSITIONING

The Base Sleeve Portfolio generated a positive return for investors over the twelve month period. A modest overweight to domestic equity contributed positively while security selection in a handful of underlying portfolios weighed on relative result. From a security selection perspective, domestic equity portfolios in aggregate did not add value during the past year. The Met/Artisan Mid Cap Value Portfolio and the Morgan Stanley Mid Cap Growth Portfolio were two noticeable underperformers. The Met/Artisan Mid Cap Value Portfolio substantially lagged the Russell Mid Cap Value Index driven largely by its Energy sector holdings. An overweight position in the sector as well as stock selection within the sector weighed heavily on results. The portfolio’s holdings in a number of oil & gas exploration and production companies, and drilling companies, were among the largest decliners within the Energy sector as stock prices of these companies were most impacted by plunging oil prices. For the Morgan Stanley Mid Cap Growth Portfolio, underperformance was primarily attributable to stock selection in the Technology sector. A

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)

number of holdings in the internet and software space, which enjoyed strong returns in 2013, struggled during the growth sell-off in the spring of 2014, and therefore hampered the portfolio’s relative performance. The Neuberger Berman Genesis Portfolio was another performance detractor. Weak relative return was largely driven by a lack of exposure in real estate investment trusts (“REITs”), which performed strongly in 2014. The team generally does not invest in REITs as these companies do not meet the team’s investment philosophy: strong cash flow generating capabilities, the ability to finance their own growth, and high barriers to entry. On the positive side, the ClearBridge Aggressive Growth Portfolio considerably outpaced its benchmark. Strong stock selection in the Health Care, Technology, and Consumer Discretionary sectors generated significant contributions to relative performance. An overweight to the Health Care sector further enhanced return.

Within the equity portfolios that invest outside the U.S., the Van Eck Global Natural Resources Portfolio was the top detractor as the Energy sector sold off due to plummeting oil prices. The MFS Research International Portfolio also hindered the Base Sleeve’s relative results to some extent due to its weak stock selection in the Industrials, Consumer Discretionary, and Financials sectors. Conversely, the Clarion Global Real Estate Portfolio contributed positively, as the REITs industry surged in the past year. The Clarion portfolio serves as a good diversifier in the underlying portfolio line-up, especially to balance off the other portfolios whose managers do not invest in REITs. Since being added to the Base Sleeve in the beginning of May, the Met/Artisan International Portfolio also contributed positively, benefiting from a minimal exposure to the Energy sector in addition to solid stock selection in the Technology and Health Care sectors.

Among all the fixed income underlying portfolios, the BlackRock Bond Income Portfolio produced the largest positive contribution to the Base Sleeve’s relative performance. The portfolio outperformed the Barclays U.S. Aggregate Bond Index due largely to its yield curve positioning. Yields on the long end of the U.S. yield curve declined significantly as curve flattened throughout the year; bonds with a long maturity delivered remarkable returns in 2014. The portfolio benefited from an overweight to longer dated bonds. Additionally, the portfolio’s holdings in securitized assets added value as investors’ demand for yield boosted the returns of this sector. The Met/Templeton International Bond Portfolio also contributed positively. Despite a modest detraction from its defensive interest rate position, the portfolio significantly benefited from a sizable underweight to the euro and the Japanese yen, as both currencies experienced a large depreciation against the U.S. dollar. Conversely, the Met/Franklin Low Duration Total Return Portfolio and the PIMCO Inflation Protected Bond Portfolio detracted from the Base Sleeve’s relative result due to the underperformance of these two groups of bonds: short dated bonds lagged long dated bonds as a result of curve flattening and inflation protected bonds trailed bonds with similar maturities as inflation expectations moderated over the course of the year.

OVERLAY SLEEVE PORTFOLIO REVIEW

The Portfolio’s Overlay Sleeve maintained a maximum allocation to equities during much of the year as a result of low volatility in financial markets. This equity overweight contributed a total of approximately 40% to overall Portfolio equity exposure and resulted in positive absolute and relative returns, given the outperformance of U.S. equity markets. Equity exposure in the Overlay Sleeve was obtained by purchasing S&P 500 Index futures contracts. Since the performance of the S&P 500 Index futures contracts was substantially similar to that of the underlying securities, PIMCO used these derivatives as risk-neutral and cost-effective substitutes for physical securities.

The collateral backing the derivative exposure within the Overlay Sleeve was composed primarily of U.S Treasuries, but also included modest exposures to high quality Corporates, Agencies, Sovereigns, and Municipal bonds. During the year, PIMCO maintained a modest underweight to the long end of the curve. While this underweight detracted from returns, a focus on intermediate maturities in the 10- to 15-year portion of the curve more than offset this negative impact due to the significant rally in yields beyond the 5-year maturity point. Modest exposures to Government-Related bonds and duration exposure in Canada also added to returns as they outperformed like-duration Treasuries over the period.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

MetLife Balanced Plus Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		Since Inception2
MetLife Balanced Plus Portfolio
Class B		9.65		8.38
Dow Jones Moderate Index		5.35		6.70

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
BlackRock Bond Income Portfolio (Class A)		7.8
PIMCO Total Return Portfolio (Class A)		6.9
JPMorgan Core Bond Portfolio (Class A)		6.3
Western Asset Management U.S. Government Portfolio (Class A)		3.4
Harris Oakmark International Portfolio (Class A)		3.3
Met/Franklin Low Duration Total Return Portfolio (Class A)		3.3
Western Asset Management Strategic Bond Opportunities Portfolio (Class A)		3.1
Baillie Gifford International Stock Portfolio (Class A)		2.4
Met/Templeton International Bond Portfolio (Class A)		2.3
MFS Research International Portfolio (Class A)		2.3

Top Sectors

	% of Net Assets
Mutual Funds		67.7
U.S. Treasury & Government Agencies		21.1
Corporate Bonds & Notes		3.1
Foreign Government		0.7
Municipals		0.2
Mortgage-Backed Securities		0.2

MIST-3

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)(b)	Actual		0.94	%	$	1,000.00	$	1,021.80	$	4.79
	Hypothetical*		0.94	%	$	1,000.00	$	1,020.47	$	4.79

* 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 (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

^(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 December 31, 2014

Mutual Funds—67.7% of Net Assets

Security Description	Shares		Value
Affiliated Investment Companies—67.7%
Baillie Gifford International Stock Portfolio (Class A) (a)		26,146,656	$	263,296,829
BlackRock Bond Income Portfolio (Class A) (a)		7,824,602		868,296,039
BlackRock Capital Appreciation Portfolio (Class A) (a)		1,414,937		58,281,264
BlackRock High Yield Portfolio (Class A) (b)		13,050,527		107,144,826
Clarion Global Real Estate Portfolio (Class A) (b)		12,590,425		156,498,985
ClearBridge Aggressive Growth Portfolio (Class A) (b)		3,584,760		57,248,623
Frontier Mid Cap Growth Portfolio (Class A) (a)		1,528,419		56,979,474
Goldman Sachs Mid Cap Value Portfolio (Class A) (b)		10,608,725		173,346,569
Harris Oakmark International Portfolio (Class A) (b)		23,365,214		372,441,504
Invesco Comstock Portfolio (Class A) (b)		3,568,395		56,344,954
Invesco Small Cap Growth Portfolio (Class A) (b)		5,798,528		113,767,114
Jennison Growth Portfolio (Class A) (a)		4,223,413		68,545,995
JPMorgan Core Bond Portfolio (Class A) (b)		66,892,502		700,364,500
JPMorgan Small Cap Value Portfolio (Class A) (b)		6,207,281		112,289,714
Met/Artisan International Portfolio (Class A) (b) (h)		21,000,052		210,840,525
Met/Artisan Mid Cap Value Portfolio (Class A) (a)		589,452		160,207,136
Met/Dimensional International Small Company Portfolio (Class A) (a)		9,791,843		145,310,951
Met/Eaton Vance Floating Rate Portfolio (Class A) (b)		15,426,915		159,051,491
Met/Franklin Low Duration Total Return Portfolio (Class A) (b)		37,353,697		372,416,363
Met/Templeton International Bond Portfolio (Class A) (b)		23,104,853		261,546,938
MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio) (Class A) (b)		5,332,374		109,367,000
MFS Emerging Markets Equity Portfolio (Class A) (b)		14,794,507		142,323,158
MFS Research International Portfolio (Class A) (b)		23,511,728		256,983,189
MFS Value Portfolio (Class A) (a)		3,148,265		57,865,106
Morgan Stanley Mid Cap Growth Portfolio (Class A) (b)		9,821,036		162,145,297
Neuberger Berman Genesis Portfolio (Class A) (a)		4,201,925		75,928,789
Oppenheimer Global Equity Portfolio (Class A) (b)		2,607,272		53,031,921
PIMCO Inflation Protected Bond Portfolio (Class A) (b)		21,183,295		213,527,615
PIMCO Total Return Portfolio (Class A) (b)		63,389,303		766,376,677
T. Rowe Price Large Cap Value Portfolio (Class A) (b)		1,602,018		57,576,510
Affiliated Investment Companies—(Continued)
T. Rowe Price Mid Cap Growth Portfolio (Class A) (b)		7,159,425	$	89,635,997
T. Rowe Price Small Cap Growth Portfolio (Class A) (a)		4,928,155		115,318,833
Van Eck Global Natural Resources Portfolio (Class A) (a)		11,606,640		131,387,162
Western Asset Management Strategic Bond Opportunities Portfolio (Class A) (a)		26,005,759		349,257,338
Western Asset Management U.S. Government Portfolio (Class A) (a)		30,885,440		374,022,679
WMC Core Equity Opportunities Portfolio (Class A) (a)		1,285,222		55,431,612
WMC Large Cap Research Portfolio (Class A) (b)		3,844,546		55,707,475
Total Mutual Funds (Cost $7,168,180,882)				7,540,106,152
U.S. Treasury & Government Agencies—21.1%
Federal Agencies—1.3%
Federal Home Loan Mortgage Corp. 1.750%, 05/30/19		36,000,000		36,199,584
2.375%, 01/13/22		10,500,000		10,608,087
6.250%, 07/15/32		30,000,000		43,849,020
Federal National Mortgage Association 6.625%, 11/15/30		1,300,000		1,930,310
Residual Funding Corp. Principal Strip Zero Coupon, 10/15/19		24,600,000		22,368,534
Zero Coupon, 07/15/20		33,405,000		29,670,488
				144,626,023
U.S. Treasury—19.8%
U.S. Treasury Bonds
2.750%, 11/15/42		11,500,000		11,488,316
2.875%, 05/15/43		126,000,000		128,874,312
3.000%, 05/15/42		3,000,000		3,153,282
3.125%, 11/15/41 (c)		206,900,000		223,290,411
3.125%, 02/15/42 (c)		149,100,000		160,503,764
3.125%, 02/15/43		61,200,000		65,708,726
3.125%, 08/15/44		13,100,000		14,102,962
3.375%, 05/15/44		58,495,000		65,852,560
4.250%, 11/15/40		177,700,000		230,038,159
4.375%, 02/15/38		105,600,000		138,179,290
4.375%, 11/15/39		33,600,000		44,058,000
4.375%, 05/15/40		7,100,000		9,333,724
4.375%, 05/15/41 (c)		93,500,000		124,018,961
4.500%, 05/15/38		63,000,000		83,942,586
4.625%, 02/15/40		7,000,000		9,515,625
5.250%, 02/15/29		131,000,000		176,113,125
5.375%, 02/15/31		8,000,000		11,150,624
5.500%, 08/15/28		59,900,000		81,782,189
6.000%, 02/15/26		26,700,000		36,593,605
6.250%, 08/15/23		88,000,000		117,170,592

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
U.S. Treasury—(Continued)
U.S. Treasury Bonds
6.500%, 11/15/26		39,900,000	$	57,434,175
8.000%, 11/15/21 (c)		57,700,000		80,275,125
U.S. Treasury Floating Rate Note 0.093%, 10/31/16 (d)		63,700,000		63,660,697
U.S. Treasury Inflation Indexed Bonds
2.000%, 01/15/26		4,546,206		5,209,670
3.625%, 04/15/28		5,872,440		8,071,393
U.S. Treasury Notes
1.375%, 02/28/19 (c)		54,000,000		53,708,886
2.000%, 05/31/21 (c)		137,500,000		138,187,500
2.125%, 06/30/21 (c)		10,800,000		10,930,777
3.625%, 02/15/21 (c)		100,000		110,156
U.S. Treasury Principal Strips
Zero Coupon, 11/15/27		39,600,000		29,100,892
Zero Coupon, 05/15/39		6,700,000		3,429,321
Zero Coupon, 11/15/41		24,000,000		11,315,976
Zero Coupon, 11/15/42		6,600,000		2,982,269
				2,199,287,650
Total U.S. Treasury & Government Agencies (Cost $2,202,676,310)				2,343,913,673
Corporate Bonds & Notes—3.1%
Agriculture—0.1%
Philip Morris International, Inc. 6.375%, 05/16/38		5,000,000		6,392,800
Auto Manufacturers—0.1%
BMW U.S. Capital LLC 0.574%, 06/02/17 (d) (e)		9,000,000		8,995,707
Banks—1.9%
Banco del Estado de Chile 2.000%, 11/09/17 (144A)		5,000,000		4,998,915
Banco Santander Brasil S.A. 4.625%, 02/13/17 (144A)		10,200,000		10,570,260
Bank of America Corp. 6.875%, 04/25/18		5,900,000		6,776,622
6.875%, 11/15/18		600,000		697,555
Bank of America N.A. 0.521%, 06/15/16 (d)		2,000,000		1,986,488
0.703%, 02/14/17 (d)		10,000,000		9,970,620
BNP Paribas S.A. 0.692%, 05/07/17 (d)		15,000,000		14,978,610
Credit Agricole S.A. 0.814%, 06/02/17 (144A) (d)		10,000,000		10,016,290
Credit Suisse 1.375%, 05/26/17		10,000,000		9,970,540
2.300%, 05/28/19		10,700,000		10,681,628
Goldman Sachs Group, Inc. (The) 0.860%, 06/04/17 (d)		8,000,000		7,983,512
HSBC Holdings plc 5.250%, 03/14/44		3,000,000		3,360,465
Banks—(Continued)
HSBC USA, Inc. 0.843%, 11/13/19 (d)		20,000,000		19,999,460
Intesa Sanpaolo S.p.A. 1.650%, 04/07/15		16,700,000		16,730,995
JPMorgan Chase & Co. 0.752%, 02/15/17 (d)		18,100,000		18,054,297
0.784%, 04/25/18 (d)		20,000,000		19,954,140
3.450%, 03/01/16		8,400,000		8,621,785
6.125%, 04/30/24 (d)		3,000,000		2,992,470
PNC Bank N.A. 2.250%, 07/02/19		8,000,000		7,987,712
Wells Fargo & Co. 5.900%, 06/15/24 (d)		8,600,000		8,664,500
Wells Fargo Bank N.A. 0.501%, 06/15/17 (d)		21,000,000		21,004,116
				216,000,980
Diversified Financial Services—0.4%
American Express Credit Corp. 0.547%, 09/22/17 (d)		2,500,000		2,485,778
0.793%, 03/18/19 (d)		5,000,000		4,979,150
General Electric Capital Corp. 0.460%, 01/14/16 (d)		14,500,000		14,499,942
LeasePlan Corp. NV 3.000%, 10/23/17 (144A) (f)		5,100,000		5,223,639
MassMutual Global Funding II 2.500%, 10/17/22 (144A)		4,000,000		3,893,588
Navient Corp. 4.625%, 09/25/17		1,400,000		1,421,000
6.250%, 01/25/16		1,560,000		1,622,400
8.450%, 06/15/18		5,840,000		6,511,600
				40,637,097
Electric—0.2%
Duke Energy Corp. 0.636%, 04/03/17 (d)		4,000,000		4,005,348
Electricite de France S.A. 0.691%, 01/20/17 (144A) (d)		10,000,000		10,027,220
2.150%, 01/22/19 (144A)		6,200,000		6,215,265
Ohio Power Co. 5.375%, 10/01/21		949,000		1,097,784
				21,345,617
Insurance—0.1%
New York Life Global Funding 1.125%, 03/01/17 (144A)		6,000,000		5,986,524
Oil & Gas—0.1%
Gazprom OAO Via Gaz Capital S.A. 9.250%, 04/23/19 (144A)		4,200,000		4,281,900
Statoil ASA 2.450%, 01/17/23		5,400,000		5,150,704
				9,432,604

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Software—0.0%
Microsoft Corp. 3.500%, 11/15/42		4,500,000	$	4,264,951
Sovereign—0.1%
Export-Import Bank of Korea 1.750%, 02/27/18		6,700,000		6,662,882
Telecommunications—0.1%
AT&T, Inc. 4.800%, 06/15/44		3,000,000		3,056,868
Verizon Communications, Inc. 0.636%, 06/09/17 (d)		15,000,000		14,970,465
				18,027,333
Transportation—0.0%
Vessel Management Services, Inc. 3.432%, 08/15/36		3,588,000		3,679,659
Total Corporate Bonds & Notes (Cost $342,697,294)				341,426,154
Foreign Government—0.7%
Municipal—0.2%
Junta de Castilla y Leon 6.270%, 02/19/18 (EUR)		7,500,000		10,577,388
6.505%, 03/01/19 (EUR)		7,500,000		11,036,946
				21,614,334
Provincial—0.5%
Province of Ontario Canada 3.450%, 06/02/45 (CAD)		4,600,000		4,090,785
4.600%, 06/02/39 (CAD)		8,600,000		9,044,805
4.650%, 06/02/41 (CAD)		14,800,000		15,809,045
Province of Quebec Canada 5.750%, 12/01/36 (CAD)		22,000,000		26,065,209
				55,009,844
Total Foreign Government (Cost $78,822,982)				76,624,178
Municipals—0.2%
Metropolitan Transportation Authority NY, Dedicated Tax Fund Revenue, Refunding 5.000%, 11/15/29		4,000,000		4,743,800
New Mexico State Hospital Equipment Loan Council Hospital Revenue 5.000%, 08/01/42		1,000,000		1,100,360
New York State Dormitory Authority, State Personal Income Tax Revenue, Refunding 5.000%, 02/15/42		6,000,000		6,762,900
Pennsylvania State Economic Development Financing Authority Unemployment Compensation Revenue, Refunding 5.000%, 07/01/22		4,000,000	$	4,263,720
University of California CA, Revenue 1.796%, 07/01/19		8,500,000		8,427,240
Utah County UT Hospital Revenue, Intermountain Healthcare Health Services, Inc. 5.000%, 05/15/43		2,000,000		2,221,360
Total Municipals (Cost $28,077,870)				27,519,380
Mortgage-Backed Securities—0.2%
Commercial Mortgage-Backed Securities—0.2%
CSMC Trust 3.953%, 09/15/37 (144A)		20,000,000		21,235,380
JPMorgan Chase Commercial Mortgage Securities Trust 4.106%, 07/15/46 (144A)		100,000		106,858
Total Mortgage-Backed Securities (Cost $20,700,840)				21,342,238
Short-Term Investments—7.4%
Certificate of Deposit—0.2%
Credit Suisse International 0.444%, 01/12/15 (d)		25,000,000		25,000,000
Discount Notes—3.0%
Federal Home Loan Bank 0.040%, 01/14/15 (g)		66,800,000		66,799,035
0.078%, 01/29/15 (g)		51,900,000		51,896,771
0.079%, 01/23/15 (g)		56,300,000		56,297,192
0.120%, 08/24/15 (g)		15,000,000		14,988,250
0.130%, 02/25/11 (g)		23,800,000		23,795,273
0.140%, 09/28/15 (g)		85,000,000		84,910,750
0.170%, 09/04/15 (g)		4,000,000		3,995,353
Federal National Mortgage Association 0.092%, 01/22/15 (g)		25,700,000		25,698,576
				328,381,200
U.S. Treasury—4.2%
U.S. Treasury Bills 0.025%, 04/30/15 (g)		4,700,000		4,699,612
0.104%, 02/05/15 (c) (g)		153,000		152,984
0.210%, 12/10/15 (c) (g)		461,239,000		460,327,219
				465,179,815

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Schedule of Investments as of December 31, 2014

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreement—0.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $608,128 on 01/02/15, collateralized by $585,000 Federal National Mortgage Association at 5.000% due 03/15/16 with a value of $625,243.		608,128	$	608,128
Total Short-Term Investments (Cost $819,169,143)				819,169,143
Total Investments—100.4% (Cost $10,660,325,321) (i)				11,170,100,918
Other assets and liabilities (net)—(0.4)%				(39,245,946	)
Net Assets—100.0%			$	11,130,854,972

* 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 December 31, 2014, the market value of securities pledged was $222,831,383.

(d) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(e) Illiquid security. As of December 31, 2014, these securities represent 0.1% of net assets.

(f) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2014, the market value of restricted securities was $5,223,639, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.

(g) The rate shown represents current yield to maturity.

(h) Non-income producing security.

(i) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $10,695,702,277. The aggregate unrealized appreciation and depreciation of investments were $579,036,121 and $(104,637,480), respectively, resulting in net unrealized appreciation of $474,398,641 for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $82,555,839, which is 0.7% of net assets.

(CAD)— Canadian Dollar

(EUR)— Euro

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
LeasePlan Corp. NV		10/15/2012	$	5,100,000	$	5,098,078	$	5,223,639

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
JPY	1,987,300,000	Bank of America N.A.		01/05/15	$	16,571,011	$	20,240
Contracts to Deliver
CAD	57,781,000	Citibank N.A.		03/03/15		50,427,641		759,706
EUR	36,303,000	Goldman Sachs Bank USA		02/19/15		45,280,551		1,332,677
JPY	1,987,300,000	Credit Suisse International		01/05/15		16,793,706		202,455
JPY	1,987,300,000	Bank of America N.A.		02/03/15		16,574,646		(20,522	)
Net Unrealized Appreciation							$	2,294,556

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	$	596,135
90 Day EuroDollar Futures		03/14/16		160		USD	39,562,016		(34,016	)
S&P 500 E-Mini Index Futures		03/20/15		46,377		USD	4,706,633,419		52,574,321
U.S. Treasury Long Bond Futures		03/20/15		1,592		USD	223,889,204		6,254,296
Net Unrealized Appreciation								$	59,390,736

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Schedule of Investments as of December 31, 2014

(CAD)— Canadian Dollar

(EUR)— Euro

(JPY)— Japanese Yen

(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 December 31, 2014:

Description	Level 1			Level 2			Level 3		Total
Total Mutual Funds*	$	7,540,106,152		$	—		$	—	$	7,540,106,152
Total U.S. Treasury & Government Agencies*		—			2,343,913,673			—		2,343,913,673
Total Corporate Bonds & Notes*		—			341,426,154			—		341,426,154
Total Foreign Government*		—			76,624,178			—		76,624,178
Total Municipals		—			27,519,380			—		27,519,380
Total Mortgage-Backed Securities*		—			21,342,238			—		21,342,238
Short-Term Investments
Certificate of Deposit		—			25,000,000			—		25,000,000
Discount Notes		—			328,381,200			—		328,381,200
U.S. Treasury		—			465,179,815			—		465,179,815
Repurchase Agreement		—			608,128			—		608,128
Total Short-Term Investments		—			819,169,143			—		819,169,143
Total Investments	$	7,540,106,152		$	3,629,994,766		$	—	$	11,170,100,918
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	2,315,078		$	—	$	2,315,078
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(20,522	)		—		(20,522	)
Total Forward Contracts	$	—		$	2,294,556		$	—	$	2,294,556
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	59,424,752		$	—		$	—	$	59,424,752
Futures Contracts (Unrealized Depreciation)		(34,016	)		—			—		(34,016	)
Total Futures Contracts	$	59,390,736		$	—		$	—	$	59,390,736

* 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

December 31, 2014

Assets
Investments at value (a)	$	3,629,994,766
Affiliated investments at value (b)		7,540,106,152
Cash denominated in foreign currencies (c)		766
Cash collateral for futures contracts		452,000
Unrealized appreciation on forward foreign currency exchange contracts		2,315,078
Receivable for:
Fund shares sold		5,303,658
Interest		20,700,464
Prepaid expenses		8,551
Total Assets		11,198,881,435
Liabilities
Cash collateral for forward foreign currency exchange contracts		2,190,000
Unrealized depreciation on forward foreign currency exchange contracts		20,522
Payables for:
Investments purchased		4,035,136
Fund shares redeemed		1,268,521
Variation margin on futures contracts		55,606,069
Accrued expenses:
Management fees		2,328,627
Distribution and service fees		2,355,880
Deferred trustees’ fees		50,253
Other expenses		171,455
Total Liabilities		68,026,463
Net Assets	$	11,130,854,972
Net assets consist of:
Paid in surplus	$	9,774,109,584
Undistributed net investment income		228,625,323
Accumulated net realized gain		556,752,207
Unrealized appreciation on investments, affiliated investments, futures contracts and foreign currency transactions		571,367,858
Net Assets	$	11,130,854,972
Net Assets
Class B	$	11,130,854,972
Capital Shares Outstanding*
Class B		951,728,561
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.70

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $3,492,144,439.

(b) Identified cost of affiliated investments was $7,168,180,882.

(c) Identified cost of cash denominated in foreign currencies was $775.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from affiliated investments	$	153,371,530
Interest		67,398,963
Total investment income		220,770,493
Expenses
Management fees		25,792,176
Administration fees		90,826
Custodian and accounting fees		266,721
Distribution and service fees—Class B		26,311,767
Audit and tax services		39,207
Legal		31,511
Trustees’ fees and expenses		43,766
Shareholder reporting		64,457
Insurance		33,244
Miscellaneous		10,653
Total expenses		52,684,328
Less management fee waiver		(443,951	)
Net expenses		52,240,377
Net Investment Income		168,530,116
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		(14,566,981	)
Affiliated investments		138,405,745
Futures contracts		469,021,929
Foreign currency transactions		10,085,433
Capital gain distributions from affiliated Investments		164,974,942
Net realized gain		767,921,068
Net change in unrealized appreciation (depreciation) on:
Investments		327,505,574
Affiliated investments		(242,172,449	)
Futures contracts		(62,711,706	)
Foreign currency transactions		2,072,145
Net change in unrealized appreciation		24,693,564
Net realized and unrealized gain		792,614,632
Net Increase in Net Assets From Operations	$	961,144,748

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	168,530,116		$	137,634,853
Net realized gain		767,921,068			721,618,519
Net change in unrealized appreciation		24,693,564			230,990,927
Increase in net assets from operations		961,144,748			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		1,457,804,077			2,406,968,703
Total increase in net assets		1,421,824,277			3,249,723,006
Net Assets
Beginning of period		9,709,030,695			6,459,307,689
End of period	$	11,130,854,972		$	9,709,030,695
Undistributed net investment income
End of period	$	228,625,323		$	182,854,668

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		64,804,736		$	753,650,852			205,508,134		$	2,299,030,477
Reinvestments		91,900,880			997,124,548			22,747,242			247,489,996
Redemptions		(25,495,727	)		(292,971,323	)		(12,449,546	)		(139,551,770	)
Net increase		131,209,889		$	1,457,804,077			215,805,830		$	2,406,968,703
Increase derived from capital shares transactions				$	1,457,804,077					$	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
	Year Ended December 31,
	2014			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		0.87			1.33			1.06			(0.54	)
Total from investment operations		1.05			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	$	11.70		$	11.83		$	10.68		$	9.46
Total Return (%) (d)		9.65			14.36			13.11			(5.28	)(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (f)		0.50			0.50			0.51			0.54	(g)
Net ratio of expenses to average net assets (%) (f)(h)		0.50			0.50			0.51			0.54	(g)
Ratio of net investment income to average net assets (%) (i)		1.60			1.70			1.55			0.17	(g)
Portfolio turnover rate (%)		13			13			13			10	(e)
Net assets, end of period (in millions)	$	11,130.9		$	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) 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-12

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-13

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. 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.

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

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Notes to Financial Statements—December 31, 2014—(Continued)

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 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $608,128, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the year ended December 31, 2014, the Portfolio held 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

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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.

3. Investments in Derivative Instruments

Forward Foreign Currency Exchange Contracts - The Portfolio may enter into forward foreign currency exchange contracts to obtain investment exposure, enhance return or hedge or protect its portfolio holdings against the risk of future movements in certain foreign currency exchange rates. When entering into these contracts, the Portfolio agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. These contracts are valued daily and the Portfolio’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward foreign exchange rates at the valuation date, is included in the Statement of Assets and Liabilities. When a contract is closed, the Portfolio recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

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Notes to Financial Statements—December 31, 2014—(Continued)

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 December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts* (a)	$	6,850,431	Unrealized depreciation on futures contracts* (a)	$	34,016
Equity	Unrealized appreciation on futures contracts* (a)		52,574,321
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		2,315,078	Unrealized depreciation on forward foreign currency exchange contracts		20,522
Total		$	61,739,830		$	54,538

* 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.

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Notes to Financial Statements—December 31, 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”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	20,240	$	(20,240	)	$	—		$	—
Citibank N.A.		759,706		—			(759,706	)		—
Credit Suisse International		202,455		—			(202,455	)		—
Goldman Sachs Bank USA		1,332,677		—			(1,050,000	)		282,677
	$	2,315,078	$	(20,240	)	$	(2,012,161	)	$	282,677

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
Bank of America N.A.	$	20,522	$	(20,240	)	$	—	$	282

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Foreign Exchange		Total
Investments (a)	$	—	$	(352,896	)	$	—	$	(352,896	)
Forward foreign currency transactions		—		—			10,099,023		10,099,023
Futures contracts		23,908,299		445,113,630			—		469,021,929
	$	23,908,299	$	444,760,734		$	10,099,023	$	478,768,056
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		—		—			2,208,284		2,208,284
Futures contracts		10,416,815		(73,128,521	)		—		(62,711,706	)
	$	10,416,815	$	(73,032,073	)	$	2,208,284	$	(60,406,974	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	1,600,000
Forward foreign currency transactions		122,718,371
Futures contracts long		552,012,425

‡ Averages are based on activity levels during 2014.

(a) Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

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Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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 year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$788,463,960	$	1,895,685,811	$	572,669,182	$	698,938,702

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 year ended December 31, 2014	% per annum			Average Daily Net Assets of the Overlay Portion
$21,792,724		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 year ended December 31, 2014	% per annum			Average Daily Net Assets of the Base Portion
$3,999,452		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.

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 year ended December 31, 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 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 year ended December 31, 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 year ended December 31, 2014 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014
Baillie Gifford International Stock		19,458,168		6,707,292		(18,804	)		26,146,656
BlackRock Bond Income		7,188,496		651,171		(15,065	)		7,824,602
BlackRock Capital Appreciation		1,907,264		57,712		(550,039	)		1,414,937
BlackRock High Yield		11,363,638		1,777,166		(90,277	)		13,050,527
Clarion Global Real Estate		12,132,224		636,808		(178,607	)		12,590,425
ClearBridge Aggressive Growth		5,210,020		33,132		(1,658,392	)		3,584,760
Frontier Mid Cap Growth		2,395,184		312,783		(1,179,548	)		1,528,419
Goldman Sachs Mid Cap Value		11,504,649		2,992,746		(3,888,670	)		10,608,725
Harris Oakmark International		17,856,588		5,523,850		(15,224	)		23,365,214
Invesco Comstock		4,696,526		206,738		(1,334,869	)		3,568,395
Invesco Small Cap Growth		8,659,328		1,221,342		(4,082,142	)		5,798,528
Jennison Growth		4,466,645		446,632		(689,864	)		4,223,413
JPMorgan Core Bond		56,085,068		10,874,830		(67,396	)		66,892,502
JPMorgan Small Cap Value		8,563,723		1,952,409		(4,308,851	)		6,207,281
Met/Artisan International		—		21,014,885		(14,833	)		21,000,052
Met/Artisan Mid Cap Value		352,901		236,969		(418	)		589,452
Met/Dimensional International Small Company		8,230,623		1,568,547		(7,327	)		9,791,843
Met/Eaton Vance Floating Rate		12,628,980		2,810,615		(12,680	)		15,426,915
Met/Franklin Low Duration Total Return		33,306,596		4,077,977		(30,876	)		37,353,697
Met/Templeton International Bond		17,197,032		5,924,339		(16,518	)		23,104,853
MetLife Small Cap Value (formerly, Third Avenue Small Cap Value)		8,267,816		774,338		(3,709,780	)		5,332,374
MFS Emerging Markets Equity		13,011,556		2,090,685		(307,734	)		14,794,507
MFS Research International		28,371,626		3,179,470		(8,039,368	)		23,511,728
MFS Value		3,892,793		383,066		(1,127,594	)		3,148,265
Morgan Stanley Mid Cap Growth		5,692,987		4,172,321		(44,272	)		9,821,036
Neuberger Berman Genesis		3,921,553		283,406		(3,034	)		4,201,925

MIST-21

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Underlying Portfolio	Number of shares held at December 31, 2013			Shares purchased		Shares sold			Number of shares held at December 31, 2014
Oppenheimer Global Equity		—			2,609,128		(1,856	)		2,607,272
PIMCO Inflation Protected Bond		20,244,637			1,281,948		(343,290	)		21,183,295
PIMCO Total Return		62,213,571			4,674,459		(3,498,727	)		63,389,303
T. Rowe Price Large Cap Value		2,107,087			106,233		(611,302	)		1,602,018
T. Rowe Price Mid Cap Growth		—			7,164,792		(5,367	)		7,159,425
T. Rowe Price Small Cap Growth		7,511,270			871,219		(3,454,334	)		4,928,155
Van Eck Global Natural Resources		9,583,186			2,200,765		(177,311	)		11,606,640
Western Asset Management Strategic Bond Opportunities*		22,466,943			3,560,227		(21,411	)		26,005,759
Western Asset Management U.S. Government		27,923,162			2,989,831		(27,553	)		30,885,440
WMC Core Equity Opportunities		—			1,286,171		(949	)		1,285,222
WMC Large Cap Research		—			3,847,404		(2,858	)		3,844,546
*      The Portfolio had ownership of at least 25% of the outstanding voting securities of the Underlying Portfolio as of December 31, 2014. The most recent Annual Report of the Underlying Portfolio is available without charge, upon request, by calling (800) 848-3854 or on the Securities and Exchange Commission’s website at http://www.sec.gov.
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Underlying Portfolios			Capital Gain Distributions from Underlying Portfolios		Dividend Income from Underlying Portfolios			Ending Value as of December 31, 2014
Baillie Gifford International Stock	$	36,399		$	—	$	2,994,493		$	263,296,829
BlackRock Bond Income		9,889			—		28,275,142			868,296,039
BlackRock Capital Appreciation		5,817,510			—		46,725			58,281,264
BlackRock High Yield		47,769			4,713,612		6,420,264			107,144,826
Clarion Global Real Estate		326,932			—		2,670,766			156,498,985
ClearBridge Aggressive Growth		11,284,720			—		232,918			57,248,623
Frontier Mid Cap Growth		3,023,509			8,178,349		—			56,979,474
Goldman Sachs Mid Cap Value		12,182,298			38,258,250		1,696,467			173,346,569
Harris Oakmark International		73,089			32,935,045		8,955,204			372,441,504
Invesco Comstock		7,854,844			—		836,190			56,344,954
Invesco Small Cap Growth		14,904,826			20,278,323		—			113,767,114
Jennison Growth		1,617,665			3,913,726		192,478			68,545,995
JPMorgan Core Bond		(19,452	)		3,369,089		10,455,793			700,364,500
JPMorgan Small Cap Value		16,033,254			21,243,132		1,940,996			112,289,714
Met/Artisan International		1,755			—		—			210,840,525
Met/Artisan Mid Cap Value		33,462			—		720,373			160,207,136
Met/Dimensional International Small Company		5,997			4,875,152		3,121,086			145,310,951
Met/Eaton Vance Floating Rate		359			594,802		5,035,990			159,051,491
Met/Franklin Low Duration Total Return		(1,080	)		—		7,925,179			372,416,363
Met/Templeton International Bond		(12,994	)		—		10,185,839			261,546,938
MetLife Small Cap Value (formerly, Third Avenue Small Cap Value)		22,650,051			7,282,443		506,082			109,367,000
MFS Emerging Markets Equity		(216,570	)		—		1,574,122			142,323,158
MFS Research International		21,368,448			—		8,577,857			256,983,189
MFS Value		5,800,304			3,391,472		1,215,510			57,865,106
Morgan Stanley Mid Cap Growth		177,911			—		51,890			162,145,297
Neuberger Berman Genesis		15,727			—		276,545			75,928,789
Oppenheimer Global Equity		682			—		—			53,031,921
PIMCO Inflation Protected Bond		(299,506	)		—		3,879,891			213,527,615
PIMCO Total Return		(1,093,429	)		—		19,724,037			766,376,677
T. Rowe Price Large Cap Value		3,296,162			—		1,106,506			57,576,510
T. Rowe Price Mid Cap Growth		764			—		—			89,635,997
T. Rowe Price Small Cap Growth		13,655,820			13,627,299		30,555			115,318,833
Van Eck Global Natural Resources		(192,408	)		2,314,248		744,930			131,387,162
Western Asset Management Strategic Bond Opportunities		13,666			—		17,156,785			349,257,338
Western Asset Management U.S. Government		6,608			—		6,820,917			374,022,679
WMC Core Equity Opportunities		205			—		—			55,431,612
WMC Large Cap Research		559			—		—			55,707,475
	$	138,405,745		$	164,974,942	$	153,371,530		$	7,540,106,152

MIST-22

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$460,081,216	$	160,802,324	$	537,043,332	$	86,687,672	$	997,124,548	$	247,489,996

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$394,573,483	$	487,916,549	$	474,305,610	$	—	$	1,356,795,642

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, 2014, the Portfolio had no post-enactment accumulated capital losses.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-23

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MetLife Balanced Plus 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 MetLife Balanced Plus Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statements of operations for the year then ended, the statement of changes in net assets for each of the two years in the periods then ended, and the financial highlights for each of the three years in the period then ended and for the period from May 2, 2011 (commencement of operations) to December 31, 2011. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the transfer agent, custodian, and brokers, when replies were not received from brokers; we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of MetLife Balanced Plus Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and for the period from May 2, 2011 (commencement of operations) to December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-24

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-25

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-26

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-27

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-28

Met Investors Series Trust

MetLife Balanced Plus Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MetLife Balanced Plus Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Pacific Investment Management Company LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

The Board considered the Adviser’s provision of investment advisory services to a portion of the Portfolio (i.e., investing in underlying Portfolios). The Board noted that a committee, consisting of investment professionals from across the Adviser, meets periodically to review the asset allocations and discuss the performance of the Portfolio’s investments in other Portfolios.

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying portfolios in which the Portfolio invests.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year, three-year, and since-inception (beginning May 2, 2011) periods ended June 30, 2014 and underperformed its Blended Index for the one-year, three-year, and since-inception (beginning May 2, 2011) periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Dow Jones Moderate Index, for the one-year, three-year, and since-inception (beginning May 2, 2011) periods ended October 31, 2014. The Board also took into account that the Portfolio underperformed its other benchmark, the Balanced Plus Narrow Index, for the one-year, three-year, and since-inception (beginning May 2, 2011) periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were equal to the Expense Group median and below the Expense Universe median and Sub-advised Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-l fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe. The Board also took into account that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board considered that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

The Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the underlying Portfolios of the Trust in which the Portfolio invests.

MIST-29

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 one year period ended December 31, 2014, the Class B shares of the MetLife Multi-Index Targeted Risk Portfolio returned 9.26%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

MARKET ENVIRONMENT / CONDITIONS

The year 2014 began with severe weather impacting much of the United States and negatively impacting growth and economic indicators; however, as the year went on, improved employment and growth indicators signaled that the U.S. recovery was continuing. The U.S. Federal Reserve finished tapering their bond purchases. The market absorbed the pace of the tapering and U.S. Treasury prices rallied, also supported by increased global liquidity from additional Quantitative Easing from Japanese and European central banks.

Domestically, equities and fixed income were up over the period as the economic recovery continued and unemployment fell. The U.S. equity market was led by large and middle capitalization stocks outperforming small capitalization stocks. International equities in developed markets increased modestly in the beginning of the year spurred by Quantitative Easing from European central banks which outweighed geopolitical concerns from the Ukraine. In the second half of 2014 collapsing oil prices and signs that the economic recovery had not gained traction in Europe caused equities to fall with the MSCI EAFE Index erasing previous gains and ending the year with a loss.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio is composed of two segments. The first segment, (the “Base Sleeve”) is 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% equity. The asset allocation of the Base Sleeve was managed by the Investment Committee of MetLife Advisers, LLC. The second segment (the “Overlay Sleeve”) is 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 contribution to volatility within an 8% to 12% band, subject to a maximum equity allocation of 70%. Realized equity volatility in the period was low relative to historical averages, impacted by an increased diversification benefit as International and Domestic markets became more decoupled and the U.S. multi-year equity rally continued. The lower than average volatility signaled the Portfolio to remain at the maximum equity allocation and, despite the increased equity allocation, the Portfolio experienced volatility below the target band.

The overweight to equity relative to the benchmark benefited the Portfolio during the period as equity markets rallied. A larger exposure to interest rates relative to the benchmark 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 futures and interest rate swaps to manage total market exposures. Equity futures may be used to either increase or decrease equity exposure. During the period, equity futures were used to increase equity allocations and the exposure from the equity derivatives during a period of broadly rising equity markets added to overall Portfolio performance. The Portfolio used S&P 500 e-mini and S&P 400 e-mini contracts from the Chicago Mercantile Exchange (CME) and the Russell 2000 mini and mini MSCI EAFE contracts from the Intercontinental Exchange (ICE). The futures contracts were held in proportion with the Base Sleeve equity exposure to represent a broad market exposure. Interest rate swaps were used to add additional diversification and balance the sources of risk in the Portfolio. During the period, both the equity futures and the interest rate swaps facilitated the total Portfolio return by providing cost-effective and liquid access to the desired market exposures.

As of December 31, 2014, the Portfolio was allocated 69% 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, 11% 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 20% in Foreign

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)

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		Since Inception2
MetLife Multi-Index Targeted Risk Portfolio
Class B		9.26		11.06
Dow Jones Moderate Index		5.35		10.10

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Barclays Aggregate Bond Index Portfolio (Class A)		40.2
MetLife Stock Index Portfolio (Class A)		15.9
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		75.1
Cash and Cash Equivalents		25.3

MIST-3

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)	Actual		0.67	%	$	1,000.00	$	1,020.00	$	3.41
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.83	$	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 (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio reflects the expenses of both the Portfolio and the Underlying Portfolios in which it invests.

MIST-4

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Schedule of Investments as of December 31, 2014

Mutual Funds—75.1% of Net Assets

Security Description	Shares/ Principal Amount*		Value
Affiliated Investment Companies—75.1%
Barclays Aggregate Bond Index Portfolio (Class A) (a)		34,141,090	$	383,063,032
MetLife Mid Cap Stock Index Portfolio (Class A) (a)		2,506,256		47,643,935
MetLife Stock Index Portfolio (Class A) (a)		3,289,506		152,008,070
MSCI EAFE Index Portfolio (Class A) (a)		8,270,143		104,782,713
Russell 2000 Index Portfolio (Class A) (a)		1,430,574		28,768,838
Total Mutual Funds (Cost $687,074,468)				716,266,588
Short-Term Investments—25.3%
Discount Notes—19.1%
Fannie Mae 0.058%, 03/25/15 (b) (c)		34,000,000		33,995,454
0.083%, 01/28/15 (b) (c)		12,700,000		12,699,190
Federal Home Loan Bank 0.048%, 01/16/15 (b)		10,000,000		9,999,792
0.058%, 01/21/15 (b)		18,000,000		17,999,400
0.059%, 01/30/15 (b)		6,000,000		5,999,710
0.060%, 03/25/15 (b)		2,000,000		1,999,723
0.077%, 03/06/15 (b)		8,100,000		8,098,892
0.081%, 01/09/15 (b)		2,500,000		2,499,950
0.082%, 03/27/15 (b)		3,500,000		3,499,328
0.090%, 01/14/15 (b)		13,300,000		13,299,540
0.095%, 04/17/15 (b)		10,000,000		9,997,203
0.100%, 03/04/15 (b)		16,000,000		15,997,245
0.115%, 03/17/15 (b)		32,000,000		31,992,333
Freddie Mac 0.067%, 03/02/11 (b)		8,900,000		8,898,998
0.080%, 03/25/15 (b)		3,000,000		2,999,447
0.100%, 04/07/15 (b)		2,000,000		1,999,467
				181,975,672
U.S. Treasury—5.4%
U.S. Treasury Bills 0.002%, 03/26/15 (b)		8,000,000		7,999,963
U.S. Treasury—(Continued)
U.S. Treasury Bills 0.032%, 03/19/15 (b) (d)		11,400,000	$	11,399,217
0.044%, 04/02/15 (b)		17,000,000		16,998,134
0.060%, 03/05/15 (b) (d)		15,000,000		14,999,550
				51,396,864
Repurchase Agreement—0.8%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $7,365,841 on 01/02/15, collateralized by $7,620,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $7,513,594.		7,365,841		7,365,841
Total Short-Term Investments (Cost $240,737,263)				240,738,377
Total Investments—100.4% (Cost $927,811,731) (e)				957,004,965
Other assets and liabilities (net)—(0.4)%				(3,671,595	)
Net Assets—100.0%			$	953,333,370

* 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 December 31, 2014, the market value of securities pledged was $15,398,214.

(d) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2014, the market value of securities pledged was $11,198,548.

(e) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $927,903,029. The aggregate unrealized appreciation and depreciation of investments were $32,762,571 and $(3,660,635), respectively, resulting in net unrealized appreciation of $29,101,936 for federal income tax purposes.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation
MSCI EAFE Mini Index Futures		03/20/15		1,003		USD	87,121,390	$	1,037,295
Russell 2000 Mini Index Futures		03/20/15		236		USD	26,957,513		1,379,007
S&P 500 E-Mini Index Futures		03/20/15		1,548		USD	158,710,867		144,893
S&P Midcap 400 E-Mini Index Futures		03/20/15		374		USD	52,128,640		2,049,000
Net Unrealized Appreciation								$	4,610,195

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Schedule of Investments as of December 31, 2014

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		2.606	%		07/24/24		USD	32,000,000	$	964,387
Pay		3-Month USD-LIBOR		2.631	%		07/28/24		USD	45,000,000		1,452,897
Pay		3-Month USD-LIBOR		2.629	%		07/28/24		USD	35,000,000		1,123,927
Pay		3-Month USD-LIBOR		2.660	%		09/30/24		USD	33,000,000		1,122,278
Pay		3-Month USD-LIBOR		2.440	%		10/30/24		USD	39,000,000		524,442
Pay		3-Month USD-LIBOR		2.470	%		11/17/24		USD	23,000,000		375,961
Pay		3-Month USD-LIBOR		2.311	%		12/03/24		USD	47,000,000		115,432
Pay		3-Month USD-LIBOR		2.335	%		12/11/24		USD	27,000,000		121,832
Total											$	5,801,156

(USD)— United States Dollar

(LIBOR)— London Interbank Offered Rate

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Mutual Funds
Affiliated Investment Companies	$	716,266,588	$	—	$	—	$	716,266,588
Short-Term Investments
Discount Notes		—		181,975,672		—		181,975,672
U.S. Treasury		—		51,396,864		—		51,396,864
Repurchase Agreement		—		7,365,841		—		7,365,841
Total Short-Term Investments		—		240,738,377		—		240,738,377
Total Investments	$	716,266,588	$	240,738,377	$	—	$	957,004,965
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	4,610,195	$	—	$	—	$	4,610,195
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	5,801,156	$	—	$	5,801,156

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	240,738,377
Affiliated investments at value (b)		716,266,588
Receivable for:
Investments sold		1,505,299
Fund shares sold		314,416
Variation margin on swap contracts		98,511
Prepaid expenses		501
Total Assets		958,923,692
Liabilities
Payables for:
Fund shares redeemed		1,819,715
Variation margin on futures contracts		3,345,725
Accrued expenses:
Management fees		140,095
Distribution and service fees		199,705
Deferred trustees’ fees		37,628
Other expenses		47,454
Total Liabilities		5,590,322
Net Assets	$	953,333,370
Net assets consist of:
Paid in surplus	$	871,830,288
Undistributed net investment income		14,449,199
Accumulated net realized gain		27,449,298
Unrealized appreciation on investments, affiliated investments, futures contracts and swap contracts		39,604,585
Net Assets	$	953,333,370
Net Assets
Class B	$	953,333,370
Capital Shares Outstanding*
Class B		77,896,817
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	12.24

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $240,737,263.

(b) Identified cost of affiliated investments was $687,074,468.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Affilated Underlying Portfolios	$	12,649,390
Interest		132,154
Total investment income		12,781,544
Expenses
Management fees		1,345,818
Administration fees		21,412
Deferred expense reimbursement		148,313
Custodian and accounting fees		45,692
Distribution and service fees—Class B		1,905,943
Audit and tax services		34,625
Legal		31,513
Trustees’ fees and expenses		43,773
Shareholder reporting		11,291
Insurance		1,034
Miscellaneous		4,439
Total expenses		3,593,853
Net Investment Income		9,187,691
Net Realized and Unrealized Gain
Net realized gain on:
Affiliated investments		478,143
Futures contracts		19,078,077
Swap contracts		11,779,600
Capital gain distributions from Affiliated Underlying Portfolios		5,088,240
Net realized gain		36,424,060
Net change in unrealized appreciation on:
Investments		1,114
Affiliated investments		14,145,976
Futures contracts		1,065,769
Swap contracts		6,171,508
Net change in unrealized appreciation		21,384,367
Net realized and unrealized gain		57,808,427
Net Increase in Net Assets From Operations	$	66,996,118

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	9,187,691		$	996,555
Net realized gain		36,424,060			7,008,062
Net change in unrealized appreciation		21,384,367			18,018,435
Increase in net assets from operations		66,996,118			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		403,527,383			444,674,098
Total increase in net assets		468,227,888			461,237,185
Net Assets
Beginning of period		485,105,482			23,868,297
End of period	$	953,333,370		$	485,105,482
Undistributed (distributions in excess of) net investments income
End of period	$	14,449,199		$	(20,233	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		36,864,092		$	428,432,388			40,750,831		$	443,879,138
Reinvestments		201,901			2,295,613			842,905			9,459,965
Redemptions		(2,317,131	)		(27,200,618	)		(795,233	)		(8,665,005	)
Net increase		34,748,862		$	403,527,383			40,798,503		$	444,674,098
Increase derived from capital shares transactions				$	403,527,383					$	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
	Year Ended December 31,
	2014			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)		0.14			0.06			(0.01	)
Net realized and unrealized gain on investments		0.90			1.26			0.17
Total from investment operations		1.04			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	$	12.24		$	11.24		$	10.16
Total Return (%) (c)		9.26			12.94			1.60	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.47			0.54			9.45	(f)
Net ratio of expenses to average net assets (%) (e)(g)		0.47			0.54			0.60	(f)
Ratio of net investment income (loss) to average net assets (%) (j)		1.21			0.50			(0.57	)(f)
Portfolio turnover rate (%)		1			0	(h)		0	(d)(i)
Net assets, end of period (in millions)	$	953.3		$	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) Rounds to less than 1%.

(i) There were no long term sale transactions during the period ended December 31, 2012.

(j) 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-9

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-10

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MIST-11

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to swap transactions and 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 remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $7,365,841, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

MIST-12

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 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.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust the interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on centrally cleared swap contracts*	$	5,801,156
Equity	Unrealized appreciation on futures contracts**		4,610,195
Total		$	10,411,351

MIST-13

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

* 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.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Total
Futures contracts	$	259,168	$	18,818,909		$	19,078,077
Swap contracts		11,779,600		—			11,779,600
	$	12,038,768	$	18,818,909		$	30,857,677
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Total
Futures contracts	$	2,626,473	$	(1,560,704	)	$	1,065,769
Swap contracts		6,171,508		—			6,171,508
	$	8,797,981	$	(1,560,704	)	$	7,237,277

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	9,487,350
Swap contracts		206,833,333

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each

MIST-14

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	342,625,570	$	0	$	4,906,323

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 (“MIM”) for investment subadvisory services in connection with the investment management 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 MIM) for the year  ended December 31, 2014	% per annum			Average Daily Net Assets of the Overlay Portion
$954,569		0.500	%	First $250 million
		0.485	%	$250 million to $500 million
		0.470	%	$500 million to $1 billion
		0.450	%	Over $1 billion

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Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Management Fees earned by MetLife Advisers (Base Portion managed by the Adviser) for the year ended December 31, 2014	% per annum			Average Daily Net Assets of the Base Portion
$391,249		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.

For providing subadvisory services to the Portfolio, the Adviser has agreed to pay MIM an investment subadvisory fee based upon annual rates applied to the Overlay Portion of the Portfolio’s average daily net assets as follows:

% per annum	Average Daily Net Assets
0.200%	First $250 million
0.185%	$250 to $500 million
0.170%	$500 million to $1 billion
0.150%	Over $1 billion

Fees earned by MIM with respect to the Portfolio for the year ended December 31, 2014 were $381,827.

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 December 31, 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 year ended December 31, 2014 was $148,313. Amounts recouped for the year ended December 31, 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 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

MIST-16

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

0.25% of average daily net assets of the Portfolio attributable to its Class B Shares. Amounts incurred by the Portfolio for the year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

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 year ended December 31, 2014 were as follows:

Underlying Portfolio	Number of shares held at December 31, 2013			Shares purchased		Shares sold			Number of shares held at December 31, 2014
Barclays Aggregate Bond Index		17,757,766			16,590,642		(207,318	)		34,141,090
MetLife Mid Cap Stock Index		1,314,989			1,191,429		(162	)		2,506,256
MetLife Stock Index		1,937,277			1,408,456		(56,227	)		3,289,506
MSCI EAFE Index		3,508,539			4,761,604		—			8,270,143
Russell 2000 Index		734,086			708,745		(12,257	)		1,430,574
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Underlying Portfolios			Capital Gain Distributions from Underlying Portfolios		Dividend Income from Underlying Portfolios			Ending Value as of December 31, 2014
Barclays Aggregate Bond Index	$	(91,055	)	$	—	$	8,294,274		$	383,063,032
MetLife Mid Cap Stock Index		738			1,657,312		365,803			47,643,935
MetLife Stock Index		491,806			2,963,185		2,019,235			152,008,070
MSCI EAFE Index		—			—		1,728,698			104,782,713
Russell 2000 Index		76,654			467,743		241,380			28,768,838
	$	478,143		$	5,088,240	$	12,649,390		$	716,266,588

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$906,163	$	4,317,731	$	1,389,450	$	5,142,234	$	2,295,613	$	9,459,965

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$29,515,698	$	17,121,920	$	34,903,092	$	—	$	81,540,710

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Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MetLife Multi-Index Targeted Risk 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 the MetLife Multi-Index Targeted Risk Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, and the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended and for the period from November 5, 2012 (commencement of operations) to December 31, 2012. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the brokers, custodian and transfer agent; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the MetLife Multi-Index Targeted Risk Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years then ended, and the financial highlights for each of the two years in the period then ended and for the period from November 5, 2012 (commencement of operations) to December 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

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Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-22

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-23

Met Investors Series Trust

MetLife Multi-Index Targeted Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MetLife Multi-Index Targeted Risk Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and MetLife Investment Management, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

The Board considered the Adviser’s provision of investment advisory services to a portion of the Portfolio (i.e., investing in underlying Portfolios). The Board noted that a committee, consisting of investment professionals from across the Adviser, meets periodically to review the asset allocations and discuss the performance of this Portfolio’s investments in other Portfolios.

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying portfolios in which the Portfolio invests.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year period ended June 30, 2014 and underperformed the median of its Performance Universe for the since-inception (beginning November 5, 2012) period ended June 30, 2014. The Board also noted that the Portfolio underperformed its Blended Index for the one-year and since-inception (beginning November 5, 2012) periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Dow Jones Moderate Index, for the one-year and since-inception (beginning November 5, 2012) periods ended October 31, 2014. The Board took into account that the Portfolio underperformed its other benchmark, the MITR Blended Benchmark, for the one-year and since-inception (beginning November 5, 2012) periods ended October 31, 2014. The Board also noted that the Portfolio commenced operations on November 5, 2012 and thus has a limited performance history.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board took into account that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also considered that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group at the Portfolio’s current size and below the average of the Sub-advised Expense Universe at the Portfolio’s current size.

The Board also considered the Adviser’s analysis of its profitability that was attributable to its management of the underlying Portfolios of the Trust in which the Portfolio invests.

MIST-24

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Managed by Delaware Investments Fund Advisers and Wells Capital Management Incorporated

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the MetLife Small Cap Value Portfolio returned 1.96% and 1.72%, respectively. The Portfolio’s benchmark, the Russell 2000 Value Index¹, returned 4.22%.

Third Avenue Management LLC ceased managing the Portfolio on November 30, 2014. (The following commentary was provided by the former Portfolio subadviser Third Avenue Management LLC)

MARKET ENVIRONMENT / CONDITIONS

Market volatility was rampant during the second half of the year, with most financial markets exhibiting large swings in prices. U.S. Treasuries and the U.S. dollar continued to appreciate while oil and commodity prices continued to fall. Contrary to consensus expectations at the beginning of the year, the yield on U.S. Treasuries dropped by about 80 basis points (“bps”) to 2.2%, the U.S. dollar appreciated significantly relative to most major currencies, and the price of oil fell from over $100 to below $50 a barrel. Global equity markets suffered a dramatic decline and equally dramatic rebound both in October and December, with energy-related stocks suffering as a result of the drop in oil prices, and non-U.S. stocks bearing the burden of a stronger U.S. dollar. The Russell 2000 Value Index returned 4.2% in 2014, following two years of strong performance – returning 18.1% in 2012 and 34.5% in 2013.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the period Third Avenue Management was managing the Portfolio in 2014, it outperformed the Russell 2000 Value Index by 153 bps. This was mainly due to positive contributions from stock selection, reflecting a successful result from our bottom up investment process.

The largest contributors to returns relative to the benchmark were InterDigital, Inc., Multi-Color Corp. and SemGroup Corp. 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. The largest detractors to performance were Stepan Co., Alamo Group, Inc., and Blucora, Inc.

From a sector standpoint, the top contributors were Energy and Consumer Discretionary. SemGroup was the top contributor among the Energy holdings, while The Madison Square Garden Co. was the largest contributor within Consumer Discretionary. The underweight in Energy and stock selection within these two sectors added value relative to the benchmark.

The main detractors from performance were Financials and Materials. Dundee Corp. and JZ Capital Partners Ltd. were the largest detractors within Financials, where both the underweight to the sector as well as security selection within the sector detracted from performance. Stepan and LSB Industries were the largest detractors within Materials. While the overweight to Materials detracted from performance, stock selection within that sector had a neutral effect on the Portfolio.

Chip Rewey

Timothy Bui

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-1

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, 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

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
MetLife Small Cap Value Portfolio
Class A		1.96		11.93		7.18
Class B		1.72		11.64		6.91
Russell 2000 Value Index		4.22		14.26		6.89
Dow Jones U.S. Small Cap Total Stock Market Index		6.39		17.02		9.51

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
First Citizens BancShares, Inc. - Class A		1.5
iShares Russell 2000 Value ETF		1.4
East West Bancorp, Inc.		1.3
ProAssurance Corp.		1.2
Vishay Intertechnology, Inc.		1.1
STERIS Corp.		1.1
Validus Holdings, Ltd.		1.0
Regal-Beloit Corp.		1.0
Hancock Holding Co.		0.9
Mueller Industries, Inc.		0.9

Top Sectors

	% of Net Assets
Financials		26.7
Industrials		17.0
Information Technology		13.2
Consumer Discretionary		11.6
Materials		9.4
Health Care		7.1
Energy		3.9
Consumer Staples		3.7
Utilities		2.4
Telecommunication Services		0.2

MIST-2

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.77	%	$	1,000.00	$	976.70	$	3.84
	Hypothetical*		0.77	%	$	1,000.00	$	1,021.32	$	3.92
Class B(a)	Actual		1.02	%	$	1,000.00	$	975.10	$	5.08
	Hypothetical*		1.02	%	$	1,000.00	$	1,020.06	$	5.19

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MIST-3

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Schedule of Investments as of December 31, 2014

Common Stocks—93.4% of Net Assets

Security Description	Shares		Value
Air Freight & Logistics—0.4%
Forward Air Corp.		102,300	$	5,152,851
Auto Components—0.7%
Standard Motor Products, Inc.		95,700		3,648,084
Tenneco, Inc. (a)		81,600		4,619,376
				8,267,460
Banks—12.3%
Associated Banc-Corp.		215,600		4,016,628
Bank of Hawaii Corp.		137,000		8,125,470
BBCN Bancorp, Inc.		205,300		2,952,214
Boston Private Financial Holdings, Inc.		347,300		4,678,131
Community Bank System, Inc.		193,400		7,374,342
CVB Financial Corp.		148,200		2,374,164
East West Bancorp, Inc.		399,800		15,476,258
First Citizens BancShares, Inc. - Class A		71,200		17,998,648
First Financial Bancorp		282,500		5,251,675
First Midwest Bancorp, Inc.		249,400		4,267,234
First Niagara Financial Group, Inc.		400,300		3,374,529
Hancock Holding Co.		363,900		11,171,730
Independent Bank Corp.		160,000		6,849,600
NBT Bancorp, Inc.		235,400		6,183,958
S&T Bancorp, Inc.		130,400		3,887,224
Synovus Financial Corp.		137,900		3,735,711
TCF Financial Corp.		461,500		7,333,235
UMB Financial Corp.		174,800		9,944,372
Valley National Bancorp		578,600		5,618,206
Webster Financial Corp.		256,400		8,340,692
WesBanco, Inc.		161,200		5,609,760
				144,563,781
Beverages—0.4%
Cott Corp.		699,700		4,813,936
Building Products—1.3%
Griffon Corp.		92,400		1,228,920
Quanex Building Products Corp.		191,100		3,588,858
Simpson Manufacturing Co., Inc.		311,900		10,791,740
				15,609,518
Capital Markets—1.8%
Apollo Investment Corp.		354,200		2,628,164
CIFC Corp.		131,500		1,087,505
Main Street Capital Corp.		126,900		3,710,556
Stifel Financial Corp. (a)		122,800		6,265,256
Westwood Holdings Group, Inc.		118,200		7,307,124
				20,998,605
Chemicals—5.8%
A. Schulman, Inc.		202,700		8,215,431
Albemarle Corp.		93,900		5,646,207
Chemtura Corp. (a)		400,200		9,896,946
Cytec Industries, Inc.		161,200		7,442,604
HB Fuller Co.		200,000		8,906,000
Innospec, Inc.		200,800		8,574,160
Chemicals—(Continued)
LSB Industries, Inc. (a)		78,100		2,455,464
Olin Corp.		143,300		3,262,941
Scotts Miracle-Gro Co. (The) - Class A		122,500		7,634,200
Sensient Technologies Corp.		98,700		5,955,558
				67,989,511
Commercial Services & Supplies—3.1%
ACCO Brands Corp. (a)		724,000		6,523,240
Brady Corp. - Class A		147,900		4,043,586
Brink’s Co. (The)		100,600		2,455,646
Courier Corp.		102,089		1,523,168
Deluxe Corp.		20,000		1,245,000
Knoll, Inc.		147,300		3,118,341
Matthews International Corp. - Class A		136,900		6,662,923
United Stationers, Inc.		83,200		3,507,712
Viad Corp.		298,800		7,966,008
				37,045,624
Communications Equipment—1.7%
Aviat Networks, Inc. (a)		659,900		989,850
Black Box Corp.		46,700		1,116,130
Brocade Communications Systems, Inc.		585,600		6,933,504
CommScope Holding Co., Inc. (a)		216,900		4,951,827
Ixia (a)		253,900		2,856,375
NETGEAR, Inc. (a)		89,100		3,170,178
				20,017,864
Construction & Engineering—1.5%
EMCOR Group, Inc.		150,600		6,700,194
MasTec, Inc. (a)		304,100		6,875,701
Primoris Services Corp.		168,200		3,908,968
				17,484,863
Construction Materials—0.6%
Eagle Materials, Inc.		88,700		6,743,861
Containers & Packaging—0.7%
Berry Plastics Group, Inc. (a)		264,500		8,344,975
Distributors—0.1%
Core-Mark Holding Co., Inc.		18,000		1,114,740
Diversified Consumer Services—0.9%
Liberty Tax, Inc. (a)		100,700		3,599,018
Service Corp. International		303,900		6,898,530
				10,497,548
Diversified Telecommunication Services—0.2%
Premiere Global Services, Inc. (a)		206,800		2,196,216
Electric Utilities—0.9%
Cleco Corp.		109,500		5,972,130
El Paso Electric Co.		109,700		4,394,582
				10,366,712

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Electrical Equipment—2.7%
EnerSys		82,300	$	5,079,556
Franklin Electric Co., Inc.		284,400		10,673,532
Regal-Beloit Corp.		156,500		11,768,800
Thermon Group Holdings, Inc. (a)		170,500		4,124,395
				31,646,283
Electronic Equipment, Instruments & Components—4.0%
AVX Corp.		292,100		4,089,400
Coherent, Inc. (a)		52,000		3,157,440
GSI Group, Inc. (a)		570,400		8,396,288
Knowles Corp. (a)		290,500		6,841,275
Orbotech, Ltd. (a)		300,400		4,445,920
Tech Data Corp. (a)		99,100		6,266,093
Vishay Intertechnology, Inc.		943,400		13,349,110
				46,545,526
Energy Equipment & Services—2.4%
Atwood Oceanics, Inc. (a)		118,500		3,361,845
CARBO Ceramics, Inc.		93,600		3,748,680
Frank’s International NV		159,500		2,652,485
Helix Energy Solutions Group, Inc. (a)		395,700		8,586,690
Patterson-UTI Energy, Inc.		421,600		6,994,344
Steel Excel, Inc. (a)		96,600		2,458,470
				27,802,514
Food & Staples Retailing—0.2%
SUPERVALU, Inc. (a)		256,600		2,489,020
Food Products—1.5%
J&J Snack Foods Corp.		30,700		3,339,239
Pinnacle Foods, Inc.		109,900		3,879,470
TreeHouse Foods, Inc. (a)		126,800		10,845,204
				18,063,913
Gas Utilities—0.6%
Southwest Gas Corp.		122,600		7,577,906
Health Care Equipment & Supplies—4.2%
Analogic Corp.		68,300		5,778,863
Cooper Cos., Inc. (The)		33,000		5,348,970
CryoLife, Inc.		122,700		1,390,191
Haemonetics Corp. (a)		239,600		8,965,832
ICU Medical, Inc. (a)		47,900		3,923,010
Meridian Bioscience, Inc.		145,000		2,386,700
STERIS Corp.		199,000		12,905,150
Teleflex, Inc.		41,700		4,787,994
West Pharmaceutical Services, Inc.		73,500		3,913,140
				49,399,850
Health Care Providers & Services—2.0%
Hanger, Inc. (a)		58,000		1,270,200
Owens & Minor, Inc.		247,700		8,696,747
Patterson Cos., Inc.		130,600		6,281,860
VCA, Inc. (a)		145,500		7,096,035
				23,344,842
Hotels, Restaurants & Leisure—3.5%
Brinker International, Inc.		65,100		3,820,719
Cheesecake Factory, Inc. (The)		119,900		6,032,169
Denny’s Corp. (a)		656,700		6,770,577
DineEquity, Inc.		98,100		10,167,084
Krispy Kreme Doughnuts, Inc. (a)		248,600		4,907,364
Texas Roadhouse, Inc.		157,600		5,320,576
Wendy’s Co. (The)		409,200		3,695,076
				40,713,565
Household Durables—1.5%
Blyth, Inc.		150,800		1,379,820
Dixie Group, Inc. (The) (a)		332,781		3,051,602
Helen of Troy, Ltd. (a)		57,200		3,721,432
Meritage Homes Corp. (a)		171,600		6,175,884
Tupperware Brands Corp.		44,700		2,816,100
				17,144,838
Household Products—1.2%
Central Garden and Pet Co. (a)		273,100		2,397,818
Spectrum Brands Holdings, Inc.		25,200		2,411,136
WD-40 Co.		115,800		9,852,264
				14,661,218
Insurance—5.9%
Brown & Brown, Inc.		275,700		9,073,287
Endurance Specialty Holdings, Ltd.		65,900		3,943,456
Fidelity & Guaranty Life		97,600		2,368,752
Infinity Property & Casualty Corp.		63,300		4,890,558
Platinum Underwriters Holdings, Ltd.		101,900		7,481,498
ProAssurance Corp.		320,100		14,452,515
Selective Insurance Group, Inc.		275,000		7,471,750
StanCorp Financial Group, Inc.		48,400		3,381,224
Stewart Information Services Corp.		133,700		4,952,248
Validus Holdings, Ltd.		290,500		12,073,180
				70,088,468
Internet Software & Services—0.2%
EarthLink Holdings Corp.		488,200		2,143,198
IT Services—1.2%
Acxiom Corp. (a)		190,100		3,853,327
DST Systems, Inc.		50,000		4,707,500
Sykes Enterprises, Inc. (a)		251,600		5,905,052
				14,465,879
Life Sciences Tools & Services—0.4%
Bio-Rad Laboratories, Inc. - Class A (a)		43,900		5,292,584
Machinery—5.4%
Actuant Corp. - Class A		135,300		3,685,572
Altra Industrial Motion Corp.		174,600		4,956,894
Barnes Group, Inc.		135,400		5,011,154
CIRCOR International, Inc.		41,900		2,525,732
Douglas Dynamics, Inc.		229,100		4,909,613
EnPro Industries, Inc. (a)		60,500		3,796,980

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Machinery—(Continued)
ESCO Technologies, Inc.		121,900	$	4,498,110
Hillenbrand, Inc.		147,000		5,071,500
ITT Corp.		266,500		10,782,590
Kadant, Inc.		179,278		7,653,378
Mueller Industries, Inc.		324,400		11,075,016
				63,966,539
Marine—0.6%
Kirby Corp. (a)		37,900		3,060,046
Matson, Inc.		108,600		3,748,872
				6,808,918
Media—0.9%
AH Belo Corp. - Class A		367,200		3,811,536
Cinemark Holdings, Inc.		79,500		2,828,610
Meredith Corp.		78,400		4,258,688
				10,898,834
Metals & Mining—0.8%
Kaiser Aluminum Corp.		102,100		7,293,003
Ryerson Holding Corp. (a)		175,500		1,742,715
				9,035,718
Multi-Utilities—0.9%
Black Hills Corp.		84,900		4,503,096
NorthWestern Corp.		100,100		5,663,658
				10,166,754
Oil, Gas & Consumable Fuels—1.5%
Bill Barrett Corp. (a)		253,200		2,883,948
Comstock Resources, Inc.		259,800		1,769,238
Jones Energy, Inc. - Class A (a)		95,400		1,088,514
Stone Energy Corp. (a)		440,300		7,432,264
Whiting Petroleum Corp. (a)		139,300		4,596,900
				17,770,864
Paper & Forest Products—1.6%
Neenah Paper, Inc.		102,300		6,165,621
PH Glatfelter Co.		220,700		5,643,299
Schweitzer-Mauduit International, Inc.		164,200		6,945,660
				18,754,580
Pharmaceuticals—0.5%
Prestige Brands Holdings, Inc. (a)		74,700		2,593,584
Theravance, Inc.		241,100		3,411,565
				6,005,149
Professional Services—0.4%
Korn/Ferry International (a)		179,500		5,162,420
Real Estate Investment Trusts—3.9%
Brandywine Realty Trust		351,600		5,618,568
Education Realty Trust, Inc.		83,967		3,072,352
Real Estate Investment Trusts—(Continued)
Gramercy Property Trust, Inc.		324,400		2,238,360
Hatteras Financial Corp.		365,500		6,736,165
Healthcare Realty Trust, Inc.		163,200		4,458,624
Highwoods Properties, Inc.		139,000		6,154,920
Lexington Realty Trust		496,100		5,447,178
Ramco-Gershenson Properties Trust		202,200		3,789,228
Summit Hotel Properties, Inc.		270,400		3,363,776
Washington Real Estate Investment Trust		168,400		4,657,944
				45,537,115
Real Estate Management & Development—0.4%
Alexander & Baldwin, Inc.		115,300		4,526,678
Road & Rail—0.9%
Saia, Inc. (a)		85,300		4,722,208
Werner Enterprises, Inc.		197,900		6,164,585
				10,886,793
Semiconductors & Semiconductor Equipment—2.8%
Cirrus Logic, Inc. (a)		143,900		3,391,723
DSP Group, Inc. (a)		326,900		3,553,403
Exar Corp. (a)		392,800		4,006,560
ON Semiconductor Corp. (a)		693,600		7,026,168
RF Micro Devices, Inc. (a)		531,900		8,824,221
Teradyne, Inc.		310,800		6,150,732
				32,952,807
Software—2.7%
ACI Worldwide, Inc. (a)		267,000		5,385,390
NetScout Systems, Inc. (a)		126,500		4,622,310
Progress Software Corp. (a)		190,300		5,141,906
PTC, Inc. (a)		183,600		6,728,940
Synopsys, Inc. (a)		239,200		10,398,024
				32,276,570
Specialty Retail—2.8%
Asbury Automotive Group, Inc. (a)		39,700		3,014,024
Ascena Retail Group, Inc. (a)		290,300		3,646,168
Cato Corp. (The) - Class A		117,000		4,935,060
Christopher & Banks Corp. (a)		256,600		1,465,186
Finish Line, Inc. (The) - Class A		153,100		3,721,861
Genesco, Inc. (a)		47,800		3,662,436
Guess?, Inc.		221,700		4,673,436
Pier 1 Imports, Inc.		315,500		4,858,700
Stage Stores, Inc.		122,700		2,539,890
				32,516,761
Technology Hardware, Storage & Peripherals—0.6%
Electronics For Imaging, Inc. (a)		130,800		5,602,164
Imation Corp. (a)		343,176		1,300,637
				6,902,801
Textiles, Apparel & Luxury Goods—1.3%
Delta Apparel, Inc. (a)		222,700		2,267,086

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Textiles, Apparel & Luxury Goods—(Continued)
Hanesbrands, Inc.		32,300	$	3,605,326
Steven Madden, Ltd. (a)		200,400		6,378,732
Wolverine World Wide, Inc.		122,900		3,621,863
				15,873,007
Thrifts & Mortgage Finance—0.7%
Essent Group, Ltd. (a)		123,600		3,177,756
People’s United Financial, Inc.		316,200		4,799,916
				7,977,672
Tobacco—0.3%
Universal Corp.		75,100		3,302,898
Trading Companies & Distributors—0.5%
H&E Equipment Services, Inc.		217,800		6,118,002
Total Common Stocks (Cost $1,088,906,049)				1,100,028,549
Investment Company Securities—1.8%
iShares Micro-Cap ETF		59,700		4,595,706
iShares Russell 2000 Value ETF		166,619		16,941,820
Total Investment Company Securities (Cost $21,094,175)				21,537,526
Short-Term Investment—4.7%
Security Description	Principal Amount*		Value
Repurchase Agreement—4.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $55,275,416 on 01/02/15, collateralized by $57,185,000 U.S. Treasury Notes at 0.750% due 03/31/18, with a value of $56,386,469.		55,275,416		55,275,416
Total Short-Term Investment (Cost $55,275,416)				55,275,416
Total Investments—99.9% (Cost $1,165,275,640) (b)				1,176,841,491
Other assets and liabilities (net)—0.1%				1,742,476
Net Assets—100.0%			$	1,178,583,967

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,165,257,732. The aggregate unrealized appreciation and depreciation of investments were $42,042,928 and $(30,459,169), respectively, resulting in net unrealized appreciation of $11,583,759 for federal income tax purposes.

(ETF)— Exchange-Traded Fund

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Total Common Stocks*	$	1,100,028,549	$	—	$	—	$	1,100,028,549
Total Investment Company Securities		21,537,526		—		—		21,537,526
Total Short-Term Investment*		—		55,275,416		—		55,275,416
Total Investments	$	1,121,566,075	$	55,275,416	$	—	$	1,176,841,491

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	1,176,841,491
Cash		126,719
Receivable for:
Fund shares sold		55,609
Dividends		3,096,746
Prepaid expenses		3,192
Total Assets		1,180,123,757
Liabilities
Payables for:
Fund shares redeemed		447,641
Accrued expenses:
Management fees		730,457
Distribution and service fees		112,166
Deferred trustees’ fees		68,279
Other expenses		181,247
Total Liabilities		1,539,790
Net Assets	$	1,178,583,967
Net assets consist of:
Paid in surplus	$	764,862,198
Undistributed net investment income		3,074,494
Accumulated net realized gain		399,079,786
Unrealized appreciation on investments and foreign currency transactions		11,567,489
Net Assets	$	1,178,583,967
Net Assets
Class A	$	646,720,054
Class B		531,863,913
Capital Shares Outstanding*
Class A		31,531,772
Class B		26,116,736
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	20.51
Class B		20.36

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,165,275,640.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	15,062,753
Interest		4,603
Total investment income		15,067,356
Expenses
Management fees		9,627,269
Administration fees		30,551
Custodian and accounting fees		134,722
Distribution and service fees—Class B		1,406,084
Audit and tax services		39,511
Legal		37,315
Trustees’ fees and expenses		44,518
Shareholder reporting		124,550
Insurance		8,417
Miscellaneous		25,079
Total expenses		11,478,016
Less management fee waiver		(151,948	)
Net expenses		11,326,068
Net Investment Income		3,741,288
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		403,399,199
Futures contracts		(3,134,265	)
Foreign currency transactions		(15,405	)
Net realized gain		400,249,529
Net change in unrealized depreciation on:
Investments		(385,934,103	)
Foreign currency transactions		(5,084	)
Net change in unrealized depreciation		(385,939,187	)
Net realized and unrealized gain		14,310,342
Net Increase in Net Assets From Operations	$	18,051,630

(a) Net of foreign withholding taxes of $96,267.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	3,741,288		$	4,045,638
Net realized gain		400,249,529			148,219,351
Net change in unrealized appreciation (depreciation)		(385,939,187	)		261,500,091
Increase in net assets from operations		18,051,630			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		(312,928,539	)		(271,188,971	)
Total increase (decrease) in net assets		(358,346,520	)		126,440,870
Net Assets
Beginning of period		1,536,930,487			1,410,489,617
End of period	$	1,178,583,967		$	1,536,930,487
Undistributed net investment income
End of period	$	3,074,494		$	3,484,019

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		986,687		$	19,594,172			3,097,333		$	54,540,193
Reinvestments		2,008,136			39,640,611			632,931			10,601,597
Redemptions		(15,863,510	)		(316,021,684	)		(14,957,827	)		(267,751,157	)
Net decrease		(12,868,687	)	$	(256,786,901	)		(11,227,563	)	$	(202,609,367	)
Class B
Sales		1,501,902		$	30,143,517			2,229,564		$	39,879,025
Reinvestments		1,213,289			23,829,000			332,151			5,533,642
Redemptions		(5,455,549	)		(110,114,155	)		(6,196,104	)		(113,992,271	)
Net decrease		(2,740,358	)	$	(56,141,638	)		(3,634,389	)	$	(68,579,604	)
Decrease derived from capital shares transactions				$	(312,928,539	)				$	(271,188,971	)

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	21.04		$	16.05		$	13.57	$	15.04		$	12.68
Income (Loss) from Investment Operations
Net investment income (a)		0.08			0.07			0.19		0.03			0.03
Net realized and unrealized gain (loss) on investments		0.30			5.14			2.29		(1.31	)		2.51
Total from investment operations		0.38			5.21			2.48		(1.28	)		2.54
Less Distributions
Distributions from net investment income		(0.06	)		(0.22	)		0.00		(0.19	)		(0.18	)
Distributions from net realized capital gains		(0.85	)		0.00			0.00		0.00			0.00
Total distributions		(0.91	)		(0.22	)		0.00		(0.19	)		(0.18	)
Net Asset Value, End of Period	$	20.51		$	21.04		$	16.05	$	13.57		$	15.04
Total Return (%) (b)		1.96			32.81			18.28		(8.70	)		20.15
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.77			0.76			0.77		0.77			0.78
Net ratio of expenses to average net assets (%) (c)		0.76			0.74			0.76		0.77			0.78
Ratio of net investment income to average net assets (%)		0.38			0.37			1.29		0.17			0.22
Portfolio turnover rate (%)		135			46			46		48			11
Net assets, end of period (in millions)	$	646.7		$	934.0		$	892.7	$	755.1		$	580.3
	Class B
	Year Ended December 31,
	2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	20.89		$	15.94		$	13.51	$	14.99		$	12.64
Income (Loss) from Investment Operations
Net investment income (loss) (a)		0.03			0.02			0.14		(0.02	)		0.02
Net realized and unrealized gain (loss) on investments		0.30			5.11			2.29		(1.30	)		2.48
Total from investment operations		0.33			5.13			2.43		(1.32	)		2.50
Less Distributions
Distributions from net investment income		(0.01	)		(0.18	)		0.00		(0.16	)		(0.15	)
Distributions from net realized capital gains		(0.85	)		0.00			0.00		0.00			0.00
Total distributions		(0.86	)		(0.18	)		0.00		(0.16	)		(0.15	)
Net Asset Value, End of Period	$	20.36		$	20.89		$	15.94	$	13.51		$	14.99
Total Return (%) (b)		1.72			32.45			17.99		(8.98	)		19.90
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.02			1.01			1.02		1.02			1.03
Net ratio of expenses to average net assets (%) (c)		1.01			0.99			1.01		1.02			1.03
Ratio of net investment income (loss) to average net assets (%)		0.16			0.12			0.96		(0.11	)		0.15
Portfolio turnover rate (%)		135			46			46		48			11
Net assets, end of period (in millions)	$	531.9		$	602.9		$	517.8	$	531.6		$	640.1

(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) 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

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio) (the “Portfolio”), which is diversified. On December 1, 2014, Delaware Investments Fund Advisers and Wells Capital Management Incorporated succeeded Third Avenue Management LLC as the subadvisers to the Portfolio and the name of the Portfolio was changed from the Third Avenue Small Cap Value Portfolio to the MetLife Small Cap Value 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 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively

MIST-12

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Notes to Financial Statements—December 31, 2014—(Continued)

traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

MIST-13

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Notes to Financial Statements—December 31, 2014—(Continued)

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions and real estate investment trust (REIT) adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $55,275,416, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the periods April 22, 2014 through April 29, 2014 and November 20, 2014 through December 4, 2014, the Portfolio had bought and sold $207,808,268 and $109,192,913, respectively, in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized losses in the amount of $3,134,265 which are shown under Net realized loss on futures contracts in the Statement of Operations.

MIST-14

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Notes to Financial Statements—December 31, 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; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	1,669,183,206	$	0	$	2,065,573,894

During the year ended December 31, 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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$9,627,269		0.750	%	First $1 billion
		0.700	%	Over $1 billion

MIST-15

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Notes to Financial Statements—December 31, 2014—(Continued)

MetLife Advisers has entered into an investment subadvisory agreement with respect to managing the Portfolio. Effective December 1, 2014, Delaware Investments Fund Advisers and Wells Capital Management Incorporated are compensated by MetLife Advisers to provide subadvisory services for the Portfolio. Prior to December 1, 2014, Third Avenue Management 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 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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$2,798,208	$	16,135,239	$	60,671,403	$	—	$	63,469,611	$	16,135,239

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$43,397,961	$	358,806,688	$	11,585,399	$	—	$	413,790,048

MIST-16

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Report of Independent Registered Public Accounting Firm

To the Shareholders of MetLife Small Cap Value 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 MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio), one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of MetLife Small Cap Value Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-18

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-19

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-20

Met Investors Series Trust

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio)

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-21

Met Investors Series Trust

MetLife Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-22

Met Investors Series Trust

MetLife Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MetLife Small Cap Value Portfolio (formerly, Third Avenue Small Cap Value Portfolio). At the November Meeting, the Board, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement relating to the Portfolio. The existing Sub-Advisory Agreement for the Portfolio was not up for renewal at the November Meeting because the Sub-Adviser that had provided advisory services to the Portfolio pursuant to that Agreement had just been terminated. Rather, the Board, including a majority of the Independent Trustees, approved Sub-Advisory Agreements with two new Sub-Advisers at the November Meeting: Delaware Investments Fund Advisers (“Delaware”) and Wells Capital Management Incorporated (“WellsCap”). Delaware and WellsCap were proposed to succeed the Portfolio’s Sub-Adviser, Third Avenue Management LLC (“Third Avenue”) on or about December 1, 2014. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser, Delaware and WellsCap regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the Russell 2000 Value Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance. The Board also noted the proposed Sub-Adviser changes would be effective on or about December 1, 2014, and that the Adviser would oversee the investment activities of two Sub-Advisers.

With respect to Delaware, the Board considered the performance of Delaware’s proprietary small cap value mutual fund (the “Delaware Fund”). Among other data relating specifically to the Delaware Fund, the Board noted that the Delaware Fund had outperformed its benchmark index, the Russell 2000 Value Index, for the one-, five- and ten-year periods ended June 30, 2014 and had outperformed the Portfolio for the one-, three-, five- and ten-year periods ended June 30, 2014. The Board also noted that the Delaware Fund had outperformed its benchmark index for the one-, five- and ten-year periods ended September 30, 2014 and that the Delaware Fund’s Morningstar percentile rankings for those periods were favorable. The Board considered Delaware’s small cap value investment strategy and took into account that the portfolio managers of the Delaware Fund were expected to manage the Portfolio.

With respect to WellsCap, the Board considered the performance of WellsCap’s proprietary Special Small Cap Value Fund (the “Wells Fargo Fund”). Among other data relating specifically to the Wells Fargo Fund, the Board noted that the Wells Fargo Fund had outperformed its benchmark index, the Russell 2000 Value Index, for the one-, three-, five- and ten-year periods ended June 30, 2014 and had outperformed the Portfolio for the one-, three-, five- and ten-year periods ended June 30, 2014. The Board also noted that the Wells Fargo Fund had outperformed its benchmark index for the one-, three-, five- and ten-year periods ended September 30, 2014 and that the Wells Fargo Fund’s Morningstar percentile rankings for those periods were favorable (no lower than the 41 percentile). The Board considered WellsCap’s small cap value investment strategy and took into account that the portfolio managers of the Wells Fargo Fund were expected to manage the Portfolio.

With respect to the MetLife Small Cap Value Portfolio, the Board considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median and Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the average of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio’s current size. The Board also took into account that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-23

Met Investors Series Trust

MetLife Small Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

The Board noted that the combined Delaware and Wells Capital fee schedules are lower than the fee schedule for Third Avenue. The Board noted the Adviser’s undertaking to pay in 2015 the legal costs associated with the Sub-Adviser changes and the Adviser’s commitment to consider a voluntary waiver of a portion of its fees after 2015. The Board further observed that the Portfolio’s advisory fee and sub-advisory fee each contains breakpoints that reduce the advisory fee rate on assets above certain specified asset levels.

MIST-24

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the MFS Emerging Markets Equity Portfolio returned -6.41% and -6.70%, respectively. The Portfolio’s benchmark, the MSCI Emerging Markets Index¹, returned -2.19%.

MARKET ENVIRONMENT / CONDITIONS

Early in the period, U.S. equities suffered what proved to be a temporary setback due to concerns over emerging markets as well as what was perceived at the time to be a pause in U.S. economic growth, partially caused by extreme weather conditions and a weak December 2013 labor market report. Markets soon recovered as the economic pause concluded and investors appeared to have become increasingly comfortable that newly-installed U.S. Federal Reserve Chair Janet Yellen would not make any substantial changes to the trajectory of the Fed’s monetary policy.

While geopolitical tensions flared in the Middle East and Russia/Ukraine, any market setbacks were short-lived as improving economic growth in the U.S., coupled with prospects for easier monetary policy in regions with slowing growth, such as Japan, Europe and China, supported risk assets. The European Central Bank cut policy interest rates into negative territory and, by the end of the period, expectations were for additional rate cuts and the announcement for non-conventional easing measures. Similarly, the Bank of Japan surprised markets late in the period with fresh stimulus measures given lackluster growth trends. The related decline in developed market government bond yields and credit spreads were also supportive for equity markets. At the end of the period, the U.S. equity market was trading close to all-time highs and U.S. Treasury yields were close to their lows for the period. However, credit markets did not fare as well in the second half of 2014, particularly U.S. high yield and emerging market debt. The higher weightings of oil and gas credits in these asset classes resulted in widening spreads and increased volatility as oil prices began to decline in an accelerated fashion in the fourth quarter.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Weak stock selection within the Industrials sector detracted from performance relative to the MSCI Emerging Markets Index, led by the Portfolio’s positions in Brazilian specialty engineering services company Mills Estruturas e Servicos and shipping company Diana Shipping (Greece).

Stock selection in both the Telecommunication Services and Health Care sectors also hampered relative returns. Within the Telecommunication Services sector, an overweight position in Russian telecommunications company Mobile TeleSystems held back relative results. There were no individual stocks within the Health Care sector that were among the Portfolio’s top relative detractors during the period.

Weak security selection in the Financials sector was another factor that detracted from relative results. Within this sector, holdings of insurance and brokerage services provider Brasil Insurance Participaco (Brazil) and banking group Standard Chartered (United Kingdom) weighed on relative performance. Additionally, an overweight position in commercial banking firm Sberbank (Russia) also hurt relative results.

Stocks in other sectors that detracted from relative performance included pipe manufacturer OAO TMK (Russia), oil & gas exploration company Gran Tierra Energy (United States), food retailer Magnit (Russia), and South Korean LED device manufacturer Seoul Semiconductor.

An underweight allocation to the Energy sector helped relative results. Within this sector, an underweight position in Russian natural gas producer Gazprom OAO boosted relative returns.

Stocks in other sectors that contributed to relative performance included overweight positions in housing finance company Housing Development Finance (India), banking group Kasikornbank (Thailand), Taiwanese semiconductor manufacturer Taiwan Semiconductor, banking services providers Kotak Mahindra Bank (India) and BDO Unibank (Philippines), multinational media company Naspers (South Africa), natural health care products maker Dabur India (India), hotel operator Minor International (Thailand), and insurance company China Pacific Insurance Group (China).

During the year, the Portfolio’s relative currency exposure, resulting primarily from differences between the Portfolio’s and the benchmark’s exposures to holdings of securities denominated in foreign currencies, was another contributor to 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.

In 2014, emerging markets came under pressure early in the year on both macro fears and political instability. Central bankers did not sit by idly as aggressive responses in several of the most affected countries helped emerging markets rebound from where we started the year. Politics, however, took a front row seat as many of the larger countries in the region elected future leaders and others marred themselves in further controversy. Countries such as India posted solid gains after electing a new prime minister on a platform of economic reform. Brazilian equities rallied when polls showed incumbent president Rouseff falling to second place, however, they

ended sharply lower after later polls showed she had retaken the lead. Russian equities came under pressure due to an increase in tensions in the Ukraine and subsequent sanctions imposed by the West. The Russian economy has been battered by a painful combination of currency devaluation and falling oil prices. More recently, the divergence

MIST-1

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

within emerging markets has continued. Several emerging economies have posted stronger leading economic indicators during recent months, including India, Indonesia, Mexico and many in Eastern Europe. However, others are beset by deteriorating growth, weak currencies, and rising inflation. Major commodity exporters, such as Russia, Brazil, and South Africa continue to be hurt by falling commodity prices.

The Portfolio continues to favor a number of companies with exposure to the growth of domestic consumption. Our largest sector overweights in the Portfolio at the end of the period were in Retailing, Consumer Staples and Leisure, which is in line with our focus on the growing middle class and growing disposable income. Conversely, our largest underweights came from Utilities & Communication, Basic Materials and Energy.

During the course of the period, we significantly increased the Portfolio’s exposure to Consumer Staples. The Portfolio was underweight Consumer Staples at the beginning of the period and increased that exposure as time went on. We had historically admired this sector from afar because of lofty valuations, however, as investors became concerned with growth and domestic consumption in emerging markets, many of the names in the sector came back to what we believe were reasonable valuation levels. This provided us with an opportunity to purchase what we believe are high quality companies that have structural advantages relative to their peers at levels that matched up with our valuation discipline.

In Special Products & Services we have lowered the Portfolio’s exposure to some of the Brazilian education names. Historically, we have been fairly active in the for-profit education companies in Brazil because of favorable demographics and positive regulation. We had been trimming the Portfolio’s exposure to these names throughout the year on the back of positive price movements and rich valuations. We also concentrated the Portfolio’s exposure late in the period into names where our conviction was highest. Finally, changing regulation towards the latter part of the period created uncertainty with respect to how much the larger players would be able to grow. As we felt this had not been discounted, we took the opportunity to further pair back our exposure.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI EMERGING MARKETS (EM) INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
MFS Emerging Markets Equity Portfolio
Class A		-6.41		1.47		1.91
Class B		-6.70		1.20		1.65
MSCI Emerging Markets (EM) Index		-2.19		1.78		3.93

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 Portfolio’s inception date.

Portfolio performance is calculated including reinvestment of all income and capital gain distributions. Performance numbers are net of all Portfolio expenses but do not include any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that participants may bear relating to the operations of their plans. If these charges were included, the returns would be lower. The performance of any index referenced above has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. Direct investment in any index is not possible. The performance of Class A shares, as set forth in the line graph above, will differ from that of other classes because of the difference in expenses paid by policyholders investing in the different share classes.

This information represents past performance and is not indicative of future results. Investment return and principal value may fluctuate so that shares, upon redemption, may be worth more or less than the original cost.

PORTFOLIO COMPOSITION AS OF DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.		5.5
Naspers, Ltd. - N Shares		3.6
Samsung Electronics Co., Ltd.		3.6
China Construction Bank Corp. - Class H		3.1
MediaTek, Inc.		2.8
Housing Development Finance Corp., Ltd.		2.4
Cognizant Technology Solutions Corp. - Class A		2.4
Techtronic Industries Co., Ltd.		1.9
Kia Motors Corp.		1.9
LG Household & Health Care, Ltd.		1.9

Top Countries

	% of Net Assets
China		12.4
Taiwan		11.6
South Korea		10.8
Hong Kong		9.4
Brazil		9.1
South Africa		7.2
India		7.0
Mexico		5.5
United States		4.2
Thailand		3.5

MIST-3

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MFS Emerging Markets Equity Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		1.00	%	$	1,000.00	$	893.20	$	4.77
	Hypothetical*		1.00	%	$	1,000.00	$	1,020.16	$	5.09
Class B(a)	Actual		1.25	%	$	1,000.00	$	891.50	$	5.96
	Hypothetical*		1.25	%	$	1,000.00	$	1,018.90	$	6.36

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MIST-4

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—98.3% of Net Assets

Security Description	Shares		Value
Australia—0.3%
Iluka Resources, Ltd. (a)		1,024,617	$	4,925,509
Brazil—9.1%
Alupar Investimento S.A.		740,154		4,908,560
Ambev S.A. (ADR) (a)		2,691,525		16,741,286
BM&FBovespa S.A.		3,564,910		13,206,102
Brasil Insurance Participacoes e Administracao S.A.		2,041,631		2,586,053
BRF S.A.		244,559		5,717,634
Estacio Participacoes S.A.		1,415,810		12,529,470
Fibria Celulose S.A. (b)		553,093		6,715,100
Gerdau S.A. (ADR) (a)		1,614,738		5,732,320
Iguatemi Empresa de Shopping Centers S.A.		616,136		5,659,923
Itau Unibanco Holding S.A. (ADR)		779,621		10,142,869
Kroton Educacional S.A.		719,988		4,148,607
Localiza Rent a Car S.A.		405,256		5,398,215
M Dias Branco S.A.		230,144		7,874,503
Mills Estruturas e Servicos de Engenharia S.A.		1,325,646		4,760,257
Odontoprev S.A.		2,810,261		10,397,882
Petroleo Brasileiro S.A. (ADR) (a)		829,771		6,057,328
Qualicorp S.A. (b)		407,686		4,235,008
Vale S.A. (ADR) (a)		865,026		7,075,913
				133,887,030
Canada—0.9%
Gran Tierra Energy, Inc. (b)		3,376,316		12,961,241
Chile—0.4%
S.A.C.I. Falabella		935,923		6,277,745
China—12.4%
51job, Inc. (ADR) (b)		327,252		11,731,984
China Construction Bank Corp. - Class H		56,003,060		45,436,593
China Mobile, Ltd.		1,644,500		19,361,669
China Pacific Insurance Group Co., Ltd. - Class H		5,575,000		27,761,410
China Resources Gas Group, Ltd.		2,362,000		6,109,929
China Shenhua Energy Co., Ltd. - Class H		7,706,500		22,645,932
Guangzhou Automobile Group Co., Ltd. - Class H		29,114,000		26,275,510
Haitian International Holdings, Ltd.		905,000		1,902,264
Want Want China Holdings, Ltd. (a)		10,606,000		13,913,465
Wumart Stores, Inc. - Class H (a)		9,616,000		8,211,981
				183,350,737
Colombia—0.4%
Bancolombia S.A. (ADR) (a)		115,831		5,545,988
Czech Republic—1.0%
Komercni Banka A/S		68,958		14,206,320
Greece—1.1%
Diana Shipping, Inc. (b)		1,314,578		8,820,819
Hellenic Telecommunications Organization S.A. (b)		608,448		6,639,894
				15,460,713
Hong Kong—9.4%
Ajisen China Holdings, Ltd.		9,090,000		6,919,374
BOC Hong Kong Holdings, Ltd.		4,364,500		14,503,196
Dairy Farm International Holdings, Ltd.		892,200		8,026,034
First Pacific Co., Ltd.		13,864,650		13,668,114
Global Brands Group Holding, Ltd. (a) (b)		60,040,000		11,735,721
Hang Lung Properties, Ltd.		4,845,000		13,502,474
Li & Fung, Ltd. (a)		10,482,000		9,802,780
Pacific Basin Shipping, Ltd.		13,350,752		5,363,765
Sands China, Ltd.		1,260,400		6,138,369
Stella International Holdings, Ltd.		7,772,500		20,395,084
Techtronic Industries Co., Ltd.		8,738,000		28,002,582
				138,057,493
India—7.0%
CESC, Ltd.		1,351,744		14,257,975
Dabur India, Ltd.		5,455,698		20,267,501
Housing Development Finance Corp., Ltd.		1,980,754		35,343,776
ITC, Ltd.		1,132,255		6,592,246
Kotak Mahindra Bank, Ltd.		981,079		19,507,855
Reliance Industries, Ltd.		488,141		6,873,589
				102,842,942
Indonesia—1.2%
Bank Mandiri Persero Tbk PT		7,507,500		6,480,093
Gudang Garam Tbk PT		1,334,000		6,542,291
Mitra Adiperkasa Tbk PT		1,974,500		802,812
XL Axiata Tbk PT		11,367,000		4,431,618
				18,256,814
Japan—1.6%
GLORY, Ltd. (a)		378,600		10,118,158
Inpex Corp. (a)		1,171,000		12,992,646
				23,110,804
Luxembourg—0.5%
Samsonite International S.A.		2,299,200		6,806,248
Malaysia—1.2%
Astro Malaysia Holdings Bhd		12,203,400		10,541,295
Top Glove Corp. Bhd		5,140,600		6,649,050
				17,190,345
Mexico—5.5%
America Movil S.A.B. de C.V. - Class L (ADR)		454,716		10,085,601
Bolsa Mexicana de Valores S.A.B. de C.V.		3,142,404		5,691,098
Cemex S.A.B. de C.V. (ADR) (a) (b)		838,249		8,541,757
Compartamos S.A.B. de C.V. (a) (b)		2,444,471		4,912,552
Concentradora Fibra Danhos S.A. de C.V. (REIT)		2,401,010		5,858,603
Concentradora Fibra Hotelera Mexicana S.A. de C.V. (REIT) (a)		4,704,236		7,206,014
Genomma Lab Internacional S.A.B. de C.V. - Class B (a) (b)		3,890,657		7,412,784

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Mexico—(Continued)
Grupo Financiero Banorte S.A.B. de C.V. - Class O		1,677,793	$	9,270,435
Grupo Lala S.A.B. de C.V. (a) (b)		2,297,569		4,441,357
Grupo Mexico S.A.B. de C.V. - Series B (a)		2,183,106		6,331,618
Prologis Property Mexico S.A. de C.V. (REIT) (b)		3,542,412		6,523,585
Promotora y Operadora de Infraestructura S.A.B. de C.V. (b)		377,944		4,557,230
				80,832,634
Panama—0.5%
Copa Holdings S.A. - Class A (a)		77,540		8,036,246
Peru—1.2%
Credicorp, Ltd.		105,580		16,911,804
Philippines—1.4%
BDO Unibank, Inc.		8,211,120		20,084,441
Poland—0.4%
Orange Polska S.A.		2,620,723		6,138,960
Russia—2.4%
Magnit PJSC (b)		81,116		13,018,617
NovaTek OAO (GDR)		174,249		13,532,529
Sberbank of Russia (b)		9,514,889		8,614,305
				35,165,451
South Africa—7.2%
AVI, Ltd.		1,115,366		7,475,047
Imperial Holdings, Ltd.		433,918		6,879,080
MTN Group, Ltd.		964,622		18,305,425
Naspers, Ltd. - N Shares		413,512		53,238,857
Woolworths Holdings, Ltd.		3,122,945		20,644,607
				106,543,016
South Korea—10.8%
E-Mart Co., Ltd. (a) (b)		72,845		13,420,514
Kia Motors Corp.		590,373		27,893,413
LG Chem, Ltd. (b)		45,134		7,365,751
LG Household & Health Care, Ltd. (a) (b)		49,209		27,885,242
NAVER Corp. (b)		20,424		13,194,321
Samsung Electronics Co., Ltd.		43,732		52,568,140
Samsung Fire & Marine Insurance Co., Ltd. (b)		29,557		7,572,077
Seoul Semiconductor Co., Ltd. (a) (b)		249,584		4,538,107
TK Corp. (a) (b)		454,168		4,722,326
				159,159,891
Taiwan—11.6%
Cathay Financial Holding Co., Ltd.		11,178,650		16,447,386
E.Sun Financial Holding Co., Ltd.		38,248,185		23,713,507
Hon Hai Precision Industry Co., Ltd.		246,784		680,524
MediaTek, Inc.		2,780,000		40,471,036
Siliconware Precision Industries Co.		5,113,000		7,709,288
Taiwan—(Continued)
Taiwan Semiconductor Manufacturing Co., Ltd.		18,330,842		80,889,069
				169,910,810
Thailand—3.5%
Bangkok Bank PCL		593,400		3,499,076
Kasikornbank PCL		1,216,400		8,466,736
Kasikornbank PCL (NVDR)		3,701,400		25,558,981
Minor International PCL (a)		9,858,050		9,738,195
PTT Global Chemical PCL (a)		3,173,600		4,943,678
				52,206,666
Turkey—1.6%
Turkiye Garanti Bankasi A/S (a)		4,540,836		18,194,870
Turkiye Sinai Kalkinma Bankasi A/S		6,905,817		5,949,110
				24,143,980
United Arab Emirates—0.7%
Emaar Malls Group PJSC (b)		2,152,920		1,570,854
Lamprell plc (b)		4,648,736		8,638,890
				10,209,744
United Kingdom—2.6%
SABMiller plc		497,890		25,766,953
Standard Chartered plc (a)		841,306		12,523,399
				38,290,352
United States—2.4%
Cognizant Technology Solutions Corp. - Class A (b)		670,541		35,310,689
Total Common Stocks (Cost $1,483,496,469)				1,445,824,613
Warrant—0.0%
Thailand—0.0%
Minor International PCL Expires 11/03/17 (b) (Cost $0)		945,828		139,718
Short-Term Investments—9.7%
Mutual Fund—7.9%
State Street Navigator Securities Lending MET Portfolio (c)		116,248,471		116,248,471
Commercial Paper—0.4%
HSBC Americas, Inc.
0.025%, 01/02/15		6,421,000		6,420,991

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreement—1.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $20,102,320 on 01/02/15, collateralized by $20,480,000 U.S. Treasury Note at 0.250% due 08/15/15 with a value of $20,505,600.		20,102,320	$	20,102,320
Total Short-Term Investments (Cost $142,771,782)				142,771,782
Total Investments—108.0% (Cost $1,626,268,251) (d)				1,588,736,113
Other assets and liabilities (net)—(8.0)%				(117,791,242	)
Net Assets—100.0%			$	1,470,944,871

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $127,867,111 and the collateral received consisted of cash in the amount of $116,248,471 and non-cash collateral with a value of $18,735,243. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,644,878,687. The aggregate unrealized appreciation and depreciation of investments were $134,567,615 and $(190,710,189), respectively, resulting in net unrealized depreciation of $(56,142,574) for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

(GDR)— A Global Depositary Receipt is a negotiable certificate issued by one country’s bank against a certain number of shares of a company’s stock held in its custody but traded on the stock exchange of another country.

(NVDR)— Non-Voting Depository Receipts

(REIT)— A Real Estate Investment Trust is a pooled investment vehicle that invests primarily in income-producing real estate or real estate related loans or interest.

Ten Largest Industries as of December 31, 2014 (Unaudited)	% of Net Assets
Banks		18.3
Semiconductors & Semiconductor Equipment		9.1
Oil, Gas & Consumable Fuels		5.1
Media		4.3
Insurance		3.7
Automobiles		3.7
Technology Hardware, Storage & Peripherals		3.6
Textiles, Apparel & Luxury Goods		3.3
Wireless Telecommunication Services		3.2
Food & Staples Retailing		2.9

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Australia	$	—	$	4,925,509	$	—	$	4,925,509
Brazil		45,749,716		88,137,314		—		133,887,030
Canada		12,961,241		—		—		12,961,241
Chile		—		6,277,745		—		6,277,745
China		11,731,984		171,618,753		—		183,350,737
Colombia		5,545,988		—		—		5,545,988
Czech Republic		—		14,206,320		—		14,206,320
Greece		8,820,819		6,639,894		—		15,460,713
Hong Kong		—		138,057,493		—		138,057,493
India		—		102,842,942		—		102,842,942
Indonesia		—		18,256,814		—		18,256,814
Japan		—		23,110,804		—		23,110,804
Luxembourg		—		6,806,248		—		6,806,248
Malaysia		—		17,190,345		—		17,190,345
Mexico		80,832,634		—		—		80,832,634
Panama		8,036,246		—		—		8,036,246
Peru		16,911,804		—		—		16,911,804
Philippines		—		20,084,441		—		20,084,441
Poland		—		6,138,960		—		6,138,960
Russia		21,632,922		13,532,529		—		35,165,451
South Africa		—		106,543,016		—		106,543,016
South Korea		—		159,159,891		—		159,159,891
Taiwan		—		169,910,810		—		169,910,810
Thailand		26,647,685		25,558,981		—		52,206,666
Turkey		—		24,143,980		—		24,143,980
United Arab Emirates		1,570,854		8,638,890		—		10,209,744
United Kingdom		—		38,290,352		—		38,290,352
United States		35,310,689		—		—		35,310,689
Total Common Stocks		275,752,582		1,170,072,031		—		1,445,824,613
Total Warrant*		139,718		—		—		139,718

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Short-Term Investments
Mutual Fund	$	116,248,471	$	—		$	—	$	116,248,471
Commercial Paper		—		6,420,991			—		6,420,991
Repurchase Agreement		—		20,102,320			—		20,102,320
Total Short-Term Investments		116,248,471		26,523,311			—		142,771,782
Total Investments	$	392,140,771	$	1,196,595,342		$	—	$	1,588,736,113
Collateral for securities loaned (Liability)	$	—	$	(116,248,471	)	$	—	$	(116,248,471	)

* See Schedule of Investments for additional detailed categorizations.

Transfers from Level 2 to Level 1 in the amount of $62,328,404 were due to the discontinuation of a systematic fair valuation model factor.

MIST-9

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,588,736,113
Cash denominated in foreign currencies (c)		1,137,955
Receivable for:
Investments sold		3,325,764
Fund shares sold		307,033
Dividends		486,091
Prepaid expenses		4,329
Total Assets		1,593,997,285
Liabilities
Collateral for securities loaned		116,248,471
Payables for:
Investments purchased		1,306,926
Fund shares redeemed		625,620
Foreign taxes		2,968,130
Accrued expenses:
Management fees		1,079,684
Distribution and service fees		127,171
Deferred trustees’ fees		67,424
Other expenses		628,988
Total Liabilities		123,052,414
Net Assets	$	1,470,944,871
Net assets consist of:
Paid in surplus	$	1,614,845,355
Undistributed net investment income		16,479,336
Accumulated net realized loss		(119,945,101	)
Unrealized depreciation on investments and foreign currency transactions (d)		(40,434,719	)
Net Assets	$	1,470,944,871
Net Assets
Class A	$	873,832,491
Class B		597,112,380
Capital Shares Outstanding*
Class A		90,835,788
Class B		62,646,306
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	9.62
Class B		9.53

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,626,268,251.

(b) Includes securities loaned at value of $127,867,111.

(c) Identified cost of cash denominated in foreign currencies was $1,126,327.

(d) Includes foreign capital gains tax of $2,889,797

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	37,181,062
Interest		9,555
Securities lending income		502,664
Total investment income		37,693,281
Expenses
Management fees		14,196,235
Administration fees		38,307
Custodian and accounting fees		2,022,684
Distribution and service fees—Class B		1,600,401
Audit and tax services		56,590
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		129,907
Insurance		10,452
Miscellaneous		40,884
Total expenses		18,173,540
Less management fee waiver		(250,000	)
Net expenses		17,923,540
Net Investment Income		19,769,741
Net Realized and Unrealized Loss
Net realized loss on:
Investments (b)		(26,986,788	)
Foreign currency transactions		(771,904	)
Net realized loss		(27,758,692	)
Net change in unrealized appreciation (depreciation) on:
Investments (c)		(87,274,182	)
Foreign currency transactions		6,234
Net change in unrealized depreciation		(87,267,948	)
Net realized and unrealized loss		(115,026,640	)
Net Decrease in Net Assets From Operations	$	(95,256,899	)

(a) Net of foreign withholding taxes of $4,049,674.

(b) Net of foreign capital gains tax of $1,222,336.

(c) Includes change in foreign capital gains tax of $(2,339,588).

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	19,769,741		$	17,401,196
Net realized gain (loss)		(27,758,692	)		873,278
Net change in unrealized depreciation		(87,267,948	)		(74,892,557	)
Decrease in net assets from operations		(95,256,899	)		(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		(137,354,849	)		577,571,030
Total increase (decrease) in net assets		(249,811,405	)		501,329,725
Net Assets
Beginning of period		1,720,756,276			1,219,426,551
End of period	$	1,470,944,871		$	1,720,756,276
Undistributed net investment income
End of period	$	16,479,336		$	12,945,352

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		8,738,255		$	85,695,667			52,189,080		$	548,218,608
Reinvestments		1,173,862			11,867,740			1,238,163			12,814,992
Redemptions		(22,600,851	)		(233,331,033	)		(2,255,649	)		(23,672,218	)
Net increase (decrease)		(12,688,734	)	$	(135,767,626	)		51,171,594		$	537,361,382
Class B
Sales		10,307,746		$	103,639,530			11,637,181		$	119,528,234
Reinvestments		531,067			5,331,917			662,924			6,808,230
Redemptions		(10,809,579	)		(110,558,670	)		(8,283,539	)		(86,126,816	)
Net increase		29,234		$	(1,587,223	)		4,016,566		$	40,209,648
Increase (decrease) derived from capital shares transactions				$	(137,354,849	)				$	577,571,030

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.39		$	11.04		$	9.36		$	11.65		$	9.50
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.13			0.15			0.16			0.12
Net realized and unrealized gain (loss) on investments		(0.79	)		(0.64	)		1.63			(2.28	)		2.15
Total from investment operations		(0.66	)		(0.51	)		1.78			(2.12	)		2.27
Less Distributions
Distributions from net investment income		(0.11	)		(0.14	)		(0.10	)		(0.17	)		(0.12	)
Total distributions		(0.11	)		(0.14	)		(0.10	)		(0.17	)		(0.12	)
Net Asset Value, End of Period	$	9.62		$	10.39		$	11.04		$	9.36		$	11.65
Total Return (%) (b)		(6.41	)		(4.61	)		19.10			(18.42	)		24.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01			1.02			1.07			1.09			1.12
Net ratio of expenses to average net assets (%) (c)		0.99			1.01			1.07			1.09			1.12
Ratio of net investment income to average net assets (%)		1.30			1.28			1.50			1.50			1.19
Portfolio turnover rate (%)		49			33			29			40			35
Net assets, end of period (in millions)	$	873.8		$	1,075.9		$	578.1		$	473.5		$	596.0
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	10.30		$	10.94		$	9.27		$	11.56		$	9.44
Income (Loss) from Investment Operations
Net investment income (a)		0.11			0.10			0.13			0.14			0.09
Net realized and unrealized gain (loss) on investments		(0.80	)		(0.62	)		1.62			(2.28	)		2.13
Total from investment operations		(0.69	)		(0.52	)		1.75			(2.14	)		2.22
Less Distributions
Distributions from net investment income		(0.08	)		(0.12	)		(0.08	)		(0.15	)		(0.10	)
Total distributions		(0.08	)		(0.12	)		(0.08	)		(0.15	)		(0.10	)
Net Asset Value, End of Period	$	9.53		$	10.30		$	10.94		$	9.27		$	11.56
Total Return (%) (b)		(6.70	)		(4.80	)		18.90			(18.70	)		23.65
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.26			1.27			1.32			1.34			1.37
Net ratio of expenses to average net assets (%) (c)		1.24			1.26			1.32			1.34			1.37
Ratio of net investment income to average net assets (%)		1.05			0.95			1.25			1.30			0.90
Portfolio turnover rate (%)		49			33			29			40			35
Net assets, end of period (in millions)	$	597.1		$	644.8		$	641.3		$	544.3		$	576.5

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-13

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

MIST-14

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, foreign capital gains tax reclasses, and passive foreign investment companies (PFICs). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $20,102,320, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MIST-15

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

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-16

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	794,589,918	$	0	$	945,857,760

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company that amounted to $434,612 in purchases and $8,377,593 in sales of investments, which are included above.

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by Metlife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$14,196,235		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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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-17

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Notes to Financial Statements—December 31, 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.

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long- Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$17,199,657	$	19,623,222	$	—	$	—	$	17,199,657	$	19,623,222

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards			Other Accumulated Capital Losses			Total
$28,066,348	$	—	$	(59,048,938	)	$	(78,185,166	)	$	(34,665,303	)	$	(143,833,059	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had short-term post-enactment accumulated capital losses of $9,421,632, long-term post-enactment accumulated capital losses of $25,243,671, and the pre-enactment accumulated capital loss carryforwards expiring on December 31, 2017 were $78,185,166.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-18

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MFS Emerging Markets Equity 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 MFS Emerging Markets Equity Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of MFS Emerging Markets Equity Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-19

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-20

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-21

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-22

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-23

Met Investors Series Trust

MFS Emerging Markets Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MFS Emerging Markets Equity Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Massachusetts Financial Services Company regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe for the one- and three-year periods ended June 30, 2014 and outperformed the median of its Performance Universe for the five-year period ended June 30, 2014. The Board noted that the Portfolio underperformed its Lipper Index for the one-, three-, and five-year periods ending June 30, 2014. The Board further considered that the Portfolio underperformed its benchmark, the MSCI Emerging Markets Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board also took into account management’s discussion of the Portfolio’s performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe at the Portfolio’s current size. The Board also noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-24

Met Investors Series Trust

MFS Research International Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the MFS Research International Portfolio returned -6.74%, -6.95%, and -6.83%, respectively. The Portfolio’s benchmarks, the MSCI EAFE Index¹ and the MSCI All Country World ex-U.S. Index², returned -4.90% and -3.87%, respectively.

MARKET ENVIRONMENT / CONDITIONS

Early in the period, U.S. equities suffered what proved to be a temporary setback due to concerns over emerging markets as well as what was perceived at the time to be a pause in U.S. economic growth, partially caused by extreme weather conditions and a weak December 2013 labor market report. Markets soon recovered as the economic pause concluded and investors appeared to have become increasingly comfortable that newly-installed U.S. Federal Reserve (the “Fed”) Chair Janet Yellen would not make any substantial changes to the trajectory of the Fed’s monetary policy.

While geopolitical tensions flared in the Middle East and Russia/Ukraine, any market setbacks were short-lived as improving economic growth in the U.S., coupled with prospects for easier monetary policy in regions with slowing growth, such as Japan, Europe and China, supported risk assets. The European Central Bank cut policy interest rates into negative territory and, by the end of the period, expectations were for additional rate cuts and the announcement for non-conventional easing measures. Similarly, the Bank of Japan surprised markets late in the period with fresh stimulus measures given lackluster growth trends. The related decline in developed market government bond yields and credit spreads were also supportive for equity markets. At the end of the period, the U.S. equity market was trading close to all-time highs and U.S. Treasury yields were close to their lows for the period. However, credit markets did not fare as well in the second half of 2014, particularly U.S. high yield and emerging market debt. The higher weightings of oil and gas credits in these asset classes resulted in widening spreads and increased volatility as oil prices began to decline in an accelerated fashion in the fourth quarter.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Weak stock selection within the Industrials sector detracted from the Portfolio’s performance relative to the MSCI EAFE Index, led by the Portfolio’s overweight position in poor-performing global engineering company JGC Corp. (Japan).

Weak stock selection in both the Consumer Discretionary and Financials sectors also hurt relative returns. Within Consumer Discretionary, overweight positions in automotive manufacturer Honda Motor (Japan) and casino resort operator Sands China (Hong Kong) weighed on relative results. Within Financials, overweight positions in banking and financial services firm Sumitomo Mitsui Financial Group (Japan) and commercial banking firm Sberbank (Russia) hampered relative returns.

Elsewhere, overweight positions in steel producer Gerdau (Brazil), financial services company Erste Group Bank (Austria), mining company Iluka Resources (Australia), pharmaceutical and diagnostic company Roche Holding (Switzerland) and real estate business Mitsubishi Estate (Japan) were among the Portfolio’s top relative detractors.

An overweight allocation to the Information Technology (“IT”) sector strengthened relative performance as this sector outpaced the benchmark during the reporting period. Most notably, owning shares of semiconductor manufacturer Taiwan Semiconductor (Taiwan) supported relative returns.

Strong stock selection in both the Energy and Telecommunication Services sectors also boosted relative performance. There were no individual securities within the Energy sector that were among the Portfolio’s top relative detractors. Within Telecommunication Services, an overweight position in telecommunications company KDDI (Japan) aided relative returns as the stock outperformed the benchmark during the period.

Elsewhere, the Portfolio’s overweight position in pharmaceutical companies Novartis (Switzerland) and Santen Pharmaceutical (Japan), hotel and restaurant operator Whitbread (United Kingdom), banking firm HDFC (India), automotive safety parts manufacturer Autoliv (Sweden), financial services firm DBS Group Holdings (Singapore) and commercial banking company Kasikornbank Public (Thailand) benefited relative performance. Avoiding shares of poor-performing mining giant BHP Billiton (Australia) also aided relative results.

During the reporting period, the Portfolio’s relative currency exposure, resulting primarily from differences between the Portfolio’s and the benchmark’s exposure to holdings of securities denominated in foreign currencies, contributed to 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.

For close to three years we had questioned whether the tight range in the oil price of $100-120/barrel was too high, arguing that $70-$80 was a more appropriate level. As our conviction in this view was starting to wane, the third quarter of 2014 saw the first signs of weakness. This barely prepared us for the violent fall in the fourth quarter however – a period in which the price fell 40% in a straight line, to a year-end close of $57. That said, we now believe oil prices are materially below the level where supply could keep up with even flat demand over the long term, so the natural inclination is to feel more positively inclined towards the sector. However, just as overly-high oil prices took some time to correct, the current period of low oil prices may also prove a little more ‘sticky’. During this period, we are mindful of stocks which carry high degrees of balance sheet leverage going into this decline and of those which have a severe cash flow

MIST-1

Met Investors Series Trust

MFS Research International Portfolio

Managed by Massachusetts Financial Services Company

Portfolio Manager Commentary*—(Continued)

shortfall in a period of lower oil prices, given that operating costs remain stickier at higher levels. We will look to increase exposure to names which can survive an extended (12-24 month) period of lower oil prices, and ultimately benefit from their recovery back to a higher incentive price, closer to $80/barrel, once current surpluses have been worked off.

In Consumer Cyclicals, we try to find companies that have superior long term sustainable growth while providing lower risk characteristics than average. We believe risk for companies in this sector comes from four sources: geography in which they are located, sustainability of the business model, valuation at which stocks are trading and the strength, or lack thereof, of the balance sheet. Overall, we are cautious on pure play retailers because of disintermediation, consumers moving to on-line shopping and away from physical stores. The traditional retailers are left with massive infrastructure which is being underutilized, and even though many have on-line formats, the growth in that segment does not offset the negative leverage from the physical stores. This has been a key issue in U.K. food retail where space expansion by both the new and existing players and increased online shopping has resulted in massive oversupply and price wars, resulting in structural pressure on many of the players. At period end, our holdings were more concentrated in Apparel Manufacturers, Restaurants, Publishers and Broadcasters where we saw better prospects and more sustainable returns. We continued to avoid Airlines. Despite the fall in oil prices, we are concerned about rising industry capacity and elevated margins which may prove unsustainable.

We believe Financials are being buffeted by two broad themes – potential direction of U.S. rates and the quantitative easing programs being put into effect by both the Japanese and European authorities. Our positioning is not based on any of these macro themes but remains driven by bottom up fundamentals. We took advantage of a bounce in the Japanese market to sell out of a real estate company in Japan that had become quite expensive. Part of the proceeds was invested in a Japanese bank but the net effect was that we are now slightly underweight Japan. The rest of the proceeds were used to add to laggards in Europe and to start a new position in a Hong Kong based bank. We also took minor trims in a couple of emerging market names that had been quite strong.

Following the re-rating in Pharma over the last several years, it has been difficult to find strong value in general, with many names trading at close to 18x-19x current year price/earnings. While there has been some innovation in pharma Research & Development in recent years, the sector is exposed to tougher payers (government), there are generic/bio-similar risks, and without pipeline productivity the longevity of cash flow streams remains challenging and/or less visible for many companies. We have attempted to position ourselves in names that deserve these valuations in a relative context (growth with and without pipelines, upside options, sensible management that will not destroy shareholder value, etc.), as we have always done. That said, the Portfolio’s positioning continues to be driven by our bottom up stock-picking.

In Staples, top line growth rates decelerated throughout the year, driven surprisingly by a weak U.S. consumer, Europe, which had also been weak although not getting worse, and emerging markets which continued to slow. On the flipside, we have witnessed a big change in the currency environment, especially for our European holdings. Euro weakness against the U.S. dollar and emerging market currency stability relative to the euro have driven improved earnings momentum for European Staples although we believe this has not been fully reflected in consensus estimates. We have also witnessed input costs continue to improve from the fall in both agricultural, and more recently, oil and oil based commodities.

The Research International strategy is a sector-neutral Portfolio 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. That said, on a regional basis, market valuations and opportunity have combined to slightly increase our investment for the period in distinct sectors in Asia Pacific ex-Japan, Europe ex-U.K. and North America. Conversely, we have decreased exposure in the strategy to Japan, Emerging Markets and the United Kingdom.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
MFS Research International Portfolio
Class A		-6.74		5.46		5.28
Class B		-6.95		5.20		5.01
Class E		-6.83		5.31		5.13
MSCI EAFE Index		-4.90		5.33		4.43
MSCI AC World (ex-U.S.) Index		-3.87		4.43		5.13

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Roche Holding AG		3.3
Novartis AG		3.1
Royal Dutch Shell plc - A Shares		3.0
Nestle S.A.		2.7
HSBC Holdings plc		2.3
Bayer AG		2.2
Rio Tinto plc		2.0
Denso Corp.		2.0
KDDI Corp.		1.9
Schneider Electric SE		1.8

Top Countries

	% of Net Assets
United Kingdom		18.4
Japan		17.9
Switzerland		14.5
France		10.4
Germany		8.0
United States		4.7
Netherlands		4.3
Hong Kong		4.0
Australia		3.5
Sweden		2.9

MIST-3

Met Investors Series Trust

MFS Research International Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

MFS Research International Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.70	%	$	1,000.00	$	905.60	$	3.36
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.68	$	3.57
Class B(a)	Actual		0.95	%	$	1,000.00	$	904.80	$	4.56
	Hypothetical*		0.95	%	$	1,000.00	$	1,020.42	$	4.84
Class E(a)	Actual		0.85	%	$	1,000.00	$	905.20	$	4.08
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.92	$	4.33

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MIST-4

Met Investors Series Trust

MFS Research International Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—98.9% of Net Assets

Security Description	Shares		Value
Australia—3.5%
APA Group (a)		1,804,967	$	10,989,989
Computershare, Ltd.		1,071,899		10,251,355
Iluka Resources, Ltd. (a)		1,945,289		9,351,337
Oil Search, Ltd.		761,071		4,917,149
Westpac Banking Corp.		1,345,771		36,179,335
				71,689,165
Austria—0.6%
Erste Group Bank AG		494,901		11,346,307
Belgium—1.2%
KBC Groep NV (b)		446,381		24,774,377
Brazil—1.4%
Gerdau S.A. (ADR) (a)		1,411,307		5,010,140
Lojas Renner S.A.		221,408		6,315,164
M Dias Branco S.A.		266,839		9,130,042
Odontoprev S.A.		1,288,193		4,766,276
Telefonica Brasil S.A. (ADR)		245,397		4,338,619
				29,560,241
Canada—0.8%
Canadian Utilities, Ltd. - Class A (a)		309,931		10,913,477
Cenovus Energy, Inc.		240,981		4,971,866
				15,885,343
China—0.5%
China Resources Gas Group, Ltd. (a)		3,648,424		9,437,600
France—10.4%
BNP Paribas S.A.		480,676		28,246,582
Danone S.A.		501,025		32,960,676
Dassault Systemes S.A.		178,427		10,858,784
GDF Suez		874,185		20,416,854
L’Oreal S.A.		130,047		21,833,214
Legrand S.A.		128,431		6,723,218
LVMH Moet Hennessy Louis Vuitton S.A. (a)		133,302		21,079,588
Pernod-Ricard S.A.		245,307		27,198,894
Schneider Electric SE		519,089		37,717,970
Technip S.A.		104,080		6,214,999
				213,250,779
Germany—8.0%
Bayer AG		325,312		44,473,214
Brenntag AG		130,728		7,355,981
Deutsche Wohnen AG		420,902		10,000,731
Infineon Technologies AG		1,221,588		13,096,701
Linde AG		177,237		33,058,204
ProSiebenSat.1 Media AG		213,012		8,973,951
Siemens AG		296,947		33,676,823
Symrise AG		217,700		13,202,182
				163,837,787
Greece—0.3%
Hellenic Telecommunications Organization S.A. (b)		572,086		6,243,082
Hong Kong—4.0%
AIA Group, Ltd.		6,331,428		34,742,567
BOC Hong Kong Holdings, Ltd.		1,824,000		6,061,136
Esprit Holdings, Ltd. (a)		4,595,497		5,492,574
Global Brands Group Holding, Ltd. (a) (b)		27,038,920		5,285,164
Hutchison Whampoa, Ltd.		1,510,431		17,311,702
Li & Fung, Ltd. (a)		4,050,920		3,788,426
Sands China, Ltd.		2,118,107		10,315,553
				82,997,122
India—0.7%
HDFC Bank, Ltd. (ADR)		158,646		8,051,284
Reliance Industries, Ltd.		502,268		7,072,514
				15,123,798
Italy—1.1%
Telecom Italia S.p.A. - Risparmio Shares		9,127,006		7,628,670
UniCredit S.p.A.		2,293,557		14,618,006
				22,246,676
Japan—17.9%
AEON Financial Service Co., Ltd. (a)		437,299		8,548,805
Denso Corp.		865,770		40,349,726
Honda Motor Co., Ltd.		993,731		28,897,397
Inpex Corp.		787,786		8,740,756
Japan Tobacco, Inc.		768,331		21,096,897
JGC Corp.		596,290		12,288,987
JSR Corp.		1,468,777		25,221,574
KDDI Corp.		632,460		39,573,165
Mitsubishi Corp.		625,954		11,479,916
Mitsubishi UFJ Financial Group, Inc.		4,740,474		25,983,216
Nomura Research Institute, Ltd.		331,184		10,169,315
Ryohin Keikaku Co., Ltd.		52,900		6,536,509
Santen Pharmaceutical Co., Ltd.		563,709		30,167,388
Sony Financial Holdings, Inc.		482,844		7,120,017
Sumitomo Mitsui Financial Group, Inc.		603,082		21,790,862
Sundrug Co., Ltd. (a)		262,270		10,615,333
Terumo Corp.		509,400		11,601,427
Tokyo Gas Co., Ltd.		3,060,963		16,517,455
Yamato Holdings Co., Ltd. (a)		1,569,166		30,897,529
				367,596,274
Netherlands—4.3%
Akzo Nobel NV (a)		462,810		32,093,408
ING Groep NV (b)		2,329,451		30,160,825
Koninklijke KPN NV		2,831,733		8,927,834
Reed Elsevier NV		742,771		17,751,290
				88,933,357
Philippines—0.3%
Philippine Long Distance Telephone Co.		90,325		5,828,854
Portugal—0.2%
Galp Energia SGPS S.A.		494,404		5,001,856

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

MFS Research International Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Russia—0.3%
Mobile TeleSystems OJSC (b)		881,167	$	2,462,191
Sberbank of Russia (ADR) (a)		845,237		3,396,396
				5,858,587
Singapore—1.1%
DBS Group Holdings, Ltd.		1,496,979		23,116,999
Sweden—2.9%
Atlas Copco AB - A Shares (a)		1,185,912		33,012,386
Hennes & Mauritz AB - B Shares		109,012		4,522,015
Telefonaktiebolaget LM Ericsson - B Shares		1,784,599		21,613,168
				59,147,569
Switzerland—14.5%
Julius Baer Group, Ltd. (b)		364,890		16,651,771
Nestle S.A.		748,887		54,894,572
Novartis AG		682,174		62,737,826
Roche Holding AG		247,482		67,077,636
Schindler Holding AG (Participation Certificate)		158,330		22,845,890
Sonova Holding AG		38,830		5,692,210
UBS Group AG (b)		2,076,142		35,688,259
Zurich Insurance Group AG (b)		101,000		31,627,424
				297,215,588
Taiwan—2.5%
MediaTek, Inc.		1,794,845		26,129,222
Taiwan Semiconductor Manufacturing Co., Ltd.		5,611,468		24,761,897
				50,891,119
Thailand—0.4%
Kasikornbank PCL (NVDR)		1,147,442		7,923,339
United Kingdom—18.4%
BG Group plc		1,138,007		15,147,706
BT Group plc		1,528,042		9,485,418
Cairn Energy plc (b)		1,021,920		2,805,222
Centrica plc		2,451,826		10,552,557
Compass Group plc		930,500		15,859,750
Hiscox, Ltd.		848,281		9,524,396
HSBC Holdings plc		4,928,846		46,579,973
Indivior plc (b)		245,963		572,737
Intu Properties plc (a)		1,730,890		8,950,792
Prudential plc		807,069		18,572,399
Reckitt Benckiser Group plc		278,127		22,436,894
Rio Tinto plc		887,253		40,878,016
Royal Bank of Scotland Group plc (b)		4,103,152		24,908,275
Royal Dutch Shell plc - A Shares		1,871,479		62,032,968
Standard Chartered plc		1,113,144		16,693,825
Vodafone Group plc		6,500,645		22,274,208
Whitbread plc		363,956		26,858,851
WPP plc		1,115,195		23,136,052
				377,270,039
United States—3.6%
Autoliv, Inc. (a)		210,031		22,288,490
Cognizant Technology Solutions Corp. - Class A (b)		377,094		19,857,770
Joy Global, Inc. (a)		294,825		13,715,259
Yum! Brands, Inc.		239,034		17,413,627
				73,275,146
Total Common Stocks (Cost $1,884,798,738)				2,028,451,004
Short-Term Investments—6.2%
Mutual Fund—5.1%
State Street Navigator Securities Lending MET Portfolio (c)		104,609,980		104,609,980
Repurchase Agreement—1.1%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $21,378,600 on 01/02/15, collateralized by $21,780,000 U.S. Treasury Note at 0.250% due 08/15/15 with a value of $21,807,225.		21,378,600		21,378,600
Total Short-Term Investments (Cost $125,988,580)				125,988,580
Total Investments—105.1% (Cost $2,010,787,318) (d)				2,154,439,584
Other assets and liabilities (net)—(5.1)%				(103,986,927	)
Net Assets—100.0%			$	2,050,452,657

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $98,966,746 and the collateral received consisted of cash in the amount of $104,609,980. 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 December 31, 2014, the aggregate cost of investments for federal income tax purposes was $2,037,007,319. The aggregate unrealized appreciation and depreciation of investments were $251,972,644 and $(134,540,379), respectively, resulting in net unrealized appreciation of $117,432,265 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

(NVDR)— Non-Voting Depository Receipts

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

MFS Research International Portfolio

Schedule of Investments as of December 31, 2014

Ten Largest Industries as of December 31, 2014 (Unaudited)	% of Net Assets
Banks		16.1
Pharmaceuticals		10.0
Oil, Gas & Consumable Fuels		5.4
Chemicals		5.1
Insurance		5.0
Food Products		4.7
Hotels, Restaurants & Leisure		3.4
Wireless Telecommunication Services		3.4
Machinery		3.4
Semiconductors & Semiconductor Equipment		3.1

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

MFS Research International Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Australia	$	—	$	71,689,165		$	—	$	71,689,165
Austria		—		11,346,307			—		11,346,307
Belgium		—		24,774,377			—		24,774,377
Brazil		9,348,759		20,211,482			—		29,560,241
Canada		15,885,343		—			—		15,885,343
China		—		9,437,600			—		9,437,600
France		—		213,250,779			—		213,250,779
Germany		—		163,837,787			—		163,837,787
Greece		—		6,243,082			—		6,243,082
Hong Kong		—		82,997,122			—		82,997,122
India		8,051,284		7,072,514			—		15,123,798
Italy		—		22,246,676			—		22,246,676
Japan		—		367,596,274			—		367,596,274
Netherlands		—		88,933,357			—		88,933,357
Philippines		—		5,828,854			—		5,828,854
Portugal		—		5,001,856			—		5,001,856
Russia		—		5,858,587			—		5,858,587
Singapore		—		23,116,999			—		23,116,999
Sweden		—		59,147,569			—		59,147,569
Switzerland		35,688,259		261,527,329			—		297,215,588
Taiwan		—		50,891,119			—		50,891,119
Thailand		—		7,923,339			—		7,923,339
United Kingdom		572,737		376,697,302			—		377,270,039
United States		73,275,146		—			—		73,275,146
Total Common Stocks		142,821,528		1,885,629,476			—		2,028,451,004
Short-Term Investments
Mutual Fund		104,609,980		—			—		104,609,980
Repurchase Agreement		—		21,378,600			—		21,378,600
Total Short-Term Investments		104,609,980		21,378,600			—		125,988,580
Total Investments	$	247,431,508	$	1,907,008,076		$	—	$	2,154,439,584
Collateral for securities loaned (Liability)	$	—	$	(104,609,980	)	$	—	$	(104,609,980	)

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

MFS Research International Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	2,154,439,584
Receivable for:
Fund shares sold		1,141,725
Dividends		4,227,874
Prepaid expenses		5,948
Total Assets		2,159,815,131
Liabilities
Due to bank cash denominated in foreign currencies (c)		2,478,808
Collateral for securities loaned		104,609,980
Payables for:
Investments purchased		60,251
Fund shares redeemed		261,150
Foreign taxes		126,095
Accrued expenses:
Management fees		1,122,937
Distribution and service fees		154,650
Deferred trustees’ fees		67,424
Other expenses		481,179
Total Liabilities		109,362,474
Net Assets	$	2,050,452,657
Net assets consist of:
Paid in surplus	$	2,087,666,879
Undistributed net investment income		56,307,391
Accumulated net realized loss		(236,763,528	)
Unrealized appreciation on investments and foreign currency transactions (d)		143,241,915
Net Assets	$	2,050,452,657
Net Assets
Class A	$	1,332,180,833
Class B		708,891,936
Class E		9,379,888
Capital Shares Outstanding*
Class A		121,848,096
Class B		65,448,665
Class E		861,546
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.93
Class B		10.83
Class E		10.89

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,010,787,318.

(b) Includes securities loaned at value of $98,966,746.

(c) Identified cost of cash denominated in foreign currencies due to bank was $2,470,337.

(d) Includes foreign capital gains tax of $126,095.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	80,667,264
Securities lending income		1,532,201
Total investment income		82,199,465
Expenses
Management fees		15,854,571
Administration fees		53,515
Custodian and accounting fees		1,194,054
Distribution and service fees—Class B		1,953,189
Distribution and service fees—Class E		15,957
Audit and tax services		56,140
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		176,151
Insurance		14,816
Miscellaneous		48,087
Total expenses		19,444,560
Less management fee waiver		(1,408,396	)
Net expenses		18,036,164
Net Investment Income		64,163,301
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (b)		144,289,258
Futures contracts		(176,705	)
Foreign currency transactions		(457,529	)
Net realized gain		143,655,024
Net change in unrealized depreciation on:
Investments (c)		(355,972,390	)
Foreign currency transactions		(392,109	)
Net change in unrealized depreciation		(356,364,499	)
Net realized and unrealized loss		(212,709,475	)
Net Decrease in Net Assets From Operations	$	(148,546,174	)

(a) Net of foreign withholding taxes of $5,825,079.

(b) Net of foreign capital gains tax of $84,727.

(c) Includes change in foreign capital gains tax of $(126,095).

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

MFS Research International Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	64,163,301		$	50,083,881
Net realized gain		143,655,024			187,148,477
Net change in unrealized appreciation (depreciation)		(356,364,499	)		212,438,924
Increase (decrease) in net assets from operations		(148,546,174	)		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		(311,458,219	)		(401,376,154	)
Total decrease in net assets		(519,110,069	)		(17,005,787	)
Net Assets
Beginning of period		2,569,562,726			2,586,568,513
End of period	$	2,050,452,657		$	2,569,562,726
Undistributed net investment income
End of period	$	56,307,391		$	50,117,760

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		5,502,504		$	63,699,228			12,376,143		$	134,933,713
Reinvestments		3,590,056			41,393,345			4,301,654			44,608,151
Redemptions		(31,596,854	)		(370,025,452	)		(46,440,369	)		(509,482,802	)
Net decrease		(22,504,294	)	$	(264,932,879	)		(29,762,572	)	$	(329,940,938	)
Class B
Sales		3,741,072		$	42,962,189			4,666,911		$	50,934,808
Reinvestments		1,525,430			17,466,175			1,981,308			20,387,657
Redemptions		(9,125,413	)		(105,690,150	)		(12,899,858	)		(141,028,101	)
Net decrease		(3,858,911	)	$	(45,261,786	)		(6,251,639	)	$	(69,705,636	)
Class E
Sales		37,680		$	437,242			30,536		$	339,355
Reinvestments		21,405			246,156			29,507			305,107
Redemptions		(167,780	)		(1,946,952	)		(217,118	)		(2,374,042	)
Net decrease		(108,695	)	$	(1,263,554	)		(157,075	)	$	(1,729,580	)
Decrease derived from capital shares transactions				$	(311,458,219	)				$	(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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.01		$	10.34		$	9.03		$	10.28		$	9.38
Income (Loss) from Investment Operations
Net investment income (a)		0.34			0.23			0.25			0.22			0.18
Net realized and unrealized gain (loss) on investments		(1.13	)		1.75			1.27			(1.26	)		0.90
Total from investment operations		(0.79	)		1.98			1.52			(1.04	)		1.08
Less Distributions
Distributions from net investment income		(0.29	)		(0.31	)		(0.21	)		(0.21	)		(0.18	)
Total distributions		(0.29	)		(0.31	)		(0.21	)		(0.21	)		(0.18	)
Net Asset Value, End of Period	$	10.93		$	12.01		$	10.34		$	9.03		$	10.28
Total Return (%) (b)		(6.74	)		19.58			16.97			(10.44	)		11.65
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.76			0.75			0.75			0.77			0.78
Net ratio of expenses to average net assets (%) (c)		0.70			0.70			0.70			0.73			0.75
Ratio of net investment income to average net assets (%)		2.89			2.08			2.59			2.24			1.91
Portfolio turnover rate (%)		28			34			36			39			50
Net assets, end of period (in millions)	$	1,332.2		$	1,733.3		$	1,800.5		$	1,804.3		$	1,707.5
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.90		$	10.25		$	8.95		$	10.20		$	9.31
Income (Loss) from Investment Operations
Net investment income (a)		0.30			0.20			0.22			0.20			0.15
Net realized and unrealized gain (loss) on investments		(1.11	)		1.73			1.26			(1.26	)		0.90
Total from investment operations		(0.81	)		1.93			1.48			(1.06	)		1.05
Less Distributions
Distributions from net investment income		(0.26	)		(0.28	)		(0.18	)		(0.19	)		(0.16	)
Total distributions		(0.26	)		(0.28	)		(0.18	)		(0.19	)		(0.16	)
Net Asset Value, End of Period	$	10.83		$	11.90		$	10.25		$	8.95		$	10.20
Total Return (%) (b)		(6.95	)		19.26			16.71			(10.71	)		11.40
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.01			1.00			1.00			1.02			1.03
Net ratio of expenses to average net assets (%) (c)		0.95			0.95			0.95			0.98			1.00
Ratio of net investment income to average net assets (%)		2.56			1.81			2.29			2.02			1.65
Portfolio turnover rate (%)		28			34			36			39			50
Net assets, end of period (in millions)	$	708.9		$	824.6		$	774.5		$	720.7		$	775.8

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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.96		$	10.30		$	8.99		$	10.24		$	9.34
Income (Loss) from Investment Operations
Net investment income (a)		0.31			0.21			0.23			0.21			0.16
Net realized and unrealized gain (loss) on investments		(1.11	)		1.74			1.27			(1.27	)		0.90
Total from investment operations		(0.80	)		1.95			1.50			(1.06	)		1.06
Less Distributions
Distributions from net investment income		(0.27	)		(0.29	)		(0.19	)		(0.19	)		(0.16	)
Total distributions		(0.27	)		(0.29	)		(0.19	)		(0.19	)		(0.16	)
Net Asset Value, End of Period	$	10.89		$	11.96		$	10.30		$	8.99		$	10.24
Total Return (%) (b)		(6.83	)		19.36			16.83			(10.62	)		11.54
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.91			0.90			0.90			0.92			0.93
Net ratio of expenses to average net assets (%) (c)		0.85			0.85			0.85			0.88			0.90
Ratio of net investment income to average net assets (%)		2.67			1.92			2.42			2.14			1.79
Portfolio turnover rate (%)		28			34			36			39			50
Net assets, end of period (in millions)	$	9.4		$	11.6		$	11.6		$	12.3		$	17.4

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-13

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-14

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, foreign capital gains tax reclasses, and passive foreign investment companies (PFICs). These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $21,378,600, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MIST-15

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over- the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 24, 2014 through April 29, 2014, the Portfolio had bought and sold $194,376,496 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized losses in the amount of $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; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any

MIST-16

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—December 31, 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 addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	630,776,601	$	0	$	942,508,565

The Portfolio engaged in security transactions with other accounts managed by Massachusetts Financial Services Company that amounted to $8,832,987 in purchases and $2,457,571 in sales of investments, which are included above.

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$15,854,571		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—December 31, 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 $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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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, 2014 and 2013 were as follows:

Ordinary Income			Long- Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$59,105,676	$	65,300,915	$	—	$	—	$	59,105,676	$	65,300,915

MIST-18

Met Investors Series Trust

MFS Research International Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Total
$58,627,023	$	—	$	117,021,918	$	(212,795,739	)	$	(37,146,798	)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards $130,517,908.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses. The pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/16	Expiring 12/31/17		Expiring 12/31/18		Total
$20,731,805	$	169,884,123	$	22,179,811	$	212,795,739

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-19

Met Investors Series Trust

MFS Research International Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of MFS Research International 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 MFS Research International Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also include examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of MFS Research International Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-20

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-21

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-22

Met Investors Series Trust

MFS Research International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-23

Met Investors Series Trust

MFS Research International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-24

Met Investors Series Trust

MFS Research International Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

MFS Research International Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Massachusetts Financial Services Company regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the one- and three-year periods ended June 30, 2014 and outperformed the median of its Performance Universe and its Lipper Index for the five-year period ended June 30, 2014. The Board noted that the Portfolio outperformed its benchmark, the MSCI EAFE Index, for the one- and five-year periods ended October 31, 2014 and underperformed the MSCI EAFE Index for the three-year period ended October 31, 2014. The Board further noted that the Portfolio outperformed its other benchmark, the MSCI All Country World (ex.-U.S.) Index, for the three- and five-year periods ended October 31, 2014 and underperformed this benchmark for the one-year period ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also considered that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-25

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Managed by Morgan Stanley Investment Management Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Morgan Stanley Mid Cap Growth Portfolio returned 1.29%, 1.01%, and 1.13%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 11.90%.

MARKET ENVIRONMENT / CONDITIONS

U.S. stocks enjoyed strong performance during the year ended December 31, 2014. The Russell Midcap Growth Index (the “Index”) advanced 11.90% for the period, led by gains in the Health Care sector. The Telecommunication Services and Utilities sectors were the second and third best-performing groups in the Index, respectively, but they are also the Index’s two smallest sectors and had zero representation in the Portfolio during the year. The Energy sector was, by far, the weakest performer, down by double-digits for the period and the only Index sector with a negative return. The Information Technology (“IT”) and Consumer Discretionary sectors performed nearly in line with the Index’s overall return.

A notable event during the period was a widespread sell-off in high growth and high valuation multiple stocks that began in March and continued on through April. Generally, we believe the sell-off was not due to company-specific fundamentals but rather driven by a broad rotation out of such names. Although the share prices of several of the Portfolio’s holdings (IT stocks, in particular) took a hit during this downturn, these companies’ fundamentals remained largely robust. Overall, we used the sell-off as an opportunity to trade up the Portfolio in quality, and we remain optimistic about the long-term outlook for the companies owned.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The largest detractor for the year was stock selection in the IT sector. Holdings in internet software & services and in software were especially detrimental – global microblogging platform Twitter and cyber security firm FireEye were the two largest detractors in the Portfolio overall – as these names were negatively affected by the high growth and high multiple sell-off during the spring.

Stock selection in the Consumer Discretionary sector dampened relative results, driven primarily by unfavorable results in internet & catalog retail holdings. Daily deals and local advertising leader Groupon was the main detractor in the sector and third-largest detractor in the overall Portfolio. 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.

Other positions performed more favorably. The Portfolio’s significant underweight position in Energy, the worst-performing sector during the period, benefited relative performance.

Both an overweight position and stock selection in the Health Care sector also added to returns. The top two contributors to the Portfolio’s overall performance during the period were health care names: Illumina, a leader in genetic testing and analysis, and Intuitive Surgical, a surgical robotics systems maker.

We have been attracted to Illumina because we believe the company provides best-in-class genomic tools for academic and industry researchers to generate valuable medical information that can enhance drug discovery and clinical research, allowing diseases to be detected earlier and facilitating better drug choices for individual patients. The company has made progress in lowering the cost of genome mapping, which could allow for more full genomes to be sequenced over time.

At year end, we continued to like Intuitive Surgical because we believe it has a leading position in the rapidly emerging field of robotics-assisted surgery, due to its control of the core patents and intellectual property for use of robotics in prostatectomies and hysterectomies. We also like its attractive razor/razor blade model, which offers greater business visibility. We believe the company has a substantial opportunity to grow its installed base globally by entering new markets, introducing new products, and applying its existing products to new procedures.

MIST-1

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Managed by Morgan Stanley Investment Management Inc.

Portfolio Manager Commentary*—(Continued)

As of December 31, 2014, the Portfolio’s largest sector weights, which are a result of our bottom-up stock selection process, were in IT, Health Care, and Consumer Discretionary. The Portfolio had no exposure to the Energy, Materials, Telecommunication Services, or Utilities sectors.

Dennis P. Lynch

David S. Cohen

Sam G. Chainani

Alexander T. Norton

Jason C. Yeung

Armistead Nash

Portfolio Managers

Morgan Stanley 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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
Morgan Stanley Mid Cap Growth Portfolio
Class A		1.29		13.82		8.52		—
Class B		1.01		13.54		8.26		—
Class E		1.13		—		—		12.36
Russell Midcap Growth Index		11.90		16.94		9.43		—

¹ The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and 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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Illumina, Inc.		5.5
LinkedIn Corp. - Class A		4.9
Intuitive Surgical, Inc.		4.8
Mead Johnson Nutrition Co.		3.6
Tesla Motors, Inc.		3.4
athenahealth, Inc.		3.4
Twitter, Inc.		3.3
Splunk, Inc.		2.9
Workday, Inc. - Class A		2.9
Keurig Green Mountain, Inc.		2.8

Top Sectors

	% of Net Assets
Information Technology		34.8
Health Care		19.5
Consumer Discretionary		17.7
Industrials		10.3
Consumer Staples		7.4
Financials		5.2

MIST-3

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Morgan Stanley Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.68	%	$	1,000.00	$	1,005.50	$	3.44
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.78	$	3.47
Class B(a)	Actual		0.93	%	$	1,000.00	$	1,004.40	$	4.70
	Hypothetical*		0.93	%	$	1,000.00	$	1,020.52	$	4.74
Class E(a)	Actual		0.83	%	$	1,000.00	$	1,005.00	$	4.19
	Hypothetical*		0.83	%	$	1,000.00	$	1,021.02	$	4.23

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MIST-4

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—92.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.5%
TransDigm Group, Inc.		159,965	$	31,409,128
Automobiles—3.4%
Tesla Motors, Inc. (a) (b)		191,592		42,611,977
Beverages—1.0%
Monster Beverage Corp. (a)		113,839		12,334,456
Biotechnology—1.9%
Alnylam Pharmaceuticals, Inc. (a)		70,125		6,802,125
Intercept Pharmaceuticals, Inc. (a) (b)		8,145		1,270,620
Ironwood Pharmaceuticals, Inc. (a)		586,149		8,979,803
Pharmacyclics, Inc. (a) (b)		29,828		3,646,771
Seattle Genetics, Inc. (a) (b)		88,403		2,840,388
				23,539,707
Commercial Services & Supplies—1.1%
Stericycle, Inc. (a)		99,634		13,060,025
Communications Equipment—1.0%
Palo Alto Networks, Inc. (a)		100,913		12,368,906
Diversified Financial Services—5.2%
McGraw Hill Financial, Inc.		376,052		33,461,107
MSCI, Inc.		648,576		30,768,445
				64,229,552
Electrical Equipment—0.5%
SolarCity Corp. (a) (b)		119,998		6,417,493
Food Products—6.4%
Keurig Green Mountain, Inc.		262,978		34,816,972
Mead Johnson Nutrition Co.		439,173		44,154,454
				78,971,426
Health Care Equipment & Supplies—4.8%
Intuitive Surgical, Inc. (a)		112,604		59,560,760
Health Care Technology—3.4%
athenahealth, Inc. (a) (b)		286,399		41,728,334
Hotels, Restaurants & Leisure—5.0%
Chipotle Mexican Grill, Inc. (a)		9,122		6,244,100
Dunkin’ Brands Group, Inc.		649,247		27,690,385
Panera Bread Co. - Class A (a) (b)		161,560		28,240,688
				62,175,173
Internet & Catalog Retail—4.0%
Ctrip.com International, Ltd. (ADR) (a)		213,636		9,720,438
Groupon, Inc. (a) (b)		994,636		8,215,693
TripAdvisor, Inc. (a)		170,704		12,744,761
Zalando SE (a)		262,384		8,061,971
zulily, Inc. - Class A (a) (b)		440,473		10,307,068
				49,049,931
Internet Software & Services—15.8%
Autohome, Inc. (ADR) (a) (b)		294,372		10,703,366
Dropbox, Inc. (a) (c) (d)		460,161		8,789,627
LendingClub Corp. (a)		189,456		4,793,237
LinkedIn Corp. - Class A (a)		263,123		60,441,984
MercadoLibre, Inc. (b)		67,164		8,574,828
Pandora Media, Inc. (a) (b)		624,233		11,130,074
SurveyMonkey, Inc. (a) (c) (d)		303,799		4,997,494
Twitter, Inc. (a)		1,133,186		40,647,382
Yelp, Inc. (a) (b)		112,573		6,161,120
Youku Tudou, Inc. (ADR) (a) (b)		584,657		10,412,741
Zillow, Inc. - Class A (a) (b)		273,130		28,921,736
				195,573,589
IT Services—4.9%
FleetCor Technologies, Inc. (a)		205,414		30,547,116
Gartner, Inc. (a)		361,911		30,476,525
				61,023,641
Life Sciences Tools & Services—5.5%
Illumina, Inc. (a)		368,034		67,931,716
Machinery—1.7%
Colfax Corp. (a) (b)		397,997		20,524,705
Pharmaceuticals—3.9%
Endo International plc (a)		471,489		34,003,787
Zoetis, Inc.		326,597		14,053,469
				48,057,256
Professional Services—4.6%
IHS, Inc. - Class A (a)		229,051		26,084,328
Verisk Analytics, Inc. - Class A (a)		477,758		30,600,400
				56,684,728
Software—10.7%
FireEye, Inc. (a) (b)		641,216		20,249,601
NetSuite, Inc. (a) (b)		112,536		12,285,555
ServiceNow, Inc. (a)		245,045		16,626,303
Splunk, Inc. (a)		611,662		36,057,475
Tableau Software, Inc. - Class A (a)		92,996		7,882,341
Workday, Inc. - Class A (a)		439,485		35,866,371
Zynga, Inc. - Class A (a)		1,506,873		4,008,282
				132,975,928
Technology Hardware, Storage & Peripherals—0.9%
3D Systems Corp. (a) (b)		178,902		5,880,509
Stratasys, Ltd. (a) (b)		57,935		4,814,978
				10,695,487
Textiles, Apparel & Luxury Goods—4.3%
lululemon athletica, Inc. (a) (b)		275,360		15,362,334
Michael Kors Holdings, Ltd. (a)		416,994		31,316,250
Under Armour, Inc. - Class A (a)		94,638		6,425,920
				53,104,504
Total Common Stocks (Cost $965,807,766)				1,144,028,422

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Preferred Stocks—1.6%

Security Description	Shares/ Notional Amount*		Value
Internet & Catalog Retail—0.9%
Flipkart Online Pvt., Ltd. - Series D (a) (c) (d)		98,557	$	11,803,186
Internet Software & Services—0.1%
Dropbox, Inc. - Series A (a) (c) (d)		51,888		991,123
Peixe Urbano, Inc. - Series C (a) (c) (d)		71,709		30,835
				1,021,958
Software—0.6%
Palantir Technologies, Inc. - Series G (a) (c) (d)		541,563		4,343,335
Palantir Technologies, Inc. - Series H (a) (c) (d)		174,289		1,397,798
Palantir Technologies, Inc. - Series H-1 (a) (c) (d)		174,289		1,397,798
				7,138,931
Total Preferred Stocks (Cost $7,854,829)				19,964,075
Convertible Preferred Stock—0.8%
Internet Software & Services—0.8%
Airbnb, Inc. - Series D (a) (c) (d) (Cost $7,659,587)		188,136		9,483,936
Purchased Options—0.1%
Call Options—0.1%
USD Currency, Strike Price CNY 6.62 Expires 06/19/15 (Counterparty - Royal Bank of Scotland plc)		227,746,784		389,219
USD Currency, Strike Price CNY 6.65 Expires 11/23/15 (Counterparty - Royal Bank of Scotland plc)		196,277,507		995,127
Total Purchased Options (Cost $1,277,599)				1,384,346
Short-Term Investments—24.6%
Mutual Fund—19.4%
State Street Navigator Securities Lending MET Portfolio (e)		240,661,118		240,661,118
Repurchase Agreement—5.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $63,852,221 on 01/02/15, collateralized by $65,050,000 U.S. Treasury Note at 0.250% due 08/15/15 with a value of $65,131,313.		63,852,221		63,852,221
Total Short-Term Investments (Cost $304,513,339)				304,513,339
Total Investments—119.6% (Cost $1,287,113,120) (f)				1,479,374,118
Other assets and liabilities (net)—(19.6)%				(242,659,293	)
Net Assets—100.0%			$	1,236,714,825

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $239,057,287 and the collateral received consisted of cash in the amount of $240,661,118 and non-cash collateral with a value of $3,753,191. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent 3.5% of net assets.

(d) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2014, the market value of restricted securities was $43,235,132, which is 3.5% of net assets. See details shown in the Restricted Securities table that follows.

(e) Represents investment of cash collateral received from securities lending transactions.

(f) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,287,310,305. The aggregate unrealized appreciation and depreciation of investments were $279,556,514 and $(87,492,701), respectively, resulting in net unrealized appreciation of $192,063,813 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

(CNY)— Chinese Yuan

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Restricted Securities	Acquisition Date		Shares		Cost		Value
Airbnb, Inc. - Series D		04/16/14		188,136	$	7,659,587	$	9,483,936
Dropbox, Inc.		05/01/12		460,161		4,165,241		8,789,627
Dropbox, Inc. - Series A		05/25/12		51,888		470,124		991,123
Flipkart Online Pvt., Ltd. - Series D		10/04/13		98,557		2,264,087		11,803,186
Palantir Technologies, Inc. - Series G		07/19/12		541,563		1,657,183		4,343,335
Palantir Technologies, Inc. - Series H		10/25/13		174,289		611,754		1,397,798
Palantir Technologies, Inc. - Series H-1		10/25/13		174,289		611,754		1,397,798
Peixe Urbano, Inc. - Series C		12/02/11		71,709		2,239,927		30,835
SurveyMonkey, Inc.		11/25/14		303,799		4,997,494		4,997,494
							$	43,235,132

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	31,409,128	$	—		$	—	$	31,409,128
Automobiles		42,611,977		—			—		42,611,977
Beverages		12,334,456		—			—		12,334,456
Biotechnology		23,539,707		—			—		23,539,707
Commercial Services & Supplies		13,060,025		—			—		13,060,025
Communications Equipment		12,368,906		—			—		12,368,906
Diversified Financial Services		64,229,552		—			—		64,229,552
Electrical Equipment		6,417,493		—			—		6,417,493
Food Products		78,971,426		—			—		78,971,426
Health Care Equipment & Supplies		59,560,760		—			—		59,560,760
Health Care Technology		41,728,334		—			—		41,728,334
Hotels, Restaurants & Leisure		62,175,173		—			—		62,175,173
Internet & Catalog Retail		40,987,960		8,061,971			—		49,049,931
Internet Software & Services		181,786,468		—			13,787,121		195,573,589
IT Services		61,023,641		—			—		61,023,641
Life Sciences Tools & Services		67,931,716		—			—		67,931,716
Machinery		20,524,705		—			—		20,524,705
Pharmaceuticals		48,057,256		—			—		48,057,256
Professional Services		56,684,728		—			—		56,684,728
Software		132,975,928		—			—		132,975,928
Technology Hardware, Storage & Peripherals		10,695,487		—			—		10,695,487
Textiles, Apparel & Luxury Goods		53,104,504		—			—		53,104,504
Total Common Stocks		1,122,179,330		8,061,971			13,787,121		1,144,028,422
Total Preferred Stocks*		—		—			19,964,075		19,964,075
Total Convertible Preferred Stock*		—		—			9,483,936		9,483,936
Total Purchased Options*		—		1,384,346			—		1,384,346
Short-Term Investments
Mutual Fund		240,661,118		—			—		240,661,118
Repurchase Agreement		—		63,852,221			—		63,852,221
Total Short-Term Investments		240,661,118		63,852,221			—		304,513,339
Total Investments	$	1,362,840,448	$	73,298,538		$	43,235,132	$	1,479,374,118
Collateral for securities loaned (Liability)	$	—	$	(240,661,118	)	$	—	$	(240,661,118	)

* See Schedule of Investments for additional detailed categorizations.

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Appreciation		Purchases		Balance as of December 31, 2014		Change in Unrealized Appreciation from Investments Still Held at December 31, 2014
Common Stocks
Internet Software & Services	$	6,322,612	$	2,467,015	$	4,997,494	$	13,787,121	$	2,467,015
Convertible Preferred Stocks
Internet Software & Services		—		1,824,349		7,659,587		9,483,936		1,824,349
Preferred Stocks
Internet & Catalog Retail		2,334,816		9,468,370		—		11,803,186		9,468,370
Internet Software & Services		799,709		222,249		—		1,021,958		222,249
Software		3,124,394		4,014,537		—		7,138,931		4,014,537
Total	$	12,581,531	$	17,996,520	$	12,657,081	$	43,235,132	$	17,996,520

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

	Fair Value at December 31, 2014		Valuation Technique(s)	Unobservable Input	Range						Weighted Average			Relationship Between Fair Value and Input; If Input Value Increases Then Fair  Value:
Common Stock
Internet Software & Services	$	8,789,627	Market Transaction Method	Precedent Transaction	$	19.10		$	19.10		$	19.10		Increase
		4,997,494	Market Transaction Method	Precedent Transaction	$	16.45		$	16.45		$	16.45		Increase
Preferred Stocks
Internet & Catalog Retail		11,803,186	Market Transaction Method	Precedent Transaction	$	119.76		$	119.76		$	119.76		Increase
Internet Software & Services		991,123	Market Transaction Method	Precedent Transaction	$	19.10		$	19.10		$	19.10		Increase
		30,835	Merger & Acquisition Transaction	Sale/Merger Scenerio	$	0.86		$	0.86		$	0.86		Increase
				Discount for Lack of Marketability		50.00	%		50.00	%		50.00	%	Decrease
Software		7,138,931	Market Transaction Method	Pending Transaction	$	8.89		$	8.89		$	8.89		Increase
				Precedent Transaction	$	6.13		$	6.13		$	6.13		Increase
			Discounted Cash Flow	Weighted Average Cost of Capital		16.00	%		18.00	%		17.00	%	Decrease
				Perpetual Growth Rate		2.50	%		3.50	%		3.00	%	Increase
			Market Comparable Companies	Enterprise Value / Revenue		10.2x			13.1x			11.2x		Increase
				Discount for Lack of Marketability		15.00	%		15.00	%		15.00	%	Decrease
Convertible Preferred Stocks Internet Software & Services		9,483,936	Market Transaction Method	Precedent Transaction	$	50.41		$	50.41		$	50.41		Increase

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,479,374,118
Receivable for:
Fund shares sold		536,087
Dividends		175,839
Prepaid expenses		3,080
Total Assets		1,480,089,124
Liabilities
Cash collateral for options contracts		1,470,000
Collateral for securities loaned		240,661,118
Payables for:
Fund shares redeemed		158,409
Accrued expenses:
Management fees		666,688
Distribution and service fees		87,921
Deferred trustees’ fees		72,102
Other expenses		258,061
Total Liabilities		243,374,299
Net Assets	$	1,236,714,825
Net assets consist of:
Paid in surplus	$	1,173,148,791
Accumulated net investment loss		(72,102	)
Accumulated net realized loss		(128,622,862	)
Unrealized appreciation on investments		192,260,998
Net Assets	$	1,236,714,825
Net Assets
Class A	$	816,499,222
Class B		404,673,293
Class E		15,542,310
Capital Shares Outstanding*
Class A		49,442,655
Class B		25,401,221
Class E		962,937
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	16.51
Class B		15.93
Class E		16.14

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,287,113,120.

(b) Includes securities loaned at value of $239,057,287.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	6,278,559
Securities lending income		1,857,363
Total investment income		8,135,922
Expenses
Management fees		8,214,595
Administration fees		29,972
Custodian and accounting fees		159,383
Distribution and service fees—Class B		1,030,264
Distribution and service fees—Class E		24,932
Audit and tax services		39,131
Legal		34,320
Trustees’ fees and expenses		43,842
Shareholder reporting		232,721
Insurance		7,591
Miscellaneous		14,346
Total expenses		9,831,097
Less management fee waiver		(100,000	)
Net expenses		9,731,097
Net Investment Loss		(1,595,175	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		167,676,713
Foreign currency transactions		(17,278	)
Net realized gain		167,659,435
Net change in unrealized depreciation on:
Investments		(155,151,349	)
Foreign currency transactions		(50	)
Net change in unrealized depreciation		(155,151,399	)
Net realized and unrealized gain		12,508,036
Net Increase in Net Assets From Operations	$	10,912,861

(a) Net of foreign withholding taxes of $237,306.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	(1,595,175	)	$	1,102,227
Net realized gain		167,659,435			94,629,291
Net change in unrealized appreciation (depreciation)		(155,151,399	)		297,439,118
Increase in net assets from operations		10,912,861			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		(143,562,820	)		5,489,561
Total increase (decrease) in net assets		(133,148,671	)		389,777,076
Net Assets
Beginning of period		1,369,863,496			980,086,420
End of period	$	1,236,714,825		$	1,369,863,496
Undistributed net investment income (loss)
End of period	$	(72,102	)	$	975,527

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		5,479,308		$	84,543,464			8,104,680		$	106,443,709
Reinvestments		32,405			498,712			517,755			6,497,822
Redemptions		(13,099,294	)		(204,382,117	)		(6,562,107	)		(91,389,007	)
Net increase (decrease)		(7,587,581	)	$	(119,339,941	)		2,060,328		$	21,552,524
Class B
Sales		2,310,455		$	35,991,855			3,163,679		$	41,636,207
Reinvestments		0			0			186,903			2,272,736
Redemptions		(3,669,759	)		(58,016,482	)		(4,190,310	)		(56,715,853	)
Net decrease		(1,359,304	)	$	(22,024,627	)		(839,728	)	$	(12,806,910	)
Class E
Sales		77,398		$	1,252,314			32,882		$	458,276
Reinvestments		0			0			9,151			112,563
Redemptions		(217,001	)		(3,450,566	)		(283,192	)		(3,826,892	)
Net decrease		(139,603	)	$	(2,198,252	)		(241,159	)	$	(3,256,053	)
Increase (decrease) derived from capital shares transactions				$	(143,562,820	)				$	5,489,561

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	16.31		$	11.81		$	10.78	$	11.91		$	9.01
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		0.02			0.12		0.03			0.07
Net realized and unrealized gain (loss) on investments		0.22			4.59			0.91		(0.75	)		2.85
Total from investment operations		0.21			4.61			1.03		(0.72	)		2.92
Less Distributions
Distributions from net investment income		(0.01	)		(0.11	)		0.00		(0.09	)		(0.02	)
Distributions from net realized capital gains		0.00			0.00			0.00		(0.32	)		0.00
Total distributions		(0.01	)		(0.11	)		0.00		(0.41	)		(0.02	)
Net Asset Value, End of Period	$	16.51		$	16.31		$	11.81	$	10.78		$	11.91
Total Return (%) (b)		1.29			39.30			9.55		(6.67	)		32.41
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.69			0.69			0.72		0.72			0.80
Net ratio of expenses to average net assets (%) (c)		0.68			0.68			0.71		0.71			0.78
Ratio of net investment income (loss) to average net assets (%)		(0.04	)		0.17			1.07		0.22			0.63
Portfolio turnover rate (%)		42			56			36		34			48
Net assets, end of period (in millions)	$	816.5		$	930.3		$	649.3	$	539.5		$	567.5
	Class B
	Year Ended December 31,
	2014			2013			2012		2011			2010
Net Asset Value, Beginning of Period	$	15.77		$	11.42		$	10.45	$	11.57		$	8.76
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.05	)		(0.01	)		0.09		(0.00	)(d)		0.02
Net realized and unrealized gain (loss) on investments		0.21			4.44			0.88		(0.73	)		2.79
Total from investment operations		0.16			4.43			0.97		(0.73	)		2.81
Less Distributions
Distributions from net investment income		0.00			(0.08	)		0.00		(0.07	)		(0.00	)(e)
Distributions from net realized capital gains		0.00			0.00			0.00		(0.32	)		0.00
Total distributions		0.00			(0.08	)		0.00		(0.39	)		(0.00	)(e)
Net Asset Value, End of Period	$	15.93		$	15.77		$	11.42	$	10.45		$	11.57
Total Return (%) (b)		1.01			39.02			9.28		(6.92	)		32.09
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.94			0.94			0.97		0.97			1.05
Net ratio of expenses to average net assets (%) (c)		0.93			0.93			0.96		0.96			1.03
Ratio of net investment income (loss) to average net assets (%)		(0.29	)		(0.08	)		0.80		(0.03	)		0.24
Portfolio turnover rate (%)		42			56			36		34			48
Net assets, end of period (in millions)	$	404.7		$	421.9		$	315.3	$	251.4		$	237.9

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012		2011			2010(f)
Net Asset Value, Beginning of Period	$	15.96		$	11.56		$	10.56	$	11.69		$	9.71
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		0.00	(d)		0.10		0.01			0.04
Net realized and unrealized gain (loss) on investments		0.21			4.49			0.90		(0.74	)		1.94
Total from investment operations		0.18			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	$	16.14		$	15.96		$	11.56	$	10.56		$	11.69
Total Return (%) (b)		1.13			39.06			9.47		(6.87	)		20.39	(g)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84			0.84			0.87		0.87			0.95	(h)
Net ratio of expenses to average net assets (%) (c)		0.83			0.83			0.86		0.86			0.93	(h)
Ratio of net investment income (loss) to average net assets (%)		(0.18	)		0.03			0.87		0.06			0.50	(h)
Portfolio turnover rate (%)		42			56			36		34			48
Net assets, end of period (in millions)	$	15.5		$	17.6		$	15.5	$	16.0		$	20.8

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Net investment income (loss) was less than $0.01.

(e) Distributions from net investment income were less than $0.01.

(f) Commencement of operations was April 27, 2010.

(g) Periods less than one year are not computed on an annualized basis.

(h) Computed on an annualized basis.

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-14

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-15

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, net operating losses and distributions in excess of current earnings. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $63,852,221, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

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Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 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 December 31, 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)	$	1,384,346

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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Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 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”) (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Received†			Net Amount*
Royal Bank of Scotland plc	$	1,384,346	$	—	$	(1,384,346	)	$	—

* 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 year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Foreign Exchange
Investments (a)	$	(1,278,457	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Foreign Exchange
Investments (a)	$	791,066

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	486,122,353

‡ Averages are based on activity levels during 2014.

(a) Represents 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; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the

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Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	523,424,281	$	0	$	697,647,819

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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$8,214,594		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

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Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

An identical agreement was in place for the period April 29, 2013 through April 27, 2014. Amounts waived for the year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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.

Affiliated Broker - During the year ended December 31, 2014 the Portfolio paid brokerage commissions to affiliated broker/dealer:

Affiliate	Commission
Morgan Stanley	$	1,681

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$498,712	$	8,883,121	$	—	$	—	$	498,712	$	8,883,121

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards			Total
$—	$	—	$	192,063,810	$	(128,425,674	)	$	63,638,136

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

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Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $167,823,751.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and the pre-enactment accumulated capital loss carryforwards and expiration dates were as follows:

Expiring 12/31/16
$	128,425,674	*

* The Portfolio acquired capital losses in the merger with FI Mid Cap Opportunities Portfolio, a series of Metropolitan Series Fund, on April 30, 2010.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Morgan Stanley Mid Cap Growth 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 Morgan Stanley Mid Cap Growth Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Morgan Stanley Mid Cap Growth Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-22

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-24

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-25

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-26

Met Investors Series Trust

Morgan Stanley Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Morgan Stanley Mid Cap Growth Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Morgan Stanley Investment Management Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board also noted that the Portfolio underperformed its benchmark, the Russell Midcap Growth Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance, including a recent trend toward improved performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further considered that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-27

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Managed by OppenheimerFunds, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Oppenheimer Global Equity Portfolio returned 2.30%, 2.03%, and 2.13%, respectively. The Portfolio’s benchmark, the MSCI ACWI (All Country World Index)¹, returned 4.16%.

MARKET ENVIRONMENT / CONDITIONS

Global equity markets were choppy in 2014. U.S. equities were among the top performing asset classes during the year, outperforming foreign equities, including those domiciled in Europe, Japan and emerging markets.

In the U.S., the Federal Reserve (the “Fed”) began tapering its most recent quantitative easing (“QE”) program in January 2014 and completed the process (thereby ending the program’s purchases) at the end of October. The Fed reduced its monthly bond purchases in steady $10 billion increments, which helped reduced market volatility and enabled investors to prepare for a post-QE market environment. While the U.S. equity market faced volatility early in 2014 due to weak first quarter data partially attributed to cold weather effects across much of the country, and again in September, it generally produced positive results and ended the year at record levels. Economic data in the U.S. was positive in the second and third quarters of 2014, with Gross Domestic Product (“GDP”) growing at 4.6% and an estimated 5.0%, respectively.

Outside of the U.S., the positive data points that had emerged in Europe in 2013 and early 2014 largely reversed themselves later in the reporting period and the European Central Bank (the “ECB”) came under even greater pressure to provide a credible plan to boost growth and avoid deflation. In response, the ECB adopted a number of policies designed to stimulate growth. In Japan, which has been mired in economic weakness for years, the Abe administration has adopted even more aggressive economic policies with the Bank of Japan executing a massive QE program. However, the results have not been particularly impressive, with that economy slipping back into recession in the third quarter of 2014 following the consumption tax increase. Emerging markets’ economic growth was mixed, as certain regions like Eastern Europe and the Middle East remained burdened by geopolitical turmoil. Many commodity producing emerging market economies also struggled as prices for most commodities fell. Countries like India and Indonesia have benefited from business-friendly new administrations.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The most significant detractors from performance in 2014 for the Portfolio included Airbus Group NV (Industrials) (France), Deutsche Bank AG (Financials) (Germany), Technip S.A. (Energy) (France), Tod’s SpA (Consumer Discretionary) (Italy) and SAP SE (Information Technology) (Germany). Airbus Group along with Boeing constitutes a global duopoly in the large jet airplane market. It has a product refresh scheduled with the re-engining of both its single aisle A320 and dual aisle A330 products. The newest Airbus product, the Airbus A350, is currently scheduled to be in commercial service by the first quarter of 2015. Concerns about the near-term impact on margins of these developments led to a pullback in the shares after a strong run of performance. A muted earnings outlook also detracted from its performance. Continued prosecutorial activism and litigation activity has led to the financial industry paying significant fines for past transgressions. Heightened concerns about the persistence of such fines and their increasing magnitude have led to worries about the adequacy of capital at global investment banks in particular. This, combined with low levels of market activity that detracted from profits, led to Deutsche Bank’s underperformance. During the reporting period, Deutsche Bank raised over $10 billion in fresh capital, increasing its equity level significantly. Technip is a supplier of critical parts and services to the oil & gas industry. It is one of the three world leaders in underwater construction of oil & gas production facilities; it is the world’s largest manufacturer of flexible pipe; and it is the world leader in the liquefaction of natural gas. Technip’s share price has been buffeted by a number of things in the 2014, including developments in Russia, where it has a meaningful project underway, concerns about the capital spending plans of the major oil companies, and lower margin guidance for its subsea segment. However, the company has a very substantial backlog of projects, and we did not see this changing. Technip is a supplier of critical services to key areas of the oil & gas industry and is positioned to benefit from the world’s demand for energy. A slowdown in growth for luxury goods in China and Asia Pacific has affected the share performance of luxury shoemaker Tod’s. SAP is the leading provider of enterprise resource planning (ERP) software used to integrate back-office functions such as distribution, accounting, human resources, and manufacturing. The company experienced declines after cutting its full-year earnings forecast.

Top contributors to performance in 2014 included ICICI Bank, Ltd. (Financials) (India), Allergan, Inc. (Health Care) (United States), Anthem, Inc. (Health Care) (United States), Shire plc (Health Care) (United Kingdom), Walt Disney Co. (Consumer Discretionary) (United States) and Facebook, Inc. (Information Technology) (United States). ICICI Bank is the largest private sector bank in India, a country where about half the banking sector is state-owned. In an environment where the public sector banks are inadequately capitalized for the level of non-performing loans on their books and the government’s ability to continually inject new capital is impaired as a result of its financial position, ICICI has the potential to grow faster with less competition. Additionally, the election of Narendra Modi as the new Prime Minister of India was greeted with great optimism and boosted Indian equities this reporting period. Allergan is a leading maker of eye care, skin care and aesthetic products, including Botox. Allergan’s stock price jumped after Actavis announced plans to acquire the company. Anthem is a health benefit company that had a strong reporting period. The company also announced plans to acquire Simply Healthcare Holdings toward the end of the year. Shire is a pharmaceutical company that focuses on attention deficit

MIST-1

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Managed by OppenheimerFunds, Inc.

Portfolio Manager Commentary*—(Continued)

and hyperactivity disorders as well as gastrointestinal and renal diseases. 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. Subsequent to the fiscal year end, the offer was withdrawn, resulting in Shire shares dropping. Walt Disney Co. produces movies, television programs, musical recordings, books, magazines and merchandise for entertainment and education. It also operates distribution channels such as television networks, theme parks, hotels, cruise lines, retail stores and classrooms. It has iconic intellectual property assets, many channels through which to monetize them and high optionality potential to create more of both. The stock performed well during the reporting period as investors focused on the “content is king” theme in the broadcast and Internet segments of the consumer discretionary sector. Facebook, the world’s number one social network, delivered strong evidence that it can thrive on smartphones and tablets, with increases in mobile advertising revenue.

At period end, the Portfolio had its largest overweight positions in Information Technology, Health Care, Consumer Discretionary and Industrials. The Portfolio had its most significant underweight positions in Energy, Materials and Consumer Staples. On a country basis, the Portfolio had its largest overweight positions in Germany, France, Japan and Sweden, 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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ACWI (ALL COUNTRY WORLD INDEX)

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
Oppenheimer Global Equity Portfolio
Class A		2.30		11.04		7.38
Class B		2.03		10.77		7.11
Class E		2.13		10.88		7.23
MSCI ACWI (All Country World Index)		4.16		9.17		6.09

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Telefonaktiebolaget LM Ericsson - B Shares		2.6
McGraw Hill Financial, Inc.		2.5
Walt Disney Co. (The)		2.3
eBay, Inc.		2.3
Citigroup, Inc.		2.1
Colgate-Palmolive Co.		2.0
Murata Manufacturing Co., Ltd.		1.9
Altera Corp.		1.9
Bayerische Motoren Werke (BMW) AG		1.9
Anthem, Inc.		1.9

Top Countries

	% of Net Assets
United States		46.6
Japan		10.5
Germany		10.0
Switzerland		5.2
France		5.1
Sweden		4.2
United Kingdom		4.2
Spain		3.4
Brazil		3.2
India		1.8

MIST-3

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Oppenheimer Global Equity Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.70	%	$	1,000.00	$	978.40	$	3.49
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.68	$	3.57
Class B(a)	Actual		0.95	%	$	1,000.00	$	976.80	$	4.73
	Hypothetical*		0.95	%	$	1,000.00	$	1,020.42	$	4.84
Class E(a)	Actual		0.85	%	$	1,000.00	$	977.30	$	4.24
	Hypothetical*		0.85	%	$	1,000.00	$	1,020.92	$	4.33

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MIST-4

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—96.4% of Net Assets

Security Description	Shares		Value
Brazil—3.2%
Ambev S.A. (ADR)		1,219,370	$	7,584,482
BM&FBovespa S.A.		1,839,700		6,815,113
Embraer S.A. (ADR)		289,230		10,661,018
Itau Unibanco Holding S.A. (ADR)		824,606		10,728,124
Vale S.A. (ADR) (a)		364,600		2,982,428
				38,771,165
China—0.6%
Alibaba Group Holding, Ltd. (ADR) (b)		23,700		2,463,378
JD.com, Inc. (ADR) (a) (b)		219,628		5,082,192
				7,545,570
Denmark—0.4%
FLSmidth & Co. A/S (a)		115,252		5,055,729
France—5.1%
Hermes International (a)		6,188		2,206,480
Kering		101,295		19,474,736
LVMH Moet Hennessy Louis Vuitton S.A. (a)		126,871		20,062,628
Societe Generale S.A.		208,860		8,776,570
Technip S.A.		201,141		12,010,867
				62,531,281
Germany—8.1%
Allianz SE		126,041		20,942,177
Bayer AG		142,721		19,511,305
Deutsche Bank AG		320,997		9,702,377
Linde AG		66,802		12,459,894
SAP SE		315,242		22,289,341
Siemens AG		120,202		13,632,134
				98,537,228
India—1.8%
ICICI Bank, Ltd. (ADR)		1,876,250		21,670,687
Ireland—0.6%
Shire plc		105,649		7,475,012
Italy—1.5%
Brunello Cucinelli S.p.A. (a)		34,807		780,386
Gtech S.p.A. (a)		272,566		6,097,863
Prysmian S.p.A.		234,019		4,259,427
Tod’s S.p.A. (a)		75,156		6,522,037
				17,659,713
Japan—10.5%
Dai-ichi Life Insurance Co., Ltd. (The)		949,700		14,411,421
FANUC Corp.		48,800		8,053,885
KDDI Corp.		313,970		19,645,174
Keyence Corp.		42,400		18,780,566
Kyocera Corp.		272,500		12,489,710
Murata Manufacturing Co., Ltd.		216,600		23,659,980
Nidec Corp.		254,100		16,481,565
Seibu Holdings, Inc. (a)		155,000		3,162,304
Japan—(Continued)
Sumitomo Mitsui Financial Group, Inc.		296,300		10,706,061
				127,390,666
Mexico—0.7%
Fomento Economico Mexicano S.A.B. de C.V. (ADR)		100,354		8,834,163
Netherlands—1.7%
Airbus Group NV		416,393		20,681,080
Russia—0.3%
Alrosa AO (b)		3,607,049		3,799,424
Spain—3.4%
Banco Bilbao Vizcaya Argentaria S.A.		1,437,396		13,528,079
Inditex S.A.		698,986		20,028,007
Repsol S.A.		410,136		7,623,672
				41,179,758
Sweden—4.2%
Assa Abloy AB - Class B		365,045		19,291,496
Telefonaktiebolaget LM Ericsson - B Shares		2,636,267		31,927,666
				51,219,162
Switzerland—5.2%
Credit Suisse Group AG (b)		567,232		14,219,839
Nestle S.A.		170,076		12,466,833
Roche Holding AG		53,327		14,453,775
UBS Group AG (b)		1,282,089		22,038,726
				63,179,173
United Kingdom—4.2%
Circassia Pharmaceuticals plc (b)		1,199,998		5,181,041
Earthport plc (a) (b)		2,765,209		1,887,136
Prudential plc		976,912		22,480,853
Unilever plc		514,714		20,908,075
				50,457,105
United States—44.9%
3M Co.		115,080		18,909,946
Adobe Systems, Inc. (b)		307,600		22,362,520
Aetna, Inc.		256,100		22,749,363
Allergan, Inc.		54,010		11,481,986
Altera Corp.		623,700		23,039,478
Anthem, Inc.		181,230		22,775,174
Biogen Idec, Inc. (b)		30,990		10,519,555
BioMarin Pharmaceutical, Inc. (b)		96,860		8,756,144
Bluebird Bio, Inc. (b)		35,040		3,213,869
Celldex Therapeutics, Inc. (a) (b)		531,010		9,690,932
Citigroup, Inc.		481,360		26,046,389
Clovis Oncology, Inc. (a) (b)		117,170		6,561,520
Colgate-Palmolive Co.		359,160		24,850,280
eBay, Inc. (b)		495,640		27,815,317
Emerson Electric Co.		173,990		10,740,403
Facebook, Inc. - Class A (b)		241,470		18,839,489

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
United States—(Continued)
FNF Group		271,740	$	9,361,443
FNFV Group (b)		35,442		557,857
Gilead Sciences, Inc. (b)		163,410		15,403,027
Goldman Sachs Group, Inc. (The)		102,490		19,865,637
Google, Inc. - Class A (b)		31,870		16,912,134
Google, Inc. - Class C (b)		31,870		16,776,368
Intuit, Inc.		240,810		22,200,274
Maxim Integrated Products, Inc.		652,940		20,809,198
McDonald’s Corp.		107,670		10,088,679
McGraw Hill Financial, Inc.		342,380		30,464,972
Medivation, Inc. (b)		61,200		6,096,132
St. Jude Medical, Inc.		122,520		7,967,476
Theravance Biopharma, Inc. (a) (b)		70,625		1,053,725
Theravance, Inc. (a)		286,900		4,059,635
Tiffany & Co. (a)		184,380		19,702,847
United Parcel Service, Inc. - Class B		142,590		15,851,730
Vertex Pharmaceuticals, Inc. (b)		141,450		16,804,260
Walt Disney Co. (The)		301,910		28,436,903
Zimmer Holdings, Inc.		129,250		14,659,535
				545,424,197
Total Common Stocks (Cost $911,614,943)				1,171,411,113
Preferred Stock—1.9%
Germany—1.9%
Bayerische Motoren Werke (BMW) AG (Cost $15,915,110)		278,371		22,846,280
Rights—0.0%
Italy—0.0%
Gtech S.p.A., Expires 01/09/15 (b)		272,566		0
Spain—0.0%
Banco Bilbao Vizcaya Argentaria S.A., Expires 01/07/15 (a) (b)		1,437,396		137,407
Repsol S.A., Expires 01/08/15 (a) (b)		410,136		226,802
				364,209
Total Rights (Cost $377,311)				364,209
Short-Term Investments—8.6%
Mutual Fund—6.9%
State Street Navigator Securities Lending MET Portfolio (c)		83,999,736		83,999,736
Repurchase Agreement—1.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $20,085,929 on 01/02/15, collateralized by $20,285,000 U.S. Treasury Note at 2.125% due 05/31/15 with a value of $20,487,850.		20,085,929		20,085,929
Total Short-Term Investments (Cost $104,085,665)				104,085,665
Total Investments—106.9% (Cost $1,031,993,029) (d)				1,298,707,267
Other assets and liabilities (net)—(6.9)%				(83,977,415	)
Net Assets—100.0%			$	1,214,729,852

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $81,803,462 and the collateral received consisted of cash in the amount of $83,999,736 and non-cash collateral with a value of $1,246,618. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,037,993,341. The aggregate unrealized appreciation and depreciation of investments were $286,934,720 and $(26,220,794), respectively, resulting in net unrealized appreciation of $260,713,926 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Ten Largest Industries as of December 31, 2014 (Unaudited)	% of Net Assets
Banks		7.5
Internet Software & Services		6.8
Biotechnology		6.8
Insurance		5.5
Software		5.5
Capital Markets		5.4
Pharmaceuticals		4.8
Electronic Equipment, Instruments & Components		4.5
Textiles, Apparel & Luxury Goods		4.0
Health Care Providers & Services		3.8

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Brazil	$	31,956,052	$	6,815,113		$	—	$	38,771,165
China		7,545,570		—			—		7,545,570
Denmark		—		5,055,729			—		5,055,729
France		—		62,531,281			—		62,531,281
Germany		—		98,537,228			—		98,537,228
India		21,670,687		—			—		21,670,687
Ireland		—		7,475,012			—		7,475,012
Italy		—		17,659,713			—		17,659,713
Japan		—		127,390,666			—		127,390,666
Mexico		8,834,163		—			—		8,834,163
Netherlands		—		20,681,080			—		20,681,080
Russia		3,799,424		—			—		3,799,424
Spain		—		41,179,758			—		41,179,758
Sweden		—		51,219,162			—		51,219,162
Switzerland		22,038,726		41,140,447			—		63,179,173
United Kingdom		—		50,457,105			—		50,457,105
United States		545,424,197		—			—		545,424,197
Total Common Stocks		641,268,819		530,142,294			—		1,171,411,113
Total Preferred Stock*		—		22,846,280			—		22,846,280
Total Rights*		364,209		—			—		364,209
Short-Term Investments
Mutual Fund		83,999,736		—			—		83,999,736
Repurchase Agreement		—		20,085,929			—		20,085,929
Total Short-Term Investments		83,999,736		20,085,929			—		104,085,665
Total Investments	$	725,632,764	$	573,074,503		$	—	$	1,298,707,267
Collateral for securities loaned (Liability)	$	—	$	(83,999,736	)	$	—	$	(83,999,736	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,298,707,267
Receivable for:
Investments sold		277,446
Fund shares sold		388,235
Dividends		804,985
Prepaid expenses		3,298
Other assets		150,178
Total Assets		1,300,331,409
Liabilities
Due to bank cash denominated in foreign currencies (c)		216,641
Collateral for securities loaned		83,999,736
Payables for:
Fund shares redeemed		288,317
Accrued expenses:
Management fees		651,893
Distribution and service fees		92,335
Deferred trustees’ fees		98,423
Other expenses		254,212
Total Liabilities		85,601,557
Net Assets	$	1,214,729,852
Net assets consist of:
Paid in surplus	$	908,776,110
Undistributed net investment income		12,147,807
Accumulated net realized gain		27,120,373
Unrealized appreciation on investments and foreign currency transactions		266,685,562
Net Assets	$	1,214,729,852
Net Assets
Class A	$	774,985,319
Class B		410,126,087
Class E		29,618,446
Capital Shares Outstanding*
Class A		38,102,860
Class B		20,270,757
Class E		1,461,887
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	20.34
Class B		20.23
Class E		20.26

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,031,993,029.

(b) Includes securities loaned at value of $81,803,462.

(c) Identified cost of cash denominated in foreign currencies due to bank was $216,247.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	23,828,633
Securities lending income		1,041,212
Total investment income		24,869,845
Expenses
Management fees		7,654,341
Administration fees		26,698
Custodian and accounting fees		431,860
Distribution and service fees—Class B		1,074,693
Distribution and service fees—Class E		48,817
Audit and tax services		55,742
Legal		38,296
Trustees’ fees and expenses		47,231
Shareholder reporting		192,485
Insurance		7,107
Miscellaneous		52,454
Total expenses		9,629,724
Less management fee waiver		(444,799	)
Net expenses		9,184,925
Net Investment Income		15,684,920
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments (b)		51,054,868
Net increase from payments by affiliates (c)		150,178
Futures contracts		(189,406	)
Foreign currency transactions		285,228
Net realized gain		51,300,868
Net change in unrealized depreciation on:
Investments		(38,598,537	)
Foreign currency transactions		(33,680	)
Net change in unrealized depreciation		(38,632,217	)
Net realized and unrealized gain		12,668,651
Net Increase in Net Assets From Operations	$	28,353,571

(a) Net of foreign withholding taxes of $2,028,702.

(b) Net of foreign capital gains tax of $208,152.

(c) See Note 6 of the Notes to Financial Statements.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013(a)
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	15,684,920		$	9,689,837
Net realized gain		51,300,868			32,614,284
Net change in unrealized appreciation (depreciation)		(38,632,217	)		160,258,347
Increase in net assets from operations		28,353,571			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		255,528,948			105,993,366
Total increase in net assets		247,094,487			294,466,781
Net Assets
Beginning of period		967,635,365			673,168,584
End of period	$	1,214,729,852		$	967,635,365
Undistributed net investment income
End of period	$	12,147,807		$	4,616,104

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013(a)
	Shares			Value			Shares			Value
Class A
Sales		16,952,467		$	337,033,874			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		(3,181,917	)		(65,105,126	)		(3,920,137	)		(71,901,182	)
Net increase (decrease)		14,739,879		$	290,850,058			(1,347,678	)	$	(25,674,371	)
Class B
Sales		1,416,455		$	28,710,970			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		(3,737,349	)		(76,107,889	)		(4,247,073	)		(78,496,333	)
Net increase (decrease)		(1,469,077	)	$	(30,829,080	)		6,573,232		$	114,303,290
Class E
Sales		99,035		$	2,017,044			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		(381,587	)		(7,807,957	)		(349,048	)		(6,477,389	)
Net increase (decrease)		(215,806	)	$	(4,492,030	)		993,239		$	17,364,447
Increase derived from capital shares transactions				$	255,528,948					$	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
	Year Ended December 31,
	2014			2013(a)			2012			2011			2010
Net Asset Value, Beginning of Period	$	20.73		$	16.63		$	13.91		$	15.44		$	13.48
Income (Loss) from Investment Operations
Net investment income (b)		0.30			0.24			0.26			0.25			0.20
Net realized and unrealized gain (loss) on investments		0.14			4.24			2.71			(1.48	)		1.97
Total from investment operations		0.44			4.48			2.97			(1.23	)		2.17
Less Distributions
Distributions from net investment income		(0.21	)		(0.38	)		(0.25	)		(0.30	)		(0.21	)
Distributions from net realized capital gains		(0.62	)		0.00			0.00			0.00			0.00
Total distributions		(0.83	)		(0.38	)		(0.25	)		(0.30	)		(0.21	)
Net Asset Value, End of Period	$	20.34		$	20.73		$	16.63		$	13.91		$	15.44
Total Return (%) (c)		2.30			27.32			21.52			(8.24	)		16.23
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74			0.71			0.62			0.62			0.61
Net ratio of expenses to average net assets (%) (d)		0.70			0.69			0.62			0.62			0.61
Ratio of net investment income to average net assets (%)		1.48			1.27			1.74			1.65			1.45
Portfolio turnover rate (%)		22			11			13			12			18
Net assets, end of period (in millions)	$	775.0		$	484.4		$	411.0		$	378.6		$	458.8
	Class B
	Year Ended December 31,
	2014			2013(a)			2012			2011			2010
Net Asset Value, Beginning of Period	$	20.63		$	16.54		$	13.83		$	15.36		$	13.42
Income (Loss) from Investment Operations
Net investment income (b)		0.24			0.18			0.22			0.21			0.16
Net realized and unrealized gain (loss) on investments		0.15			4.23			2.70			(1.47	)		1.96
Total from investment operations		0.39			4.41			2.92			(1.26	)		2.12
Less Distributions
Distributions from net investment income		(0.17	)		(0.32	)		(0.21	)		(0.27	)		(0.18	)
Distributions from net realized capital gains		(0.62	)		0.00			0.00			0.00			0.00
Total distributions		(0.79	)		(0.32	)		(0.21	)		(0.27	)		(0.18	)
Net Asset Value, End of Period	$	20.23		$	20.63		$	16.54		$	13.83		$	15.36
Total Return (%) (c)		2.03			27.01			21.17			(8.40	)		15.93
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.99			0.96			0.87			0.87			0.86
Net ratio of expenses to average net assets (%) (d)		0.95			0.94			0.87			0.87			0.86
Ratio of net investment income to average net assets (%)		1.18			0.99			1.49			1.40			1.19
Portfolio turnover rate (%)		22			11			13			12			18
Net assets, end of period (in millions)	$	410.1		$	448.6		$	250.9		$	236.1		$	265.5

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
	Year Ended December 31,
	2014			2013(a)			2012			2011			2010
Net Asset Value, Beginning of Period	$	20.66		$	16.56		$	13.85		$	15.38		$	13.43
Income (Loss) from Investment Operations
Net investment income (b)		0.26			0.20			0.24			0.23			0.18
Net realized and unrealized gain (loss) on investments		0.15			4.25			2.69			(1.48	)		1.96
Total from investment operations		0.41			4.45			2.93			(1.25	)		2.14
Less Distributions
Distributions from net investment income		(0.19	)		(0.35	)		(0.22	)		(0.28	)		(0.19	)
Distributions from net realized capital gains		(0.62	)		0.00			0.00			0.00			0.00
Total distributions		(0.81	)		(0.35	)		(0.22	)		(0.28	)		(0.19	)
Net Asset Value, End of Period	$	20.26		$	20.66		$	16.56		$	13.85		$	15.38
Total Return (%) (c)		2.13			27.19			21.35			(8.39	)		16.08
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.89			0.86			0.77			0.77			0.76
Net ratio of expenses to average net assets (%) (d)		0.85			0.84			0.77			0.77			0.76
Ratio of net investment income to average net assets (%)		1.28			1.07			1.60			1.51			1.30
Portfolio turnover rate (%)		22			11			13			12			18
Net assets, end of period (in millions)	$	29.6		$	34.7		$	11.3		$	11.0		$	14.6

(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) 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—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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. 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively

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traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

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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), return of capital adjustments and capital gains tax. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $20,085,929, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

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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 shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 29, 2014 through May 2, 2014, the Portfolio had bought and sold $184,218,993 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized losses in the amount of $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; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing

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Notes to Financial Statements—December 31, 2014—(Continued)

agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	473,893,140	$	0	$	249,445,820

The Portfolio engaged in security transactions with other accounts managed by OppenheimerFunds, Inc. that amounted to $56,493 in sales of investments, which are included above.

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$7,654,341		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 year ended December 31, 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.

During the year ended December 31, 2014, the Advisor voluntarily reimbursed the Portfolio for foreign capital gains taxes. This reimbursement is reflected as net increase from payments by affiliates in the Statement of Operations. This reimbursement had no impact on total return.

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 year ended December 31, 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 Portfolio and the MSF Oppenheimer Global Equity Predecessor, the accounting survivor, for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gains				Total
2014	2013		2014		2013		2014		2013
$8,699,882	$	14,089,053	$	28,088,150	$	—	$	36,788,032	$	14,089,053

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$15,816,964	$	29,549,950	$	260,685,250	$	—	$	306,052,164

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.

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Notes to Financial Statements—December 31, 2014—(Continued)

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $21,250,669.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Acquisition

At the close of business on April 26, 2013, the Portfolio with aggregate Class A, Class B 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) $9,689,837 net 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.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-18

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Oppenheimer Global Equity 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 Oppenheimer Global Equity Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Oppenheimer Global Equity Portfolio of Met Investors Series Trust, as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-19

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-20

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-21

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-22

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-23

Met Investors Series Trust

Oppenheimer Global Equity Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Oppenheimer Global Equity Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and OppenheimerFunds, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-, three-, and five-year periods ended June 30, 2014. The Board also considered that the Portfolio outperformed its Lipper Index for the one- and five-year periods ended June 30, 2014 and underperformed its Lipper Index for the three-year period ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the MSCI All Country World Index, for the three- and five-year periods ended October 31, 2014 and underperformed its benchmark for the one-year period ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year. The Board also noted that the Adviser was in the final stages of negotiating reductions to the Portfolio’s sub-advisory fee schedule, and that the Adviser intended to waive a corresponding portion of its advisory fees in order for contractholders to benefit from the lower sub-advisory fees and that those changes would be presented to the Board in February 2015 to be effective later in 2015.

MIST-24

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 5.40%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 4.43%.

MARKET ENVIRONMENT / CONDITIONS

During the period from April 14 through December 31, 2014, U.S. equity markets delivered strong, positive performance, a welcome surprise given the general malaise of the global economy as well as expectations for limited performance following a banner 2013 that saw the S&P 500 Index up over 30%. Fears that periodically swayed equity market performance over the period included geopolitical tension in Russia, outbreak of the Ebola virus, increased Islamic State of Iraq and Syria (ISIS) activity, debate over the end of the U.S. Federal Reserve’s (the “Fed”) stimulus, and ongoing concerns over global growth or lack thereof. Despite periodic worries from headlines around the world, U.S. large and small cap stocks continued to benefit from a gradually growing American economy and improvements in employment and consumer confidence. For the period, the S&P 500 Index and Russell 2000 Index gained 14.1% and 9.1%, respectively. Non-U.S. developed equity markets fared much worse than the U.S. as the MSCI World ex-U.S. Index declined by -4.1% for the period, reflecting a divergent path overseas. Emerging markets equities also performed poorly for the period with the MSCI Emerging Markets Index declining -3.5%.

Bond markets generally delivered positive performance for the period. U.S. Treasuries and non-U.S. government bonds displayed strong performance as the Citigroup U.S. Treasury Index and Citigroup World Government Bond Index ex-U.S. (Hedged) gained 3.1% and 6.9%, respectively, for the period. The broad gains realized by European government debt investors were further boosted by the pledge of European Central Bank (the “ECB”) president Mario Draghi to implement economic stimulus across all assets. The decline in longer-term yields also helped drive the performance of inflation linked bonds well into positive territory for the period. The Barclays World Government Inflation-Linked Bond Index (Hedged) finished the period up 5.7%. Investment grade credit rallied in the fourth quarter after a dismal finish to the prior quarter to end the period with strong positive performance as the Barclays U.S. Credit Index gained 3.5% for the period.

Commodities continued to plummet to end the year led by the spiraling downward performance of the energy sector and the S&P Goldman Sachs Commodity Index declined by approximately -36.0% for the period. Commodity prices were dragged down during the second half of 2014 as diminished demand for energy, minerals, and agricultural products reflected slower growth globally, as well as by the rapid appreciation of the U.S. dollar against the major currencies. However, energy prices in particular, experienced the most significant declines. An increased oil supply effectively saturated the world energy market stemmed in part from further energy production in the U.S. with new hydraulic fracturing methods and technology, and OPEC’s refusal to cut production.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The PanAgora Global Diversified Risk Portfolio’s investment philosophy is centered on the belief that risk diversification is the key to generating better risk-adjusted returns and avoiding risk concentration within a portfolio is the best way to achieve true diversification. PanAgora seeks to accomplish this by evaluating risk across and within asset classes using proprietary risk assessment and management techniques, including an approach to active risk management called Dynamic Risk Allocation. The Portfolio targets a neutral risk allocation of 40% equities, 40% fixed income and 20% inflation protection.

The primary drivers of positive, absolute performance for the period were exposure to nominal fixed income and U.S. equities. Inflation protected investments detracted from Portfolio performance, more specifically exposure to commodities.

Since the Portfolio’s inception, U.S. equities largely outperformed non-U.S. developed and emerging markets equities. The U.S. appeared to be the lone bright spot in a troubled world economy as the Fed signaled higher rates and the U.S. dollar significantly appreciated relative to other major currencies. With Europe and Japan dealing with stagnant economies, the ECB and Bank of Japan committed to stimulating growth and defending against deflation by expanding easing programs. U.S. Treasuries delivered positive performance for the period as the yield on the 10-year U.S. Treasury note continued to fall, finishing the year at 2.17%. Despite a consensus view that interest rates would surely rise over 2014, diminished inflation expectations and the relative attractiveness of U.S. yields to global investors pushed the price of Treasuries higher. Government bonds also continued to rally in the developed markets of Europe as yields reached all-time lows. Inflation protected assets, most notably commodities, declined for the period led by the continued negative performance of the energy sector. Oil prices plummeted due to a global supply/demand imbalance and OPEC’s November announcement that it would not cut oil production.

On average, 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. Since inception, this active positioning has been a positive contributor to overall Portfolio performance.

The Portfolio invests 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 Portfolio invests in derivatives in order to gain exposure to certain asset classes and to enhance returns. All derivatives used during the period from April 14 through December 31, 2014 performed as expected.

At year end, the Portfolio continued to overweight equities and inflation protected investments at the expense of nominal fixed income.

MIST-1

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Managed by PanAgora Asset Management, Inc.

Portfolio Manager Commentary*—(Continued)

Within equities, the Portfolio was overweight U.S. large cap and developed non-U.S. equities and underweight U.S. small cap and emerging markets equities. Within inflation protected investments, the Portfolio was overweight commodities and slightly underweight inflation linked bonds. Within nominal fixed income, the Portfolio was underweight both U.S. and international government debt as well as underweight investment grade credit.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

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 DECEMBER 31, 2014)

	Since Inception2
PanAgora Global Diversified Risk Portfolio
Class B		5.40
Dow Jones Moderate Index		4.43

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 Portfolio and 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 DECEMBER 31, 2014

Risk Exposures by Asset Class*

	% of Net Assets
Global Developed Bonds		165.1
Global Developed Equities		37.9
Commodities - Production Weighted		26.1
Global Inflation-Linked Bonds		8.0
Global Emerging Equities		5.9

* The percentages noted above are based on the notional exposures 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

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)(b)(c)	Actual		1.30	%	$	1,000.00	$	993.40	$	6.53
	Hypothetical*		1.30	%	$	1,000.00	$	1,018.65	$	6.61

* 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 (184 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 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 December 31, 2014

U.S. Treasury & Government Agencies—18.4% of Net Assets

Security Description	Shares/ Principal Amount*		Value
U.S. Treasury—18.4%
U.S. Treasury Inflation Indexed Bond 3.875%, 04/15/29		1,025,538	$	1,467,802
U.S. Treasury Inflation Indexed Notes 0.125%, 04/15/17		1,020,349		1,021,146
0.125%, 01/15/23		596,658		576,940
0.375%, 07/15/23		787,702		778,780
1.250%, 07/15/20		272,200		285,682
				4,130,350
Total U.S. Treasury & Government Agencies (Cost $4,187,549)				4,130,350
Investment Company Security—9.1%
iShares iBoxx $ Investment Grade Corporate Bond ETF (Cost $2,032,876)		17,163		2,049,434
Short-Term Investments—53.8%
Federal Agencies—4.2%
Federal Home Loan Bank 0.250%, 01/16/15		940,000		940,024
Mutual Funds—17.9%
BlackRock Liquidity Funds T-Fund Portfolio, Institutional Class 0.030% (a)		3,000,000		3,000,000
UBS Select Treasury Institutional Fund, Institutional Class 0.010% (a)		1,000,000		1,000,000
				4,000,000
U.S. Treasury—4.5%
U.S. Treasury Bill 0.015%, 01/15/15 (b) (c)		1,000,000		999,991
Repurchase Agreement—27.2%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $6,090,509 on 01/02/15, collateralized by $6,305,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $6,216,957.		6,090,509		6,090,509
Total Short-Term Investments (Cost $12,031,386)				12,030,524
Total Investments—81.3% (Cost $18,251,811) (d)				18,210,308
Other assets and liabilities (net)—18.7%				4,194,228
Net Assets—100.0%			$	22,404,536

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) The rate shown represents the annualized seven-day yield as of December 31, 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 December 31, 2014, the market value of securities pledged was $309,997.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $18,272,867. The aggregate unrealized appreciation and depreciation of investments were $16,558 and $(79,117), respectively, resulting in net unrealized depreciation of $(62,559) for federal income tax purposes.

(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		03/16/15		21		AUD	2,669,504	$	17,587
Bloomberg Commodity Index Futures		03/18/15		31		USD	343,576		(20,866	)
Brent Crude Oil Futures		02/12/15		2		USD	123,045		(6,626	)
Canada Government 10 Year Bond Futures		03/20/15		27		CAD	3,671,402		59,079
Cattle Feeder Futures		03/26/15		5		USD	555,782		(12,470	)
Cocoa Futures		07/16/15		5		USD	142,818		1,632
Coffee “C” Futures		03/19/15		1		USD	72,454		(9,979	)
Corn Futures		05/14/15		4		USD	78,712		2,438
Cotton No. 2 Futures		05/06/15		6		USD	180,662		2,548
E-Mini Copper Futures		02/25/15		6		USD	222,070		(10,120	)
E-Mini Natural Gas Futures		01/27/15		24		USD	266,338		(92,998	)
Euro Buxl 30 Year Bond Futures		03/06/15		2		EUR	295,483		17,518
Euro-BTP Futures		03/06/15		19		EUR	2,547,528		34,937
Euro-Bobl Futures		03/06/15		8		EUR	1,035,691		7,925
Euro-Bund Futures		03/06/15		3		EUR	458,704		10,777
Euro-Schatz Futures		03/06/15		28		EUR	3,105,378		6,222

§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 December 31, 2014

Futures Contracts—(Continued)

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
Gasoil Futures		02/12/15		1		USD	71,028	$	(18,903	)
Gasoline RBOB Futures		02/27/15		1		USD	66,117		(2,945	)
Gold Mini Futures		02/25/15		13		USD	500,435		(5,540	)
Interest Rate Swap 10 Year Futures		03/16/15		27		USD	2,831,899		29,257
Interest Rate Swap 2 Year Futures		03/16/15		104		USD	10,437,619		3,819
Interest Rate Swap 5 Year Futures		03/16/15		39		USD	3,956,764		14,533
Japanese Government 10 Year Bond Mini Futures		03/10/15		64		JPY	940,404,480		48,184
Lean Hogs Futures		04/15/15		21		USD	771,533		(72,023	)
Live Cattle Futures		04/30/15		17		USD	1,098,057		6,263
MSCI EAFE Mini Index Futures		03/20/15		45		USD	3,884,101		71,174
MSCI Emerging Markets Mini Index Futures		03/20/15		28		USD	1,265,685		75,095
NY Harbor ULSD Futures		02/27/15		1		USD	78,439		(2,117	)
Nickel Futures		03/16/15		2		USD	199,989		(18,321	)
Primary Aluminum Futures		03/16/15		7		USD	350,194		(26,663	)
Russell 2000 Mini Index Futures		03/20/15		10		USD	1,137,961		62,739
S&P 500 E-Mini Index Futures		03/20/15		33		USD	3,272,775		113,685
Silver Mini Futures		03/27/15		13		USD	212,426		(9,639	)
Soybean Futures		05/14/15		4		USD	209,212		(3,112	)
Soybean Meal Futures		05/14/15		7		USD	239,652		(1,022	)
Soybean Oil Futures		03/13/15		5		USD	101,842		(5,422	)
U.S. Treasury Long Bond Futures		03/20/15		19		USD	2,684,807		61,881
United Kingdom Long Gilt Bond Futures		03/27/15		20		GBP	2,327,858		97,790
Wheat Futures		07/14/15		1		USD	30,478		(603	)
Zinc Futures		03/16/15		5		USD	280,012		(7,949	)
Net Unrealized Appreciation								$	417,765

(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 December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Consolidated Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1			Level 2		Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	4,130,350	$	—	$	4,130,350
Total Investment Company Security		2,049,434			—		—		2,049,434
Short-Term Investments
Federal Agencies		—			940,024		—		940,024
Mutual Funds		4,000,000			—		—		4,000,000
U.S. Treasury		—			999,991		—		999,991
Repurchase Agreement		—			6,090,509		—		6,090,509
Total Short-Term Investments		4,000,000			8,030,524		—		12,030,524
Total Investments	$	6,049,434		$	12,160,874	$	—	$	18,210,308
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	745,083		$	—	$	—	$	745,083
Futures Contracts (Unrealized Depreciation)		(327,318	)		—		—		(327,318	)
Total Futures Contracts	$	417,765		$	—	$	—	$	417,765

* 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

December 31, 2014

Assets
Investments at value (a)	$	12,119,799
Repurchase Agreement		6,090,509
Cash		3,510,581
Cash collateral for futures contracts		1,239,270
Receivable for:
Fund shares sold		9,863
Interest		13,147
Due from investment adviser		39,303
Prepaid expenses		17
Total Assets		23,022,489
Liabilities
Payables for:
Fund shares redeemed		698
Variation margin on futures contracts		430,530
Accrued expenses:
Management fees		11,994
Distribution and service fees		4,613
Deferred trustees’ fees		14,019
Other expenses		156,099
Total Liabilities		617,953
Net Assets	$	22,404,536
Net assets consist of:
Paid in surplus	$	22,210,931
Undistributed net investment income		195,616
Accumulated net realized loss		(358,281	)
Unrealized appreciation on investments, futures contracts and foreign currency transactions		356,270
Net Assets	$	22,404,536
Net Assets
Class B	$	22,404,536
Capital Shares Outstanding*
Class B		2,173,623
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.31

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding repurchase agreement, was $12,161,302.

Consolidated§ Statement of Operations

Period Ended December 31, 2014(a)

Investment Income
Dividends	$	45,269
Interest		11,767
Total investment income		57,036
Expenses
Management fees		65,775
Administration fees		19,694
Custodian and accounting fees		22,710
Distribution and service fees—Class B		25,298
Audit and tax services		89,757
Legal		107,345
Trustees’ fees and expenses		28,769
Shareholder reporting		7,502
Insurance		23
Miscellaneous		3,167
Total expenses		370,040
Less management fee waiver		(6,559	)
Less expenses reimbursed by the Adviser		(231,931	)
Net expenses		131,550
Net Investment Loss		(74,514	)
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		1,301
Futures contracts		113,935
Foreign currency transactions		(614	)
Net realized gain		114,622
Net change in unrealized appreciation (depreciation) on:
Investments		(41,503	)
Futures contracts		417,765
Foreign currency transactions		(19,992	)
Net change in unrealized appreciation		356,270
Net realized and unrealized gain		470,892
Net Increase in Net Assets From Operations	$	396,378

(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§ Statement of Changes in Net Assets

	Period Ended December 31, 2014(a)
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(74,514	)
Net realized gain		114,622
Net change in unrealized appreciation		356,270
Increase in net assets from operations		396,378
From Distributions to Shareholders
Net investment income
Class B		(59,437	)
Net realized capital gains
Class B		(430,917	)
Total distributions		(490,354	)
Increase in net assets from capital share transactions		22,498,512
Total increase in net assets		22,404,536
Net Assets
Beginning of period		0
End of period	$	22,404,536
Undistributed net investment income
End of period	$	195,616

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Period Ended December 31, 2014(a)
	Shares			Value
Class B
Sales		2,305,033		$	23,893,592
Reinvestments		47,377			490,354
Redemptions		(178,787	)		(1,885,434	)
Net increase		2,173,623		$	22,498,512
Increase derived from capital shares transactions				$	22,498,512

(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 December 31, 2014(a)
Net Asset Value, Beginning of Period	$	10.00
Income (Loss) from Investment Operations
Net investment loss (b)		(0.06	)
Net realized and unrealized gain on investments		0.60
Total from investment operations		0.54
Less Distributions
Distributions from net investment income		(0.03	)
Distributions from net realized capital gains		(0.20	)
Total distributions		(0.23	)
Net Asset Value, End of Period	$	10.31
Total Return (%) (c)		5.40	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		3.66	(e)
Net ratio of expenses to average net assets (%) (f)		1.30	(e)
Ratio of net investment loss to average net assets (%)		(0.74	)(e)
Portfolio turnover rate (%)		9	(d)
Net assets, end of period (in millions)	$	22.4

(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).

§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—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 one class of shares: Class B 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 December 31, 2014		% of Total Assets at December 31, 2014
PanAgora Global Risk Diversified Risk Portfolio, Ltd		4/14/2014	$	4,412,716		19.3	%

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

MIST-11

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

these consolidated financial statements, management has evaluated events and transactions subsequent to December 31, 2014 through the date the consolidated financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its consolidated financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

MIST-12

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

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.

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Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

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, premium amortization adjustments, controlled foreign corporation 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $6,090,509, 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 December 31, 2014.

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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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.

MIST-14

Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Consolidated Statement of Assets & Liabilities Location	Fair Value		Consolidated Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts*	$	409,508
Equity	Unrealized appreciation on futures contracts*		322,694
Commodity	Unrealized appreciation on futures contracts*		12,881	Unrealized depreciation on futures contracts *	$	327,318
Total		$	745,083		$	327,318

* 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.

Transactions in derivative instruments during the period ended December 31, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Commodity			Total
Futures contracts	$	811,874	$	(415,080	)	$	(282,859	)	$	113,935
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Commodity			Total
Futures contracts	$	409,508	$	322,694		$	(314,437	)	$	417,765

For the period ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	26,048,352

‡ Averages are based on activity levels during 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; and 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 (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

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Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the 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 addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the period ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$4,300,068	$	2,326,767	$	101,491	$	295,757

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 December 31, 2014	% per annum			Average Daily Net Assets
$65,775		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.

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Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

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 December 31, 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 Class B	Expenses Deferred in 2014 Subject to repayment until December 31, 2017
1.30%	$231,931

Amounts waived for the period ended December 31, 2014 are shown as expenses reimbursed by the Adviser in the Consolidated 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 three years after the end of the fiscal year in which such expense was incurred. As of December 31, 2014, there was $231,931 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 December 31, 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.

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Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

9. Income Tax Information

The tax character of distributions paid for the period ended December 31, 2014 are as follows:

Ordinary Income	Long-Term Capital Gain		Total
$231,379	$	258,975	$	490,354

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards		Total
$317,260	$	162,502	$	(272,138	)	$	—	$	207,624

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, 2014, the Portfolio had no post-enactment accumulated capital losses.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Met Investors Series Trust

PanAgora Global Diversified Risk Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of PanAgora Global Diversified Risk 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 PanAgora Global Diversified Risk Portfolio and subsidiary, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related consolidated statement of operations, consolidated statement of changes in net assets and the consolidated financial highlights for the period April 14, 2014 (commencement of operations) to December 31, 2014. 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 audit.

We conducted our audit 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 audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedure. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, such consolidated financial statements and consolidated financial highlights referred to above present fairly, in all material respects, the financial position of PanAgora Global Diversified Risk Portfolio and subsidiary of Met Investors Series Trust as of December 31, 2014, the results of their operations, the changes in their net assets, and the consolidated financial highlights for the period April 14, 2014 (commencement of operations) to December 31, 2014, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-21

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the PIMCO Inflation Protected Bond Portfolio returned 3.18%, 2.89%, and 3.09%, respectively. The Portfolio’s benchmark, the Barclays U.S. TIPS Index¹, returned 3.64%.

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 their accommodative stance during the first half of the year. Despite the weak first quarter, the U.S. Federal Reserve (the “Fed”) continued tapering its asset purchases and remained on track to conclude its 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, 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 hitting an all-time high. Global fixed income markets also posted strong returns with the Barclays U.S. Aggregate Bond Index returning 5.97%, benefitting from rate declines across most maturities and investors beginning to embrace the view that policy rates would remain lower than historical norms suggested.

Far from the typical summer lull, the third quarter was marked by geopolitical tension and diverging markets. Most developed market government yields were led lower by easy central bank policies, while credit market yields backed up. Equity markets somersaulted their way to modest gains in the U.S., but were flat or slightly negative in many other regions as economic data varied. U.S. growth became more sure-footed, but the eurozone recovery sputtered and growth decelerated in parts of Asia. In addition to headline volatility around central bank actions and the Scottish independence referendum, geopolitical tensions flared in Ukraine and the Middle East.

Evidence of global growth divergence was further borne out in the final quarter of 2014, but the most defining event of the quarter was the sharp decline in oil prices and accompanying market volatility. Growth in the U.S. exceeded expectations and handily outpaced its peers in the developed world, especially Japan and Europe, which continued to struggle. Meanwhile, oil prices plunged nearly 40% as still weak global growth brought concerns about oil demand and Organization of Petroleum Exporting Countries (OPEC)’s decision not to cut production led to a supply glut. The uneven growth and drop in oil led to bouts of market volatility that dissipated quickly but still managed to leave certain risk sectors bruised. Core bonds in developed markets rallied over the quarter as weak growth and lower oil prices kept many central banks in easing mode.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Positioning in Treasury Inflation-Protected Securities including a focus on longer maturities relative to the benchmark for most of the year contributed to the Portfolio’s performance as the real yield curve flattened during the calendar year. However, tactical use of pay-fixed interest rate swaps on the long end of the U.S. nominal yield curve detracted from performance, as rates rallied on longer-dated nominal Treasuries over the period. Exposure to Investment Grade Corporate bonds added slightly to performance despite unfavorable market behavior; as yield capture and security selection outweighed the impact of general spread widening. An allocation to non-Agency Mortgage-Backed Securities was positive for performance as the sector continued to benefit from the ongoing housing recovery. Exposure to non-U.S. developed Inflation-Linked Bonds (“ILBs”), particularly Australia and New Zealand, added to Portfolio performance as real yields fell in both countries during the year. The Portfolio’s exposure to emerging market local debt denominated in Brazilian real, partially achieved through zero coupon swaps, contributed to Portfolio performance as rates fell in the region.

At period end, the Portfolio was largely underweight U.S. interest rate risk, focusing on placement along the real and nominal yield curves and exposure outside of the U.S. The Portfolio also focused on the belly of the real yield curve where we see superior opportunities for roll-down and price appreciation. In terms of spread exposure, the Portfolio maintained a modest exposure to non-Agency Mortgage-Backed Securities as a source of additional yield. With regard to credit, the Portfolio also maintained small exposures to well-capitalized U.S. financial companies.

The Portfolio continued to hold Australian and New Zealand ILBs, as they present attractive real yields and policy maneuverability. In Europe, at year end we held Italian ILBs and Spanish nominal bonds, as the ECB is likely to expand the scope of its monetary accommodation. Additionally, the Portfolio held short-to-intermediate German and French ILBs with an offsetting underweight to the long end of the eurodollar yield curve, given relatively low breakeven levels. Within currencies, the Portfolio maintained a long dollar bias

MIST-1

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

as divergent monetary policy is likely to mean continued strength in the U.S. dollar, particularly against the euro and yen.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. TIPS INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
PIMCO Inflation Protected Bond Portfolio
Class A		3.18		4.33		4.48		—
Class B		2.89		4.06		4.22		—
Class E		3.09		4.17		—		4.99
Barclays U.S. TIPS Index		3.64		4.11		4.37		—

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 DECEMBER 31, 2014

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		101.1
Foreign Government		16.8
Corporate Bonds & Notes		8.6
Mortgage-Backed Securities		3.2
Asset-Backed Securities		2.3
Floating Rate Loans		0.2
Purchased Options		0.1
Convertible Preferred Stock		0.1

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, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

PIMCO Inflation Protected Bond Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.58	%	$	1,000.00	$	968.30	$	2.88
	Hypothetical*		0.58	%	$	1,000.00	$	1,022.28	$	2.96
Class B(a)	Actual		0.83	%	$	1,000.00	$	966.20	$	4.11
	Hypothetical*		0.83	%	$	1,000.00	$	1,021.02	$	4.23
Class E(a)	Actual		0.73	%	$	1,000.00	$	967.20	$	3.62
	Hypothetical*		0.73	%	$	1,000.00	$	1,021.53	$	3.72

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MIST-4

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—101.1% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—1.0%
Fannie Mae ARM Pool
1.313%, 09/01/44 (a)		43,368	$	44,402
1.315%, 07/01/44 (a)		23,949		24,449
2.485%, 11/01/34		1,106,129		1,183,179
Fannie Mae REMICS (CMO)
0.215%, 12/25/36 (a)		91,310		90,000
0.230%, 07/25/37 (a)		929,372		902,102
0.320%, 08/25/34 (a)		144,174		144,287
0.520%, 07/25/37 (a)		39,363		39,499
0.550%, 07/25/37 (a)		261,965		263,309
0.850%, 02/25/41 (a)		3,658,818		3,704,209
2.192%, 05/25/35 (a)		610,897		629,031
Fannie Mae Whole Loan (CMO)
0.520%, 05/25/42 (a)		78,709		78,814
Freddie Mac ARM Non-Gold Pool
2.371%, 01/01/34		109,469		116,780
Freddie Mac REMICS (CMO)
0.311%, 10/15/20 (a)		475,618		476,483
0.391%, 02/15/19 (a)		1,020,993		1,022,218
0.611%, 08/15/33 (a)		3,079,291		3,093,256
Freddie Mac Strips (CMO)
0.611%, 09/15/42 (a)		10,426,294		10,505,664
Freddie Mac Structured Pass-Through Securities(CMO)
0.430%, 08/25/31 (a)		62,034		60,658
1.315%, 10/25/44 (a)		3,636,587		3,670,047
1.315%, 02/25/45 (a)		1,094,574		1,121,669
Ginnie Mae (CMO)
0.466%, 03/20/37 (a)		4,363,982		4,374,316
				31,544,372
U.S. Treasury—100.1%
U.S. Treasury Inflation Indexed Bonds (k)
0.625%, 02/15/43 (b)		36,320,064		34,146,526
0.750%, 02/15/42 (c)		3,572,924		3,471,600
1.375%, 02/15/44		80,285,380		90,866,752
1.750%, 01/15/28 (b) (c)		161,515,946		182,853,656
2.000%, 01/15/26 (b)		88,686,066		101,628,733
2.125%, 02/15/40 (b)		26,121,928		33,860,549
2.125%, 02/15/41 (c)		975,870		1,274,120
2.375%, 01/15/25 (b) (c)		189,815,043		222,854,629
2.375%, 01/15/27 (b) (c)		126,398,813		151,273,720
2.500%, 01/15/29 (b)		50,511,753		62,677,963
3.625%, 04/15/28 (b)		38,603,807		53,059,119
3.875%, 04/15/29 (b)		98,054,022		140,339,819
U.S. Treasury Inflation Indexed Notes (k)
0.125%, 04/15/16 (b)		156,499,113		156,022,261
0.125%, 04/15/17 (b) (c) (d)		13,899,784		13,910,639
0.125%, 04/15/18 (b) (c) (d)		29,044,160		28,935,244
0.125%, 04/15/19 (b) (c)		174,819,437		172,893,626
0.125%, 01/15/22 (b) (c) (d) (e)		70,766,867		68,831,818
0.125%, 07/15/22 (b) (c)		315,624,163		307,511,675
0.125%, 01/15/23 (b) (c)		241,790,371		233,799,925
0.125%, 07/15/24 (b)		39,663,079		38,197,409
0.375%, 07/15/23 (b) (d) (e)		117,151,919		115,824,822
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Notes (k)
0.500%, 04/15/15 (c) (d)		4,054,090		4,001,196
0.625%, 07/15/21 (b) (c)		295,301,508		299,015,810
1.125%, 01/15/21 (b) (d)		45,243,916		47,000,647
1.250%, 07/15/20 (b) (c) (d)		190,577,659		200,017,162
1.375%, 01/15/20 (b) (c) (d)		132,173,004		138,729,974
1.625%, 01/15/18 (d)		19,370,490		20,283,014
1.875%, 07/15/15 (b)		82,595,354		82,853,465
1.875%, 07/15/19 (d)		15,902,887		17,068,267
2.000%, 01/15/16 (c)		18,184,824		18,453,341
2.375%, 01/15/17 (d)		641,716		673,250
2.625%, 07/15/17		17,758,195		19,037,336
				3,061,368,067
Total U.S. Treasury & Government Agencies (Cost $3,259,744,500)				3,092,912,439
Foreign Government—16.8%
Provincial—0.9%
New South Wales Treasury Corp.
2.750%, 11/20/25 (AUD)		11,100,000		13,155,905
Province of Ontario Canada
3.450%, 06/02/45 (CAD)		16,100,000		14,317,747
				27,473,652
Sovereign—15.9%
Brazil Letras do Tesouro Nacional
Zero Coupon, 01/01/17 (BRL)		55,300,000		16,313,791
Zero Coupon, 01/01/18 (BRL)		42,800,000		11,239,243
Brazil Notas do Tesouro Nacional
10.000%, 01/01/21 (BRL)		100,567,000		32,339,306
10.000%, 01/01/25 (BRL)		21,200,000		6,597,120
Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond
0.750%, 04/15/18 (EUR) (k)		140,089,290		174,102,150
Colombian TES
3.000%, 03/25/33 (COP) (k)		7,461,655,510		2,728,457
France Government Bond OAT
0.250%, 07/25/18 (EUR) (k)		9,784,366		12,053,397
0.700%, 07/25/30 (EUR) (k)		1,003,670		1,314,189
Italy Buoni Poliennali Del Tesoro
1.700%, 09/15/18 (EUR) (k)		8,904,280		11,180,807
2.100%, 09/15/16 (EUR) (k)		2,357,278		2,913,923
2.100%, 09/15/17 (EUR) (k)		14,540,625		18,282,477
2.100%, 09/15/21 (EUR) (k)		10,301,515		13,470,057
2.250%, 04/22/17 (EUR) (k)		5,687,346		7,107,551
2.350%, 09/15/24 (144A) (EUR) (k)		35,104,165		47,221,213
2.550%, 10/22/16 (EUR) (k)		9,379,132		11,720,238
2.550%, 09/15/41 (EUR) (k)		3,914,820		5,244,286
3.100%, 09/15/26 (EUR) (k)		636,864		919,093
5.000%, 09/01/40 (EUR)		1,600,000		2,556,304
Mexican Bonos
4.750%, 06/14/18 (MXN)		65,252,000		4,412,899

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—(Continued)
Mexican Udibonos
4.000%, 11/15/40 (MXN) (k)		33,730,355	$	2,571,662
4.000%, 11/08/46 (MXN) (k)		111,204,765		8,604,541
4.500%, 12/04/25 (MXN) (k)		32,676,282		2,612,444
New Zealand Government Bond
3.000%, 09/20/30 (NZD) (f)		11,600,000		10,192,955
Republic of Greece Government Bonds
3.800%, 08/08/17 (JPY)		150,000,000		1,028,978
4.500%, 07/03/17 (JPY)		300,000,000		2,007,276
Slovenia Government International Bond
4.700%, 11/01/16 (144A) (EUR)		6,400,000		8,285,254
Spain Government Bonds
3.800%, 04/30/24 (144A) (EUR)		15,500,000		22,438,850
5.400%, 01/31/23 (144A) (EUR)		29,800,000		47,157,527
				486,615,988
Total Foreign Government (Cost $570,163,103)				514,089,640
Corporate Bonds & Notes—8.6%
Banks—6.5%
Banca Monte dei Paschi di Siena S.p.A.
4.875%, 09/15/16 (EUR)		1,000,000		1,291,287
Banco Santander S.A.
6.250%, 09/11/21 (EUR) (a)		700,000		819,718
Bankia S.A.
3.500%, 12/14/15 (EUR)		7,800,000		9,706,744
3.500%, 01/17/19 (EUR)		3,100,000		4,047,850
Barclays plc
2.010%, 12/21/20 (MXN) (f) (g)		12,500,000		873,789
6.500%, 09/15/19 (EUR) (a)		800,000		947,711
8.000%, 12/15/20 (EUR) (a)		800,000		1,007,488
BBVA Bancomer S.A.
6.500%, 03/10/21 (144A)		5,000,000		5,414,500
BNP Paribas S.A.
0.542%, 11/07/15 (a)		23,200,000		23,164,666
BPCE S.A.
0.802%, 11/18/16 (a)		13,300,000		13,309,283
BPE Financiaciones S.A.
2.500%, 02/01/17 (EUR)		2,700,000		3,333,027
2.875%, 05/19/16 (EUR)		5,600,000		6,920,995
China Construction Bank Corp.
1.700%, 04/16/15		4,000,000		4,011,524
CIT Group, Inc.
4.750%, 02/15/15 (144A)		3,100,000		3,102,325
Citigroup, Inc.
0.752%, 05/01/17 (a)		33,800,000		33,714,013
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
0.563%, 04/28/17 (a)		33,700,000		33,676,241
Credit Agricole S.A.
7.875%, 01/23/24 (a)		200,000		203,507
Depfa ACS Bank
3.875%, 11/14/16 (EUR)		600,000		773,848
Eksportfinans ASA
2.375%, 05/25/16		4,100,000		4,109,594
Banks—(Continued)
Intesa Sanpaolo S.p.A.
3.125%, 01/15/16		3,200,000		3,250,576
JPMorgan Chase & Co.
0.784%, 04/25/18 (a)		33,700,000		33,622,726
Lloyds Banking Group plc
7.625%, 06/27/23 (GBP) (a)		2,000,000		3,106,236
Rabobank Nederland
4.000%, 09/10/15 (GBP)		5,160,000		8,211,513
Turkiye Garanti Bankasi A/S
2.731%, 04/20/16 (144A) (a)		1,600,000		1,596,000
				200,215,161
Electric—0.4%
Electricite de France S.A.
0.691%, 01/20/17 (144A) (a)		9,000,000		9,024,498
1.150%, 01/20/17 (144A)		2,800,000		2,798,258
				11,822,756
Home Builders—0.2%
D.R. Horton, Inc.
5.250%, 02/15/15		7,500,000		7,537,500
Oil & Gas—0.3%
California Resources Corp.
5.500%, 09/15/21 (144A)		8,000,000		6,840,000
Chesapeake Energy Corp.
3.481%, 04/15/19 (a)		800,000		784,000
				7,624,000
Telecommunications—1.1%
BellSouth Corp.
4.182%, 04/26/15 (144A) (h)		32,600,000		32,920,849
Transportation—0.1%
Hellenic Railways Organization S.A.
4.028%, 03/17/17 (EUR)		3,900,000		3,827,268
Total Corporate Bonds & Notes (Cost $271,470,829)				263,947,534
Mortgage-Backed Securities—3.2%
Collateralized Mortgage Obligations—2.3%
Banc of America Funding Trust
2.641%, 02/20/36 (a)		1,518,274		1,506,718
Banc of America Mortgage Trust
2.315%, 11/25/34 (a)		80,174		76,001
2.680%, 06/25/35 (a)		361,147		346,024
2.691%, 09/25/35 (a)		218,486		200,784
6.500%, 09/25/33		57,867		59,625
BCAP LLC Trust
5.041%, 03/26/37 (144A) (a)		2,195,083		2,161,006
Bear Stearns Adjustable Rate Mortgage Trust
2.190%, 08/25/35 (a)		164,523		166,283

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
Bear Stearns Adjustable Rate Mortgage Trust
2.515%, 03/25/35 (a)		6,143	$	6,198
2.580%, 03/25/35 (a)		715,997		723,273
2.656%, 03/25/35 (a)		630,163		613,199
2.970%, 01/25/35 (a)		2,346,668		2,364,723
Bear Stearns ALT-A Trust
0.330%, 02/25/34 (a)		266,432		238,580
2.612%, 09/25/35 (a)		1,989,158		1,695,692
Chase Mortgage Finance Trust
2.474%, 02/25/37 (a)		155,083		153,977
Citigroup Mortgage Loan Trust, Inc.
2.230%, 09/25/35 (a)		237,871		237,133
2.280%, 09/25/35 (a)		226,971		227,074
2.540%, 05/25/35 (a)		59,964		59,406
2.540%, 10/25/35 (a)		4,156,717		4,113,126
Countrywide Alternative Loan Trust
0.346%, 02/20/47 (a)		1,443,701		1,066,371
0.350%, 05/25/47 (a)		469,077		388,254
0.450%, 12/25/35 (a)		39,774		34,731
5.500%, 06/25/35		1,011,160		1,009,640
Countrywide Home Loan Mortgage Pass-Through Trust
0.460%, 04/25/35 (a)		1,101,877		973,256
0.510%, 06/25/35 (144A) (a)		161,226		143,301
2.323%, 11/20/34 (a)		550,237		516,262
2.399%, 11/19/33 (a)		40,931		40,161
2.589%, 08/25/34 (a)		287,129		252,179
Deutsche ALT-B Securities Mortgage Loan Trust
0.270%, 10/25/36 (a)		43,165		26,975
5.869%, 10/25/36		762,353		628,300
5.886%, 10/25/36		762,353		628,896
First Horizon Alternative Mortgage Securities Trust
2.207%, 06/25/34 (a)		347,718		340,567
Granite Mortgages plc
0.940%, 09/20/44 (GBP) (a)		473,870		735,693
GreenPoint Mortgage Funding Trust
0.440%, 11/25/45 (a)		204,837		160,407
GreenPoint MTA Trust
0.610%, 06/25/45 (a)		443,603		386,300
GSR Mortgage Loan Trust
2.617%, 05/25/35 (a)		759,472		701,183
2.669%, 09/25/35 (a)		547,300		549,465
2.814%, 01/25/35 (a)		451,757		445,420
4.824%, 11/25/35 (a)		1,072,272		981,485
HarborView Mortgage Loan Trust
0.384%, 05/19/35 (a)		119,808		99,446
0.444%, 02/19/36 (a)		246,020		184,213
Indymac Index Mortgage Loan Trust
2.750%, 11/25/35 (a)		1,115,414		1,000,411
JPMorgan Mortgage Trust
2.140%, 07/27/37 (144A) (a)		1,251,729		1,078,725
2.527%, 08/25/35 (a)		713,264		696,677
2.551%, 08/25/35 (a)		498,079		491,655
2.552%, 07/25/35 (a)		369,801		374,283
Collateralized Mortgage Obligations—(Continued)
JPMorgan Mortgage Trust
2.581%, 07/25/35 (a)		351,669		351,750
2.636%, 02/25/35 (a)		628,243		615,085
5.025%, 09/25/35 (a)		166,413		163,751
5.070%, 06/25/35 (a)		1,106,089		1,092,681
Master Adjustable Rate Mortgages Trust
2.165%, 12/25/33 (a)		207,887		208,708
2.639%, 11/21/34 (a)		387,539		394,332
Mellon Residential Funding Corp.
0.601%, 12/15/30 (a)		52,286		49,782
0.861%, 11/15/31 (a)		366,206		354,651
Merrill Lynch Mortgage Investors Trust
0.420%, 11/25/35 (a)		194,706		183,794
1.156%, 10/25/35 (a)		366,384		346,836
1.582%, 10/25/35 (a)		1,215,989		1,180,073
5.401%, 12/25/35 (a)		339,665		315,070
National Credit Union Administration Guaranteed Notes
0.607%, 10/07/20 (a)		3,177,337		3,196,410
0.717%, 12/08/20 (a)		4,996,076		5,044,178
RBSSP Resecuritization Trust
2.090%, 07/26/45 (144A) (a)		8,626,853		8,692,400
Residential Accredit Loans, Inc.
0.470%, 08/25/35 (a)		187,047		144,095
1.473%, 09/25/45 (a)		201,998		163,476
Sequoia Mortgage Trust
0.366%, 07/20/36 (a)		1,806,457		1,681,411
0.864%, 10/19/26 (a)		104,296		102,796
Structured Adjustable Rate Mortgage Loan Trust
1.515%, 01/25/35 (a)		153,706		122,657
2.573%, 02/25/34 (a)		236,466		235,963
2.586%, 12/25/34 (a)		475,223		461,494
Structured Asset Mortgage Investments II Trust
0.360%, 06/25/36 (a)		117,418		96,478
0.380%, 05/25/46 (a)		53,395		40,035
0.414%, 07/19/35 (a)		294,274		267,943
0.824%, 10/19/34 (a)		135,508		127,612
Structured Asset Securities Corp.
2.619%, 10/28/35 (144A) (a)		121,787		116,603
Swan Trust
3.940%, 04/25/41 (AUD) (a)		263,209		217,407
TBW Mortgage Backed Pass-Through Certificates
6.015%, 07/25/37		351,209		263,344
Thornburg Mortgage Securities Trust
6.038%, 09/25/37 (a)		1,752,341		1,809,594
WaMu Mortgage Pass-Through Certificates Trust
0.430%, 11/25/45 (a)		210,160		192,775
0.460%, 10/25/45 (a)		1,281,120		1,173,922
0.883%, 05/25/47 (a)		545,849		465,749
0.923%, 12/25/46 (a)		125,524		117,554
1.113%, 02/25/46 (a)		218,235		205,683
1.113%, 08/25/46 (a)		8,982,413		7,552,314

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
WaMu Mortgage Pass-Through Certificates Trust
1.313%, 11/25/42 (a)		26,277	$	25,466
2.163%, 07/25/46 (a)		811,818		729,655
2.163%, 11/25/46 (a)		266,715		242,452
2.374%, 12/25/35 (a)		261,638		239,597
5.142%, 08/25/35 (a)		144,889		137,515
Wells Fargo Mortgage Backed Securities Trust
2.577%, 03/25/36 (a)		186,203		180,175
2.600%, 04/25/36 (a)		1,098,731		1,073,790
2.605%, 10/25/35 (a)		23,338		23,417
2.615%, 11/25/34 (a)		255,868		259,036
2.618%, 09/25/34 (a)		466,823		475,350
5.588%, 04/25/36 (a)		422,276		422,941
				70,440,878
Commercial Mortgage-Backed Securities—0.9%
Banc of America Commercial Mortgage Trust
5.547%, 06/10/49 (a)		1,100,000		1,179,983
5.754%, 02/10/51 (a)		855,317		932,367
Banc of America Re-REMIC Trust
5.588%, 06/24/50 (144A) (a)		1,596,839		1,696,354
5.649%, 02/17/51 (144A) (a)		918,742		966,994
Commercial Mortgage Pass-Through Certificates
3.156%, 07/10/46 (144A)		2,125,134		2,147,484
Credit Suisse Mortgage Capital Certificates
5.383%, 02/15/40 (144A)		1,182,310		1,230,640
5.467%, 09/18/39 (144A) (a)		1,523,260		1,587,156
GS Mortgage Securities Trust
4.592%, 08/10/43 (144A)		25,000		27,548
Indus Eclipse plc
0.727%, 01/25/20 (GBP) (a)		448,178		687,004
JPMorgan Chase Commercial Mortgage Securities Trust
5.794%, 02/12/51 (a)		1,500,000		1,625,475
ML-CFC Commercial Mortgage Trust
5.700%, 09/12/49		5,400,000		5,839,949
RBSCF Trust
6.040%, 12/16/49 (144A) (a)		2,362,010		2,497,377
Vornado DP LLC
4.004%, 09/13/28 (144A)		7,000,000		7,557,074
Wachovia Bank Commercial Mortgage Trust
0.241%, 06/15/20 (144A) (a)		376,742		375,868
				28,351,273
Total Mortgage-Backed Securities (Cost $91,911,444)				98,792,151

Asset-Backed Securities—2.3%
Security Description	Principal Amount*		Value
Asset-Backed - Home Equity—0.2%
Asset Backed Funding Certificates
0.870%, 06/25/34 (a)		561,286	$	523,274
Bear Stearns Asset Backed Securities I Trust
1.170%, 10/25/37 (a)		2,681,592		2,499,211
Bear Stearns Asset Backed Securities Trust
0.830%, 10/25/32 (a)		17,231		16,342
First NLC Trust
0.240%, 08/25/37 (144A) (a)		1,423,028		798,916
HSBC Home Equity Loan Trust
0.316%, 03/20/36 (a)		1,137,466		1,128,563
HSI Asset Securitization Corp. Trust
0.220%, 10/25/36 (a)		8,080		4,417
Soundview Home Loan Trust
0.230%, 11/25/36 (144A) (a)		59,062		22,601
				4,993,324
Asset-Backed - Manufactured Housing—0.0%
Conseco Finance Securitizations Corp.
6.681%, 12/01/33 (a)		32,096		32,092
Asset-Backed - Other—1.6%
Aquilae CLO II plc
0.546%, 01/17/23 (EUR) (a)		1,470,526		1,768,928
Carrington Mortgage Loan Trust
0.490%, 10/25/35 (a)		54,319		54,154
Countrywide Asset-Backed Certificates
0.350%, 07/25/36 (a)		3,055,727		2,993,751
0.405%, 04/25/36 (a)		134,740		133,389
Credit-Based Asset Servicing and Securitization LLC
0.289%, 07/25/37 (144A) (a)		155,559		101,683
CSAB Mortgage Backed Trust
5.720%, 09/25/36		899,531		687,923
Elm CLO, Ltd.
1.635%, 01/17/23 (144A) (a)		300,000		299,700
Equity One Mortgage Pass-Through Trust
0.470%, 04/25/34 (a)		114,318		93,882
Hillmark Funding, Ltd.
0.481%, 05/21/21 (144A) (a)		12,051,717		11,916,943
JPMorgan Mortgage Acquisition Trust
0.230%, 03/25/47 (a)		149,875		146,031
Magi Funding plc
0.429%, 04/11/21 (144A) (EUR) (a)		476,690		573,469
Morgan Stanley IXIS Real Estate Capital Trust
0.220%, 11/25/36 (a)		814		423
Nautique Funding, Ltd.
0.481%, 04/15/20 (144A) (a)		439,351		436,430
NYLIM Flatiron CLO, Ltd.
0.452%, 08/08/20 (144A) (a)		283,280		281,594
OneMain Financial Issuance Trust
2.470%, 09/18/24 (144A)		14,800,000		14,858,016

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*/ Notional Amount*		Value
Asset-Backed - Other—(Continued)
Park Place Securities, Inc.
0.430%, 09/25/35 (a)		10,937	$	10,890
1.190%, 12/25/34 (a)		929,901		931,346
Penta CLO S.A.
0.398%, 06/04/24 (EUR) (a)		3,138,152		3,761,828
Small Business Administration Participation Certificates
5.510%, 11/01/27		3,158,117		3,542,401
Structured Asset Securities Corp. Trust
0.310%, 05/25/47 (a)		3,200,000		3,067,274
1.656%, 04/25/35 (a)		460,319		443,613
Symphony CLO, Ltd.
0.472%, 05/15/19 (144A) (a)		2,850,795		2,830,785
Wood Street CLO B.V.
0.433%, 03/29/21 (144A) (EUR) (a)		265,817		319,763
				49,254,216
Asset-Backed - Student Loan—0.5%
College Loan Corp. Trust
0.484%, 01/25/24 (a)		900,000		878,843
North Carolina State Education Assistance Authority
0.684%, 10/26/20 (a)		680,274		681,022
SLM Student Loan Trust
0.244%, 10/25/17 (a)		217,641		217,338
0.734%, 10/25/17 (a)		220,676		220,910
1.734%, 04/25/23 (a)		13,612,200		13,980,505
				15,978,618
Total Asset-Backed Securities (Cost $67,702,680)				70,258,250
Floating Rate Loan (l)—0.2%
Healthcare-Services—0.2%
Iasis Healthcare LLC
Term Loan B2, 4.500%, 05/03/18 (Cost $7,017,536)		7,028,805		6,976,089
Purchased Options—0.1%
Interest Rate Swaptions—0.1%
Put - OTC - 30-Year Interest Rate Swap, Exercise Rate 2.683%, Expires 12/11/17 (Counterparty - Morgan Stanley Capital Services, LLC) (f)		19,000,000		2,380,225
Put - OTC - 30-Year Interest Rate Swap, Exercise Rate 3.045%, Expires 03/20/15 (Counterparty - Deutsche Bank AG) (f)		82,800,000		465,584
Total Purchased Options (Cost $3,519,110)				2,845,809
Convertible Preferred Stock—0.1%
Security Description	Shares/ Principal Amount*		Value
Banks—0.1%
Wells Fargo & Co., Series L 7.500%, 12/31/49 (Cost $900,000)		900	$	1,085,400
Municipals—0.0%
Tobacco Settlement Financing Authority
7.467%, 06/01/47 (Cost $712,455)		745,000		638,987
Short-Term Investments—15.1%
Commercial Paper—1.9%
Banco Bilbao Vizcaya Argentaria S.A.
0.983%, 10/23/15 (i)		33,750,000		33,748,183
1.081%, 05/16/16 (i)		14,000,000		14,000,000
Itau Unibanco S.A. New York
1.150%, 06/04/15 (i)		10,800,000		10,800,000
				58,548,183
Discount Note—0.0%
Federal Home Loan Bank
0.151%, 04/15/15 (i)		500,000		499,783
Foreign Government—3.4%
Greece Treasury Bills
1.607%, 01/16/15 (EUR) (i)		1,400,000		1,692,693
1.828%, 01/09/15 (EUR) (i)		8,900,000		10,767,821
Japan Treasury Bill
0.020%, 02/09/15 (JPY) (i)		10,810,000,000		90,248,789
				102,709,303
U.S. Treasury—0.2%
U.S. Treasury Bills
0.031%, 02/19/15 (c) (i)		70,000		69,998
0.040%, 03/05/15 (c) (i) (j)		253,000		252,982
0.041%, 03/12/15 (c)( i)		19,000		18,998
0.045%, 04/23/15 (c) (d) (i) (j)		1,575,000		1,574,780
0.048%, 05/21/15 (c) (i) (j)		1,306,000		1,305,760
0.051%, 05/07/15 (c) (i) (j)		121,000		120,979
0.053%, 04/30/15 (c) (i)		702,000		701,878
0.062%, 05/14/15 (c) (i) (j)		391,000		390,911
0.066%, 05/28/15 (c) (i) (j)		760,000		759,796
				5,196,082

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

Short-Term Investments—(Continued)

Security Description	Principal Amount*		Value
Repurchase Agreements—9.6%
Barclays Capital, Inc. Repurchase Agreement dated 12/30/14 at 0.100% to be repurchased at $290,334,839 on 01/05/15 collateralized by $255,689,816 U.S. Treasury Inflation Indexed Bonds with rates ranging from 1.375% - 3.875%, maturity dates ranging from 07/15/15 - 04/15/29 with a value of $294,211,930.		290,330,000	$	290,330,000
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/2014 at 0.000% to be repurchased at $1,341,596 on 01/02/15 collateralized by $1,390,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $1,370,590.		1,341,596		1,341,596
				291,671,596
Total Short-Term Investments (Cost $463,673,374)				458,624,947
Total Investments—147.5% (Cost $4,736,815,031) (m)				4,510,171,246
Other assets and liabilities (net)—(47.5)%				(1,451,772,735	)
Net Assets—100.0%			$	3,058,398,511

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(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 swap contracts and open forward foreign currency exchange contracts. As of December 31, 2014, the market value of securities pledged was $19,129,747.

(d) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2014, the market value of securities pledged was $16,475,033.

(e) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $989,341.

(f) Illiquid security. As of December 31, 2014, these securities represent 0.5% of net assets.

(g) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent less than 0.05% of net assets.

(h) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2014, the market value of restricted securities was $32,920,849, which is 1.1% of net assets. See details shown in the Restricted Securities table that follows.

(i) The rate shown represents current yield to maturity.

(j) All or a portion of the security was pledged as collateral against open secured borrowing transactions. As of December 31, 2014, the value of securities pledged amounted to $3,353,305.

(k) Principal amount of security is adjusted for inflation.

(l) 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.

(m) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $4,870,491,590. The aggregate unrealized appreciation and depreciation of investments were $17,307,786 and $(377,628,130), respectively, resulting in net unrealized depreciation of $(360,320,344) for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $249,517,704, which is 8.2% of net assets.

(ARM)— Adjustable-Rate Mortgage

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(CLO)— Collateralized Loan Obligation

(CMO)— Collateralized Mortgage Obligation

(COP)— Colombian Peso

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(MXN)— Mexican Peso

(NZD)— New Zealand Dollar

(OTC)— Over the Counter

(REMIC)— Real Estate Mortgage Investment Conduit

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
BellSouth Corp.		04/16/14	$	32,600,000	$	33,776,534	$	32,920,849

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	4,903,000	Citibank N.A.		01/05/15	$	4,166,645	$	(163,837	)
AUD	15,654,000	UBS AG Stamford		01/05/15		12,801,215		(21,292	)
BRL	54,429,623	BNP Paribas S.A.		01/05/15		20,508,524		(32,404	)
BRL	83,295,026	Credit Suisse International		01/05/15		31,358,718		(23,594	)
BRL	204,129,405	Deutsche Bank AG		01/05/15		79,335,175		(2,542,832	)
BRL	2,375,372	Goldman Sachs Bank USA		01/05/15		913,253		(19,651	)
BRL	51,223,690	Goldman Sachs Bank USA		01/05/15		19,284,576		(14,510	)
BRL	5,370,038	JPMorgan Chase Bank N.A.		01/05/15		2,021,699		(1,521	)
BRL	36,424,382	JPMorgan Chase Bank N.A.		01/05/15		13,928,485		(225,836	)
BRL	59,193,465	UBS AG Stamford		01/05/15		22,285,018		(16,767	)
BRL	43,592,545	Barclays Bank plc		02/03/15		16,852,571		(580,997	)
BRL	29,046,613	Credit Suisse International		02/03/15		11,398,875		(556,789	)
BRL	36,424,382	UBS AG Stamford		07/02/15		13,197,240		(166,298	)
EUR	23,689,000	BNP Paribas S.A.		01/05/15		29,531,110		(866,231	)
EUR	437,361,000	Citibank N.A.		01/05/15		536,029,642		(6,800,880	)
EUR	1,893,000	JPMorgan Chase Bank N.A.		01/05/15		2,322,309		(31,684	)
GBP	9,814,000	Deutsche Bank AG		01/05/15		15,246,049		50,062
INR	3,904,647,832	Citibank N.A.		01/20/15		62,590,232		(928,135	)
JPY	8,731,800,000	Citibank N.A.		01/05/15		72,313,043		585,605
MXN	2,760,000	BNP Paribas S.A.		02/05/15		189,041		(2,321	)
MXN	1,471,000	Barclays Bank plc		02/05/15		107,869		(8,353	)
MXN	1,528,000	Barclays Bank plc		02/05/15		112,669		(9,297	)
MXN	1,682,000	Barclays Bank plc		02/05/15		123,316		(9,525	)
MXN	1,743,000	Barclays Bank plc		02/05/15		119,228		(1,310	)
MXN	2,463,000	Barclays Bank plc		02/05/15		182,202		(15,575	)
MXN	1,967,000	Citibank N.A.		02/05/15		143,537		(10,465	)
MXN	1,689,000	JPMorgan Chase Bank N.A.		02/05/15		115,024		(760	)
MXN	1,730,000	JPMorgan Chase Bank N.A.		02/05/15		126,875		(9,837	)
MXN	2,068,000	JPMorgan Chase Bank N.A.		02/05/15		150,917		(11,012	)
MXN	2,432,000	JPMorgan Chase Bank N.A.		02/05/15		165,483		(953	)
MXN	6,186,000	UBS AG Stamford		02/05/15		435,683		(17,187	)
MXN	1,448,000	Westpac Banking Corp.		02/05/15		105,960		(8,000	)
MYR	61,606,419	UBS AG Stamford		01/20/15		18,990,881		(1,392,615	)
NZD	11,745,000	Societe Generale Paris		01/05/15		9,122,063		39,625
PLN	39,076,577	Societe Generale Paris		01/30/15		11,637,272		(613,137	)
Contracts to Deliver
AUD	20,557,000	Citibank N.A.		01/05/15	$	17,582,207	$	799,475
AUD	15,654,000	UBS AG Stamford		02/03/15		12,774,118		21,144
BRL	32,981,061	BNP Paribas S.A.		01/05/15		12,416,633		9,342
BRL	21,448,562	BNP Paribas S.A.		01/05/15		8,255,321		186,492
BRL	25,047,395	Credit Suisse International		01/05/15		10,525,000		1,102,310
BRL	16,401,375	Credit Suisse International		01/05/15		5,975,000		(195,106	)
BRL	14,671,733	Credit Suisse International		01/05/15		6,169,000		649,576
BRL	13,766,792	Credit Suisse International		01/05/15		5,724,000		545,010
BRL	10,794,993	Credit Suisse International		01/05/15		4,579,000		517,984
BRL	2,612,738	Credit Suisse International		01/05/15		1,124,000		141,102
BRL	166,101,158	Deutsche Bank AG		01/05/15		62,533,378		47,050
BRL	19,298,760	Deutsche Bank AG		01/05/15		7,120,000		(140,086	)
BRL	18,729,488	Deutsche Bank AG		01/05/15		6,775,000		(270,929	)
BRL	26,809,511	Goldman Sachs Bank USA		01/05/15		11,239,000		1,153,412

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
BRL	26,789,551	Goldman Sachs Bank USA		01/05/15	$	11,241,000	$	1,162,920
BRL	41,794,420	JPMorgan Chase Bank N.A.		01/05/15		17,744,839		2,022,011
BRL	36,424,382	UBS AG Stamford		01/05/15		13,918,373		215,724
BRL	18,389,036	UBS AG Stamford		01/05/15		7,737,865		820,012
BRL	4,380,046	UBS AG Stamford		01/05/15		1,886,000		238,251
BRL	54,429,623	BNP Paribas S.A.		02/03/15		20,334,600		17,923
BRL	18,575,000	Citibank N.A.		04/02/15		7,567,733		748,513
BRL	204,129,405	Deutsche Bank AG		07/02/15		75,241,211		2,213,249
BRL	2,375,372	Goldman Sachs Bank USA		07/02/15		866,134		16,337
CAD	12,012,000	Citibank N.A.		03/03/15		10,355,080		29,692
CAD	4,547,000	Goldman Sachs Bank USA		03/03/15		3,899,758		(8,795	)
COP	5,070,964,788	BNP Paribas S.A.		06/03/15		2,203,330		91,685
EUR	10,038,000	BNP Paribas S.A.		01/05/15		12,478,780		332,296
EUR	12,749,000	Citibank N.A.		01/05/15		15,765,192		338,262
EUR	11,676,000	Citibank N.A.		01/05/15		14,445,302		316,756
EUR	3,274,000	Goldman Sachs Bank USA		01/05/15		4,075,112		113,408
EUR	425,206,000	UBS AG Stamford		01/05/15		528,193,019		13,672,417
EUR	437,361,000	Citibank N.A.		02/03/15		536,178,344		6,785,928
GBP	563,000	BNP Paribas S.A.		01/05/15		882,143		4,651
GBP	8,319,000	Credit Suisse International		01/05/15		13,059,000		92,998
GBP	932,000	Goldman Sachs Bank USA		01/05/15		1,462,593		9,977
GBP	9,814,000	Deutsche Bank AG		02/03/15		15,243,007		(49,615	)
HUF	4,393,604,300	Credit Suisse International		01/30/15		18,061,515		1,278,313
JPY	5,368,500,000	Credit Suisse International		01/05/15		45,366,583		546,914
JPY	3,363,300,000	Goldman Sachs Bank USA		01/05/15		28,482,515		403,537
JPY	8,731,800,000	Citibank N.A.		02/03/15		72,331,014		(584,843	)
JPY	10,810,000,000	Barclays Bank plc		02/09/15		94,393,992		4,119,275
MXN	72,988,000	Barclays Bank plc		02/05/15		5,354,520		416,726
MXN	7,976,000	Barclays Bank plc		02/05/15		547,032		7,439
MXN	5,604,000	Barclays Bank plc		02/05/15		411,439		32,316
MXN	18,068,000	Citibank N.A.		02/05/15		1,292,825		70,486
MXN	42,049,000	Credit Suisse International		02/05/15		2,973,026		128,321
MXN	36,451,000	Credit Suisse International		02/05/15		2,640,363		174,375
MXN	129,957,914	JPMorgan Chase Bank N.A.		02/05/15		9,189,825		397,895
MYR	61,099,622	UBS AG Stamford		02/26/15		18,548,762		1,149,456
NZD	11,745,000	Goldman Sachs Bank USA		01/05/15		9,165,899		4,211
NZD	11,745,000	Societe Generale Paris		02/03/15		9,096,197		(40,328	)
Net Unrealized Appreciation							$	27,427,156

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
U.S. Treasury Long Bond Futures		03/20/15		142			USD	20,482,186		$	45,689
U.S. Treasury Note 5 Year Futures		03/31/15		603			USD	71,720,300			(5,698	)
Futures Contracts—Short
90 Day EuroDollar Futures		06/15/15		(300	)		USD	(74,673,462	)		(288	)
90 Day EuroDollar Futures		09/14/15		(854	)		USD	(212,138,449	)		26,199
90 Day EuroDollar Futures		12/14/15		(6	)		USD	(1,486,310	)		35
90 Day EuroDollar Futures		03/14/16		(342	)		USD	(84,496,300	)		5,200
90 Day EuroDollar Futures		06/13/16		(342	)		USD	(84,276,805	)		(545	)
90 Day EuroDollar Futures		09/19/16		(342	)		USD	(84,070,160	)		(6,265	)
90 Day EuroDollar Futures		12/19/16		(336	)		USD	(82,417,840	)		(11,360	)
Euro-Bund 10 Year Bond Futures		03/06/15		(163	)		EUR	(24,974,721	)		(522,849	)
U.S. Treasury Note 10 Year Futures		03/20/15		(597	)		USD	(75,637,255	)		(60,479	)
Net Unrealized Depreciation										$	(530,361	)

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

Written Options

Foreign Currency Written Options	Strike Price	Counterparty	Expiration Date	Notional Amount			Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Call - OTC - USD vs BRL	BRL2.68	Deutsche Bank AG	07/01/15		(9,530,000	)	$	(227,100	)	$	(581,406	)	$	(354,306	)
Call - OTC - USD vs INR	INR64.50	Goldman Sachs Bank USA	03/09/15		(12,600,000	)		(144,270	)		(124,324	)		19,946
Call - OTC - USD vs INR	INR65.00	JPMorgan Chase Bank N.A.	03/10/15		(10,500,000	)		(123,112	)		(82,352	)		40,760
Put - OTC - USD vs INR	INR58.50	Goldman Sachs Bank USA	03/09/15		(12,600,000	)		(20,790	)		(542	)		20,248
Totals							$	(515,272	)	$	(788,624	)	$	(273,352	)

Inflation Capped Options	Strike Index	Counterparty	Exercise Index	Expiration Date		Notional Amount			Premiums Received			Market Value			Unrealized Appreciation
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	)	$	(68,764	)	$	185,861
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	)		(5,701	)		13,759
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	)		(30,433	)		13,217
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	)		(13,783	)		16,317
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	)		(11,515	)		425,205
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	)		(1,325	)		59,305
Totals									$	(845,185	)	$	(131,521	)	$	713,664

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 - 10-Year Interest Rate Swap	2.750%	JPMorgan Chase Bank N.A.	3-Month USD-LIBOR	Pay		02/18/15		USD	(41,000,000	)	$	(218,423	)	$	(23,903	)	$	194,520
Put - OTC - 10-Year Interest Rate Swap	2.750%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		02/18/15		USD	(73,800,000	)		(391,480	)		(43,025	)		348,455
Call - OTC - 10-Year Interest Rate Swap	2.300%	JPMorgan Chase Bank N.A.	3-Month USD-LIBOR	Receive		02/18/15		USD	(41,000,000	)		(186,275	)		(347,803	)		(161,528	)
Call - OTC - 10-Year Interest Rate Swap	2.300%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Receive		02/18/15		USD	(73,800,000	)		(352,495	)		(626,045	)		(273,550	)
Call - OTC - 30-Year Interest Rate Swap	2.545%	Deutsche Bank AG	3-Month USD-LIBOR	Receive		03/20/15		USD	(82,800,000	)		(1,057,419	)	$	(1,048,082	)		9,337
Put - OTC - 5-Year Interest Rate Swap	2.500%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		12/11/17		USD	(79,800,000	)		(2,660,000	)		(2,563,575	)		96,425
Totals											$	(4,866,092	)	$	(4,652,433	)	$	213,659

Credit Default Swaptions	Strike Rate	Counterparty	Reference Obligation	Buy/Sell Protection		Expiration Date		Notional Amount			Premiums Received		Market Value		Unrealized Appreciation/ (Depreciation)
Put - OTC - 5-Year Credit Default Swap	1.200%	Goldman Sachs International	Markit iTraxx Europe, Series 22		Sell		01/21/15		EUR	(7,000,000)	$	(17,344)	$	(42)	$	17,302
Put - OTC - 5-Year Credit Default Swap	1.100%	Goldman Sachs International	Markit iTraxx Europe, Series 22		Sell		01/21/15		EUR	(2,900,000)		(7,317)		(55)		7,262
Put - OTC - 5-Year Credit Default Swap	0.900%	Goldman Sachs International	Markit CDX North America Investment Grade, Series 22		Sell		01/21/15		USD	(5,100,000)		(7,497)		(75)		7,422
Put - OTC - 5-Year Credit Default Swap	1.000%	Goldman Sachs International	Markit iTraxx Europe, Series 22		Sell		01/21/15		EUR	(5,400,000)		(14,866)		(298)		14,568
Put - OTC - 5-Year Credit Default Swap	0.900%	Societe Generale Paris	Markit iTraxx Europe, Series 22		Sell		01/21/15		EUR	(3,300,000)		(5,153)		(517)		4,636

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 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	1.000%	JPMorgan Chase Bank N.A.	Markit iTraxx Europe, Series 22		Sell		01/21/15		EUR	(9,500,000)	$	(26,668)	$	(525)	$	26,143
Put - OTC - 5-Year Credit Default Swap	0.900%	BNP Paribas S.A.	Markit iTraxx Europe, Series 22		Sell		01/21/15		EUR	(5,200,000)		(8,797)		(815)		7,982
Call - OTC - 5-Year Credit Default Swap	0.550%	JPMorgan Chase Bank N.A.	Markit iTraxx Europe, Series 22		Buy		02/18/15		EUR	(2,500,000)		(2,194)		(2,356)		(162)
Put - OTC - 5-Year Credit Default Swap	0.850%	JPMorgan Chase Bank N.A.	Markit iTraxx Europe, Series 22		Sell		02/18/15		EUR	(2,500,000)		(5,014)		(2,369)		2,645
Call - OTC - 5-Year Credit Default Swap	0.600%	Societe Generale Paris	Markit iTraxx Europe, Series 22		Buy		01/21/15		EUR	(3,300,000)		(5,874)		(3,888)		1,986
Call - OTC - 5-Year Credit Default Swap	0.550%	Citibank N.A.	Markit iTraxx Europe, Series 22		Buy		02/18/15		EUR	(5,300,000)		(3,989)		(4,995)		(1,006)
Put - OTC - 5-Year Credit Default Swap	0.850%	Citibank N.A.	Markit iTraxx Europe, Series 22		Sell		02/18/15		EUR	(5,300,000)		(10,804)		(5,022)		5,782
Call - OTC - 5-Year Credit Default Swap	0.600%	BNP Paribas S.A.	Markit iTraxx Europe, Series 22		Buy		01/21/15		EUR	(5,200,000)		(10,100)		(6,127)		3,973
Call - OTC - 5-Year Credit Default Swap	0.550%	Societe Generale Paris	Markit iTraxx Europe, Series 22		Buy		02/18/15		EUR	(6,600,000)		(7,917)		(6,220)		1,697
Put - OTC - 5-Year Credit Default Swap	0.850%	Societe Generale Paris	Markit iTraxx Europe, Series 22		Sell		02/18/15		EUR	(6,600,000)		(12,008)		(6,253)		5,755
Call - OTC - 5-Year Credit Default Swap	0.600%	Goldman Sachs International	Markit iTraxx Europe, Series 22		Buy		01/21/15		EUR	(5,400,000)		(6,569)		(6,362)		207
Call - OTC - 5-Year Credit Default Swap	0.600%	JPMorgan Chase Bank N.A.	Markit iTraxx Europe, Series 22		Buy		01/21/15		EUR	(9,500,000)		(13,334)		(11,193)		2,141
Totals											$	(165,445)	$	(57,112)	$	108,333

Options on Exchange-Traded Futures Contracts	Strike Price		Expiration Date		Number of Contracts			Premiums Received			Market Value			Unrealized Depreciation
Put - U.S. Treasury Note 10-Year Futures	$	126.000		02/20/15		(538	)	$	(319,271	)	$	(319,438	)	$	(167	)

Swap Agreements

OTC Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date	Counterparty	Notional Amount			Market Value			Upfront Premium Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Pay	1-Year BRL CDI		11.680	%	01/04/21	Credit Suisse International		BRL	23,600,000	$	(75,184	)	$	(13,904	)	$	(61,280	)
Pay	1-Year BRL CDI		12.230	%	01/04/21	Deutsche Bank AG		BRL	26,700,000		102,591			212,555			(109,964	)
Pay	1-Year BRL CDI		11.680	%	01/04/21	Deutsche Bank AG		BRL	27,100,000		(86,334	)		(19,154	)		(67,180	)
Pay	1-Year BRL CDI		11.680	%	01/04/21	Morgan Stanley Capital Services, LLC		BRL	32,200,000		(102,582	)		(15,721	)		(86,861	)
Receive	1-Year BRL CDI		12.000	%	01/04/21	Deutsche Bank AG		BRL	20,600,000		1,709			(112,301	)		114,010
Pay	28-Day MXN TIIE		5.630	%	10/11/21	UBS AG Stamford		MXN	700,700,000		(385,021	)		171,981			(557,002	)
Receive	3-Month USD CPURNSA		1.800	%	01/17/16	Deutsche Bank AG		USD	10,100,000		(205,331	)		(3,260	)		(202,071	)
Receive	3-Month USD CPURNSA		1.730	%	04/15/16	Goldman Sachs Bank USA		USD	167,700,000		(4,076,024	)		(199,939	)		(3,876,085	)
Receive	3-Month USD CPURNSA		1.940	%	10/07/16	Deutsche Bank AG		USD	29,500,000		(800,160	)		—			(800,160	)
Receive	3-Month USD CPURNSA		1.860	%	11/05/16	Deutsche Bank AG		USD	32,300,000		(795,057	)		—			(795,057	)
Receive	3-Month USD CPURNSA		1.845	%	11/29/16	Deutsche Bank AG		USD	16,400,000		(398,768	)		—			(398,768	)
Receive	3-Month USD CPURNSA		1.825	%	11/29/16	Deutsche Bank AG		USD	22,200,000		(526,203	)		(9,106	)		(517,097	)
Receive	3-Month USD CPURNSA		1.930	%	02/10/17	Deutsche Bank AG		USD	9,300,000		(219,278	)		—			(219,278	)
Receive	3-Month USD CPURNSA		2.415	%	02/12/17	Goldman Sachs Bank USA		USD	39,500,000		(1,991,611	)		21,811			(2,013,422	)

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

OTC Interest Rate 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)
Receive	3-Month USD CPURNSA	1.908%	04/15/17	Barclays Bank plc		USD	12,300,000	$	(371,323	)	$	—		$	(371,323	)
Receive	3-Month USD CPURNSA	1.942%	04/15/17	Goldman Sachs Bank USA		USD	101,400,000		(3,205,930	)		—			(3,205,930	)
Receive	3-Month USD CPURNSA	2.250%	07/15/17	BNP Paribas S.A.		USD	10,400,000		(536,962	)		11,440			(548,402	)
Receive	3-Month USD CPURNSA	2.018%	08/19/17	Barclays Bank plc		USD	39,600,000		(1,220,982	)		(11,377	)		(1,209,605	)
Receive	3-Month USD CPURNSA	2.315%	11/16/17	Deutsche Bank AG		USD	12,700,000		(689,910	)		—			(689,910	)
Receive	3-Month USD CPURNSA	2.175%	10/01/18	Goldman Sachs Bank USA		USD	43,400,000		(1,735,273	)		42,961			(1,778,234	)
Receive	3-Month USD CPURNSA	2.173%	11/01/18	Deutsche Bank AG		USD	21,800,000		(866,254	)		—			(866,254	)
Receive	3-Month USD CPURNSA	2.560%	05/08/23	Deutsche Bank AG		USD	12,300,000		(1,035,729	)		—			(1,035,729	)
Pay	6-Month AUD BBR	4.000%	06/18/19	UBS AG Stamford		AUD	23,500,000		1,127,115			52,556			1,074,559
Receive	EUR-EXT-CPI	0.900%	11/15/19	Goldman Sachs International		EUR	6,500,000		(124,728	)		8,427			(133,155	)
Pay	1-Month GBP UKRPI	3.125%	12/10/24	Goldman Sachs Bank USA		GBP	4,500,000		56,716			5,939			50,777
Pay	1-Month GBP UKRPI	3.100%	12/11/24	Credit Suisse International		GBP	400,000		3,299			6,366			(3,067	)
Pay	1-Month GBP UKRPI	3.170%	12/15/24	BNP Paribas S.A.		GBP	12,100,000		247,559			5,566			241,993
Pay	1-Month GBP UKRPI	3.528%	09/23/44	Credit Suisse International		GBP	3,300,000		259,827			(23,811	)		283,638
Pay	1-Month GBP UKRPI	3.528%	09/23/44	JPMorgan Chase Bank N.A.		GBP	3,900,000		307,069			5,820			301,249
Pay	1-Month GBP UKRPI	3.500%	10/15/44	Citibank N.A.		GBP	3,600,000		217,677			(122,059	)		339,736
Pay	1-Month GBP UKRPI	3.500%	10/15/44	Credit Suisse International		GBP	7,200,000		435,355			2,835			432,520
Pay	1-Month GBP UKRPI	3.500%	10/15/44	Morgan Stanley Capital Services, LLC		GBP	2,500,000		151,165			(15,524	)		166,689
Pay	1-Month GBP UKRPI	3.550%	11/15/44	Credit Suisse International		GBP	600,000		53,077			(947	)		54,024
Pay	1-Month GBP UKRPI	3.550%	11/15/44	Morgan Stanley Capital Services, LLC		GBP	700,000		61,923			3,206			58,717
Pay	1-Month GBP UKRPI	3.550%	12/11/44	BNP Paribas S.A.		GBP	2,100,000		180,459			14,723			165,736
Pay	1-Month GBP UKRPI	3.550%	12/11/44	Goldman Sachs Bank USA		GBP	500,000		42,966			865			42,101
Pay	1-Month GBP UKRPI	3.510%	12/15/44	Goldman Sachs Bank USA		GBP	2,400,000		141,953			—			141,953
Pay	1-Month GBP UKRPI	3.450%	12/15/44	Goldman Sachs Bank USA		GBP	3,900,000		76,245			(698	)		76,943
Totals								$	(15,981,939	)	$	19,250		$	(16,001,189	)

Centrally Cleared Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay	28-Day MXN TIIE		5.630	%		10/11/21		MXN	368,800,000	$	(463,691	)
Pay	28-Day MXN TIIE		5.660	%		11/09/21		MXN	194,000,000		(84,700	)
Pay	28-Day MXN TIIE		5.560	%		11/11/21		MXN	22,600,000		(19,235	)
Pay	28-Day MXN TIIE		5.750	%		12/06/21		MXN	92,700,000		34,633
Receive	3-Month USD-LIBOR		3.000	%		12/17/24		USD	10,700,000		(371,848	)
Receive	3-Month USD-LIBOR		2.750	%		06/19/43		USD	7,700,000		(547,733	)
Receive	3-Month USD-LIBOR		3.500	%		12/18/43		USD	46,200,000		(9,540,656	)
Receive	3-Month USD-LIBOR		3.500	%		12/17/44		USD	14,100,000		(1,850,988	)
Receive	6-Month EURIBOR		2.000	%		01/29/24		EUR	54,600,000		(7,542,062	)
Receive	6-Month EURIBOR		1.000	%		12/17/24		EUR	26,100,000		(584,511	)
Receive	6-Month EURIBOR		2.000	%		03/18/45		EUR	48,600,000		(8,445,039	)

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

Centrally Cleared Interest Rate Swap Agreements—(Continued)

Pay/Receive Floating Rate	Floating Rate Index	Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Receive	6-Month GBP-LIBOR		2.078	%		12/04/24		GBP	47,200,000	$	(1,621,312	)
Receive	6-Month GBP-LIBOR		2.750	%		03/18/25		GBP	15,700,000		(429,984	)
Receive	6-Month JPY-LIBOR		1.000	%		09/18/23		JPY	230,000,000		(60,643	)
Total										$	(31,527,769	)

Centrally Cleared Credit Default Swap Agreements—Sell Protection (a)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Unrealized Appreciation/ (Depreciation)
Markit CDX North America Investment Grade, Series 23		1.000%		12/20/19		0.662%		USD	31,400,000	$	(41,447)
Markit CDX North America High Yield, Series 23		5.000%		12/20/19		3.559%		USD	30,000,000		(45,675)
Markit iTraxx Europe, Series 22		1.000%		12/20/24		1.013%		EUR	3,500,000		1,908
Totals										$	(85,214)

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 December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Berkshire Hathaway, Inc. 1.900%, due 01/31/17		1.000%		12/20/19	Barclays Bank plc		0.527%		USD	5,100,000	$	115,862	$	103,714	$	12,148
Brazilian Government International Bonds 12.250%, due 03/06/30		1.000%		03/20/19	Deutsche Bank AG		1.681%		USD	12,000,000		(327,428)		(605,335)		277,907
Brazilian Government International Bonds 12.250%, due 03/06/30		1.000%		03/20/19	Morgan Stanley Capital Services, LLC		1.681%		USD	16,900,000		(461,128)		(860,195)		399,067
Greece Government International Bond 1.000%, due 06/20/15		1.000%		06/20/15	Morgan Stanley Capital Services, LLC		15.635%		EUR	1,700,000		(134,489)		(78,898)		(55,591)
Indonesia Government International Bond 6.880%, due 03/09/17		1.000%		12/20/19	Goldman Sachs Bank USA		1.516%		USD	6,300,000		(152,157)		(144,809)		(7,348)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		03/20/19	Citibank N.A.		4.827%		USD	2,200,000		(306,119)		(183,683)		(122,436)
Russian Government International Bond 7.500%, due 03/31/30		1.000%		09/20/19	Goldman Sachs Bank USA		4.793%		USD	1,300,000		(196,740)		(71,524)		(125,216)
Russian Government International Bond 7.500%, due 03/31/30		1.000%		09/20/19	JPMorgan Chase Bank N.A.		4.793%		USD	700,000		(105,937)		(39,145)		(66,792)
South Africa Government International Bond 5.500%, due 03/09/20		1.000%		12/20/19	Citibank N.A.		1.832%		USD	7,300,000		(282,713)		(280,132)		(2,581)
Totals											$	(1,850,849)	$	(2,160,007)	$	309,158

(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-16

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 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

(BBR)— Bank Bill Rate

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(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

(EXT-CPI)— Excluding Tobacco–Non-revised Consumer Price Index

(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

(MYR)— Malaysian Ringgit

(NZD)— New Zealand Dollar

(PLN)— Polish Zloty

(TIIE)— Tasa de Interès Interbancaria de Equilibio

(UKRPI)— United Kingdom Retail Price Index

(USD)— United States Dollar

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	3,092,912,439		$	—	$	3,092,912,439
Total Foreign Government*		—			514,089,640			—		514,089,640
Corporate Bonds & Notes
Banks		—			199,341,372			873,789		200,215,161
Electric		—			11,822,756			—		11,822,756
Home Builders		—			7,537,500			—		7,537,500
Oil & Gas		—			7,624,000			—		7,624,000
Telecommunications		—			32,920,849			—		32,920,849
Transportation		—			3,827,268			—		3,827,268
Total Corporate Bonds & Notes		—			263,073,745			873,789		263,947,534
Total Mortgage-Backed Securities*		—			98,792,151			—		98,792,151
Total Asset-Backed Securities*		—			70,258,250			—		70,258,250
Total Floating Rate Loan*		—			6,976,089			—		6,976,089
Total Purchased Options*		—			2,845,809			—		2,845,809
Total Convertible Preferred Stock*		1,085,400			—			—		1,085,400
Total Municipals		—			638,987			—		638,987
Short-Term Investments
Commercial Paper		—			58,548,183			—		58,548,183
Discount Note		—			499,783			—		499,783
Foreign Government		—			102,709,303			—		102,709,303
U.S. Treasury		—			5,196,082			—		5,196,082
Repurchase Agreements		—			291,671,596			—		291,671,596
Total Short-Term Investments		—			458,624,947			—		458,624,947
Total Investments	$	1,085,400		$	4,508,212,057		$	873,789	$	4,510,171,246
Secured Borrowings (Liability)	$	—		$	(2,818,456,190	)	$	—	$	(2,818,456,190	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	43,820,463		$	—	$	43,820,463
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(16,393,307	)		—		(16,393,307	)
Total Forward Contracts	$	—		$	27,427,156		$	—	$	27,427,156
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	77,123		$	—		$	—	$	77,123
Futures Contracts (Unrealized Depreciation)		(607,484	)		—			—		(607,484	)
Total Futures Contracts	$	(530,361	)	$	—		$	—	$	(530,361	)
Written Options
Credit Default Swaptions at Value	$	—		$	(57,112	)	$	—	$	(57,112	)
Foreign Currency Written Options at Value		—			(788,624	)		—		(788,624	)
Inflation Capped Options at Value		—			(131,521	)		—		(131,521	)
Interest Rate Swaptions at Value		—			(4,652,433	)		—		(4,652,433	)
Options on Exchange-Traded Futures Contracts at Value		(319,438	)		—			—		(319,438	)
Total Written Options	$	(319,438	)	$	(5,629,690	)	$	—	$	(5,949,128	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	36,541		$	—	$	36,541
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(31,649,524	)		—		(31,649,524	)
Total Centrally Cleared Swap Contracts	$	—		$	(31,612,983	)	$	—	$	(31,612,983	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—		$	3,582,567		$	—	$	3,582,567
OTC Swap Contracts at Value (Liabilities)		—			(21,415,355	)		—		(21,415,355	)
Total OTC Swap Contracts	$	—		$	(17,832,788	)	$	—	$	(17,832,788	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Accrued Discounts/ (Premiums)		Realized Gain		Change in Unrealized Appreciation		Purchases		Sales			Balance as of December 31, 2014		Change in Unrealized Appreciation from Investments Still Held at December 31, 2014
Corporate Bonds & Notes
Banks	$	—	$	504	$	24,626	$	4,352	$	1,216,525	$	(372,218	)	$	873,789	$	4,352

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	4,510,171,246
Cash denominated in foreign currencies (b)		3,860,880
Cash collateral (c)		2,208,000
OTC swap contracts at market value (d)		3,582,567
Unrealized appreciation on forward foreign currency exchange contracts		43,820,463
Receivable for:
Investments sold		1,356,144,183
Open OTC swap contracts cash collateral		1,130,000
Fund shares sold		655,252
Principal paydowns		1,744
Interest		22,743,090
Variation margin on futures contracts		130,593
Deferred dollar roll income		2,330,741
Interest on OTC swap contracts		207,193
Prepaid expenses		8,405
Other assets		390,546
Total Assets		5,947,384,903
Liabilities
Due to custodian		599,591
Written options at value (e)		5,949,128
Secured borrowings		2,818,456,190
OTC swap contracts at market value (f)		21,415,355
Cash collateral for OTC swap contracts and forward foreign currency exchange contracts		22,631,000
Unrealized depreciation on forward foreign currency exchange contracts		16,393,307
Payables for:
Open OTC swap contracts cash collateral		490,000
Fund shares redeemed		463,775
Variation margin on swap contracts		536,917
Accrued Expenses:
Management fees		1,226,551
Distribution and service fees		313,433
Deferred trustees’ fees		67,424
Other expenses		443,721
Total Liabilities		2,888,986,392
Net Assets	$	3,058,398,511
Net assets consist of:
Paid in surplus	$	3,349,858,981
Undistributed net investment income		120,828,622
Accumulated net realized loss		(164,643,021	)
Unrealized depreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		(247,646,071	)
Net Assets	$	3,058,398,511
Net Assets
Class A	$	1,579,713,611
Class B		1,437,015,313
Class E		41,669,587
Capital Shares Outstanding*
Class A		156,828,218
Class B		143,596,704
Class E		4,157,114
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.07
Class B		10.01
Class E		10.02

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $4,736,815,031.

(b) Identified cost of cash denominated in foreign currencies was $4,025,882.

(c) Includes collateral of $857,000 for futures contracts and $1,351,000 for centrally cleared swap contracts.

(d) Net premium paid on OTC swap contracts was $138,805.

(e) Premiums received on written options were $6,711,265.

(f) Net premium received on OTC swap contracts was $2,279,562.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	67,500
Interest (a)		95,984,177
Total investment income		96,051,677
Expenses
Management fees		15,268,001
Administration fees		75,280
Custodian and accounting fees		768,339
Distribution and service fees—Class B		3,849,308
Distribution and service fees—Class E		68,704
Interest expense		1,646,815
Audit and tax services		123,516
Legal		34,319
Trustees’ fees and expenses		43,760
Shareholder reporting		203,931
Insurance		21,626
Miscellaneous		27,325
Total expenses		22,130,924
Less management fee waiver		(64,889	)
Net expenses		22,066,035
Net Investment Income		73,985,642
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(16,887,260	)
Futures contracts		1,886,607
Written options		7,373,529
Swap contracts		(4,558,426	)
Foreign currency transactions		71,847,266
Net realized gain		59,661,716
Net change in unrealized appreciation (depreciation) on:
Investments		4,317,201
Futures contracts		3,104,884
Written options		(1,979,613	)
Swap contracts		(56,430,495	)
Foreign currency transactions		20,425,184
Net change in unrealized depreciation		(30,562,839	)
Net realized and unrealized gain		29,098,877
Net Increase in Net Assets From Operations	$	103,084,519

(a) Net of foreign withholding taxes of $12,189.

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income		73,985,642		$	24,941,781
Net realized gain		59,661,716			31,583,608
Net change in unrealized depreciation		(30,562,839	)		(397,276,805	)
Increase (decrease) in net assets from operations		103,084,519			(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		(361,979,912	)		265,074,852
Total decrease in net assets		(315,594,451	)		(356,860,860	)
Net Assets
Beginning of period		3,373,992,962			3,730,853,822
End of period	$	3,058,398,511		$	3,373,992,962
Undistributed net investment income
End of period	$	120,828,622		$	49,723,806

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		6,566,365		$	66,924,709			31,780,025		$	333,464,689
Reinvestments		3,195,820			32,181,909			11,979,754			131,058,514
Redemptions		(27,002,968	)		(273,994,258	)		(12,071,370	)		(128,685,404	)
Net increase (decrease)		(17,240,783	)	$	(174,887,640	)		31,688,409		$	335,837,799
Class B
Sales		6,462,259		$	65,831,832			16,133,362		$	172,366,442
Reinvestments		2,372,030			23,767,735			13,317,532			145,027,920
Redemptions		(26,536,811	)		(269,293,171	)		(36,151,639	)		(377,009,503	)
Net decrease		(17,702,522	)	$	(179,693,604	)		(6,700,745	)	$	(59,615,141	)
Class E
Sales		340,389		$	3,481,380			598,602		$	6,457,554
Reinvestments		74,717			749,414			467,694			5,097,862
Redemptions		(1,143,507	)		(11,629,462	)		(2,167,447	)		(22,703,222	)
Net decrease		(728,401	)	$	(7,398,668	)		(1,101,151	)	$	(11,147,806	)
Increase (decrease) derived from capital shares transactions				$	(361,979,912	)				$	265,074,852

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Statement of Cash Flows

For the Year Ended December 31, 2014

Cash Flows From Operating Activities
Net increase in net assets from operations	$	103,084,519
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Investments purchased		(2,482,967,566	)
Proceeds from investments sold		2,196,441,246
Sales of short-term investments, net		1,871,118,815
Net amortization/accretion of premium (discount)		(34,899,490	)
Premium received on open written options, net		9,040,810
Increase in interest receivable		(6,347,356	)
Decrease in cash collateral, asset		2,399,500
Decrease in OTC swap contracts at market value, asset		1,213,208
Increase in unrealized appreciation on forward foreign currency exchange contracts		(32,658,629	)
Increase in receivable for investments sold		(1,356,144,183	)
Increase in receivable for swap cash collateral		(1,130,000	)
Decrease in receivable for principal paydowns		2,086
Decrease in receivable for variation margin on centrally cleared swap contracts		2,104,896
Increase in receivable for variation margin on futures contracts		(130,593	)
Increase in receivable for deferred dollar roll income, asset		(1,370,722	)
Increase in interest receivable on OTC swap contracts		(207,193	)
Decrease in other assets and prepaid expenses		20,414
Increase in OTC swap contracts at market value, liability		14,263,957
Increase in cash collateral, liability		17,387,000
Increase in unrealized depreciation on forward foreign currency exchange contracts		11,591,325
Decrease in payable for investments purchased		(757,365	)
Increase in payable for swap cash collateral		490,000
Decrease in payable for variation margin on futures contracts		(403,103	)
Increase in payable for variation margin on swap contracts		536,917
Decrease in interest payable on OTC swap contracts		(16,484	)
Decrease in accrued management fees		(121,091	)
Decrease in accrued distribution and service fees		(34,344	)
Increase in deferred trustees’ fees		13,540
Increase in other expenses		125,621
Net realized loss from investments and written options		9,513,731
Net change in unrealized (appreciation) depreciation on investments and written options		(2,337,588	)
Net cash provided by operating activities	$	319,821,878
Cash Flows From Financing Activities
Proceeds from shares sold, including decrease in receivable for shares sold		136,797,105
Payment on shares redeemed, including decrease in payable for shares redeemed		(556,277,824	)
Increase in due to custodian bank		596,019
Proceeds from issuance of reverse repurchase agreements		59,201,019
Repayment of reverse repurchase agreements		(59,201,019	)
Proceeds from secured borrowings		21,551,317,938
Repayment of secured borrowings		(21,451,163,147	)
Net cash used in financing activities	$	(318,729,909	)
Net increase in cash and foreign currency (a)	$	1,091,969
Cash and cash in foreign currency at beginning of year	$	2,768,911
Cash and cash in foreign currency at end of year	$	3,860,880
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:	$	1,646,815

(a) Includes net change in unrealized appreciation (depreciation) on foreign currency of $(137,410).

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	9.95		$	11.83		$	11.91		$	11.43		$	11.17
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.09			0.20			0.24			0.16
Net realized and unrealized gain (loss) on investments		0.07			(1.07	)		0.85			1.02			0.71
Total from investment operations		0.31			(0.98	)		1.05			1.26			0.87
Less Distributions
Distributions from net investment income		(0.19	)		(0.27	)		(0.40	)		(0.22	)		(0.30	)
Distributions from net realized capital gains		0.00			(0.63	)		(0.73	)		(0.56	)		(0.31	)
Total distributions		(0.19	)		(0.90	)		(1.13	)		(0.78	)		(0.61	)
Net Asset Value, End of Period	$	10.07		$	9.95		$	11.83		$	11.91		$	11.43
Total Return (%) (b)		3.08	(c)		(8.98	)		9.33			11.48			8.00
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.56			0.55			0.58			0.51			0.51
Gross ratio of expenses to average net assets excluding interest expense (%)		0.51			0.50			0.50			0.50			0.51
Net ratio of expenses to average net assets (%) (d)		0.56			0.55			0.58			0.51			0.51
Net ratio of expenses to average net assets excluding interest expense (%) (d)		0.51			0.50			0.50			0.50			0.51
Ratio of net investment income to average net assets (%)		2.39			0.83			1.70			2.07			1.38
Portfolio turnover rate (%)		43			44	(e)		53			458			527
Net assets, end of period (in millions)	$	1,579.7		$	1,731.8		$	1,685.0		$	1,576.3		$	1,273.4
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	9.88		$	11.76		$	11.84		$	11.38		$	11.13
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.06			0.17			0.21			0.13
Net realized and unrealized gain (loss) on investments		0.07			(1.07	)		0.85			1.01			0.71
Total from investment operations		0.29			(1.01	)		1.02			1.22			0.84
Less Distributions
Distributions from net investment income		(0.16	)		(0.24	)		(0.37	)		(0.20	)		(0.28	)
Distributions from net realized capital gains		0.00			(0.63	)		(0.73	)		(0.56	)		(0.31	)
Total distributions		(0.16	)		(0.87	)		(1.10	)		(0.76	)		(0.59	)
Net Asset Value, End of Period	$	10.01		$	9.88		$	11.76		$	11.84		$	11.38
Total Return (%) (b)		2.89			(9.27	)		9.13			11.14			7.76
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.81			0.80			0.83			0.76			0.76
Gross ratio of expenses to average net assets excluding interest expense (%)		0.76			0.75			0.75			0.75			0.76
Net ratio of expenses to average net assets (%) (d)		0.81			0.80			0.83			0.76			0.76
Net ratio of expenses to average net assets excluding interest expense (%) (d)		0.76			0.75			0.75			0.75			0.76
Ratio of net investment income to average net assets (%)		2.14			0.58			1.46			1.83			1.13
Portfolio turnover rate (%)		43			44	(e)		53			458			527
Net assets, end of period (in millions)	$	1,437.0		$	1,593.8			1,975.4		$	1,786.3		$	1,391.6

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	9.90		$	11.78		$	11.85		$	11.39		$	11.13
Income (Loss) from Investment Operations
Net investment income (a)		0.23			0.07			0.18			0.22			0.14
Net realized and unrealized gain (loss) on investments		0.06			(1.07	)		0.86			1.00			0.71
Total from investment operations		0.29			(1.00	)		1.04			1.22			0.85
Less Distributions
Distributions from net investment income		(0.17	)		(0.25	)		(0.38	)		(0.20	)		(0.28	)
Distributions from net realized capital gains		0.00			(0.63	)		(0.73	)		(0.56	)		(0.31	)
Total distributions		(0.17	)		(0.88	)		(1.11	)		(0.76	)		(0.59	)
Net Asset Value, End of Period	$	10.02		$	9.90		$	11.78		$	11.85		$	11.39
Total Return (%) (b)		2.89	(c)		(9.17	)		9.22			11.18			7.90
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.71			0.70			0.73			0.66			0.66
Gross ratio of expenses to average net assets excluding interest expense (%)		0.66			0.65			0.65			0.65			0.66
Net ratio of expenses to average net assets (%) (d)		0.71			0.70			0.73			0.66			0.66
Net ratio of expenses to average net assets excluding interest expense (%) (d)		0.66			0.65			0.65			0.65			0.66
Ratio of net investment income to average net assets (%)		2.24			0.68			1.54			1.91			1.24
Portfolio turnover rate (%)		43			44	(e)		53			458			527
Net assets, end of period (in millions)	$	41.7		$	48.4		$	70.5		$	61.9		$	52.8

(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) Generally accepted accounting principles may require adjustments to be made to the net assets of the Portfolio 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.

(d) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(e) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 39% for the year ended December 31, 2013.

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-25

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MIST-26

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to futures, options and swap transactions, foreign currency transactions, paydown reclasses, premium amortization adjustments, 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $291,671,596, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Reverse Repurchase Agreements - The Portfolio may enter into reverse repurchase agreements with qualified institutions. In a reverse repurchase agreement, the Portfolio transfers securities in exchange for cash to a financial institution or counterparty, concurrently with an agreement by the Portfolio to re-acquire the same securities at an agreed upon price and date. During the reverse repurchase agreement period, the Portfolio continues to receive principal and interest payments on these securities. The Portfolio will establish a segregated account with its custodian in which it will maintain liquid assets equal in value to its obligations in respect of reverse repurchase agreements. Reverse repurchase agreements involve the risk that the market value of the securities transferred by the Portfolio may decline below the agreed-upon reacquisition price of the securities. In the event of default or failure by a party to perform an obligation in connection with any reverse repurchase transaction, the MRA entitles the non-defaulting party with a right to set-off claims and apply property held by it in respect of any reverse repurchase transaction against obligations owed to it. Cash received in exchange for securities transferred under reverse repurchase agreements plus accrued interest payments to be made by the Portfolio to counterparties are reflected as Reverse repurchase agreements on the Statement of Assets and Liabilities.

For the year ended December 31, 2014, the Portfolio had an outstanding reverse repurchase agreement balance for 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 December 31, 2014.

MIST-27

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 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 year ended December 31, 2014, the Portfolio entered into secured borrowing transactions involving U.S. Treasury securities. During the term of the borrowing, the Portfolio is not entitled to receive principal and interest payments, if any, made on the security transferred to the counterparty during the term of the agreement. The difference between the transfer price and the reacquisition price, known as the “price drop”, is included in net investment income with the cost of the secured borrowing transaction being recorded as interest expense over the term of the borrowing. 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 year ended December 31, 2014, the Portfolio’s average amount of borrowings was $1,068,824,714 and the weighted average interest rate was 0.149%. For the year ended December 31, 2014, the Portfolio had an outstanding secured borrowing transaction balance for 365 days.

At December 31, 2014, the amount of the Portfolio’s outstanding borrowings was $2,818,456,190. Securities in the amount of $3,353,305 have been pledged as collateral under the terms of the Master Securities Forward Transaction Agreement (“MSFTA”) as of December 31, 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 and net of the related collateral pledged or received by the Portfolio as of December 31, 2014:

Counterparty	Payable for Secured Borrowings			Financial Instruments Available for Offset(a)		Collateral Pledged(b)		Net Amount(c)
Barclays Capital Inc.		$   (725,510,748)		$	721,919,128	$	3,353,305	$	(238,315	)
BNP Paribas		(1,233,568,093	)		1,226,097,225		—		(7,470,868	)
Morgan Stanley & Co. LLC		(859,377,349	)		846,992,806		—		(12,384,543	)
	$	(2,818,456,190	)	$	2,795,009,159	$	3,353,305	$	(20,093,726	)

(a) Represents market value of borrowings as of December 31, 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.

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In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

High Yield Debt Securities - The Portfolio may invest in high yield debt securities, or “junk bonds,” which are securities that are rated below “investment grade” or, if not rated, are of equivalent quality. A portfolio with high yield debt securities generally will be exposed to greater market risk and credit risk than a portfolio that invests only in investment grade debt securities because issuers of high yield debt securities are generally less secure financially, are more likely to default on their obligations, and their securities are more sensitive to interest rate changes and downturns in the economy. In addition, the secondary market for lower-rated debt securities may not be as liquid as that for more highly rated debt securities. As a result, the Portfolio’s Subadviser may find it more difficult to value lower-rated debt securities or sell them and may have to sell them at prices significantly lower than the values assigned to them by the Portfolio.

Floating Rate Loans - The Portfolio may invest in loans arranged through private negotiation between one or more financial institutions. The Portfolio’s investment in any such loan may be in the form of a participation in or an assignment of the loan. In connection with purchasing participations or an assignment, the Portfolio generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower. The Portfolio may not benefit directly from any collateral supporting the loan in which it has purchased the participation or assignment.

The Portfolio will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling the participation, the Portfolio may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

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—December 31, 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 proceeds received from a short sale are recorded as a liability. 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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the

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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.

Options on swaps (“swaptions”) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the

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Notes to Financial Statements—December 31, 2014—(Continued)

Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive, or the fair value of the contract. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral by the counterparty to cover the Portfolio’s exposure to the counterparty. Counterparty risk related to centrally-cleared swaps is mitigated due to the protection against defaults provided by the exchange on which these contracts trade.

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be 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

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Notes to Financial Statements—December 31, 2014—(Continued)

event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2014, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swaps: The Portfolio may enter into interest rate swaps to manage its exposure to interest rates or to protect against currency fluctuations, to adjust the interest rate sensitivity (duration), to preserve a return or spread on a particular investment, or otherwise as a substitute for a direct investment in debt securities. The Portfolio is subject to interest rate risk exposure in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

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 December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)		2,845,809
	OTC swap contracts at market value (b)	$	3,466,705	OTC swap contracts at market value (b)	$	19,448,644
	Unrealized appreciation on centrally cleared swap contracts (c)**		34,633	Unrealized depreciation on centrally cleared swap contracts (c)**		31,562,402
	Unrealized appreciation on futures contracts *(c)		77,123	Unrealized depreciation on futures contracts *(c)		607,484
				Written options at value (d)		5,103,392
Credit	OTC swap contracts at market value (b)		115,862	OTC swap contracts at market value (b)		1,966,711
	Unrealized appreciation on centrally cleared swap contracts **(c)		1,908	Unrealized depreciation on centrally cleared swap contracts **(c)		87,122
				Written options at value		57,112
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		43,820,463	Unrealized depreciation on forward foreign currency exchange contracts		16,393,307
				Written options at value		788,624
Total		$	50,362,503		$	76,014,798

* 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 $207,193.

(c) Financial instrument not subject to a master netting agreement.

(d) Includes exchange traded written option with a value of $319,438 that is not subject to a master netting agreement.

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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 MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Barclays Bank plc	$	4,691,618	$	(2,217,362	)	$	(2,474,256	)	$	—
BNP Paribas S.A.		1,070,407		(1,070,407	)		—			—
Citibank N.A.		9,892,394		(9,099,849	)		(430,000	)		362,545
Credit Suisse International		5,928,461		(850,673	)		(4,890,000	)		187,788
Deutsche Bank AG		2,880,245		(2,880,245	)		—			—
Goldman Sachs Bank USA		3,181,682		(3,181,682	)		—			—
JPMorgan Chase Bank N.A.		2,726,975		(932,506	)		(1,740,000	)		54,469
Morgan Stanley Capital Services, LLC		2,593,313		(2,593,313	)		—			—
Societe Generale Paris		39,625		(39,625	)		—			—
UBS AG Stamford		17,244,119		(1,999,180	)		(12,550,000	)		2,694,939
	$	50,248,839	$	(24,864,842	)	$	(22,084,256	)	$	3,299,741

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	2,217,362	$	(2,217,362	)	$	—		$	—
BNP Paribas S.A.		1,458,643		(1,070,407	)		(300,973	)		87,263
Citibank N.A.		9,099,849		(9,099,849	)		—			—
Credit Suisse International		850,673		(850,673	)		—			—
Deutsche Bank AG		10,613,835		(2,880,245	)		(7,733,590	)		—
Goldman Sachs Bank USA		11,525,557		(3,181,682	)		(8,343,875	)		—
Goldman Sachs International		131,560		—			(131,560	)		—
JPMorgan Chase Bank N.A.		932,506		(932,506	)		—			—
Morgan Stanley Capital Services, LLC		3,930,844		(2,593,313	)		(1,246,797	)		90,734
Societe Generale Paris		670,343		(39,625	)		(630,718	)		—
UBS AG Stamford		1,999,180		(1,999,180	)		—			—
Westpac Banking Corp.		8,000		—			—			8,000
	$	43,438,352	$	(24,864,842	)	$	(18,387,513	)	$	185,997

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange		Total
Investments (a)	$	(2,011,067	)	$	—		$	—	$	(2,011,067	)
Forward foreign currency transactions		—			—			75,076,661		75,076,661
Futures contracts		1,886,607			—			—		1,886,607
Swap contracts		(3,933,241	)		(625,185	)		—		(4,558,426	)
Written options		5,262,200			661,379			1,449,950		7,373,529
	$	1,204,499		$	36,194		$	76,526,611	$	77,767,304

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Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit		Foreign Exchange			Total
Investments (a)	$	(418,779	)	$	—	$	—		$	(418,779	)
Forward foreign currency transactions		—			—		21,067,304			21,067,304
Futures contracts		3,104,884			—		—			3,104,884
Swap contracts		(58,465,958	)		2,035,463		—			(56,430,495	)
Written options		(1,814,594	)		108,333		(273,352	)		(1,979,613	)
	$	(57,594,447	)	$	2,143,796	$	20,793,952		$	(34,656,699	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	56,663,785
Forward foreign currency transactions		2,128,160,762
Futures contracts long		266,754,167
Futures contracts short		(150,179,900	)
Swap contracts		1,255,728,132
Written options		608,737,321

‡ Averages are based on activity levels during 2014.

(a) Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

Written Options

The Portfolio transactions in written options during the year December 31, 2014:

Call Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		245,000,000			—		$	792,822
Options written		568,748,000			445			4,353,370
Options bought back		—			—			—
Options exercised		(150,324,000	)		(445	)		(1,058,281	)
Options expired		(357,594,000	)		—			(1,673,178	)
Options outstanding December 31, 2014		305,830,000			—		$	2,414,733
Put Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		957,100,000			205		$	4,251,162
Options written		885,158,000			538			6,091,290
Options bought back		(69,600,000	)		—			(500,963	)
Options exercised		(23,800,000	)		—			(157,680	)
Options expired		(1,427,158,000	)		(205	)		(5,387,277	)
Options outstanding December 31, 2014		321,700,000			538		$	4,296,532

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing

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Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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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Notes to Financial Statements—December 31, 2014—(Continued)

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government	Non U.S. Government
$1,541,283,300	$	823,258,164	$1,287,813,247	$391,550,901

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$15,268,001		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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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

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Notes to Financial Statements—December 31, 2014—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$56,699,058		278,481,724	$	—	$	2,702,572	$	56,699,058	$	281,184,296

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Other Accumulated Capital Losses			Total
$148,806,676	$	—	$	(408,594,673	)	$	(31,605,048	)	$	(291,393,045	)

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, 2014, the Portfolio had no pre-enactment capital loss carryforwards, no post-enactment short-term capital losses and post-enactment long-term capital losses of $31,605,048.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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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 the PIMCO Inflation Protected Bond Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations and the statement of cash flows for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the PIMCO Inflation Protected Bond Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

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Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-42

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-43

Met Investors Series Trust

PIMCO Inflation Protected Bond Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

PIMCO Inflation Protected Bond Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Pacific Investment Management Co. LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Barclays U.S. Treasury Inflation-Protected Securities (TIPS) Index, for the one-, three-, and five- year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board also noted that the Adviser was in the final stages of negotiating reductions to the Portfolio’s sub-advisory fee schedule, and that the Adviser intended to waive a corresponding portion of its advisory fees in order for contractholders to benefit from the lower sub-advisory fees and that those changes would be presented to the Board in February 2015 to be effective later in 2015.

MIST-44

Met Investors Series Trust

PIMCO Total Return Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the PIMCO Total Return Portfolio returned 4.49%, 4.19%, and 4.34%, respectively. The Portfolio’s benchmark, the Barclays U.S. Aggregate Bond Index¹, returned 5.97%.

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 their accommodative stance during the first half of the year. Despite the weak first quarter, the U.S. Federal Reserve (the “Fed”) continued tapering its asset purchases and remained on track to conclude its 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, 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 hitting an all-time high. Global fixed income markets also posted strong returns with the Barclays U.S. Aggregate Bond Index returning 5.97%, benefitting from rate declines across most maturities and investors beginning to embrace the view that policy rates would remain lower than historical norms suggested.

Far from the typical summer lull, the third quarter was marked by geopolitical tension and diverging markets. Most developed market government yields were led lower by easy central bank policies, while credit market yields backed up. Equity markets somersaulted their way to modest gains in the U.S., but were flat or slightly negative in many other regions as economic data varied. U.S. growth became more sure-footed, but the eurozone recovery sputtered and growth decelerated in parts of Asia. In addition to headline volatility around central bank actions and the Scottish independence referendum, geopolitical tensions flared in Ukraine and the Middle East.

Evidence of global growth divergence was further borne out in the final quarter of 2014, but the most defining event of the quarter was the sharp decline in oil prices and accompanying market volatility. Growth in the U.S. exceeded expectations and handily outpaced its peers in the developed world, especially Japan and Europe, which continued to struggle. Meanwhile, oil prices plunged nearly 40% as still weak global growth brought concerns about oil demand and the Organization of Petroleum Exporting Countries (OPEC)’s decision not to cut production led to a supply glut. The uneven growth and drop in oil led to bouts of market volatility that dissipated quickly but still managed to leave certain risk sectors bruised. Core bonds in developed markets rallied over the quarter as weak growth and lower oil prices kept many central banks in easing mode.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Tactical duration and curve positioning, including an underweight to longer-dated maturities implemented through the use of cash bonds and pay-fixed interest rate swaps, was negative for the Portfolio’s performance as the U.S. yield curve flattened in 2014. Tactical exposure to select developed European countries such as Italy and Spain, however, added to returns as yields fell over the period in these regions. An underweight to Investment Grade Corporate securities during the year was positive for returns, as spreads widened and the sector underperformed like-duration Treasuries. An allocation to non-Agency Mortgage-Backed Securities (“MBS”) was positive for performance as the sector continued to benefit from the ongoing housing recovery.

Exposure to high yield financial bonds added slightly to performance despite unfavorable market behavior; as yield capture and security selection outweighed the impact of general spread widening. Exposure to emerging local interest rates in Mexico contributed to Portfolio performance as rates rallied throughout the year. Additionally, exposure to Treasury Inflation-Protected Securities (“TIPS”) was negative for returns relative to nominal Treasuries as breakeven inflation levels (the difference between nominal and real yields) narrowed over the year. An allocation to emerging market external debt detracted from returns, as spreads generally widened throughout the period. Finally, modest exposure to Build America Bonds was positive for Portfolio performance, as this sector outperformed like-duration Treasuries over the year.

At period end, the Portfolio was positioned slightly below benchmark-level duration, concentrating exposure on the front-end of the yield curve while maintaining an underweight position to longer maturity securities. The Portfolio maintained TIPS exposure on the 10 – 20 year segment of the real yield curve as current break-even levels underprice the potential for secular inflation.

With regard to credit, the Portfolio maintained an overall underweight to Corporate Spread, favoring other spread sectors, but will seek to participate in select compelling corporate opportunities identified through bottom-up credit analysis. Within Agency MBS,

MIST-1

Met Investors Series Trust

PIMCO Total Return Portfolio

Managed by Pacific Investment Management Company LLC

Portfolio Manager Commentary*—(Continued)

the Portfolio is focused on security selection to capitalize on relative value opportunities within the coupon stack. At year end, the Portfolio continued to hold non-Agency MBS positions as a source of additional yield. Non-U.S. exposures in the Portfolio were focused on Canada, Mexico, Italy, and Spain. Within Emerging Markets, the Portfolio is focused on Mexico and Brazil, which are high quality credits that offer high real interest rates. At period end, we retained the Portfolio’s exposure to high quality Municipal Bonds that offer attractive yields. We continued to maintain an overall neutral currency stance as long as central bank actions continue to drive high levels of volatility.

Scott Mather

Mark Kiesel

Mihir Worah

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

PIMCO Total Return Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. AGGREGATE BOND INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
PIMCO Total Return Portfolio
Class A		4.49		4.76		5.70
Class B		4.19		4.50		5.44
Class E		4.34		4.60		5.54
Barclays U.S. Aggregate Bond Index		5.97		4.45		4.71

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 DECEMBER 31, 2014

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		45.5
Corporate Bonds & Notes		24.8
Foreign Government		15.7
Asset-Backed Securities		6.6
Mortgage-Backed Securities		4.7
Municipals		3.9
Floating Rate Loans		0.6
Convertible Preferred Stocks		0.6
Convertible Bonds		0.5
Preferred Stocks		0.4

MIST-3

Met Investors Series Trust

PIMCO Total Return Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

PIMCO Total Return Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.52	%	$	1,000.00	$	1,012.60	$	2.64
	Hypothetical*		0.52	%	$	1,000.00	$	1,022.58	$	2.65
Class B	Actual		0.77	%	$	1,000.00	$	1,011.10	$	3.90
	Hypothetical*		0.77	%	$	1,000.00	$	1,021.32	$	3.92
Class E	Actual		0.67	%	$	1,000.00	$	1,011.80	$	3.40
	Hypothetical*		0.67	%	$	1,000.00	$	1,021.83	$	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 (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-4

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—45.5% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—20.3%
Fannie Mae 10 Yr. Pool 2.310%, 08/01/22		8,200,000	$	8,139,559
3.000%, 12/01/20		247,405		258,117
3.000%, 02/01/21		725,008		756,536
3.000%, 08/01/21		519,664		542,308
3.000%, 11/01/21		134,087		139,944
3.000%, 03/01/22		579,979		605,325
3.000%, 05/01/22		1,903,508		1,986,729
3.240%, 07/01/22		22,722,234		23,891,099
3.330%, 11/01/21		1,514,946		1,593,126
3.500%, 07/01/20		238,624		252,375
3.500%, 01/01/21		1,187,182		1,255,871
3.500%, 06/01/21		451,067		477,082
3.500%, 07/01/21		348,734		368,913
3.500%, 09/01/21		411,889		435,756
3.500%, 09/01/23		366,574		388,147
4.000%, 05/01/19		22,938		24,292
4.500%, 03/01/18		85,558		89,912
4.500%, 07/01/18		79,574		83,595
4.500%, 11/01/18		28,023		29,451
4.500%, 12/01/18		21,900		23,014
4.500%, 05/01/19		748,329		786,737
5.500%, 11/01/17		89,747		94,826
5.500%, 09/01/18		188,218		199,030
5.500%, 10/01/18		84,140		88,998
Fannie Mae 15 Yr. Pool 2.870%, 09/01/27		7,300,000		7,254,214
3.000%, 12/01/27		3,643,204		3,793,337
3.000%, 01/01/28		248,480		258,572
3.000%, 08/01/28		612,172		637,320
3.000%, 09/01/28		877,687		916,123
3.000%, 01/01/29		992,558		1,032,872
3.000%, 03/01/29		4,975,787		5,177,882
3.000%, 04/01/29		1,422,145		1,479,906
3.000%, 05/01/29		44,222		46,019
3.000%, 06/01/29		609,559		634,316
3.000%, 08/01/29		1,004,164		1,044,949
3.000%, 09/01/29		915,422		952,603
3.000%, 10/01/29		988,561		1,028,713
3.000%, 11/01/29		93,569		97,369
3.000%, TBA (a)		66,000,000		68,477,581
3.500%, 10/01/25		517,300		547,867
3.500%, 10/01/26		386,994		410,395
3.500%, 12/01/26		517,947		548,147
3.500%, 08/01/27		489,339		517,899
3.500%, 07/01/29		245,781		260,933
3.500%, TBA (a)		66,000,000		69,722,809
4.000%, 07/01/18		6,228		6,595
4.000%, 08/01/18		2,594		2,748
4.000%, 09/01/18		1,382		1,464
4.000%, 05/01/19		1,346,324		1,426,362
4.000%, 07/01/19		631,598		669,164
4.000%, 08/01/20		386,801		410,004
4.000%, 03/01/22		74,658		79,133
4.000%, 04/01/24		81,956		87,307
4.000%, 05/01/24		3,249,047		3,461,445
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool 4.000%, 06/01/24		3,627,752		3,864,886
4.000%, 07/01/24		35,138		37,442
4.000%, 02/01/25		1,160,628		1,236,625
4.000%, 06/01/25		402,967		430,509
4.000%, 07/01/25		10,916		11,622
4.000%, 08/01/25		1,129,198		1,206,555
4.000%, 09/01/25		66,418		70,969
4.000%, 12/01/25		401,666		427,783
4.000%, 02/01/26		288,289		308,723
4.000%, 03/01/26		59,562		63,782
4.000%, 06/01/26		51,538		54,767
4.500%, 12/01/17		1,179		1,238
4.500%, 03/01/18		274,756		288,620
4.500%, 04/01/18		423,237		444,568
4.500%, 06/01/18		1,258,118		1,321,722
4.500%, 07/01/18		638,248		670,633
4.500%, 08/01/18		6,759		7,115
4.500%, 10/01/18		24,737		25,991
4.500%, 11/01/18		1,567,278		1,647,249
4.500%, 12/01/18		410,526		431,531
4.500%, 02/01/19		256,992		270,487
4.500%, 05/01/19		477,211		502,753
4.500%, 06/01/19		247,534		260,775
4.500%, 11/01/19		254,603		268,192
4.500%, 12/01/19		323,929		341,172
4.500%, 08/01/20		447,270		472,905
4.500%, 09/01/20		677,705		714,280
4.500%, 10/01/20		26,341		27,881
4.500%, 12/01/20		491,883		519,493
4.500%, 01/01/22		28,791		30,269
4.500%, 02/01/23		363,400		390,466
4.500%, 03/01/23		738,138		787,180
4.500%, 05/01/23		72,057		77,447
4.500%, 06/01/23		4,525		4,867
4.500%, 01/01/24		12,292		12,912
4.500%, 04/01/24		112,801		121,313
4.500%, 05/01/24		367,686		397,309
4.500%, 08/01/24		77,817		83,692
4.500%, 10/01/24		521,513		563,510
4.500%, 11/01/24		121,038		130,532
4.500%, 02/01/25		948,676		1,018,814
4.500%, 03/01/25		654,780		707,584
4.500%, 04/01/25		469,354		507,240
4.500%, 05/01/25		1,148,746		1,232,868
4.500%, 06/01/25		124,556		134,108
4.500%, 07/01/25		4,777,088		5,163,110
4.500%, 08/01/25		179,601		194,128
4.500%, 09/01/25		340,234		367,626
4.500%, 11/01/25		238,932		258,403
4.500%, 04/01/26		18,051		19,484
4.500%, 01/01/27		250,002		263,836
5.500%, 12/01/17		3,749		3,960
5.500%, 01/01/18		108,999		115,132
5.500%, 02/01/18		837,611		884,721
5.500%, 11/01/18		3,070		3,244

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 15 Yr. Pool 5.500%, 09/01/19		102,731	$	108,520
5.500%, 09/01/20		19,478		21,295
5.500%, 12/01/20		3,039		3,214
5.500%, 03/01/22		221,993		242,672
5.500%, 04/01/22		165,597		176,029
5.500%, 07/01/22		169,941		184,524
5.500%, 09/01/22		86,002		93,911
5.500%, 10/01/22		682,082		749,414
5.500%, 11/01/22		178,265		195,068
5.500%, 12/01/22		196,110		214,150
5.500%, 02/01/23		197,144		211,797
5.500%, 03/01/23		31,878		35,039
5.500%, 07/01/23		14,206		15,487
5.500%, 08/01/23		79,284		85,053
5.500%, 10/01/23		112,634		121,398
5.500%, 11/01/23		36,702		38,813
5.500%, 12/01/23		66,765		73,399
5.500%, 01/01/24		19,566		21,513
5.500%, 03/01/24		120,580		132,514
5.500%, 09/01/24		97,267		103,546
5.500%, 01/01/25		1,597,351		1,753,806
5.500%, 05/01/25		423,057		454,506
6.000%, 03/01/17		5,321		5,361
6.000%, 04/01/17		5,476		5,667
6.000%, 06/01/17		4,254		4,417
6.000%, 07/01/17		14,442		14,957
6.500%, 04/01/16		6,512		6,638
6.500%, 06/01/16		3,355		3,433
6.500%, 07/01/16		12,015		12,374
6.500%, 08/01/16		719		738
6.500%, 09/01/16		4,931		5,095
6.500%, 10/01/16		10,184		10,540
6.500%, 02/01/17		6,582		6,813
6.500%, 07/01/17		16,158		16,201
6.500%, 10/01/17		4,907		5,155
Fannie Mae 20 Yr. Pool 4.000%, 04/01/29		103,783		111,758
4.000%, 05/01/29		340,918		367,119
4.000%, 03/01/30		213,591		230,064
4.000%, 05/01/30		314,223		338,856
4.000%, 08/01/30		285,104		306,998
4.000%, 09/01/30		168,679		181,633
4.000%, 10/01/30		7,613		8,200
4.000%, 11/01/30		793,559		855,063
4.000%, 12/01/30		109,409		117,868
4.000%, 06/01/31		15,659		16,742
4.000%, 09/01/31		421,754		454,688
4.000%, 11/01/31		75,442		81,341
4.500%, 01/01/25		19,184		20,819
4.500%, 04/01/31		84,868		92,656
5.000%, 05/01/23		226,801		250,395
5.000%, 05/01/24		271,750		300,020
5.000%, 01/01/25		194,907		215,184
5.000%, 09/01/25		59,073		65,229
5.000%, 11/01/25		71,484		78,930
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 20 Yr. Pool 5.000%, 12/01/25		470,131		519,040
5.000%, 01/01/26		133,581		147,477
5.000%, 03/01/26		103,324		114,086
5.000%, 02/01/27		9,833		10,856
5.000%, 05/01/27		280,341		309,505
5.000%, 07/01/27		12,882		14,222
5.000%, 08/01/27		7,335		8,116
5.000%, 03/01/28		28,804		31,800
5.000%, 04/01/28		887,362		979,677
5.000%, 05/01/28		1,058,116		1,168,194
5.000%, 06/01/28		3,232,893		3,569,984
5.000%, 01/01/29		118,568		130,942
5.000%, 05/01/29		543,125		605,007
5.000%, 07/01/29		160,338		177,018
5.000%, 12/01/29		46,139		51,116
5.500%, 02/01/19		17,630		19,700
5.500%, 06/01/23		334,562		373,890
5.500%, 07/01/24		15,363		17,170
5.500%, 01/01/25		15,943		17,821
5.500%, 02/01/25		4,519		5,050
5.500%, 03/01/25		1,071,030		1,211,213
5.500%, 08/01/25		99,450		112,252
5.500%, 10/01/25		7,168		8,009
5.500%, 11/01/25		17,541		19,604
5.500%, 03/01/26		128,008		143,195
5.500%, 05/01/26		3,643		4,071
5.500%, 06/01/26		685,002		765,442
5.500%, 11/01/26		64,131		71,662
5.500%, 01/01/27		92,172		103,012
5.500%, 06/01/27		19,242		21,636
5.500%, 07/01/27		353,933		395,495
5.500%, 08/01/27		160,264		179,148
5.500%, 10/01/27		232,716		260,356
5.500%, 11/01/27		63,546		71,008
5.500%, 12/01/27		467,801		523,046
5.500%, 01/01/28		165,486		185,041
5.500%, 03/01/28		87,174		97,639
5.500%, 04/01/28		258,874		289,968
5.500%, 05/01/28		99,289		111,099
5.500%, 06/01/28		29,571		33,130
5.500%, 07/01/28		15,136		16,960
5.500%, 09/01/28		213,931		239,462
5.500%, 10/01/28		36,784		41,127
5.500%, 12/01/28		13,422		14,998
5.500%, 01/01/29		199,068		222,674
5.500%, 07/01/29		197,876		221,855
5.500%, 10/01/29		389,526		436,680
5.500%, 04/01/30		417,488		470,477
6.000%, 08/01/18		5,716		6,471
6.000%, 12/01/18		144,542		163,650
6.000%, 02/01/19		9,704		10,986
6.000%, 06/01/22		940,028		1,064,290
6.000%, 09/01/22		221,433		250,770
6.000%, 10/01/22		144,314		163,391
6.000%, 01/01/23		239,327		271,015

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 20 Yr. Pool 6.000%, 06/01/26		18,675	$	21,167
6.000%, 08/01/26		25,270		28,627
6.000%, 12/01/26		22,070		25,019
6.000%, 07/01/27		73,283		83,070
6.000%, 11/01/27		15,892		18,024
6.000%, 09/01/28		152,636		173,585
6.000%, 10/01/28		72,609		82,519
Fannie Mae 30 Yr. Pool 4.000%, 05/01/34		270,288		289,519
4.000%, 05/01/35		236,769		253,472
4.000%, 01/01/41		925,730		997,538
4.000%, 03/01/41		529,349		570,048
4.000%, 05/01/41		588,374		633,982
4.000%, 05/01/42		255,500		274,403
4.000%, 12/01/43		997,964		1,070,204
4.000%, TBA (a)		217,000,000		231,594,096
4.500%, 04/01/39		1,575,193		1,728,234
4.500%, 05/01/39		155,902		170,264
4.500%, 06/01/39		64,705		70,591
4.500%, 08/01/39		54,445		59,167
4.500%, 12/01/39		15,573		17,174
4.500%, 05/01/40		72,311		78,935
4.500%, 09/01/40		64,441		70,565
4.500%, 10/01/40		1,147,301		1,245,056
4.500%, 12/01/40		109,028		118,546
4.500%, 02/01/41		569,346		620,449
4.500%, 04/01/41		221,035		240,160
4.500%, 05/01/41		32,528		35,581
4.500%, 06/01/41		2,436,503		2,663,842
4.500%, 07/01/41		20,446		22,402
4.500%, 09/01/41		1,640,291		1,788,187
4.500%, 10/01/41		6,434,102		6,990,439
4.500%, 03/01/42		85,226		93,146
4.500%, 06/01/42		121,183		132,128
4.500%, 07/01/42		2,057,706		2,237,487
4.500%, 11/01/43		28,413		31,349
4.500%, TBA (a)		324,000,000		351,528,767
5.000%, 03/01/32		3,950		4,363
5.000%, 09/01/32		2,590		2,861
5.000%, 10/01/32		1,152		1,272
5.000%, 04/01/33		91,869		101,426
5.000%, 07/01/33		214,769		238,942
5.000%, 08/01/33		4,888		5,445
5.000%, 09/01/33		3,654		4,095
5.000%, 10/01/33		38,319		42,713
5.000%, 11/01/33		1,034		1,151
5.000%, 01/01/34		205,266		228,349
5.000%, 04/01/34		258,813		288,456
5.000%, 06/01/34		4,924		5,513
5.000%, 12/01/34		43,081		47,681
5.000%, 01/01/35		160,342		178,714
5.000%, 04/01/35		120		134
5.000%, 07/01/35		169,681		187,334
5.000%, 09/01/35		67,473		74,808
5.000%, 10/01/35		49,651		53,585
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.000%, 08/01/36		26,972		29,075
5.000%, 12/01/36		7,489		8,073
5.000%, 01/01/38		326,181		361,545
5.000%, 01/01/39		14,803		16,362
5.000%, 04/01/39		56,394		62,699
5.000%, 10/01/39		17,146		19,080
5.000%, 11/01/39		45,170		50,491
5.000%, 06/01/40		55,466		61,590
5.000%, 11/01/42		234,931		261,011
5.000%, TBA (a)		145,000,000		160,099,509
5.500%, 12/01/28		34,578		38,726
5.500%, 06/01/33		109,609		123,553
5.500%, 07/01/33		17,750		19,991
5.500%, 09/01/33		325,218		366,376
5.500%, 11/01/33		251,310		280,830
5.500%, 12/01/33		2,647		2,980
5.500%, 04/01/34		24,991		27,969
5.500%, 07/01/34		51,646		58,275
5.500%, 08/01/34		379,870		426,790
5.500%, 09/01/34		31,156		34,949
5.500%, 11/01/34		724,115		814,408
5.500%, 12/01/34		1,775,713		1,994,978
5.500%, 01/01/35		612,396		688,305
5.500%, 02/01/35		864,860		971,923
5.500%, 03/01/35		952,959		1,069,499
5.500%, 04/01/35		214,453		239,636
5.500%, 05/01/35		326,793		367,007
5.500%, 06/01/35		518,347		581,679
5.500%, 08/01/35		348,125		392,692
5.500%, 09/01/35		5,318,933		5,957,950
5.500%, 10/01/35		1,075,059		1,205,155
5.500%, 11/01/35		2,672,306		3,002,949
5.500%, 12/01/35		2,375,682		2,662,435
5.500%, 01/01/36		2,681,177		2,998,921
5.500%, 02/01/36		4,199		4,712
5.500%, 03/01/36		585,991		656,786
5.500%, 04/01/36		10,180		11,398
5.500%, 05/01/36		2,989,548		3,349,412
5.500%, 06/01/36		1,999,088		2,235,244
5.500%, 07/01/36		2,318,785		2,605,968
5.500%, 09/01/36		359,635		404,066
5.500%, 10/01/36		15,442		17,278
5.500%, 11/01/36		298,408		334,433
5.500%, 12/01/36		835,300		935,291
5.500%, 01/01/37		138,262		154,607
5.500%, 02/01/37		283,229		316,700
5.500%, 03/01/37		58,184		65,016
5.500%, 04/01/37		4,880,223		5,455,139
5.500%, 05/01/37		710,223		794,264
5.500%, 06/01/37		1,830		2,044
5.500%, 07/01/37		14,841		16,583
5.500%, 08/01/37		3,553,748		3,981,852
5.500%, 01/01/38		14,509		16,222
5.500%, 02/01/38		1,717,684		1,919,825
5.500%, 03/01/38		2,869,678		3,244,813

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 5.500%, 05/01/38		6,694,749	$	7,486,162
5.500%, 06/01/38		31,099,046		34,752,035
5.500%, 09/01/38		23,646		26,423
5.500%, 10/01/38		1,793,555		2,007,259
5.500%, 11/01/38		2,705,004		3,023,560
5.500%, 12/01/38		8,796,054		9,859,076
5.500%, 01/01/39		149,184		168,332
5.500%, 07/01/39		22,778		25,472
5.500%, 08/01/39		337,238		376,952
5.500%, 09/01/39		22,296		24,939
5.500%, 11/01/39		5,681,555		6,348,739
5.500%, 12/01/39		8,219		9,194
5.500%, 02/01/40		946,299		1,057,695
5.500%, 03/01/40		2,234,194		2,497,853
5.500%, 06/01/40		199,205		222,848
5.500%, 09/01/40		839,942		938,576
5.500%, 12/01/40		300,297		337,170
5.500%, 07/01/41		10,435,599		11,661,078
5.500%, TBA (a)		8,000,000		8,948,750
6.000%, 12/01/28		75,863		86,399
6.000%, 01/01/29		37,958		43,543
6.000%, 02/01/29		183,967		210,968
6.000%, 04/01/29		5,786		6,635
6.000%, 06/01/29		7,365		8,446
6.000%, 11/01/32		54,691		62,018
6.000%, 01/01/33		24,940		28,498
6.000%, 02/01/33		34,398		39,260
6.000%, 03/01/33		33,149		37,941
6.000%, 04/01/33		22,661		26,010
6.000%, 05/01/33		34,458		39,508
6.000%, 07/01/33		35,433		40,680
6.000%, 08/01/33		80,253		90,917
6.000%, 01/01/34		107,636		122,881
6.000%, 09/01/34		83,558		95,002
6.000%, 11/01/34		16,244		18,546
6.000%, 04/01/35		1,495,206		1,709,211
6.000%, 05/01/35		65,388		74,688
6.000%, 06/01/35		8,231		9,327
6.000%, 07/01/35		114,987		130,833
6.000%, 09/01/35		21,657		24,675
6.000%, 11/01/35		703,175		799,256
6.000%, 12/01/35		271,224		308,428
6.000%, 01/01/36		217,573		247,670
6.000%, 02/01/36		512,894		581,714
6.000%, 03/01/36		169,602		192,148
6.000%, 04/01/36		54,131		61,575
6.000%, 05/01/36		1,223,571		1,388,504
6.000%, 06/01/36		143,469		162,853
6.000%, 07/01/36		1,584,925		1,799,469
6.000%, 08/01/36		4,679,305		5,317,751
6.000%, 09/01/36		1,571,820		1,786,969
6.000%, 10/01/36		753,180		854,120
6.000%, 11/01/36		416,742		473,202
6.000%, 12/01/36		3,989,650		4,533,313
6.000%, 01/01/37		3,909,458		4,447,795
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool 6.000%, 02/01/37		2,357,594		2,677,478
6.000%, 03/01/37		539,460		612,697
6.000%, 04/01/37		1,315,698		1,494,308
6.000%, 05/01/37		3,709,982		4,215,399
6.000%, 06/01/37		433,359		491,556
6.000%, 07/01/37		463,167		525,948
6.000%, 08/01/37		804,460		913,293
6.000%, 09/01/37		1,322,408		1,501,609
6.000%, 10/01/37		304,624		345,505
6.000%, 11/01/37		150,858		171,990
6.000%, 12/01/37		483,703		549,211
6.000%, 01/01/38		460,204		522,788
6.000%, 02/01/38		1,146,103		1,299,457
6.000%, 03/01/38		23,187		26,648
6.000%, 04/01/38		49,922		56,643
6.000%, 05/01/38		262,412		297,554
6.000%, 06/01/38		19,046		21,566
6.000%, 07/01/38		1,908,159		2,165,675
6.000%, 08/01/38		36,911		41,892
6.000%, 09/01/38		1,770,199		2,019,031
6.000%, 10/01/38		4,224,736		4,795,876
6.000%, 11/01/38		4,139,167		4,698,650
6.000%, 12/01/38		643,688		730,275
6.000%, 01/01/39		1,305,443		1,484,150
6.000%, 04/01/39		2,170,903		2,463,195
6.000%, 06/01/39		159,693		181,783
6.000%, 07/01/39		247,323		280,016
6.000%, 08/01/39		1,263,556		1,430,678
6.000%, 09/01/39		563,632		638,994
6.000%, 02/01/40		3,984		4,521
6.000%, 04/01/40		354,279		402,194
6.000%, 05/01/40		9,421		10,677
6.000%, 06/01/40		511,977		580,863
6.000%, 09/01/40		18,063		20,494
6.000%, 10/01/40		15,167,367		17,203,531
6.000%, 04/01/41		1,399,566		1,589,316
6.000%, 05/01/41		74,439,190		84,465,681
6.000%, TBA (a)		29,000,000		32,886,679
7.500%, 09/01/30		238		243
8.000%, 10/01/25		1,785		2,088
Fannie Mae ARM Pool 1.313%, 08/01/41 (b)		453,989		474,190
1.315%, 07/01/42 (b)		409,630		422,860
1.315%, 08/01/42 (b)		411,929		423,877
1.315%, 10/01/44 (b)		621,844		637,425
1.363%, 09/01/41 (b)		1,339,203		1,400,134
1.749%, 09/01/35 (b)		2,485,259		2,639,763
1.790%, 06/01/33 (b)		57,192		61,083
1.898%, 01/01/35 (b)		403,984		424,891
1.952%, 12/01/34 (b)		2,290,927		2,455,759
1.956%, 11/01/35 (b)		320,779		338,488
1.982%, 12/01/34 (b)		947,861		998,125
1.984%, 03/01/35 (b)		73,436		77,953
1.998%, 08/01/36 (b)		820,544		875,653
2.002%, 11/01/34 (b)		6,344		6,724

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae ARM Pool 2.095%, 02/01/31 (b)		239,145	$	246,330
2.117%, 10/01/34 (b)		31,321		33,679
2.122%, 10/01/28 (b)		181,881		189,105
2.160%, 05/01/34 (b)		1,124,162		1,204,350
2.203%, 12/01/34 (b)		83,758		88,731
2.204%, 01/01/35 (b)		118,067		126,589
2.207%, 05/01/35 (b)		96,936		104,386
2.220%, 11/01/35 (b)		551,626		587,271
2.224%, 03/01/33 (b)		5,276		5,656
2.224%, 01/01/35 (b)		93,809		100,522
2.224%, 10/01/35 (b)		663,953		711,966
2.247%, 01/01/35 (b)		98,107		104,451
2.250%, 08/01/35 (b)		931,624		996,506
2.252%, 01/01/35 (b)		33,369		35,793
2.254%, 02/01/35 (b)		60,210		64,633
2.261%, 07/01/32 (b)		37,818		39,286
2.295%, 11/01/34 (b)		172,374		184,039
2.308%, 11/01/35 (b)		863,024		925,734
2.320%, 02/01/35 (b)		224,803		238,295
2.340%, 09/01/31 (b)		55,492		59,303
2.345%, 07/01/33 (b)		44,578		47,592
2.348%, 08/01/35 (b)		1,641,662		1,755,880
2.377%, 09/01/32 (b)		256,178		275,044
2.385%, 11/01/32 (b)		82,581		85,986
2.423%, 04/01/34 (b)		14,161		15,259
2.435%, 09/01/34 (b)		1,195,143		1,282,807
2.435%, 04/01/35 (b)		185,159		198,058
2.438%, 05/01/35 (b)		641,925		689,790
2.485%, 11/01/34 (b)		3,760,839		4,022,811
4.371%, 12/01/36 (b)		403,500		430,897
4.478%, 09/01/34 (b)		87,073		93,246
5.340%, 01/01/36 (b)		241,815		258,013
Fannie Mae Pool 2.475%, 04/01/19		15,022,220		15,373,713
5.500%, 04/01/36		6,772		7,571
Fannie Mae REMICS (CMO) 0.562%, 09/18/31 (b)		449,158		453,389
1.070%, 04/25/32 (b)		149,635		153,405
2.192%, 05/25/35 (b)		1,945,819		2,003,579
Freddie Mac 15 Yr. Gold Pool 5.500%, 04/01/16		933		987
5.500%, 09/01/19		312,458		332,874
6.000%, 03/01/15		28		28
Freddie Mac 20 Yr. Gold Pool 4.000%, 06/01/30		212,523		228,629
4.000%, 09/01/30		896,503		964,550
4.000%, 10/01/30		50,127		53,932
5.500%, 04/01/21		28,083		31,324
5.500%, 12/01/22		1,260		1,406
5.500%, 03/01/23		272,723		304,171
5.500%, 06/01/26		5,293		5,909
5.500%, 08/01/26		2,153		2,401
5.500%, 06/01/27		62,114		69,290
5.500%, 12/01/27		123,085		137,444
5.500%, 01/01/28		74,326		83,090
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 20 Yr. Gold Pool 5.500%, 02/01/28		18,304		20,462
5.500%, 05/01/28		162,574		181,883
5.500%, 06/01/28		260,942		292,323
6.000%, 03/01/21		58,827		66,453
6.000%, 01/01/22		260,327		294,134
6.000%, 10/01/22		855,972		968,104
6.000%, 12/01/22		50,787		57,435
6.000%, 04/01/23		50,000		56,500
Freddie Mac 30 Yr. Gold Pool 4.000%, 12/01/40		400,774		427,722
4.000%, TBA (a)		34,000,000		36,180,332
4.500%, 04/01/34		39,706		43,211
4.500%, 06/01/35		161,169		175,689
4.500%, 10/01/41		287,235		313,158
4.500%, TBA (a)		30,000,000		32,516,016
5.500%, 03/01/32		45,997		51,558
5.500%, 01/01/33		3,213		3,617
5.500%, 05/01/33		5,033		5,662
5.500%, 08/01/33		3,584		4,034
5.500%, 10/01/33		7,639		8,605
5.500%, 12/01/33		2,971		3,345
5.500%, 01/01/34		4,153		4,673
5.500%, 05/01/34		79,054		88,689
5.500%, 09/01/34		40,711		45,846
5.500%, 01/01/35		73,443		82,963
5.500%, 07/01/35		3,601		4,060
5.500%, 10/01/35		119,477		133,930
5.500%, 11/01/35		195,648		218,563
5.500%, 12/01/35		75,871		85,524
5.500%, 01/01/36		114,584		128,017
5.500%, 02/01/36		137,258		153,258
5.500%, 04/01/36		46,098		51,644
5.500%, 06/01/36		3,631,765		4,097,813
5.500%, 07/01/36		91,199		102,056
5.500%, 08/01/36		130,513		146,147
5.500%, 10/01/36		37,532		42,060
5.500%, 12/01/36		745,173		833,986
5.500%, 02/01/37		71,647		79,998
5.500%, 03/01/37		30,026		33,653
5.500%, 04/01/37		75,855		84,697
5.500%, 06/01/37		95,814		107,482
5.500%, 07/01/37		634,960		710,740
5.500%, 08/01/37		190,517		213,989
5.500%, 09/01/37		103,837		115,999
5.500%, 10/01/37		24,748		27,679
5.500%, 11/01/37		680,199		761,208
5.500%, 12/01/37		34,829		38,851
5.500%, 01/01/38		213,263		238,613
5.500%, 02/01/38		545,981		610,456
5.500%, 03/01/38		220,188		246,051
5.500%, 04/01/38		468,951		525,205
5.500%, 05/01/38		976,273		1,093,292
5.500%, 06/01/38		741,481		829,639
5.500%, 07/01/38		1,104,015		1,235,081
5.500%, 08/01/38		2,948,012		3,298,579

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool 5.500%, 09/01/38		757,365	$	846,817
5.500%, 10/01/38		21,541,905		24,104,825
5.500%, 11/01/38		8,441,892		9,420,984
5.500%, 12/01/38		12,691		14,157
5.500%, 01/01/39		1,662,704		1,860,306
5.500%, 02/01/39		309,299		345,521
5.500%, 03/01/39		214,639		240,174
5.500%, 06/01/39		7,734,786		8,655,692
5.500%, 09/01/39		140,358		157,033
5.500%, 02/01/40		227,363		254,195
5.500%, 03/01/40		26,617		29,766
5.500%, 05/01/40		6,840		7,653
5.500%, 08/01/40		216,127		241,729
5.500%, 02/01/41		86,199		96,248
Freddie Mac ARM Non-Gold Pool 1.845%, 09/01/35 (b)		440,514		460,700
2.232%, 10/01/34 (b)		82,138		87,325
2.233%, 02/01/35 (b)		106,481		113,106
2.246%, 02/01/35 (b)		72,958		77,446
2.248%, 02/01/35 (b)		75,744		80,363
2.302%, 01/01/35 (b)		87,123		92,770
2.303%, 02/01/35 (b)		85,565		91,757
2.341%, 09/01/35 (b)		771,251		820,277
2.375%, 11/01/31 (b)		33,180		35,305
2.375%, 11/01/34 (b)		138,345		147,534
2.375%, 01/01/35 (b)		357,603		380,598
2.375%, 02/01/35 (b)		150,656		161,043
2.375%, 06/01/35 (b)		1,840,902		1,969,236
2.375%, 08/01/35 (b)		903,450		964,280
2.400%, 11/01/34 (b)		44,189		47,601
2.407%, 11/01/34 (b)		77,121		82,690
2.461%, 08/01/32 (b)		181,768		188,852
2.488%, 11/01/34 (b)		52,056		55,824
2.524%, 02/01/35 (b)		98,113		104,983
2.577%, 01/01/29 (b)		532,539		564,771
5.400%, 03/01/35 (b)		138,327		142,765
Freddie Mac REMICS (CMO) 0.411%, 07/15/34 (b)		149,939		150,644
1.875%, 11/15/23 (b)		527,124		548,923
3.500%, 07/15/32		35,817		36,695
3.500%, 01/15/42		22,146,224		22,239,327
6.500%, 01/15/24		34,625		38,277
Freddie Mac Structured Pass-Through Securities (CMO) 1.315%, 10/25/44 (b)		1,428,659		1,441,804
1.315%, 02/25/45 (b)		127,937		131,104
1.515%, 07/25/44 (b)		7,225,636		7,267,046
Ginnie Mae I 30 Yr. Pool 5.000%, 10/15/33		10,148		11,184
5.000%, 12/15/33		59,963		66,689
5.000%, 05/15/34		8,682		9,632
5.000%, 07/15/34		8,401		9,290
5.000%, 11/15/35		6,962		7,711
5.000%, 03/15/36		5,031		5,568
5.000%, 03/15/38		413,328		455,377
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool 5.000%, 05/15/38		33,991		37,449
5.000%, 06/15/38		937,870		1,034,691
5.000%, 10/15/38		1,538,388		1,694,893
5.000%, 11/15/38		4,628,684		5,099,593
5.000%, 01/15/39		898,222		991,317
5.000%, 02/15/39		236,318		261,536
5.000%, 03/15/39		3,512,986		3,877,554
5.000%, 04/15/39		8,872,544		9,802,235
5.000%, 05/15/39		6,542,975		7,262,756
5.000%, 06/15/39		3,355,910		3,714,447
5.000%, 07/15/39		4,551,857		5,032,954
5.000%, 08/15/39		690,888		764,000
5.000%, 09/15/39		807,724		890,940
5.000%, 10/15/39		1,668,757		1,845,351
5.000%, 05/15/40		80,288		89,182
5.000%, 07/15/40		1,414,438		1,563,393
5.000%, 09/15/40		855,493		947,832
5.000%, 12/15/40		64,364		71,398
5.000%, 07/15/41		46,805		51,969
7.000%, 10/15/23		7,833		8,493
7.500%, 01/15/26		10,641		12,052
Ginnie Mae II ARM Pool 1.625%, 01/20/23 (b)		22,215		22,934
1.625%, 01/20/26 (b)		14,273		14,307
1.625%, 02/20/26 (b)		13,290		13,712
1.625%, 05/20/26 (b)		22,700		24,073
1.625%, 01/20/27 (b)		6,180		6,388
1.625%, 02/20/27 (b)		10,571		10,935
1.625%, 06/20/27 (b)		7,696		7,934
1.625%, 08/20/27 (b)		85,344		87,329
1.625%, 09/20/27 (b)		76,272		76,556
1.625%, 11/20/27 (b)		22,764		23,540
1.625%, 02/20/28 (b)		16,601		17,192
1.625%, 03/20/28 (b)		17,118		17,779
1.625%, 05/20/28 (b)		7,851		8,146
1.625%, 10/20/28 (b)		13,558		14,118
1.625%, 04/20/29 (b)		6,609		6,771
1.625%, 05/20/29 (b)		11,168		11,585
1.625%, 07/20/29 (b)		12,119		12,589
1.625%, 08/20/29 (b)		11,850		12,310
1.625%, 09/20/29 (b)		15,446		16,116
1.625%, 10/20/29 (b)		9,481		9,836
1.625%, 01/20/30 (b)		44,619		46,292
1.625%, 06/20/30 (b)		13,737		14,208
1.625%, 11/20/30 (b)		63,078		65,397
1.625%, 04/20/31 (b)		15,268		16,192
1.625%, 08/20/31 (b)		4,221		4,400
1.625%, 03/20/32 (b)		805		838
1.625%, 04/20/32 (b)		9,915		10,325
1.625%, 05/20/32 (b)		21,682		22,547
1.625%, 07/20/32 (b)		9,850		10,237
1.625%, 03/20/33 (b)		7,329		7,627
1.625%, 09/20/33 (b)		74,765		77,619
2.000%, 02/20/22 (b)		14,772		15,373
2.000%, 04/20/22 (b)		1,258		1,294

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II ARM Pool 2.000%, 04/20/30 (b)		26,122	$	27,347
2.000%, 05/20/30 (b)		36,323		38,077
2.125%, 04/20/29 (b)		15,575		15,649
2.125%, 10/20/31 (b)		6,286		6,375
2.500%, 11/20/26 (b)		15,570		15,726
2.500%, 10/20/30 (b)		3,196		3,280
Government National Mortgage Association (CMO) 0.461%, 01/16/31 (b)		34,510		34,658
0.661%, 02/16/30 (b)		13,452		13,554
				1,643,459,708
Federal Agencies—3.2%
Federal Home Loan Mortgage Corp. 0.875%, 03/07/18		3,300,000		3,260,245
1.000%, 03/08/17 (c) (d)		58,600,000		58,769,823
1.000%, 09/29/17		32,200,000		32,129,289
1.250%, 08/01/19		25,400,000		24,931,014
1.250%, 10/02/19		58,400,000		57,136,867
2.375%, 01/13/22		7,100,000		7,173,087
3.750%, 03/27/19 (e)		9,100,000		9,904,021
Federal National Mortgage Association 0.875%, 08/28/17		7,500,000		7,473,803
0.875%, 12/20/17		300,000		296,992
0.875%, 02/08/18		23,500,000		23,230,784
0.875%, 05/21/18		4,200,000		4,130,162
1.125%, 04/27/17 (c) (d)		8,500,000		8,547,413
1.250%, 01/30/17		2,500,000		2,522,413
1.875%, 09/18/18		4,400,000		4,471,619
5.000%, 05/11/17 (d)		7,100,000		7,768,408
5.375%, 06/12/17		9,700,000		10,723,990
				262,469,930
U.S. Treasury—22.0%
U.S. Treasury Bonds 2.875%, 05/15/43 (f)		40,200,000		41,117,042
3.000%, 11/15/44		113,500,000		119,281,463
3.125%, 02/15/43 (f)		6,000,000		6,442,032
3.125%, 08/15/44 (e)		243,200,000		261,819,878
3.375%, 05/15/44		67,700,000		76,215,374
U.S. Treasury Floating Rate Note 0.093%, 10/31/16 (b) (f)		210,200,000		210,070,307
U.S. Treasury Inflation Indexed Bonds (m) 1.375%, 02/15/44		8,456,455		9,570,990
1.750%, 01/15/28		141,566,656		160,268,885
2.000%, 01/15/26		57,306,123		65,669,264
2.375%, 01/15/25		124,082,420		145,680,454
2.375%, 01/15/27		107,619,844		128,799,107
2.500%, 01/15/29 (e)		64,367,454		79,870,935
3.625%, 04/15/28		734,055		1,008,924
3.875%, 04/15/29		9,388,730		13,437,620
U.S. Treasury Inflation Indexed Notes (m) 0.125%, 01/15/22		13,743,472		13,367,671
0.125%, 07/15/22		32,112,927		31,287,528
U.S. Treasury—(Continued)
U.S. Treasury Inflation Indexed Notes (m) 0.125%, 01/15/23		65,529,464		63,363,912
0.125%, 07/15/24		255,207,656		245,776,968
0.375%, 07/15/23 (c) (d)		24,692,228		24,412,514
0.625%, 07/15/21 (c) (d)		12,958,665		13,121,659
1.125%, 01/15/21 (c) (d)		15,196,720		15,786,778
1.250%, 07/15/20 (c) (d) (f)		34,623,840		36,338,793
U.S. Treasury Notes 0.625%, 09/30/17 (c) (d) (f)		10,400,000		10,288,689
2.250%, 11/15/24 (e)		5,300,000		5,335,611
				1,778,332,398
Total U.S. Treasury & Government Agencies (Cost $3,667,467,061)				3,684,262,036
Corporate Bonds & Notes—24.8%
Auto Parts & Equipment—0.2%
Schaeffler Holding Finance B.V. 5.750%, 11/15/21 (144A) (EUR) (g)		6,500,000		8,376,572
6.250%, 11/15/19 (144A) (g)		5,300,000		5,459,000
				13,835,572
Banks—12.7%
American Express Bank FSB 6.000%, 09/13/17		31,500,000		35,115,003
American Express Centurion Bank 6.000%, 09/13/17		26,500,000		29,533,773
Banco Popular Espanol S.A. 11.500%, 10/10/18 (EUR) (b)		5,800,000		7,990,324
Banco Santander Brazil S.A. 4.250%, 01/14/16 (144A)		18,200,000		18,454,800
Banco Santander Chile 1.130%, 04/11/17 (144A) (b)		29,900,000		29,766,526
1.831%, 01/19/16 (144A) (b)		6,900,000		6,917,250
Banco Santander S.A. 6.250%, 09/11/21 (EUR) (b)		5,500,000		6,440,643
Bank of America Corp. 2.650%, 04/01/19		8,000,000		8,058,680
4.500%, 04/01/15		39,133,000		39,500,694
5.625%, 10/14/16		30,407,000		32,562,400
6.400%, 08/28/17		3,100,000		3,453,915
6.875%, 04/25/18		21,300,000		24,464,754
Bank of America N.A. 0.652%, 05/08/17 (b)		8,000,000		7,986,752
0.703%, 11/14/16 (b)		41,700,000		41,660,885
Bank of China (Hong Kong), Ltd. 5.550%, 02/11/20 (144A)		2,500,000		2,731,610
Bank of India 4.750%, 09/30/15		3,100,000		3,170,804
Bank of Montreal 1.950%, 01/30/17 (144A)		3,600,000		3,660,797
2.850%, 06/09/15 (144A)		800,000		808,004

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
Bank of Nova Scotia 1.250%, 04/11/17		71,200,000	$	70,968,956
1.650%, 10/29/15 (144A)		4,700,000		4,740,777
1.950%, 01/30/17 (144A)		800,000		812,120
Bankia S.A. 4.000%, 05/22/24 (EUR) (b)		2,100,000		2,482,025
Barclays Bank plc 7.750%, 04/10/23 (b)		3,700,000		4,033,000
10.179%, 06/12/21 (144A)		17,900,000		24,032,343
14.000%, 06/15/19 (GBP) (b)		600,000		1,227,398
Barclays plc 6.500%, 09/15/19 (EUR) (b)		5,200,000		6,160,124
BB&T Corp. 1.101%, 06/15/18 (b)		27,200,000		27,468,382
BBVA Bancomer S.A. 4.500%, 03/10/16 (144A)		3,900,000		4,017,000
6.500%, 03/10/21 (144A)		7,800,000		8,446,620
BNP Paribas S.A. 0.542%, 11/07/15 (b)		39,500,000		39,439,841
BPCE S.A. 0.802%, 11/18/16 (b)		54,700,000		54,738,181
CIT Group, Inc.
4.750%, 02/15/15 (144A)		2,000,000		2,001,500
5.250%, 03/15/18		2,400,000		2,502,000
Citigroup, Inc. 0.752%, 05/01/17 (b)		65,300,000		65,133,877
1.045%, 04/01/16 (b)		2,700,000		2,709,466
1.194%, 07/25/16 (b)		3,200,000		3,220,269
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 8.375%, 07/26/16 (b)		2,300,000		2,455,186
Credit Agricole S.A. 6.500%, 06/23/21 (EUR) (b)		4,700,000		5,775,388
6.625%, 09/23/19 (144A) (b) (h)		6,500,000		6,300,125
7.875%, 01/23/24 (b)		1,400,000		1,424,548
8.125%, 09/19/33 (b)		3,000,000		3,347,022
8.375%, 10/13/19 (144A) (b)		6,900,000		7,952,250
Export-Import Bank of Korea 4.000%, 01/29/21		2,500,000		2,673,783
5.125%, 06/29/20		2,500,000		2,817,453
JPMorgan Chase & Co. 0.752%, 02/15/17 (b)		55,300,000		55,160,367
0.784%, 04/25/18 (b)		14,400,000		14,366,981
3.150%, 07/05/16		4,900,000		5,036,891
3.450%, 03/01/16		5,849,000		6,003,431
3.700%, 01/20/15		15,500,000		15,525,994
JPMorgan Chase Bank N.A. 0.571%, 06/13/16 (b)		5,300,000		5,277,539
6.000%, 10/01/17		23,600,000		26,193,262
LBG Capital No.2 plc 15.000%, 12/21/19 (EUR)		1,400,000		2,504,683
Lloyds Bank plc 12.000%, 12/16/24 (144A) (b)		5,700,000		8,094,000
Lloyds Banking Group plc 7.625%, 06/27/23 (GBP) (b)		11,400,000		17,705,544
7.875%, 06/27/29 (GBP) (b)		200,000		315,305
Banks—(Continued)
Mizuho Bank, Ltd. 0.705%, 09/25/17 (144A) (b)		1,300,000		1,300,979
Morgan Stanley 1.514%, 04/25/18 (b)		36,700,000		37,284,007
6.000%, 04/28/15		2,300,000		2,337,223
National Australia Bank, Ltd. 0.537%, 06/30/17 (144A) (b)		48,300,000		48,276,140
National Bank of Canada 2.200%, 10/19/16 (144A)		1,400,000		1,430,811
Novo Banco S.A. 2.625%, 05/08/17 (EUR)		1,700,000		1,913,842
3.875%, 01/21/15 (EUR)		1,000,000		1,205,210
4.750%, 01/15/18 (EUR)		3,100,000		3,676,361
5.000%, 04/04/19 (EUR)		500,000		594,439
5.000%, 04/23/19 (EUR)		1,466,000		1,698,501
5.000%, 05/14/19 (EUR)		100,000		118,288
5.000%, 05/23/19 (EUR)		237,000		279,998
5.875%, 11/09/15 (EUR)		12,400,000		15,117,127
Royal Bank of Scotland Group plc 6.990%, 10/05/17 (144A) (b)		2,000,000		2,250,000
Sberbank of Russia Via SB Capital S.A. 5.499%, 07/07/15		8,400,000		8,316,000
State Bank of India 4.500%, 07/27/15 (144A)		12,200,000		12,414,842
Turkiye Garanti Bankasi A/S 2.731%, 04/20/16 (144A) (b)		3,000,000		2,992,500
U.S. Bank N.A. 0.352%, 04/22/16 (b)		7,400,000		7,399,726
VTB Bank OJSC Via VTB Capital S.A. 6.465%, 03/04/15 (144A) (h)		9,000,000		8,937,738
Wachovia Corp. 0.511%, 06/15/17 (b)		27,870,000		27,810,525
Wells Fargo & Co. 7.980%, 03/15/18 (b)		20,300,000		22,406,125
				1,023,101,627
Biotechnology—0.1%
Amgen, Inc. 2.300%, 06/15/16		5,108,000		5,188,655
Chemicals—0.1%
Braskem Finance, Ltd. 5.750%, 04/15/21 (144A)		3,300,000		3,324,750
Rohm & Haas Co. 6.000%, 09/15/17		2,438,000		2,696,389
				6,021,139
Computers—0.0%
Apple, Inc. 2.850%, 05/06/21		3,700,000		3,784,948
Diversified Financial Services—3.1%
Ally Financial, Inc. 2.750%, 01/30/17		14,700,000		14,654,136
3.125%, 01/15/16		5,000,000		5,012,500

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
Ally Financial, Inc. 4.625%, 06/26/15		2,600,000	$	2,619,500
5.500%, 02/15/17		15,000,000		15,750,000
7.500%, 09/15/20		5,669,000		6,646,903
8.300%, 02/12/15		3,500,000		3,517,500
Bear Stearns Cos. LLC (The) 5.300%, 10/30/15		9,000,000		9,329,886
6.400%, 10/02/17		1,400,000		1,567,874
7.250%, 02/01/18		4,200,000		4,840,710
BM&FBovespa S.A. 5.500%, 07/16/20 (144A)		1,000,000		1,060,000
Ford Motor Credit Co. LLC 0.682%, 11/08/16 (b)		27,900,000		27,777,073
0.755%, 09/08/17 (b)		3,700,000		3,674,522
1.500%, 01/17/17		2,550,000		2,536,278
2.500%, 01/15/16		3,259,000		3,295,455
2.750%, 05/15/15		31,195,000		31,403,726
3.984%, 06/15/16		9,497,000		9,833,213
4.207%, 04/15/16		5,429,000		5,619,259
7.000%, 04/15/15		9,700,000		9,866,908
8.000%, 12/15/16		500,000		559,576
12.000%, 05/15/15		19,300,000		20,059,397
General Electric Capital Corp. 6.375%, 11/15/67 (b)		5,100,000		5,469,750
GMAC International Finance B.V. 7.500%, 04/21/15 (EUR)		2,800,000		3,440,020
International Lease Finance Corp. 6.750%, 09/01/16 (144A)		5,300,000		5,644,500
8.625%, 09/15/15		10,900,000		11,363,250
Navient Corp. 6.000%, 01/25/17		1,300,000		1,361,750
6.250%, 01/25/16		14,714,000		15,302,560
8.450%, 06/15/18		8,300,000		9,254,500
OneMain Financial Holdings, Inc. 6.750%, 12/15/19 (144A)		3,100,000		3,162,000
7.250%, 12/15/21 (144A)		3,100,000		3,177,500
Springleaf Finance Corp. 6.900%, 12/15/17		3,200,000		3,408,000
SteelRiver Transmission Co. LLC 4.710%, 06/30/17 (144A)		5,907,758		6,151,287
				247,359,533
Electric—2.1%
Arizona Public Service Co. 4.650%, 05/15/15		165,000		167,309
Centrais Eletricas Brasileiras S.A. 6.875%, 07/30/19 (144A)		54,400,000		55,488,000
Dynegy Finance I, Inc. / Dynegy Finance II, Inc. 6.750%, 11/01/19 (144A)		22,450,000		22,842,875
7.375%, 11/01/22 (144A)		7,000,000		7,122,500
7.625%, 11/01/24 (144A)		3,600,000		3,672,000
Entergy Corp. 3.625%, 09/15/15		14,300,000		14,503,675
Electric—(Continued)
Korea Hydro & Nuclear Power Co., Ltd. 3.125%, 09/16/15 (144A)		11,200,000		11,364,696
Majapahit Holding B.V. 7.250%, 06/28/17		2,040,000		2,247,060
7.750%, 01/20/20		5,000,000		5,787,500
Pacific Gas & Electric Co. 0.433%, 05/11/15 (b)		44,700,000		44,704,649
TECO Finance, Inc. 6.750%, 05/01/15		4,400,000		4,482,848
				172,383,112
Forest Products & Paper—0.1%
International Paper Co. 5.250%, 04/01/16		6,500,000		6,829,472
Healthcare-Services—0.1%
HCA, Inc. 3.750%, 03/15/19		4,500,000		4,505,625
Holding Companies-Diversified—0.1%
Blackstone CQP Holdco L.P. 2.324%, 03/18/19 (h)		3,664,570		3,655,905
Noble Group, Ltd. 4.875%, 08/05/15 (144A)		700,000		710,500
				4,366,405
Insurance—0.0%
American International Group, Inc. 5.050%, 10/01/15		3,700,000		3,812,273
Lodging—0.2%
MGM Resorts International 6.875%, 04/01/16		14,200,000		14,768,000
7.625%, 01/15/17		4,960,000		5,344,400
				20,112,400
Machinery-Diversified—0.8%
John Deere Capital Corp. 0.330%, 04/12/16 (b)		67,500,000		67,454,168
Media—0.1%
DISH DBS Corp. 4.250%, 04/01/18		500,000		510,625
4.625%, 07/15/17		1,000,000		1,033,750
7.125%, 02/01/16		2,600,000		2,733,250
Time Warner, Inc. 5.875%, 11/15/16		6,500,000		7,045,701
				11,323,326
Oil & Gas—1.9%
California Resources Corp. 5.000%, 01/15/20 (144A)		21,500,000		18,651,250
5.500%, 09/15/21 (144A)		4,000,000		3,420,000

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Oil & Gas—(Continued)
CNPC General Capital, Ltd. 1.133%, 05/14/17 (144A) (b)		26,700,000	$	26,742,427
Gazprom OAO Via Gaz Capital S.A. 5.875%, 06/01/15 (EUR)		6,700,000		8,046,531
Indian Oil Corp., Ltd. 4.750%, 01/22/15		2,200,000		2,203,159
Novatek Finance, Ltd. 5.326%, 02/03/16 (144A)		3,100,000		2,988,710
Petrobras Global Finance B.V. 1.852%, 05/20/16 (b)		2,200,000		2,084,500
2.000%, 05/20/16		4,500,000		4,298,175
2.603%, 03/17/17 (b)		2,700,000		2,492,370
3.250%, 03/17/17		14,100,000		13,289,250
Petrobras International Finance Co. S.A. 3.500%, 02/06/17		1,900,000		1,814,329
3.875%, 01/27/16		700,000		686,910
5.375%, 01/27/21		8,200,000		7,597,874
5.750%, 01/20/20		2,700,000		2,607,417
6.125%, 10/06/16		3,100,000		3,109,641
Statoil ASA 0.692%, 11/08/18 (b)		49,900,000		49,974,950
				150,007,493
Pipelines—0.2%
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 4.125%, 11/15/19 (144A)		8,250,000		7,940,625
Tesoro Logistics L.P./Tesoro Logistics Finance Corp. 5.500%, 10/15/19 (144A)		1,900,000		1,885,750
6.250%, 10/15/22 (144A)		4,800,000		4,788,000
				14,614,375
Real Estate—0.0%
Qatari Diar Finance QSC 3.500%, 07/21/15		1,000,000		1,007,500
Retail—0.0%
CVS Pass-Through Trust 6.943%, 01/10/30		911,793		1,105,547
Savings & Loans—0.2%
Nationwide Building Society 6.250%, 02/25/20 (144A)		10,800,000		12,668,648
Telecommunications—2.6%
BellSouth Corp. 4.182%, 04/26/15 (144A) (h)		78,600,000		79,373,581
Ooredoo International Finance, Ltd. 3.375%, 10/14/16 (144A)		400,000		410,448
Rogers Communications, Inc. 7.500%, 03/15/15		3,000,000		3,039,597
Sprint Communications, Inc. 9.125%, 03/01/17		2,000,000		2,199,900
Telecommunications—(Continued)
Telefonica Emisiones S.A.U. 0.902%, 06/23/17 (b)		29,500,000		29,462,476
Verizon Communications, Inc. 0.636%, 06/09/17 (b)		39,900,000		39,821,437
1.991%, 09/14/18 (b)		3,700,000		3,848,951
2.500%, 09/15/16		3,086,000		3,154,432
3.000%, 11/01/21		6,300,000		6,213,274
3.500%, 11/01/24		28,100,000		27,608,222
3.650%, 09/14/18		14,600,000		15,428,214
				210,560,532
Transportation—0.1%
Con-way, Inc. 7.250%, 01/15/18		7,000,000		7,954,954
Hellenic Railways Organization S.A. 4.028%, 03/17/17 (EUR)		4,000,000		3,925,403
				11,880,357
Trucking & Leasing—0.1%
GATX Corp. 6.000%, 02/15/18		5,000,000		5,559,965
GATX Financial Corp. 5.800%, 03/01/16		5,000,000		5,262,785
				10,822,750
Total Corporate Bonds & Notes (Cost $1,942,970,909)				2,002,745,457
Foreign Government—15.7%
Municipal—0.0%
Autonomous Community of Valencia Spain 3.250%, 07/06/15 (EUR)		300,000		365,357
Provincial—1.3%
Province of Ontario 1.600%, 09/21/16		300,000		304,014
1.650%, 09/27/19		7,000,000		6,919,430
3.000%, 07/16/18		4,300,000		4,504,121
3.150%, 06/02/22 (CAD)		9,300,000		8,462,856
4.000%, 06/02/21 (CAD)		31,100,000		29,759,686
4.200%, 03/08/18 (CAD)		1,100,000		1,026,973
4.200%, 06/02/20 (CAD)		10,800,000		10,377,129
4.300%, 03/08/17 (CAD)		1,000,000		916,397
4.400%, 06/02/19 (CAD)		6,300,000		6,043,130
4.400%, 04/14/20		2,700,000		3,004,722
5.500%, 06/02/18 (CAD)		2,600,000		2,533,019
Province of Quebec 3.500%, 07/29/20		10,600,000		11,343,166
3.500%, 12/01/22 (CAD)		3,300,000		3,063,024
4.250%, 12/01/21 (CAD)		15,200,000		14,769,695
4.500%, 12/01/17 (CAD)		700,000		654,992
4.500%, 12/01/20 (CAD)		2,900,000		2,839,070
				106,521,424

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—14.4%
Banco Nacional de Desenvolvimento Economico e Social 3.375%, 09/26/16 (144A)		2,600,000	$	2,608,840
4.125%, 09/15/17 (144A) (EUR)		2,700,000		3,283,471
Brazil Letras do Tesouro Nacional Zero Coupon, 07/01/15 (BRL)		69,000,000		24,488,640
Zero Coupon, 10/01/15 (BRL)		286,400,000		98,398,365
Zero Coupon, 01/01/16 (BRL)		355,900,000		118,510,737
Zero Coupon, 01/01/17 (BRL)		5,000,000		1,475,026
Zero Coupon, 07/01/17 (BRL)		75,000,000		20,849,588
Zero Coupon, 07/01/18 (BRL)		39,800,000		9,852,199
Brazil Notas do Tesouro Nacional 10.000%, 01/01/17 (BRL)		77,900,000		26,494,637
Italy Buoni Poliennali Del Tesoro 1.150%, 05/15/17 (EUR)		49,800,000		60,989,290
3.750%, 08/01/16 (EUR)		85,900,000		109,270,926
3.750%, 05/01/21 (EUR)		28,900,000		40,139,503
3.750%, 09/01/24 (EUR)		50,500,000		71,305,771
4.750%, 06/01/17 (EUR)		47,700,000		63,394,365
Japan Government Thirty Year Bond 1.700%, 09/20/44 (JPY)		3,620,000,000		33,414,613
Korea Housing Finance Corp. 4.125%, 12/15/15 (144A)		2,500,000		2,567,700
Mexican Bonos 7.750%, 05/29/31 (MXN) (m)		14,800,000		1,139,348
8.000%, 06/11/20 (MXN) (m)		618,700,000		47,199,131
Mexican Udibonos 4.000%, 11/15/40 (MXN) (m)		45,325,165		3,455,671
4.000%, 11/08/46 (MXN) (m)		620,849,350		48,038,622
4.500%, 11/22/35 (MXN) (m)		133,076,792		10,826,333
Mexico Cetes 2.915%, 01/22/15 (MXN) (m)		8,315,000,000		56,263,307
2.918%, 02/19/15 (MXN) (m)		2,857,460,000		19,295,251
2.924%, 02/05/15 (MXN) (m)		13,166,000,000		88,998,278
Spain Government Bonds 2.100%, 04/30/17 (EUR)		61,200,000		76,786,223
2.750%, 10/31/24 (144A) (EUR)		6,800,000		9,075,120
3.300%, 07/30/16 (EUR)		7,700,000		9,727,724
3.800%, 01/31/17 (EUR)		18,600,000		24,056,311
4.200%, 01/31/37 (EUR)		2,000,000		3,033,114
4.250%, 10/31/16 (EUR)		22,400,000		28,974,836
4.700%, 07/30/41 (EUR)		8,400,000		13,606,501
5.150%, 10/31/44 (144A) (EUR)		2,100,000		3,633,501
5.500%, 07/30/17 (EUR)		21,400,000		29,175,980
				1,160,328,922
Total Foreign Government (Cost $1,406,922,859)				1,267,215,703
Asset-Backed Securities—6.6%
Asset-Backed - Automobile—2.1%
Ally Auto Receivables Trust 0.480%, 02/15/17		71,800,000		71,730,641
Asset-Backed - Automobile—(Continued)
Nissan Auto Lease Trust 0.321%, 09/15/16 (b)		31,300,000		31,289,202
Santander Drive Auto Receivables Trust 0.441%, 08/15/17 (b)		20,820,625		20,805,509
Toyota Auto Receivables Owner Trust 0.400%, 12/15/16		44,700,000		44,662,228
				168,487,580
Asset-Backed - Home Equity—1.1%
ACE Securities Corp. Home Equity Loan Trust 0.320%, 04/25/36 (b)		10,746,627		9,573,633
0.640%, 10/25/35 (b)		7,100,000		5,984,782
Asset Backed Funding Certificates 0.870%, 06/25/34 (b)		2,782,796		2,594,334
Asset Backed Securities Corp. Home Equity Loan Trust 0.250%, 05/25/37 (b)		35,248		22,691
0.620%, 11/25/35 (b)		2,000,000		1,750,018
Bear Stearns Asset Backed Securities I Trust 0.420%, 04/25/37 (b)		15,609,499		10,154,900
0.615%, 02/25/36 (b)		1,000,000		736,862
1.170%, 10/25/37 (b)		5,409,417		5,041,512
Bear Stearns Asset Backed Securities Trust 0.970%, 10/27/32 (b)		19,042		18,056
Citigroup Mortgage Loan Trust, Inc. 0.230%, 07/25/45 (b)		562,749		482,539
0.410%, 10/25/36 (b)		14,700,000		14,154,483
Countrywide Asset-Backed Certificates 0.520%, 04/25/36 (b)		11,165,374		10,970,170
First Franklin Mortgage Loan Trust 0.530%, 10/25/35 (b)		11,889,246		11,020,071
HSI Asset Securitization Corp. Trust 0.340%, 12/25/36 (b)		13,582,885		6,515,139
Merrill Lynch Mortgage Investors, Inc. 0.670%, 06/25/36 (b)		3,019,465		2,765,313
Morgan Stanley ABS Capital I 0.230%, 05/25/37 (b)		316,779		220,615
Morgan Stanley Home Equity Loan Trust 0.340%, 04/25/37 (b)		6,489,311		4,134,029
Option One Mortgage Loan Trust 0.810%, 08/25/33 (b)		19,433		18,281
Renaissance Home Equity Loan Trust 1.035%, 08/25/33 (b)		149,126		140,023
Residential Asset Securities Corp. Trust 0.750%, 06/25/33 (b)		1,339,989		1,185,440
0.920%, 03/25/34 (b)		2,506,729		2,325,072
Soundview Home Loan Trust 0.250%, 06/25/37 (b)		25,284		14,967
				89,822,930
Asset-Backed - Manufactured Housing—0.0%
Conseco Financial Corp. 6.220%, 03/01/30		61,595		65,180
Mid-State Trust 7.791%, 03/15/38		141,660		146,405
				211,585

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—3.4%
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates 0.950%, 05/25/34 (b)		5,736,092	$	5,208,114
BlackRock Senior Income Corp. 0.471%, 04/20/19 (144A) (b)		3,541,890		3,500,414
Carrington Mortgage Loan Trust 0.490%, 10/25/35 (b)		132,253		131,853
Countrywide Asset-Backed Certificates 0.310%, 02/25/37 (b)		3,334,640		3,194,485
0.320%, 05/25/37 (b)		4,189,504		3,581,029
0.320%, 03/25/47 (b)		4,068,036		3,449,247
0.320%, 06/25/47 (b)		1,160,506		974,542
0.350%, 06/25/36 (b)		5,459,980		5,326,467
0.730%, 12/25/35 (b)		3,500,000		3,241,112
1.160%, 01/25/35 (b)		7,939,876		7,934,262
5.195%, 10/25/46 (b)		2,450,067		2,109,498
5.628%, 04/25/47 (b)		14,395,753		11,827,306
CWABS Asset-Backed Certificates Trust 2005-7 0.870%, 11/25/35 (b)		10,000,000		8,066,180
First Franklin Mortgage Loan Trust 0.310%, 12/25/36 (b)		9,228,383		5,673,047
1.595%, 10/25/34 (b)		5,362,296		4,410,188
Galaxy CLO, Ltd. 0.474%, 04/25/19 (144A) (b)		2,291,718		2,285,622
GSAMP Trust 2005-HE1 1.490%, 12/25/34 (b)		8,700,129		6,336,626
GSAMP Trust 2006-HE1 0.560%, 01/25/36 (b)		14,600,000		12,135,476
GSAMP Trust 2007-FM1 0.340%, 12/25/36 (b)		3,898,300		2,042,772
Hillmark Funding, Ltd. 0.481%, 05/21/21 (144A) (b)		22,867,361		22,611,636
Home Equity Loan Trust 0.400%, 04/25/37 (b)		15,900,000		9,603,330
Lehman XS Trust 0.340%, 02/25/37 (b)		14,761,292		8,006,008
0.955%, 10/25/35 (b)		7,131,454		6,620,927
Lockwood Grove CLO, Ltd. 1.603%, 01/25/24 (144A) (b)		14,900,000		14,885,100
Merrill Lynch Mortgage Investors Trust 0.650%, 05/25/36 (b)		1,600,000		1,423,538
Morgan Stanley ABS Capital I, Inc. Trust 1.130%, 06/25/35 (b)		7,600,000		7,250,066
Mountain View Funding CLO 0.491%, 04/15/19 (144A) (b)		3,024,186		3,011,343
MSIM Peconic Bay, Ltd. 0.511%, 07/20/19 (144A) (b)		895,753		895,738
Park Place Securities, Inc. 0.660%, 09/25/35 (b)		5,000,000		3,983,250
Park Place Securities, Inc. Asset-Backed Pass-Through Certificates 1.970%, 12/25/34 (b)		4,636,570		4,024,069
Park Place Securities, Inc. Asset-Backed Pass-Through Ctfs Ser 2004-WCW2 1.220%, 10/25/34 (b)		5,800,000		4,887,242
Asset-Backed - Other—(Continued)
Penta CLO S.A. 0.398%, 06/04/24 (EUR) (b)		2,022,365		2,424,289
Popular ABS Mortgage Pass-Through Trust 0.260%, 06/25/47 (b)		500,094		483,612
RAMP Trust 0.470%, 05/25/36 (b)		33,937,504		25,573,029
RASC Trust 0.330%, 11/25/36 (b)		13,553,834		11,391,157
Securitized Asset Backed Receivables LLC Trust 0.420%, 05/25/36 (b)		11,512,826		6,806,705
Small Business Administration Participation Certificates 5.500%, 10/01/18		11,797		12,292
6.220%, 12/01/28		5,135,610		5,866,488
Specialty Underwriting & Residential Finance Trust 0.440%, 04/25/37 (b)		6,400,000		3,364,122
Structured Asset Investment Loan Trust 0.660%, 08/25/35 (b)		8,760,000		8,361,937
Structured Asset Securities Corp. Mortgage Loan Trust 0.330%, 03/25/36 (b)		6,282,792		6,013,134
1.070%, 08/25/37 (b)		1,145,344		1,060,362
Tobacco Settlement Financing Corp. 6.250%, 06/01/42		1,300,000		1,306,370
United States Small Business Administration 5.471%, 03/10/18		1,079,503		1,164,618
Wells Fargo Home Equity Trust 0.650%, 12/25/35 (b)		20,861,000		17,147,158
Wood Street CLO B.V. 0.431%, 11/22/21 (EUR) (b)		3,482,325		4,183,895
				273,789,655
Asset-Backed - Student Loan—0.0%
SLM Student Loan Trust 0.364%, 01/25/19 (b)		2,354,537		2,351,935
0.684%, 01/25/17 (b)		175,149		175,174
2.811%, 12/16/19 (144A) (b)		1,307,098		1,324,514
				3,851,623
Total Asset-Backed Securities (Cost $521,647,753)				536,163,373
Mortgage-Backed Securities—4.7%
Collateralized Mortgage Obligations—3.6%
Adjustable Rate Mortgage Trust 2.622%, 11/25/35 (b)		726,178		619,513
Alternative Loan Trust 5.500%, 02/25/36		6,598,990		5,944,443
Alternative Loan Trust Resecuritization 2.543%, 03/25/47 (b)		6,425,066		5,907,032
American Home Mortgage Assets 1.033%, 11/25/46 (b)		4,373,038		2,390,473

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
American Home Mortgage Investment Trust 2.332%, 02/25/45 (b)		1,813,497	$	1,807,006
Arran Residential Mortgages Funding plc 1.478%, 05/16/47 (144A) (EUR) (b)		6,506,172		7,931,163
Banc of America Alternative Loan Trust 16.567%, 09/25/35 (b) (i)		7,304,362		8,980,552
27.722%, 11/25/46 (b) (i)		2,715,231		3,860,049
Banc of America Funding Trust 2.634%, 05/25/35 (b)		2,036,661		2,072,105
2.641%, 02/20/36 (b)		5,635,627		5,592,734
2.799%, 01/20/47 (b)		337,365		268,153
Banc of America Funding, Ltd. 0.414%, 10/03/39 (144A) (b)		21,075,464		21,072,547
BCAP LLC Trust
4.000%, 02/26/37 (144A) (b)		2,544,884		2,520,234
5.250%, 02/26/36 (144A)		7,865,006		7,175,135
5.250%, 08/26/37 (144A)		11,956,787		12,429,188
Bear Stearns Adjustable Rate Mortgage Trust 2.190%, 08/25/35 (b)		30,695		31,023
2.290%, 08/25/35 (b)		870,111		875,044
2.668%, 02/25/33 (b)		25,479		23,950
2.710%, 10/25/35 (b)		6,529,510		6,481,067
Bear Stearns ALT-A Trust 1.010%, 11/25/34 (b)		751,921		736,048
2.554%, 05/25/35 (b)		2,195,309		2,099,791
2.590%, 11/25/36 (b)		3,340,338		2,293,613
2.612%, 09/25/35 (b)		1,755,140		1,496,199
2.653%, 11/25/36 (b)		5,567,444		4,404,499
5.402%, 05/25/36 (b)		3,855,242		2,914,351
Bear Stearns Structured Products, Inc. 2.337%, 12/26/46 (b)		1,252,392		981,563
Bear Stearns Structured Products, Inc. Trust 2.591%, 01/26/36 (b)		1,813,132		1,441,440
CC Mortgage Funding Corp. 0.420%, 08/25/35 (144A) (b)		65,392		59,730
Chase Mortgage Finance Trust 2.479%, 03/25/37 (b)		2,902,246		2,639,532
4.761%, 12/25/35 (b)		6,296,768		6,056,445
5.628%, 09/25/36 (b)		5,458,496		4,914,420
ChaseFlex Trust 0.470%, 07/25/37 (b)		8,054,806		6,896,549
Citigroup Mortgage Loan Trust, Inc. 2.230%, 09/25/35 (b)		3,137,632		3,127,892
2.280%, 09/25/35 (b)		1,056,591		1,057,068
2.342%, 10/25/46 (b)		3,069,091		2,443,187
2.540%, 10/25/35 (b)		5,898,028		5,836,175
Countrywide Alternative Loan Trust 0.376%, 03/20/46 (b)		253,107		199,082
4.831%, 05/25/35 (b) (j)		3,706,450		471,105
Countrywide Home Loan Mortgage Pass-Through Trust 0.460%, 04/25/35 (b)		129,633		114,501
0.490%, 03/25/35 (b)		1,041,658		994,619
0.510%, 06/25/35 (144A) (b)		3,095,543		2,751,384
2.362%, 09/20/36 (b)		4,963,425		4,303,731
Collateralized Mortgage Obligations—(Continued)
Credit Suisse First Boston Mortgage Securities Corp. 0.798%, 03/25/32 (144A) (b)		80,124		73,785
6.000%, 11/25/35		3,191,666		2,674,268
6.500%, 04/25/33		85,813		87,037
Deutsche Alt-A Securities Mortgage Loan Trust 0.360%, 08/25/47 (b)		8,669,136		7,235,183
Downey Savings & Loan Association Mortgage Loan Trust 2.491%, 07/19/44 (b)		814,437		812,063
First Horizon Alternative Mortgage Securities Trust 4.531%, 01/25/36 (b) (j)		51,168,254		6,350,697
First Horizon Mortgage Pass-Through Trust 2.612%, 08/25/35 (b)		558,357		515,161
Granite Mortgages plc 0.359%, 09/20/44 (EUR) (b)		204,244		246,157
0.461%, 01/20/44 (EUR) (b)		212,406		256,508
0.938%, 01/20/44 (GBP) (b)		341,670		530,451
0.940%, 09/20/44 (GBP) (b)		1,713,868		2,660,819
GreenPoint MTA Trust 0.610%, 06/25/45 (b)		86,557		75,376
GSR Mortgage Loan Trust 2.574%, 04/25/36 (b)		4,052,515		3,653,310
2.669%, 09/25/35 (b)		84,200		84,533
6.000%, 03/25/32		198		204
HarborView Mortgage Loan Trust 0.354%, 01/19/38 (b)		195,407		165,557
0.384%, 05/19/35 (b)		1,407,748		1,168,492
Indymac ARM Trust 1.707%, 01/25/32 (b)		33,262		31,972
1.717%, 01/25/32 (b)		574		534
Indymac Index Mortgage Loan Trust 2.525%, 12/25/34 (b)		216,282		198,472
JPMorgan Mortgage Trust 2.576%, 07/25/35 (b)		3,755,258		3,829,646
2.636%, 02/25/35 (b)		305,688		299,286
5.238%, 07/25/35 (b)		4,382,484		4,386,507
5.750%, 01/25/36		586,090		548,132
MASTR Alternative Loan Trust 0.570%, 03/25/36 (b)		795,410		223,528
Merrill Lynch Mortgage Investors Trust 0.380%, 02/25/36 (b)		1,399,862		1,282,388
0.420%, 11/25/35 (b)		142,285		134,311
0.550%, 08/25/35 (b)		8,700,000		8,011,943
1.156%, 10/25/35 (b)		270,805		256,357
2.350%, 10/25/35 (b)		714,269		719,592
MLCC Mortgage Investors, Inc. 2.162%, 11/25/35 (b)		2,694,884		2,671,166
Morgan Stanley Mortgage Loan Trust 5.500%, 08/25/35		1,228,350		1,242,552
Morgan Stanley Re-REMIC Trust 0.469%, 03/26/37 (144A) (b)		5,314,074		3,944,860
Nomura Asset Acceptance Corp. 4.976%, 05/25/35		2,680,209		2,510,015

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—(Continued)
RALI Trust 6.000%, 12/25/35		13,574,661	$	12,071,837
RBSSP Resecuritization Trust 0.410%, 06/27/36 (144A) (b)		8,300,000		7,014,338
Residential Accredit Loans, Inc. 0.350%, 06/25/46 (b)		1,888,221		844,945
0.570%, 03/25/33 (b)		221,493		219,556
0.610%, 06/25/34 (b)		2,247,924		2,214,205
6.000%, 06/25/36		2,269,580		1,893,738
Residential Asset Securitization Trust 0.570%, 05/25/33 (b)		114,025		113,332
0.570%, 01/25/46 (b)		1,668,661		874,281
6.000%, 06/25/36		5,078,010		3,634,494
Residential Asset Securitization Trust 2005-A2 0.670%, 03/25/35 (b)		470,058		362,337
Residential Funding Mortgage Securities I 0.520%, 06/25/18 (b)		3,043		2,924
Sequoia Mortgage Trust 0.516%, 07/20/33 (b)		361,427		339,218
Structured Adjustable Rate Mortgage Loan Trust 2.414%, 04/25/35 (b)		10,712,670		10,399,613
2.485%, 01/25/35 (b)		2,997,145		2,867,237
2.514%, 08/25/35 (b)		228,253		209,836
Structured Asset Mortgage Investments II Trust 0.400%, 05/25/45 (b)		1,315,146		1,182,084
0.414%, 07/19/35 (b)		1,374,152		1,306,569
Structured Asset Securities Corp. 2.619%, 10/28/35 (144A) (b)		38,059		36,439
WaMu Mortgage Pass-Through Certificates Trust 1.513%, 08/25/42 (b)		94,903		86,959
1.513%, 06/25/42 (b)		208,752		201,255
1.921%, 02/27/34 (b)		258,848		253,528
Wells Fargo Mortgage Backed Securities Trust 2.491%, 09/25/33 (b)		891,169		893,062
2.600%, 04/25/36 (b)		1,762,050		1,713,570
2.610%, 07/25/36 (b)		10,065,258		9,788,041
2.611%, 10/25/36 (b)		3,494,731		3,385,049
2.612%, 03/25/36 (b)		18,103,191		17,596,465
5.588%, 04/25/36 (b)		815,018		263,059
				290,863,168
Commercial Mortgage-Backed Securities—1.1%
Banc of America Merrill Lynch Commercial Mortgage, Inc. 5.451%, 01/15/49		7,932,922		8,501,958
Bear Stearns Commercial Mortgage Securities Trust 5.331%, 02/11/44		347,247		371,009
Bear Stearns Commercial Mortgage Securities, Inc. 5.700%, 06/11/50		5,300,000		5,760,856
Commercial Mortgage Pass-Through Certificates 5.383%, 02/15/40		731,864		775,930
Commercial Mortgage-Backed Securities—(Continued)
Credit Suisse Commercial Mortgage Trust 5.297%, 12/15/39		4,511,000		4,789,356
Credit Suisse Mortgage Capital Certificates 5.467%, 09/15/39		18,486,904		19,457,855
Greenwich Capital Commercial Funding Corp. 5.444%, 03/10/39		7,700,000		8,213,421
JPMorgan Chase Commercial Mortgage Securities Trust 5.420%, 01/15/49		376,633		402,086
LB-UBS Commercial Mortgage Trust 5.866%, 09/15/45 (b)		11,423,691		12,550,672
ML-CFC Commercial Mortgage Trust 5.485%, 03/12/51 (b)		2,200,000		2,361,918
5.882%, 08/12/49 (b)		7,400,000		8,071,136
Morgan Stanley Re-REMIC Trust 5.796%, 08/12/45 (144A) (b)		777,567		833,410
Silenus European Loan Conduit, Ltd. 0.228%, 05/15/19 (EUR) (b)		259,864		309,417
Wachovia Bank Commercial Mortgage Trust 5.716%, 06/15/49 (b)		16,700,000		17,925,663
				90,324,687
Total Mortgage-Backed Securities (Cost $369,138,786)				381,187,855
Municipals—3.9%
American Municipal Power-Ohio, Inc., Combined Hydroelectric Projects Revenue, Build America Bonds, Taxable 8.084%, 02/15/50		6,900,000		11,139,291
Bay Area Toll Bridge Authority, Build America Bonds 7.043%, 04/01/50		10,400,000		15,465,216
Buckeye Tobacco Settlement Financing Authority 5.875%, 06/01/47		3,500,000		2,846,900
California Infrastructure & Economic Development Bank Revenue, Build America Bonds 6.486%, 05/15/49		2,500,000		3,130,525
California State General Obligation Unlimited, Build America Bonds 7.625%, 03/01/40		16,600,000		25,481,000
7.950%, 03/01/36		5,700,000		7,046,511
California State Public Works Board Lease Revenue Build America Bonds, Taxable, University Projects 7.804%, 03/01/35		3,100,000		4,184,535
California State University Revenue, Build America Bonds 6.484%, 11/01/41		4,400,000		5,766,112
Calleguas-Las Virgenes California Public Financing Water Revenue Authority, Build America Bonds 5.944%, 07/01/40		7,800,000		9,464,052

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Municipals—(Continued)

Security Description	Principal Amount*		Value
Chicago Transit Authority Transfer Tax Receipts Revenue 6.300%, 12/01/21		360,000	$	388,591
6.899%, 12/01/40		14,500,000		18,309,730
Clark County NV, Airport Revenue 6.820%, 07/01/45		4,800,000		7,039,488
Clark County NV, Refunding 4.750%, 06/01/30		5,500,000		5,768,345
East Baton Rouge Sewer Commission, Build America Bonds 6.087%, 02/01/45		17,000,000		18,806,760
Irvine Ranch CA, Water District, Build America Bonds, Taxable 6.622%, 05/01/40		21,700,000		28,883,134
Los Angeles CA, Wastewater System Revenue, Build America Bonds 5.713%, 06/01/39		2,300,000		2,908,994
Los Angeles Department of Water & Power Revenue, Build America Bonds 6.166%, 07/01/40		60,200,000		69,790,462
Los Angeles, California Unified School District, Build America Bonds 4.500%, 01/01/28		1,700,000		1,823,998
Los Angeles, Unified School District, Build America Bonds 6.758%, 07/01/34		1,100,000		1,532,696
Metropolitan Transportation Authority Build America Bonds, Metro Transit Authority 6.089%, 11/15/40		200,000		266,600
Newport Beach CA, Certificates of Participation, Build America Bonds 7.168%, 07/01/40		31,650,000		41,537,143
Pennsylvania Economic Development Financing Authority, Build America Bonds 6.532%, 06/15/39		1,000,000		1,211,190
Port Authority of New York & New Jersey, One Hundred Sixtieth 5.647%, 11/01/40		3,000,000		3,678,420
Public Power Generation Agency, Build America Bonds, Whelan Energy Centre Unit 7.242%, 01/01/41		1,800,000		2,112,246
State of California General Obligation Unlimited, Build America Bonds 6.548%, 05/15/48		3,400,000		4,648,956
7.500%, 04/01/34		2,900,000		4,311,082
7.550%, 04/01/39		2,900,000		4,475,251
7.600%, 11/01/40		1,900,000		2,964,627
7.700%, 11/01/30		100,000		126,180
State of Georgia 6.655%, 04/01/57		1,300,000		1,713,530
State of Texas Transportation Commission Revenue, Build America Bonds 5.178%, 04/01/30		2,300,000		2,773,386
State of Wisconsin, General Fund Annual Appropriation Revenue 5.050%, 05/01/18		2,900,000		3,213,258
Tobacco Settlement Financing Authority 7.467%, 06/01/47		7,335,000		6,291,230
Tobacco Settlement Financing Corp. 5.000%, 06/01/41		500,000		375,995
Total Municipals (Cost $261,424,378)				319,475,434
Floating Rate Loans (l)—0.6%
Auto Manufacturers—0.3%
Chrysler Group LLC Term Loan B, 3.500%, 05/24/17		21,289,691		21,263,079
Healthcare-Services—0.3%
HCA, Inc. Term Loan B5, 2.919%, 03/31/17		22,187,657		22,060,078
Lodging—0.0%
MGM Resorts International Term Loan A, 2.919%, 12/20/17		1,989,848		1,960,000
Total Floating Rate Loans (Cost $45,529,467)				45,283,157
Convertible Preferred Stock—0.6%
Banks—0.6%
Wells Fargo & Co., Series L 7.500%, 12/31/49 (Cost $25,992,734)		36,950		44,561,700
Convertible Bond—0.5%
Banks—0.5%
LBG Capital No. 2 plc 15.000%, 12/21/19 (GBP) (Cost $50,020,987)		20,400,000		43,623,373
Preferred Stock—0.4%
Banks—0.4%
GMAC Capital Trust I, 8.125% (b) (Cost $28,270,000)		1,130,800		29,830,504

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Purchased Options—0.0%

Security Description	Notional Amount*/ Principal Amount*		Value
Put Options—0.0%
10 Year U.S. Treasury Note Futures, Exercise Rate 100.00, Expires 02/20/15 (Counterparty - Bank of America N.A.)		1,082	$	16,906
10 Year U.S. Treasury Note Futures, Exercise Rate 101.00, Expires 02/20/15 (Counterparty - Bank of America N.A.)		149		2,328
10 Year U.S. Treasury Note Futures, Exercise Rate 103.00, Expires 02/20/15 (Counterparty - Bank of America N.A.)		459		7,172
Interest Rate Swaptions—0.0%
Put - OTC - 2-Year Interest Rate Swap, Exercise Rate 3.205%, Expires 01/16/20 (Counterparty - Goldman Sachs Bank USA)		40,000,000		483,080
Total Purchased Options (Cost $607,296)				509,486
Short-Term Investments—8.3%
Discount Notes—4.0%
Federal Home Loan Bank 0.040%, 01/07/15 (k)		12,700,000		12,699,916
0.078%, 01/29/15 (k)		116,200,000		116,192,770
0.091%, 01/28/11 (k)		19,500,000		19,498,640
0.130%, 02/25/11 (k)		33,700,000		33,693,307
0.150%, 04/09/15 (k)		81,700,000		81,666,639
Federal Home Loan Mortgage Corp. 0.070%, 03/25/15 (k)		4,800,000		4,799,225
Federal National Mortgage Association 0.092%, 01/22/15 (k)		57,200,000		57,196,830
				325,747,327
U.S. Treasury—0.1%
U.S. Treasury Bills 0.028%, 04/30/15 (c) (f) (k)		2,271,000		2,270,793
0.041%, 03/19/15 (f) (k)		260,000		259,977
0.062%, 05/14/15 (c) (d) (f) (k)		1,754,000		1,753,602
0.070%, 05/07/15 (c) (k)		271,000		270,934
0.073%, 05/28/15 (c) (k)		291,000		290,914
				4,846,220
Commercial Paper—2.4%
Bank of Nova Scotia 1.000%, 02/10/15 (CAD) (k)		64,900,000		55,784,594
Ford Motor Credit Co. LLC 0.630%, 02/02/15 (k)		11,900,000		11,893,336
Rabobank Nederland NV 0.285%, 06/12/15 (k)		36,500,000		36,500,000
Vodafone Group plc 0.600%, 06/29/15 (k)		50,000,000		49,850,833
0.607%, 06/29/15 (k)		43,900,000		43,769,032
				197,797,795
Repurchase Agreement—0.0%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $1,007,697 on 01/02/15, collateralized by $1,045,000 U.S. Treasury Note at 0.750% due 03/31/18, with a value of $1,030,408.		1,007,697	$	1,007,697
Certificate of Deposit—1.8%
Barclays Bank plc 0.533%, 05/01/15 (k)		138,600,000		138,600,000
Credit Suisse New York 0.465%, 03/17/15 (k)		5,500,000		5,500,000
				144,100,000
Total Short-Term Investments (Cost $677,272,570)				673,499,039
Total Investments—111.6% (Cost $8,997,264,800) (n)				9,028,357,117
Other assets and liabilities (net)—(11.6)%				(939,681,756	)
Net Assets—100.0%			$	8,088,675,361

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(b) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(c) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2014, the market value of securities pledged was $76,962,249.

(d) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $59,860,652.

(e) All or a portion of this security has been purchased in a Treasury Roll Transaction. (See Note 2 of the Notes to Financial Statements.)

(f) All or a portion of the security was pledged as collateral against open swap contracts and open forward foreign currency exchange contracts. As of December 31, 2014, the market value of securities pledged was $16,388,928.

(g) Payment-in-kind security for which part of the income earned may be paid as additional principal.

(h) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2014, the market value of restricted securities was $98,267,349, which is 1.2% of net assets. See details shown in the Restricted Securities table that follows.

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

(i) Illiquid security. As of December 31, 2014, these securities represent 0.2% of net assets.

(j) Interest only security.

(k) The rate shown represents current yield to maturity.

(l) 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.

(m) Principal amount of security is adjusted for inflation.

(n) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $9,045,535,968. The aggregate unrealized appreciation and depreciation of investments were $209,840,249 and $(227,019,100), respectively, resulting in net unrealized depreciation of $(17,178,851) for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $638,289,563, which is 7.9% of net assets.

(ARM)— Adjustable-Rate Mortgage

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(CLO)— Collateralized Loan Obligation

(CMO)— Collateralized Mortgage Obligation

(EUR)— Euro

(GBP)— British Pound

(JPY)— Japanese Yen

(MXN)— Mexican Peso

(OTC)— Over the Counter

(REMIC)— Real Estate Mortgage Investment Conduit

Restricted Securities	Acquisition Date		Principal Amount		Cost		Value
BellSouth Corp.		04/28/14	$	78,600,000	$	41,260,962	$	79,373,581
Blackstone CQP Holdco L.P.		07/02/14		3,664,570		3,734,570		3,655,905
Credit Agricole S.A.		10/20/14		6,500,000		6,126,760		6,300,125
VTB Bank OJSC Via VTB Capital S.A.		08/05/14		9,000,000		9,187,200		8,937,738
							$	98,267,349

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	3,122,000	BNP Paribas S.A.		01/05/15	$	2,643,066	$	(94,266	)
AUD	10,200,000	Credit Suisse International		01/05/15		8,599,141		(271,862	)
AUD	9,366,000	Deutsche Bank AG		01/05/15		8,005,298		(358,897	)
AUD	51,500,000	Goldman Sachs Bank USA		01/05/15		43,045,302		(1,000,710	)
AUD	9,061,000	Societe Generale Paris		01/05/15		7,380,246		17,153
AUD	9,100,000	UBS AG, Stamford		01/05/15		7,496,635		(67,396	)
AUD	35,270,000	UBS AG, Stamford		01/05/15		28,842,395		(47,973	)
BRL	23,674,683	BNP Paribas S.A.		01/05/15		8,912,989		(6,706	)
BRL	193,500,000	Citibank N.A.		01/05/15		76,445,954		(3,652,335	)
BRL	109,825,193	Deutsche Bank AG		01/05/15		42,683,713		(1,368,088	)
BRL	220,000,000	JPMorgan Chase Bank N.A.		01/05/15		82,825,088		(62,317	)
BRL	3,900,000	UBS AG, Stamford		01/05/15		1,506,664		(39,506	)
BRL	22,600,000	UBS AG, Stamford		01/05/15		8,836,755		(334,761	)
BRL	59,650,511	UBS AG, Stamford		01/05/15		22,457,085		(16,896	)
BRL	127,000,000	JPMorgan Chase Bank N.A.		04/02/15		46,180,139		443,866
CHF	2,609,000	Citibank N.A.		02/12/15		2,708,303		(82,466	)
CHF	5,168,000	Citibank N.A.		02/12/15		5,324,108		(122,756	)
CHF	5,519,000	Citibank N.A.		02/12/15		5,699,409		(144,792	)
CHF	4,963,000	Goldman Sachs Bank USA		02/12/15		5,113,301		(118,273	)
DKK	22,080,000	Credit Suisse International		02/12/15		3,692,879		(103,877	)
EUR	1,438,000	BNP Paribas S.A.		01/05/15		1,794,545		(54,493	)
EUR	6,260,000	BNP Paribas S.A.		01/05/15		7,803,822		(228,908	)
EUR	28,241,000	BNP Paribas S.A.		01/05/15		35,116,187		(943,159	)
EUR	4,883,000	Citibank N.A.		01/05/15		6,121,261		(212,586	)
EUR	30,650,000	Citibank N.A.		01/05/15		38,097,300		(1,009,262	)

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Buy		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
EUR	56,045,000	Citibank N.A.		01/05/15	$	69,337,697	$	(1,520,434	)
EUR	129,604,000	Citibank N.A.		01/05/15		160,266,051		(3,438,706	)
EUR	762,576,000	Citibank N.A.		01/05/15		934,613,146		(11,857,910	)
EUR	2,320,000	Deutsche Bank AG		01/05/15		2,846,726		(39,409	)
EUR	31,792,000	Deutsche Bank AG		01/05/15		39,426,181		(956,265	)
EUR	69,014,000	Goldman Sachs Bank USA		01/05/15		84,086,658		(576,254	)
EUR	14,971,000	JPMorgan Chase Bank N.A.		01/05/15		18,405,521		(289,860	)
EUR	22,015,000	JPMorgan Chase Bank N.A.		01/05/15		27,144,127		(504,872	)
EUR	75,282,000	JPMorgan Chase Bank N.A.		02/03/15		92,094,014		(970,846	)
EUR	9,924,000	BNP Paribas S.A.		06/15/15		13,303,221		(1,275,859	)
EUR	1,090,000	Barclays Bank plc		06/15/15		1,461,378		(140,356	)
EUR	2,313,000	Barclays Bank plc		06/15/15		3,053,753		(250,520	)
EUR	4,248,000	Barclays Bank plc		06/15/15		5,696,428		(548,077	)
EUR	19,332,000	Credit Suisse International		06/15/15		25,907,296		(2,477,937	)
EUR	7,305,000	Deutsche Bank AG		06/15/15		9,498,545		(645,273	)
EUR	4,980,000	Goldman Sachs Bank USA		06/15/15		6,622,031		(586,534	)
EUR	4,981,000	Goldman Sachs Bank USA		06/15/15		6,624,058		(587,350	)
EUR	13,015,000	Goldman Sachs Bank USA		06/15/15		17,461,393		(1,687,902	)
EUR	9,556,000	JPMorgan Chase Bank N.A.		06/15/15		12,777,328		(1,195,962	)
EUR	4,142,000	UBS AG, Stamford		06/15/15		5,458,808		(438,924	)
EUR	17,056,000	Deutsche Bank AG		06/13/16		23,052,890		(2,172,313	)
GBP	47,361,000	Deutsche Bank AG		01/05/15		73,575,313		241,591
JPY	542,790,640	Citibank N.A.		01/05/15		4,585,000		(53,437	)
JPY	15,947,809,360	Citibank N.A.		01/05/15		132,072,955		1,069,551
JPY	4,784,700,000	Credit Suisse International		01/05/15		40,406,540		(460,806	)
JPY	7,803,100,000	Goldman Sachs Bank USA		01/05/15		66,005,705		(860,438	)
JPY	2,084,200,000	JPMorgan Chase Bank N.A.		01/05/15		17,237,543		162,690
JPY	9,402,100,000	JPMorgan Chase Bank N.A.		01/05/15		79,224,969		(730,228	)
JPY	13,440,600,000	JPMorgan Chase Bank N.A.		01/05/15		112,357,916		(147,197	)
JPY	13,447,000,000	JPMorgan Chase Bank N.A.		01/05/15		112,782,321		(518,170	)
JPY	853,700,000	UBS AG, Stamford		02/03/15		7,090,944		37,972
MXN	4,392,000	BNP Paribas S.A.		02/05/15		324,622		(27,493	)
MXN	2,914,000	Barclays Bank plc		02/05/15		213,685		(16,547	)
MXN	4,381,000	Barclays Bank plc		02/05/15		321,811		(25,427	)
MXN	6,865,000	Barclays Bank plc		02/05/15		506,201		(41,769	)
MXN	6,893,000	Barclays Bank plc		02/05/15		510,755		(44,429	)
MXN	9,797,000	Barclays Bank plc		02/05/15		715,695		(52,907	)
MXN	12,534,000	Barclays Bank plc		02/05/15		918,935		(70,983	)
MXN	16,860,000	Barclays Bank plc		02/05/15		1,247,226		(106,611	)
MXN	8,746,000	Citibank N.A.		02/05/15		638,217		(46,532	)
MXN	5,664,000	Credit Suisse International		02/05/15		410,277		(27,095	)
MXN	91,488,000	Credit Suisse International		02/05/15		6,217,879		(28,520	)
MXN	5,915,000	JPMorgan Chase Bank N.A.		02/05/15		434,687		(34,524	)
MXN	10,508,000	JPMorgan Chase Bank N.A.		02/05/15		766,845		(55,956	)
MXN	13,388,000	JPMorgan Chase Bank N.A.		02/05/15		981,849		(76,122	)
MXN	15,949,000	JPMorgan Chase Bank N.A.		02/05/15		1,086,156		(7,172	)
MXN	8,467,000	UBS AG, Stamford		02/05/15		574,700		(1,890	)
MXN	91,077,000	UBS AG, Stamford		02/05/15		6,169,609		(8,056	)
MXN	15,448,000	Westpac Banking Corp.		02/05/15		1,130,438		(85,348	)
Contracts to Deliver
AUD	102,530,000	Citibank N.A.		01/05/15		87,692,935		3,987,459
AUD	11,870,000	Credit Suisse International		01/05/15		9,712,248		21,582
AUD	16,028,000	JPMorgan Chase Bank N.A.		01/05/15		13,101,439		16,183
AUD	9,061,000	JPMorgan Chase Bank N.A.		01/05/15		7,419,238		21,839
AUD	7,080,000	BNP Paribas S.A.		02/03/15		5,756,698		(11,224	)
AUD	9,100,000	Citibank N.A.		02/03/15		7,413,292		(280	)
AUD	9,061,000	Societe Generale Paris		02/03/15		7,364,628		(17,172	)

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
AUD	35,270,000	UBS AG, Stamford		02/03/15	$	28,781,343	$	47,639
AUD	18,224,000	UBS AG, Stamford		02/03/15		14,740,847		(105,850	)
AUD	5,287,000	UBS AG, Stamford		02/03/15		4,311,924		4,720
BRL	23,674,683	BNP Paribas S.A.		01/05/15		9,112,131		205,847
BRL	193,500,000	Citibank N.A.		01/05/15		72,848,430		54,810
BRL	109,825,193	Deutsche Bank AG		01/05/15		41,346,733		31,109
BRL	220,000,000	JPMorgan Chase Bank N.A.		01/05/15		94,656,226		11,893,454
BRL	86,150,511	UBS AG, Stamford		01/05/15		36,251,004		3,841,663
BRL	860,000	BNP Paribas S.A.		04/02/15		349,562		33,841
BRL	73,140,000	Credit Suisse International		04/02/15		29,687,056		2,836,035
BRL	53,000,000	JPMorgan Chase Bank N.A.		04/02/15		22,386,484		2,929,222
BRL	25,952,534	JPMorgan Chase Bank N.A.		04/02/15		9,916,524		388,877
BRL	1,202,727	BNP Paribas S.A.		07/02/15		497,225		66,945
BRL	109,825,193	Deutsche Bank AG		07/02/15		40,481,088		1,190,767
BRL	12,571,330	Deutsche Bank AG		07/02/15		5,194,764		697,330
BRL	55,225,944	Goldman Sachs Bank USA		07/02/15		22,792,383		3,035,121
BRL	19,000,000	BNP Paribas S.A.		10/02/15		7,585,860		961,426
BRL	11,000,000	BNP Paribas S.A.		10/02/15		4,385,965		550,767
BRL	96,800,000	Barclays Bank plc		10/02/15		34,265,487		515,741
BRL	35,100,000	Citibank N.A.		10/02/15		12,402,827		165,058
BRL	98,000,000	UBS AG, Stamford		10/02/15		39,341,630		5,173,499
BRL	22,600,000	UBS AG, Stamford		10/02/15		8,192,858		313,269
BRL	3,900,000	UBS AG, Stamford		10/02/15		1,396,848		37,096
BRL	355,900,000	JPMorgan Chase Bank N.A.		01/05/16		123,084,904		2,044,892
BRL	75,000,000	UBS AG, Stamford		07/05/17		26,417,753		3,997,344
CAD	64,278,258	Citibank N.A.		02/10/15		58,679,366		3,399,760
CAD	94,569,439	Citibank N.A.		03/03/15		82,534,289		1,243,402
CHF	9,691,000	Goldman Sachs Bank USA		02/12/15		10,061,994		308,453
CHF	6,303,000	Goldman Sachs Bank USA		02/12/15		6,525,614		181,938
CHF	3,337,000	Goldman Sachs Bank USA		02/12/15		3,482,684		124,149
DKK	3,668,000	BNP Paribas S.A.		04/01/15		656,304		59,844
EUR	37,920,000	Citibank N.A.		01/05/15		46,741,963		856,860
EUR	16,742,000	Credit Suisse International		01/05/15		20,830,380		571,719
EUR	69,014,000	Deutsche Bank AG		01/05/15		84,651,675		1,141,271
EUR	100,037,000	Goldman Sachs Bank USA		01/05/15		124,636,638		3,586,847
EUR	35,223,000	Goldman Sachs Bank USA		01/05/15		43,550,136		928,538
EUR	17,899,000	Goldman Sachs Bank USA		01/05/15		22,263,562		604,874
EUR	18,315,000	JPMorgan Chase Bank N.A.		01/05/15		22,850,499		688,430
EUR	32,044,000	Societe Generale Paris		01/05/15		39,461,561		686,713
EUR	832,615,000	UBS AG, Stamford		01/05/15		1,034,278,516		26,772,575
EUR	762,579,000	Citibank N.A.		02/03/15		934,876,099		11,831,888
EUR	19,498,000	Citibank N.A.		02/03/15		23,808,384		207,529
EUR	69,014,000	Goldman Sachs Bank USA		02/03/15		84,111,503		575,275
EUR	2,126,000	JPMorgan Chase Bank N.A.		02/03/15		2,585,424		12,061
EUR	16,724,000	UBS AG, Stamford		02/03/15		20,362,975		119,838
EUR	18,538,000	BNP Paribas S.A.		06/15/15		25,141,050		2,673,977
EUR	24,522,000	Barclays Bank plc		06/15/15		33,315,834		3,596,470
EUR	33,803,000	Citibank N.A.		06/15/15		46,208,701		5,241,257
EUR	25,265,000	Credit Suisse International		06/15/15		34,263,130		3,643,289
EUR	10,096,000	Credit Suisse International		06/15/15		13,731,872		1,496,056
EUR	9,000,000	Deutsche Bank AG		08/07/15		12,062,700		1,147,122
EUR	5,200,000	Deutsche Bank AG		08/07/15		6,957,236		650,457
EUR	3,150,000	Deutsche Bank AG		02/01/16		4,238,955		402,705
EUR	37,241,000	Deutsche Bank AG		06/13/16		50,990,377		5,398,588
EUR	28,951,000	Barclays Bank plc		06/27/16		39,809,073		4,346,650
GBP	47,361,000	Credit Suisse International		01/05/15		74,346,351		529,446
GBP	47,361,000	Deutsche Bank AG		02/03/15		73,560,632		(239,437	)
ILS	34,628,424	BNP Paribas S.A.		03/12/15		8,860,000		(19,812	)

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Forward Foreign Currency Exchange Contracts—(Continued)

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for		Unrealized Appreciation/ (Depreciation)
ILS	222,027,771	JPMorgan Chase Bank N.A.		03/12/15	$	56,591,000	$	(343,869	)
ILS	78,415,450	JPMorgan Chase Bank N.A.		03/12/15		19,878,000		(230,176	)
ILS	59,653,312	JPMorgan Chase Bank N.A.		03/12/15		15,200,000		(96,976	)
ILS	49,101,431	JPMorgan Chase Bank N.A.		03/12/15		12,523,000		(68,144	)
ILS	12,526,041	JPMorgan Chase Bank N.A.		03/12/15		3,213,000		931
ILS	3,840,000	JPMorgan Chase Bank N.A.		03/12/15		978,631		(6,066	)
ILS	54,959,719	UBS AG, Stamford		03/12/15		14,030,000		(63,392	)
INR	803,835,850	Goldman Sachs Bank USA		01/20/15		12,629,000		(65,155	)
INR	259,862,750	JPMorgan Chase Bank N.A.		01/20/15		4,075,000		(28,746	)
INR	14,312,250	JPMorgan Chase Bank N.A.		01/20/15		225,000		(1,019	)
INR	150,343,200	UBS AG, Stamford		01/20/15		2,355,000		(19,216	)
JPY	3,726,600,000	BNP Paribas S.A.		01/05/15		31,452,056		340,017
JPY	6,707,600,000	Citibank N.A.		01/05/15		57,094,714		1,095,381
JPY	40,236,700,000	Credit Suisse International		01/05/15		340,020,788		4,099,098
JPY	1,392,400,000	Credit Suisse International		01/05/15		11,761,337		136,692
JPY	9,299,800,000	Deutsche Bank AG		01/05/15		79,364,416		1,723,741
JPY	3,215,600,000	Goldman Sachs Bank USA		01/05/15		27,031,773		185,889
JPY	1,841,400,000	Goldman Sachs Bank USA		01/05/15		15,461,870		88,686
JPY	1,032,200,000	Goldman Sachs Bank USA		01/05/15		8,741,311		123,846
JPY	15,947,809,000	Citibank N.A.		02/03/15		132,105,774		(1,068,161	)
JPY	3,906,000,000	Citibank N.A.		02/03/15		32,442,399		(175,084	)
JPY	1,316,300,000	JPMorgan Chase Bank N.A.		02/03/15		10,938,745		(53,163	)
JPY	1,788,317,028	UBS AG, Stamford		02/03/15		14,850,702		(82,837	)
JPY	2,367,736,680	Credit Suisse International		08/07/15		23,300,000		3,482,892
MXN	677,600,842	BNP Paribas S.A.		01/22/15		51,187,977		5,307,936
MXN	112,919,500	BNP Paribas S.A.		01/22/15		8,519,526		873,799
MXN	30,213,925	Goldman Sachs Bank USA		01/22/15		2,287,720		241,950
MXN	407,576,686	BNP Paribas S.A.		02/05/15		30,850,145		3,276,713
MXN	39,654,000	BNP Paribas S.A.		02/05/15		2,914,535		231,858
MXN	57,160,000	Barclays Bank plc		02/05/15		4,183,653		316,657
MXN	890,733,971	Deutsche Bank AG		02/05/15		67,416,005		7,155,953
MXN	54,824,728	Deutsche Bank AG		02/05/15		3,724,000		14,990
MXN	39,819,432	Deutsche Bank AG		02/05/15		2,724,000		30,131
MXN	1,051,822,711	JPMorgan Chase Bank N.A.		02/05/15		74,378,440		3,220,390
MXN	666,031,000	JPMorgan Chase Bank N.A.		02/05/15		45,319,330		260,912
MXN	38,571,000	JPMorgan Chase Bank N.A.		02/05/15		2,676,553		67,142
MXN	281,692,754	BNP Paribas S.A.		02/19/15		21,239,313		2,200,004
Net Unrealized Appreciation							$	115,812,663

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Euro-BTP Futures		03/06/15		1,742			EUR	233,574,101		$	3,195,863
U.S. Treasury Long Bond Futures		03/20/15		9,580			USD	1,356,957,064			27,951,686
U.S. Treasury Note 10 Year Futures		03/20/15		16,849			USD	2,127,950,161			8,450,386
Futures Contracts—Short
90 Day EuroDollar Futures		06/15/15		(2,846	)		USD	(708,355,572	)		(49,404	)
90 Day EuroDollar Futures		09/14/15		(2,838	)		USD	(704,941,418	)		53,168
90 Day EuroDollar Futures		12/14/15		(1,517	)		USD	(375,888,466	)		108,604
90 Day EuroDollar Futures		03/14/16		(631	)		USD	(155,926,699	)		38,149
90 Day Sterling Futures		03/18/15		(205	)		GBP	(25,422,409	)		(76,124	)
90 Day Sterling Futures		06/17/15		(275	)		GBP	(34,041,356	)		(177,125	)
90 Day Sterling Futures		09/16/15		(1,403	)		GBP	(173,398,160	)		(1,113,059	)
Canada Government Bond 10 Year Futures		03/20/15		(477	)		CAD	(64,821,590	)		(1,078,026	)
Euro-Bund 10 Year Bond Futures		03/06/15		(2,092	)		EUR	(320,071,572	)		(7,270,548	)
Net Unrealized Appreciation										$	30,033,570

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Written Options

Foreign Currency Written Options	Strike Price		Counterparty	Expiration Date	Notional Amount			Premiums Received			Market Value			Unrealized Appreciation
Call - OTC - AUD vs USD	USD	0.875	Deutsche Bank AG	01/08/15		(9,700,000	)	$	(54,431	)	$	—		$	54,431
Call - OTC - AUD vs USD	USD	0.890	Credit Suisse International	01/22/15		(14,200,000	)		(65,486	)		(81	)		65,405
Call - OTC - EUR vs USD	USD	1.268	Barclays Bank plc	01/20/15		(7,200,000	)		(55,956	)		(1,289	)		54,667
Call - OTC - EUR vs USD	USD	1.260	Barclays Bank plc	01/20/15		(14,100,000	)		(143,787	)		(4,811	)		138,976
Call - OTC - EUR vs USD	USD	1.268	Deutsche Bank AG	01/27/15		(14,000,000	)		(119,400	)		(5,861	)		113,539
Call - OTC - EUR vs USD	USD	1.260	Deutsche Bank AG	02/10/15		(34,500,000	)		(402,748	)		(52,768	)		349,980
Call - OTC - EUR vs USD	USD	1.265	Citibank N.A.	02/13/15		(16,100,000	)		(175,979	)		(20,982	)		154,997
Call - OTC - EUR vs USD	USD	1.270	Deutsche Bank AG	02/18/15		(13,800,000	)		(157,767	)		(16,649	)		141,118
Call - OTC - USD vs BRL	BRL	2.800	Goldman Sachs Bank USA	01/20/15		(8,900,000	)		(66,750	)		(20,247	)		46,503
Call - OTC - USD vs BRL	BRL	2.800	JPMorgan Chase Bank N.A.	01/21/15		(8,200,000	)		(78,720	)		(20,492	)		58,228
Call - OTC - USD vs BRL	BRL	2.900	JPMorgan Chase Bank N.A.	02/12/15		(10,900,000	)		(86,110	)		(32,831	)		53,279
Call - OTC - USD vs INR	INR	63.500	Goldman Sachs Bank USA	01/12/15		(10,800,000	)		(75,600	)		(36,256	)		39,344
Call - OTC - USD vs INR	INR	63.900	Barclays Bank plc	01/16/15		(9,300,000	)		(50,685	)		(26,542	)		24,143
Call - OTC - USD vs INR	INR	63.400	JPMorgan Chase Bank N.A.	01/22/15		(6,800,000	)		(43,316	)		(49,463	)		(6,147	)
Call - OTC - USD vs INR	INR	63.270	Barclays Bank plc	01/27/15		(16,300,000	)		(114,100	)		(155,665	)		(41,565	)
Call - OTC - USD vs INR	INR	63.150	Deutsche Bank AG	01/28/15		(37,700,000	)		(242,411	)		(407,009	)		(164,598	)
Call - OTC - USD vs INR	INR	64.000	Credit Suisse International	02/05/15		(6,100,000	)		(32,574	)		(40,614	)		(8,040	)
Call - OTC - USD vs INR	INR	63.850	Barclays Bank plc	02/05/15		(10,700,000	)		(58,085	)		(79,555	)		(21,470	)
Call - OTC - USD vs INR	INR	63.500	Goldman Sachs Bank USA	02/18/15		(11,000,000	)		(74,690	)		(136,994	)		(62,304	)
Call - OTC - USD vs INR	INR	63.850	Goldman Sachs Bank USA	02/25/15		(3,300,000	)		(28,149	)		(37,627	)		(9,478	)
Call - OTC - USD vs INR	INR	65.900	JPMorgan Chase Bank N.A.	05/12/15		(46,200,000	)		(378,840	)		(615,107	)		(236,267	)
Call - OTC - USD vs JPY	JPY	119.000	Goldman Sachs Bank USA	01/16/15		(22,000,000	)		(227,084	)		(298,078	)		(70,994	)
Call - OTC - USD vs JPY	JPY	119.000	Goldman Sachs Bank USA	01/30/15		(22,000,000	)		(254,100	)		(362,164	)		(108,064	)
Call - OTC - USD vs MXN	MXN	13.850	Goldman Sachs Bank USA	01/28/15		(7,900,000	)		(50,086	)		(492,755	)		(442,669	)
Call - OTC - USD vs MXN	MXN	14.500	Credit Suisse International	02/02/15		(10,900,000	)		(74,665	)		(246,503	)		(171,838	)
Call - OTC - USD vs MXN	MXN	14.250	Goldman Sachs Bank USA	02/18/15		(11,600,000	)		(87,580	)		(447,806	)		(360,226	)
Call - OTC - USD vs MXN	MXN	14.480	Goldman Sachs Bank USA	02/20/15		(11,700,000	)		(106,470	)		(313,572	)		(207,102	)
Call - OTC - USD vs MXN	MXN	14.350	JPMorgan Chase Bank N.A.	02/26/15		(32,300,000	)		(274,550	)		(1,106,372	)		(831,822	)
Put - OTC - AUD vs USD	USD	0.855	Deutsche Bank AG	01/16/15		(13,800,000	)		(146,258	)		(534,339	)		(388,081	)
Put - OTC - EUR vs USD	USD	1.230	Goldman Sachs Bank USA	01/16/15		(14,900,000	)		(165,125	)		(327,871	)		(162,746	)
Put - OTC - EUR vs USD	USD	1.225	Goldman Sachs Bank USA	01/23/15		(14,900,000	)		(149,596	)		(297,653	)		(148,057	)
Put - OTC - USD vs BRL	BRL	2.300	Goldman Sachs Bank USA	01/20/15		(8,900,000	)		(37,825	)		(9	)		37,816
Put - OTC - USD vs BRL	BRL	2.300	JPMorgan Chase Bank N.A.	01/21/15		(8,200,000	)		(60,680	)		(8	)		60,672
Put - OTC - USD vs BRL	BRL	2.400	JPMorgan Chase Bank N.A.	02/12/15		(10,900,000	)		(33,790	)		(1,689	)		32,101
Put - OTC - USD vs INR	INR	60.900	Barclays Bank plc	01/16/15		(9,300,000	)		(50,685	)		(102	)		50,583
Put - OTC - USD vs INR	INR	60.920	Deutsche Bank AG	01/28/15		(37,700,000	)		(229,216	)		(2,413	)		226,803
Put - OTC - USD vs INR	INR	61.000	Goldman Sachs Bank USA	02/18/15		(11,000,000	)		(57,310	)		(3,784	)		53,526
Put - OTC - USD vs JPY	JPY	110.500	BNP Paribas S.A.	01/05/15		(9,900,000	)		(88,209	)		—			88,209
Put - OTC - USD vs JPY	JPY	110.500	UBS AG, Stamford	01/07/15		(12,700,000	)		(122,237	)		(25	)		122,212
Put - OTC - USD vs JPY	JPY	112.500	UBS AG, Stamford	01/12/15		(38,500,000	)		(301,262	)		(2,887	)		298,375
Put - OTC - USD vs JPY	JPY	115.000	BNP Paribas S.A.	01/12/15		(18,100,000	)		(97,468	)		(7,349	)		90,119
Put - OTC - USD vs JPY	JPY	112.000	Credit Suisse International	01/20/15		(41,200,000	)		(293,138	)		(8,199	)		284,939
Put - OTC - USD vs JPY	JPY	111.900	Citibank N.A.	01/23/15		(20,100,000	)		(165,423	)		(5,065	)		160,358
Put - OTC - USD vs JPY	JPY	112.000	UBS AG, Stamford	02/09/15		(6,400,000	)		(64,320	)		(5,050	)		59,270
Put - OTC - USD vs JPY	JPY	111.500	UBS AG, Stamford	02/09/15		(8,000,000	)		(64,600	)		(5,128	)		59,472
Put - OTC - USD vs JPY	JPY	111.500	BNP Paribas S.A.	02/09/15		(8,000,000	)		(64,600	)		(5,128	)		59,472
Put - OTC - USD vs JPY	JPY	111.750	BNP Paribas S.A.	02/09/15		(16,600,000	)		(150,728	)		(11,803	)		138,925
Put - OTC - USD vs JPY	JPY	112.500	UBS AG, Stamford	02/11/15		(19,700,000	)		(181,732	)		(21,040	)		160,692
Put - OTC - USD vs JPY	JPY	112.600	JPMorgan Chase Bank N.A.	02/13/15		(31,700,000	)		(312,245	)		(38,579	)		273,666
Put - OTC - USD vs JPY	JPY	112.000	Barclays Bank plc	03/12/15		(22,000,000	)		(262,240	)		(53,614	)		208,626
Put - OTC - USD vs JPY	JPY	112.880	Citibank N.A.	03/13/15		(13,000,000	)		(157,170	)		(42,315	)		114,855
Put - OTC - USD vs JPY	JPY	112.850	Deutsche Bank AG	03/25/15		(12,700,000	)		(165,608	)		(51,181	)		114,427
Put - OTC - USD vs JPY	JPY	110.000	UBS AG, Stamford	05/12/15		(23,700,000	)		(274,920	)		(92,785	)		182,135
Put - OTC - USD vs JPY	JPY	111.400	Credit Suisse International	05/14/15		(10,500,000	)		(144,690	)		(57,004	)		87,686
Put - OTC - USD vs JPY	JPY	112.000	JPMorgan Chase Bank N.A.	05/15/15		(3,700,000	)		(62,715	)		(23,077	)		39,638
Put - OTC - USD vs JPY	JPY	112.000	Citibank N.A.	05/15/15		(6,800,000	)		(116,280	)		(42,412	)		73,868
Put - OTC - USD vs JPY	JPY	112.500	Deutsche Bank AG	05/22/15		(17,800,000	)		(202,030	)		(131,667	)		70,363
Put - OTC - USD vs JPY	JPY	113.500	Goldman Sachs Bank USA	05/27/15		(18,200,000	)		(263,900	)		(171,681	)		92,219

See accompanying notes to financial statements.

MIST-25

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Written Options—(Continued)

Foreign Currency Written Options	Strike Price		Counterparty	Expiration Date	Notional Amount			Premiums Received			Market Value			Unrealized Appreciation
Put - OTC - USD vs JPY	JPY	100.000	UBS AG, Stamford	07/03/15		(19,800,000	)	$	(126,720	)	$	(21,562	)	$	105,158
Put - OTC - USD vs JPY	JPY	99.000	Citibank N.A.	09/30/15		(48,900,000	)		(488,872	)		(110,807	)		378,065
Put - OTC - USD vs JPY	JPY	109.000	JPMorgan Chase Bank N.A.	11/10/15		(17,600,000	)		(336,600	)		(202,594	)		134,006
Put - OTC - USD vs JPY	JPY	109.000	Societe Generale Paris	11/19/15		(18,700,000	)		(318,947	)		(223,222	)		95,725
Put - OTC - USD vs MXN	MXN	13.250	Goldman Sachs Bank USA	01/28/15		(7,900,000	)		(45,899	)		(8	)		45,891
Totals								$	(9,383,157	)	$	(7,530,143	)	$	1,853,014

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%) - [Final Index/Initial Index)] or 010		03/10/20	$	(5,800,000	)	$	(43,500	)	$	(1,248	)	$	42,252
Floor - OTC CPURNSA Index	215.949	Citibank N.A.	Maximum of [(1 + 0.000%) - [Final Index/Initial Index)] or 010		03/12/20		(16,200,000	)		(137,080	)		(3,485	)		133,595
Floor - OTC CPURNSA Index	216.687	Citibank N.A.	Maximum of [(1 + 0.000%) - [Final Index/Initial Index)] or 010		04/07/20		(38,800,000	)		(346,040	)		(9,118	)		336,922
Floor - OTC CPURNSA Index	217.965	Citibank N.A.	Maximum of [(1 + 0.000%) - [Final Index/Initial Index)] or 010		09/29/20		(17,500,000	)		(225,750	)		(4,933	)		220,817
Floor - OTC CPURNSA Index	218.011	Deutsche Bank AG	Maximum of [(1 + 0.000%) - [Final Index/Initial Index)] or 010		10/13/20		(18,000,000	)		(176,400	)		(5,438	)		170,962
Totals									$	(928,770	)	$	(24,222	)	$	904,548

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 - 10-Year Interest Rate Swap	1.600%	Goldman Sachs Bank USA	6-Month EUR-LIBOR	Pay		01/20/15		EUR	(79,000,000	)	$	(833,380	)	$	—		$	833,380
Put - OTC - 30-Year Interest Rate Swap	3.320%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		01/16/15		USD	(33,600,000	)		(342,720	)		—			342,720
Put - OTC - 5-Year Interest Rate Swap	2.770%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		01/23/15		USD	(101,700,000	)		(14,238	)		—			14,238
Put - OTC - 10-Year Interest Rate Swap	2.820%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		01/30/15		USD	(10,800,000	)		(50,490	)		(810	)		49,680
Put - OTC - 30-Year Interest Rate Swap	3.300%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		01/30/15		USD	(17,400,000	)		(200,100	)		(905	)		199,195
Put - OTC - 10-Year Interest Rate Swap	1.550%	Deutsche Bank AG	6-Month EUR-LIBOR	Pay		03/23/15		EUR	(17,700,000	)		(146,794	)		(4,798	)		141,996
Put - OTC - 10-Year Interest Rate Swap	2.800%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		02/02/15		USD	(52,800,000	)		(842,160	)		(5,808	)		836,352
Put - OTC - 30-Year Interest Rate Swap	3.003%	Deutsche Bank AG	3-Month USD-LIBOR	Pay		01/21/15		USD	(29,200,000	)		(917,573	)		(12,001	)		905,572
Put - OTC - 30-Year Interest Rate Swap	3.250%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		03/02/15		USD	(19,000,000	)		(177,175	)		(14,858	)		162,317
Put - OTC - 30-Year Interest Rate Swap	3.270%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		03/27/15		USD	(37,900,000	)		(459,535	)		(70,304	)		389,231
Call - OTC - 10-Year Interest Rate Swap	0.950%	Deutsche Bank AG	6-Month EUR-LIBOR	Receive		03/23/15		EUR	(17,700,000	)		(45,873	)		(338,852	)		(292,979	)
Put - OTC - 2-Year Interest Rate Swap	2.800%	Goldman Sachs Bank USA	3-Month USD-LIBOR	Pay		01/16/18		USD	(40,000,000	)		(500,000	)		(416,200	)		83,800
Put - OTC - 5-Year Interest Rate Swap	2.600%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		09/14/15		USD	(79,600,000	)		(1,044,750	)		(418,059	)		626,691

See accompanying notes to financial statements.

MIST-26

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Written Options—(Continued)

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	2.520%	Morgan Stanley Capital Services, LLC	3-Month USD-LIBOR	Pay		09/18/15		USD	(260,600,000	)	$	(2,280,250	)	$	(1,671,228	)	$	609,022
Call - OTC - 10-Year Interest Rate Swap	1.200%	Goldman Sachs Bank USA	6-Month EUR-LIBOR	Receive		01/20/15		EUR	(79,000,000	)		(427,374	)		(3,529,807	)		(3,102,433	)
Totals											$	(8,282,412	)	$	(6,483,630	)	$	1,798,782

Credit Default Swaptions	Strike Rate	Counterparty	Reference Obligation	Buy/Sell Protection	Expiration Date		Notional Amount				Premiums Received			Market Value			Unrealized Appreciation/ (Depreciation)
Put - OTC - 5-Year Credit Default Swap	1.200%	Goldman Sachs International	Markit iTraxx Europe, Series 22	Sell		01/21/15		EUR	(14,500,000	)	$	(35,913	)	$	(88	)	$	35,825
Put - OTC - 5-Year Credit Default Swap	1.100%	Goldman Sachs International	Markit iTraxx Europe, Series 22	Sell		01/21/15		EUR	(6,300,000	)		(15,896	)		(120	)		15,776
Put - OTC - 5-Year Credit Default Swap	1.000%	Citibank N.A.	Markit iTraxx Europe, Series 22	Sell		01/21/15		EUR	(8,700,000	)		(20,648	)		(480	)		20,168
Put - OTC - 5-Year Credit Default Swap	1.000%	JPMorgan Chase Bank N.A.	Markit iTraxx Europe, Series 22	Sell		01/21/15		EUR	(11,600,000	)		(32,564	)		(640	)		31,924
Put - OTC - 5-Year Credit Default Swap	1.000%	Goldman Sachs International	Markit iTraxx Europe, Series 22	Sell		01/21/15		EUR	(11,600,000	)		(31,934	)		(640	)		31,294
Put - OTC - 5-Year Credit Default Swap	0.900%	Societe Generale Paris	Markit iTraxx Europe, Series 22	Sell		01/21/15		EUR	(6,300,000	)		(9,837	)		(988	)		8,849
Put - OTC - 5-Year Credit Default Swap	0.900%	BNP Paribas S.A.	Markit iTraxx Europe, Series 22	Sell		01/21/15		EUR	(12,600,000	)		(21,316	)		(1,975	)		19,341
Put - OTC - 5-Year Credit Default Swap	0.900%	Citibank N.A.	Markit iTraxx Europe, Series 22	Sell		01/21/15		EUR	(15,500,000	)		(30,282	)		(2,430	)		27,852
Call - OTC - 5-Year Credit Default Swap	0.550%	JPMorgan Chase Bank N.A.	Markit iTraxx Europe, Series 22	Buy		02/18/15		EUR	(6,100,000	)		(5,353	)		(5,749	)		(396	)
Put - OTC - 5-Year Credit Default Swap	0.850%	JPMorgan Chase Bank N.A.	Markit iTraxx Europe, Series 22	Sell		02/18/15		EUR	(6,100,000	)		(12,235	)		(5,779	)		6,456
Call - OTC - 5-Year Credit Default Swap	0.600%	Societe Generale Paris	Markit iTraxx Europe, Series 22	Buy		01/21/15		EUR	(6,300,000	)		(11,214	)		(7,423	)		3,791
Call - OTC - 5-Year Credit Default Swap	0.550%	Societe Generale Paris	Markit iTraxx Europe, Series 22	Buy		02/18/15		EUR	(12,500,000	)		(14,986	)		(11,780	)		3,206
Put - OTC - 5-Year Credit Default Swap	0.850%	Societe Generale Paris	Markit iTraxx Europe, Series 22	Sell		02/18/15		EUR	(12,500,000	)		(22,778	)		(11,843	)		10,935
Call - OTC - 5-Year Credit Default Swap	0.550%	Citibank N.A.	Markit iTraxx Europe, Series 22	Buy		02/18/15		EUR	(14,200,000	)		(10,688	)		(13,382	)		(2,694	)
Put - OTC - 5-Year Credit Default Swap	0.850%	Citibank N.A.	Markit iTraxx Europe, Series 22	Sell		02/18/15		EUR	(14,200,000	)		(28,946	)		(13,454	)		15,492
Call - OTC - 5-Year Credit Default Swap	0.600%	JPMorgan Chase Bank N.A.	Markit iTraxx Europe, Series 22	Buy		01/21/15		EUR	(11,600,000	)		(16,282	)		(13,667	)		2,615
Call - OTC - 5-Year Credit Default Swap	0.600%	Goldman Sachs International	Markit iTraxx Europe, Series 22	Buy		01/21/15		EUR	(11,600,000	)		(14,111	)		(13,667	)		444
Call - OTC - 5-Year Credit Default Swap	0.600%	BNP Paribas S.A.	Markit iTraxx Europe, Series 22	Buy		01/21/15		EUR	(12,600,000	)		(24,474	)		(14,845	)		9,629
Call - OTC - 5-Year Credit Default Swap	0.600%	Citibank N.A.	Markit iTraxx Europe, Series 22	Buy		01/21/15		EUR	(24,200,000	)		(42,205	)		(28,513	)		13,692
Totals											$	(401,662	)	$	(147,463	)	$	254,199

See accompanying notes to financial statements.

MIST-27

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

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)
Receive	1-Year BRL CDI	10.910%	01/02/17	BNP Paribas S.A.		BRL	8,100,000	$	(55,527	)	$	(34,839	)	$	(20,688	)
Pay	1-Year BRL CDI	11.470%	01/02/17	BNP Paribas S.A.		BRL	213,800,000		(626,667	)		114,256			(740,923	)
Pay	1-Year BRL CDI	10.910%	01/02/17	Goldman Sachs Bank USA		BRL	1,500,000		(10,283	)		(4,913	)		(5,370	)
Pay	1-Year BRL CDI	11.470%	01/02/17	Goldman Sachs Bank USA		BRL	549,500,000		(1,610,633	)		479,860			(2,090,493	)
Pay	1-Year BRL CDI	11.470%	01/02/17	JPMorgan Chase Bank N.A.		BRL	33,400,000		(97,898	)		(6,346	)		(91,552	)
Pay	1-Year BRL CDI	13.060%	01/02/18	Credit Suisse International		BRL	10,900,000		36,382			18,450			17,932
Pay	1-Year BRL CDI	13.060%	01/02/18	JPMorgan Chase Bank N.A.		BRL	131,500,000		438,926			—			438,926
Pay	1-Year BRL CDI	13.060%	01/02/18	UBS AG, Stamford		BRL	45,800,000		152,873			83,207			69,666
Pay	1-Year BRL CDI	12.460%	01/04/21	Citibank N.A.		BRL	37,000,000		178,777			—			178,777
Pay	1-Year BRL CDI	11.250%	01/04/21	Citibank N.A.		BRL	13,000,000		(116,564	)		(132,245	)		15,681
Pay	1-Year BRL CDI	12.000%	01/04/21	Deutsche Bank AG		BRL	5,100,000		(423	)		1,566			(1,989	)
Pay	1-Year BRL CDI	11.680%	01/04/21	Deutsche Bank AG		BRL	20,600,000		(65,627	)		(25,266	)		(40,361	)
Pay	1-Year BRL CDI	11.250%	01/04/21	Deutsche Bank AG		BRL	13,000,000		(116,564	)		(140,085	)		23,521
Pay	1-Year BRL CDI	11.500%	01/04/21	Deutsche Bank AG		BRL	186,800,000		(1,065,295	)		257,104			(1,322,399	)
Pay	1-Year BRL CDI	11.500%	01/04/21	Goldman Sachs Bank USA		BRL	121,700,000		(694,038	)		200,677			(894,715	)
Pay	1-Year BRL CDI	12.330%	01/04/21	JPMorgan Chase Bank N.A.		BRL	42,500,000		152,375			—			152,375
Pay	1-Year BRL CDI	12.560%	01/04/21	Morgan Stanley Capital Services, LLC		BRL	38,600,000		327,434			142,152			185,282
Pay	1- Year BRL CDI	12.055%	01/04/21	Morgan Stanley Capital Services, LLC		BRL	75,300,000		119,312			100,558			18,754
Pay	1- Year BRL CDI	11.250%	01/04/21	UBS AG, Stamford		BRL	26,000,000		(233,129	)		(269,995	)		36,866
Receive	28-Day MXN TIIE	3.370%	03/17/15	Morgan Stanley Capital Services, LLC		MXN	5,466,000,000		(31,676	)		—			(31,676	)
Receive	28-Day MXN TIIE	3.540%	08/31/15	UBS AG, Stamford		MXN	996,000,000		365			—			365
Pay	28-Day MXN TIIE	5.795%	12/10/21	UBS AG, Stamford		MXN	100,000		2			—			2
Pay	28-Day MXN TIIE	5.750%	06/05/23	BNP Paribas S.A.		MXN	100,000		(97	)		(128	)		31
Pay	28-Day MXN TIIE	5.750%	06/05/23	Deutsche Bank AG		MXN	100,000		(97	)		(155	)		58
Pay	28-Day MXN TIIE	5.750%	06/05/23	Goldman Sachs Bank USA		MXN	200,000		(194	)		(486	)		292
Pay	28-Day MXN TIIE	6.000%	06/05/23	JPMorgan Chase Bank N.A.		MXN	300,000		73			(1,099	)		1,172
Pay	28-Day MXN TIIE	6.300%	04/26/24	UBS AG, Stamford		MXN	510,000,000		721,448			789,472			(68,024	)
Pay	28-Day MXN TIIE	6.920%	11/28/29	Bank of America N.A.		MXN	85,400,000		201,914			—			201,914
Pay	28-Day MXN TIIE	7.020%	06/08/34	Deutsche Bank AG		MXN	213,350,000		268,887			378,224			(109,337	)
Pay	28-Day MXN TIIE	6.810%	06/19/34	Deutsche Bank AG		MXN	30,000,000		(16,487	)		3,315			(19,802	)
Totals								$	(2,142,431	)	$	1,953,284		$	(4,095,715	)

Centrally Cleared Interest Rate Swap Agreements

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Receive		28-Day MXN TIIE		3.420	%		06/05/15		MXN	1,347,000,000	$	(5,510	)
Receive		28-Day MXN TIIE		3.605	%		12/18/15		MXN	1,245,000,000		70,700
Receive		28-Day MXN TIIE		3.740	%		02/12/16		MXN	545,000,000		15,062
Pay		28-Day MXN TIIE		5.700	%		01/18/19		MXN	194,000,000		(73,060	)
Pay		28-Day MXN TIIE		6.350	%		06/02/21		MXN	30,900,000		7,177

See accompanying notes to financial statements.

MIST-28

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Centrally Cleared Interest Rate Swap Agreements—(Continued)

Pay/Receive Floating Rate	Floating Rate Index		Fixed Rate			Maturity Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Pay		28-Day MXN TIIE		5.920	%		12/08/21		MXN	53,000,000	$	31,268
Pay		28-Day MXN TIIE		5.850	%		12/21/21		MXN	141,000,000		39,548
Pay		28-Day MXN TIIE		5.500	%		09/02/22		MXN	700,000		769
Pay		28-Day MXN TIIE		6.000	%		06/05/23		MXN	200,000		(298	)
Pay		28-Day MXN TIIE		5.750	%		06/05/23		MXN	200,000		(114	)
Pay		28-Day MXN TIIE		6.300	%		04/26/24		MXN	760,000,000		(113,220	)
Pay		28-Day MXN TIIE		6.915	%		09/10/29		MXN	150,600,000		167,959
Pay		28-Day MXN TIIE		6.410	%		11/07/29		MXN	182,000,000		(221,222	)
Pay		28-Day MXN TIIE		6.840	%		11/27/29		MXN	29,300,000		54,251
Pay		28-Day MXN TIIE		6.710	%		11/30/29		MXN	165,200,000		147,406
Pay		28-Day MXN TIIE		7.020	%		06/08/34		MXN	537,450,000		152,086
Pay		28-Day MXN TIIE		6.810	%		06/19/34		MXN	267,900,000		(289,595	)
Receive		3-Month USD-LIBOR		0.665	%		04/17/16		USD	1,867,300,000		(469,160	)
Receive		3-Month USD-LIBOR		1.000	%		04/17/17		USD	511,400,000		(391,110	)
Receive		3-Month USD-LIBOR		1.780	%		12/02/19		USD	310,900,000		(292,899	)
Receive		3-Month USD-LIBOR		1.800	%		12/03/19		USD	186,200,000		(347,548	)
Receive		3-Month USD-LIBOR		1.750	%		03/19/20		USD	241,800,000		22,900
Pay		3-Month USD-LIBOR		4.000	%		06/19/24		USD	63,200,000		2,187,895
Receive		3-Month USD-LIBOR		2.550	%		10/16/24		USD	129,000,000		(3,176,443	)
Receive		3-Month USD-LIBOR		4.250	%		06/15/41		USD	227,400,000		(2,933,248	)
Receive		3-Month USD-LIBOR		2.800	%		12/18/43		USD	86,900,000		(5,902,444	)
Receive		3-Month USD-LIBOR		3.250	%		12/18/43		USD	330,000,000		(40,330,186	)
Receive		6-Month GBP-LIBOR		1.500	%		09/18/16		GBP	266,800,000		(1,226,650	)
Receive		6-Month GBP-LIBOR		1.590	%		10/05/16		GBP	183,500,000		(1,646,481	)
Receive		6-Month GBP-LIBOR		1.500	%		03/18/17		GBP	26,300,000		(212,628	)
Receive		6-Month GBP-LIBOR		1.880	%		10/05/17		GBP	61,300,000		(1,214,687	)
Receive		6-Month EURIBOR		0.450	%		12/09/19		EUR	35,200,000		(201,744	)
Receive		6-Month EURIBOR		1.250	%		03/18/25		EUR	30,800,000		(214,876	)
Receive		6-Month JPY-LIBOR		0.500	%		09/17/21		JPY	13,150,000,000		(546,576	)
Pay		Federal Funds Rate Compounded - OIS		0.089	%		02/27/15		USD	450,300,000		(17,639	)
Pay		Federal Funds Rate Compounded - OIS		1.000	%		10/15/17		USD	417,900,000		(2,312,493	)
Total											$	(59,242,810	)

Centrally Cleared Credit Default Swap Agreements—Sell Protection (a)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at December 31, 2014(b)	Notional Amount(c)			Unrealized Depreciation
Markit CDX North America Investment Grade, Series 23		1.000%		12/20/19	0.662%		USD	1,300,000	$	(835)

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 December 31, 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		0.083%		USD	3,100,000	$	6,233	$	(54,777)	$	61,010
Brazilian Government International Bonds 12.250%, due 3/6/30		1.000%		06/20/15	Citibank N.A.		0.788%		USD	11,700,000		11,719		(327,293)		339,012

See accompanying notes to financial statements.

MIST-29

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

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 December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Brazilian Government International Bonds 12.250%, due 3/6/30		1.000%		06/20/15	Deutsche Bank AG		0.788%		USD	6,100,000	$	6,110	$	(66,949)	$	73,059
Brazilian Government International Bonds 12.250%, due 3/6/30		1.000%		06/20/15	JPMorgan Chase Bank N.A.		0.788%		USD	12,700,000		12,721		(139,386)		152,107
Brazilian Government International Bonds 12.250%, due 3/6/30		1.000%		09/20/15	Citibank N.A.		0.789%		USD	1,200,000		1,843		(18,832)		20,675
Brazilian Government International Bonds 12.250%, due 3/6/30		1.000%		09/20/15	JPMorgan Chase Bank N.A.		0.789%		USD	4,100,000		6,297		(41,229)		47,526
Brazilian Government International Bonds 12.250%, due 3/6/30		1.000%		09/20/15	UBS AG, Stamford		0.789%		USD	1,600,000		2,457		(15,139)		17,596
Brazilian Government International Bonds 12.250%, due 3/6/30		1.000%		12/20/15	Morgan Stanley Capital Services, LLC		0.918%		USD	37,100,000		29,552		(214,047)		243,599
Brazilian Government International Bonds 12.250%, due 3/6/30		1.000%		06/20/16	Deutsche Bank AG		1.089%		USD	3,500,000		(4,574)		(11,731)		7,157
Brazilian Government International Bonds 12.250%, due 03/06/30		1.000%		03/20/19	Deutsche Bank AG		1.681%		USD	1,100,000		(30,014)		(47,059)		17,045
Brazilian Government International Bonds 12.250%, due 3/6/30		1.000%		12/20/19	JPMorgan Chase Bank N.A.		1.937%		USD	13,100,000		(568,400)		(477,111)		(91,289)
Brazilian Government International Bonds 12.250%, due 03/06/30		1.000%		12/20/19	Morgan Stanley Capital Services, LLC		1.937%		USD	27,500,000		(1,193,207)		(975,872)		(217,335)
China Government International Bond 4.250%, due 10/28/14		1.000%		12/20/18	Barclays Bank plc		0.622%		USD	800,000		11,711		7,830		3,881
China Government International Bond 4.250%, due 10/28/14		1.000%		12/20/18	Citibank N.A.		0.622%		USD	2,200,000		32,204		20,448		11,756
China Government International Bond 4.25%, due 10/28/14		1.000%		12/20/19	JPMorgan Chase Bank N.A.		0.821%		USD	7,700,000		65,692		50,937		14,755
China Government International Bond 4.25%, due 10/28/14		1.000%		12/20/19	Morgan Stanley Capital Services, LLC		0.821%		USD	1,800,000		15,357		11,464		3,893
General Electric Capital Corp. 5.625%, due 9/15/17		1.000%		09/20/15	Deutsche Bank AG		0.261%		USD	3,500,000		18,829		43,236		(24,407)
General Electric Capital Corp. 5.625%, due 9/15/17		1.000%		12/20/15	Morgan Stanley Capital Services, LLC		0.292%		USD	6,500,000		44,995		(127,348)		172,343
Italy Government International Bond 6.875%, due 9/27/2023		1.000%		09/20/16	BNP Paribas S.A.		0.574%		USD	6,100,000		44,810		65,260		(20,450)
Italy Government International Bond 6.875%, due 9/27/2023		1.000%		09/20/16	Barclays Bank plc		0.574%		USD	26,100,000		191,729		142,958		48,771
Italy Government International Bond 6.875%, due 9/27/2023		1.000%		09/20/16	Deutsche Bank AG		0.574%		USD	57,800,000		424,595		366,407		58,188
Italy Government International Bond 6.875%, due 9/27/2023		1.000%		09/20/16	Deutsche Bank AG		0.574%		USD	48,000,000		352,605		314,481		38,124
Italy Government International Bond 6.875%, due 9/27/2023		1.000%		09/20/16	Deutsche Bank AG		0.574%		USD	5,600,000		41,137		56,139		(15,002)
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/17	Barclays Bank plc		0.722%		USD	2,200,000		14,970		8,305		6,665
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/17	Citibank N.A.		0.722%		USD	1,400,000		9,526		8,209		1,317

See accompanying notes to financial statements.

MIST-30

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

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 December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/17	Goldman Sachs International		0.722%		USD	1,300,000	$	8,846	$	7,405	$	1,441
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/17	Morgan Stanley Capital Services, LLC		0.722%		USD	2,200,000		14,970		7,617		7,353
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/19	Barclays Bank plc		1.114%		USD	3,500,000		(17,083)		(22,112)		5,029
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/19	Barclays Bank plc		1.114%		USD	3,500,000		(17,083)		(23,803)		6,720
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/19	Deutsche Bank AG		1.114%		USD	1,200,000		(5,857)		(8,723)		2,866
Italy Government International Bond 6.875%, due 9/27/23		1.000%		06/20/19	Goldman Sachs International		1.114%		USD	8,700,000		(42,463)		(39,667)		(2,796)
Italy Government International Bond 6.875%, due 9/27/2023		1.000%		09/20/19	Barclays Bank plc		1.155%		USD	800,000		(5,560)		—		(5,560)
Italy Government International Bond 6.875%, due 9/27/2023		1.000%		09/20/19	Deutsche Bank AG		1.155%		USD	3,700,000		(25,716)		(1,775)		(23,941)
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		03/20/15	Citibank N.A.		0.370%		USD	3,100,000		4,281		(71,176)		75,457
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		03/20/15	Deutsche Bank AG		0.370%		USD	1,400,000		1,934		(32,144)		34,078
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		09/20/15	Citibank N.A.		0.370%		USD	1,900,000		8,710		(28,651)		37,361
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		09/20/15	UBS AG, Stamford		0.370%		USD	600,000		2,750		(8,488)		11,238
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		03/20/16	Barclays Bank plc		0.437%		USD	10,800,000		74,660		(82,990)		157,650
Mexico Government International Bond 5.950%, due 3/19/19		1.000%		03/20/16	Citibank N.A.		0.437%		USD	6,900,000		47,699		(125,166)		172,865
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		03/20/16	Deutsche Bank AG		0.437%		USD	19,600,000		135,493		(143,793)		279,286
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		06/20/16	Citibank N.A.		0.487%		USD	10,000,000		75,795		(21,564)		97,359
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		09/20/16	Goldman Sachs International		0.523%		USD	4,600,000		37,916		(21,933)		59,849
Mexico Government International Bond 5.950% due 3/19/19		1.000%		09/20/16	JPMorgan Chase Bank N.A.		0.523%		USD	2,000,000		16,485		11,531		4,954
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		09/20/16	Morgan Stanley Capital Services, LLC		0.523%		USD	9,400,000		77,480		(40,540)		118,020
Mexico Government International Bond 7.500%, due 4/8/33		1.000%		09/20/16	UBS AG, Stamford		0.523%		USD	4,100,000		33,794		(17,990)		51,784
Mexico Government International Bond 5.950%, due 3/19/19		1.000%		12/20/16	Citibank N.A.		0.549%		USD	5,000,000		44,474		65,986		(21,512)
Mexico Government International Bond 5.950% due 3/19/19		1.000%		12/20/16	JPMorgan Chase Bank N.A.		0.549%		USD	1,200,000		10,674		16,197		(5,523)
Mexico Government International Bond 5.950% due 3/19/19		1.000%		06/20/17	Goldman Sachs International		0.613%		USD	2,900,000		27,549		(12,796)		40,345
Mexico Government International Bond 5.950% due 3/19/19		1.000%		12/20/18	Citibank N.A.		0.821%		USD	700,000		4,854		(1,033)		5,887
Mexico Government International Bond 5.950% due 3/19/19		1.000%		12/20/18	Goldman Sachs International		0.821%		USD	2,800,000		19,417		(6,879)		26,296
Mexico Government International Bond 5.950% due 3/19/19		1.000%		12/20/18	JPMorgan Chase Bank N.A.		0.821%		USD	700,000		4,854		(1,118)		5,972
Mexico Government International Bond 5.950%, due 3/19/19		1.000%		12/20/19	Citibank N.A.		0.996%		USD	69,900,000		13,442		414,082		(400,640)
Mexico Government International Bond 5.950%, due 3/19/2019		1.000%		12/20/19	Goldman Sachs International		0.996%		USD	13,000,000		2,500		86,635		(84,135)

See accompanying notes to financial statements.

MIST-31

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

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 December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Mexico Government International Bond 5.950%, due 3/19/19		1.000%		12/20/19	Morgan Stanley Capital Services, LLC		0.996%		USD	2,200,000	$	423	$	13,036	$	(12,613)
Morgan Stanley 6.000%, due 4/28/15		1.000%		09/20/18	Deutsche Bank AG		0.639%		USD	24,100,000		316,170		298,407		17,763
Petrobras International Finance Co. S.A. 8.375%, due 12/10/2018		1.000%		12/20/15	BNP Paribas S.A.		5.188%		USD	4,500,000		(178,354)		(108,228)		(70,126)
Petrobras International Finance Co. S.A. 8.375%, due 12/10/2018		1.000%		12/20/19	BNP Paribas S.A.		4.408%		USD	12,100,000		(1,737,182)		(1,219,755)		(517,427)
Petrobras International Finance Co. S.A. 8.375%, due 12/10/2018		1.000%		12/20/19	Barclays Bank plc		4.408%		USD	9,700,000		(1,392,617)		(1,153,284)		(239,333)
Petrobras International Finance Co. S.A. 8.375%, due 12/10/2018		1.000%		12/20/19	Goldman Sachs International		4.408%		USD	4,700,000		(674,773)		(513,648)		(161,125)
Petrobras International Finance Co. S.A. 8.375%, due 12/10/2018		5.000%		12/20/19	JPMorgan Chase Bank N.A.		4.408%		USD	2,100,000		52,417		(51,677)		104,094
Republic of Greece Government Bonds 2.00%, due 02/24/23		1.000%		12/20/15	Goldman Sachs International		16.837%		USD	7,200,000		(975,946)		(330,151)		(645,795)
Republic of Greece Government Bonds 2.00%, due 02/24/23		1.000%		12/20/15	Goldman Sachs International		16.837%		USD	9,300,000		(1,260,597)		(687,021)		(573,576)
Republic of Indonesia 6.750%, due 3/10/14		1.000%		09/20/15	Citibank N.A.		0.295%		USD	1,400,000		7,180		(31,728)		38,908
Republic of Indonesia 6.750% due 3/10/14		1.000%		06/20/16	Citibank N.A.		0.450%		USD	3,000,000		24,399		(55,608)		80,007
Russian Government International Bond 7.500%, due 3/31/30		1.000%		09/20/15	Barclays Bank plc		5.125%		USD	3,800,000		(111,488)		(48,575)		(62,913)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		09/20/15	Citibank N.A.		5.125%		USD	17,000,000		(498,764)		(198,559)		(300,205)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		09/20/15	Deutsche Bank AG		5.125%		USD	1,300,000		(38,141)		(15,901)		(22,240)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		03/20/19	BNP Paribas S.A.		4.827%		USD	10,900,000		(1,516,679)		(787,250)		(729,429)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		03/20/19	Barclays Bank plc		4.827%		USD	9,200,000		(1,280,133)		(664,468)		(615,665)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		03/20/19	Citibank N.A.		4.827%		USD	6,700,000		(932,270)		(511,648)		(420,622)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		03/20/19	Deutsche Bank AG		4.827%		USD	2,600,000		(361,777)		(195,608)		(166,169)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		09/20/19	Barclays Bank plc		4.793%		USD	28,000,000		(4,237,479)		(1,645,582)		(2,591,897)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		12/20/19	Barclays Bank plc		4.779%		USD	7,800,000		(1,225,979)		(557,835)		(668,144)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		12/20/19	Barclays Bank plc		4.779%		USD	7,800,000		(1,225,979)		(861,869)		(364,110)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		12/20/19	Citibank N.A.		4.779%		USD	15,000,000		(2,357,651)		(1,354,208)		(1,003,443)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		12/20/19	Goldman Sachs International		4.779%		USD	12,800,000		(2,011,862)		(907,148)		(1,104,714)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		12/20/19	JPMorgan Chase Bank N.A.		4.779%		USD	17,900,000		(2,813,464)		(1,677,145)		(1,136,319)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		06/20/19	JPMorgan Chase Bank N.A.		4.809%		USD	1,200,000		(174,369)		(69,247)		(105,122)
Russian Government International Bond 7.500%, due 3/31/30		1.000%		06/20/19	Morgan Stanley Capital Services, LLC		4.809%		USD	100,000		(14,531)		(5,680)		(8,851)
Sberbank of Russia Via SB Capital S.A. 5.500%, due 7/7/15		1.000%		09/20/15	Citibank N.A.		7.185%		USD	700,000		(30,491)		(12,110)		(18,381)

See accompanying notes to financial statements.

MIST-32

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

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 December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
Sberbank of Russia Via SB Capital S.A. 5.500%, due 7/7/15		1.000%		09/20/15	JPMorgan Chase Bank N.A.		7.185%		USD	200,000	$	(8,712)	$	(3,139)	$	(5,573)
U.S. Treasury Note 4.875%, due 8/15/16		0.250%		09/20/15	UBS AG, Stamford		0.097%		EUR	31,800,000		43,051		(477,132)		520,183
U.S. Treasury Note 4.875%, due 8/15/16		0.250%		03/20/16	BNP Paribas S.A.		0.099%		EUR	21,500,000		48,444		(303,267)		351,711
Verizon Communications, Inc. 5.500%, due 4/1/17		1.000%		09/20/18	Credit Suisse International		0.471%		USD	500,000		9,671		13,357		(3,686)
Totals											$	(24,453,771)	$	(15,646,658)	$	(8,807,113)

OTC Credit Default Swaps on Credit Indices—Sell Protection (a)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Appreciation/ (Depreciation)
Markit CDX North America Investment Grade, Series 9		0.553%		12/20/17	JPMorgan Chase Bank N.A.		0.104%		USD	1,928,998	$	25,539	$	—	$	25,539
Markit iTraxx Europe Sub Financials, Series 22		1.000%		12/20/19	Barclays Bank plc		1.488%		EUR	12,500,000		(353,074)		(766,393)		413,319
Markit iTraxx Europe Sub Financials, Series 22		1.000%		12/20/19	Citibank N.A.		1.488%		EUR	2,800,000		(79,089)		(91,824)		12,735
Markit iTraxx Europe Sub Financials, Series 22		1.000%		12/20/19	Goldman Sachs International		1.488%		EUR	19,000,000		(536,673)		(423,911)		(112,762)
Markit iTraxx Europe Sub Financials, Series 22		1.000%		12/20/19	Morgan Stanley Capital Services, LLC		1.488%		EUR	5,600,000		(158,177)		(181,929)		23,752
Markit iTraxx Europe Sub Financials, Series 22		1.000%		12/20/19	Societe Generale Paris		1.488%		EUR	12,700,000		(358,723)		(740,110)		381,387
Totals											$	(1,460,197)	$	(2,204,167)	$	743,970

(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.

(AUD)— Australian Dollar

(BRL)— Brazilian Real

(CAD)— Canadian Dollar

(CDI)— Brazil Interbank Deposit Rate

(CHF)— Swiss Franc

(CPURNSA)— U.S. Consumer Price All Urban Non-Seasonally Adjusted

(DKK)— Danish Krone

(EUR)— Euro

(EURIBOR)— Euro Interbank Offered Rate

(GBP)— British Pound

(ILS)— Israeli Shekel

(INR)— Indian Rupee

(JPY)— Japanese Yen

(LIBOR)— London Interbank Offered Rate

(MXN)— Mexican Peso

(TIIE)— Tasa de Interès Interbancaria de Equilibio

(USD)— United States Dollar

See accompanying notes to financial statements.

MIST-33

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	3,684,262,036		$	—	$	3,684,262,036
Total Corporate Bonds & Notes*		—			2,002,745,457			—		2,002,745,457
Total Foreign Government*		—			1,267,215,703			—		1,267,215,703
Total Asset-Backed Securities*		—			536,163,373			—		536,163,373
Total Mortgage-Backed Securities*		—			381,187,855			—		381,187,855
Total Municipals		—			319,475,434			—		319,475,434
Total Floating Rate Loans*		—			45,283,157			—		45,283,157
Total Convertible Preferred Stock*		44,561,700			—			—		44,561,700
Total Convertible Bond*		—			43,623,373			—		43,623,373
Total Preferred Stock*		29,830,504			—			—		29,830,504
Purchased Options
Put Options		26,406			483,080			—		509,486
Short-Term Investments
Discount Notes		—			325,747,327			—		325,747,327
U.S. Treasury		—			4,846,220			—		4,846,220
Commercial Paper		—			197,797,795			—		197,797,795
Repurchase Agreement		—			1,007,697			—		1,007,697
Certificate of Deposit		—			144,100,000			—		144,100,000
Total Short-Term Investments		—			673,499,039			—		673,499,039
Total Investments	$	74,418,610		$	8,953,938,507		$	—	$	9,028,357,117
Secured Borrowings (Liability)	$	—		$	(16,230,026	)	$	—	$	(16,230,026	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	164,539,947		$	—	$	164,539,947
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(48,727,284	)		—		(48,727,284	)
Total Forward Contracts	$	—		$	115,812,663		$	—	$	115,812,663
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	39,797,856		$	—		$	—	$	39,797,856
Futures Contracts (Unrealized Depreciation)		(9,764,286	)		—			—		(9,764,286	)
Total Futures Contracts	$	30,033,570		$	—		$	—	$	30,033,570
Written Options
Credit Default Swaptions at Value	$	—		$	(147,463	)	$	—	$	(147,463	)
Foreign Currency Written Options at Value		—			(7,530,143	)		—		(7,530,143	)
Inflation Capped Options at Value		—			(24,222	)		—		(24,222	)
Interest Rate Swaptions at Value		—			(6,483,630	)		—		(6,483,630	)
Total Written Options	$	—		$	(14,185,458	)	$	—	$	(14,185,458	)

See accompanying notes to financial statements.

MIST-34

Met Investors Series Trust

PIMCO Total Return Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—	$	2,897,021		$	—	$	2,897,021
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—		(62,140,666	)		—		(62,140,666	)
Total Centrally Cleared Swap Contracts	$	—	$	(59,243,645	)	$	—	$	(59,243,645	)
OTC Swap Contracts
OTC Swap Contracts at Value (Assets)	$	—	$	5,139,731		$	—	$	5,139,731
OTC Swap Contracts at Value (Liabilities)		—		(33,196,130	)		—		(33,196,130	)
Total OTC Swap Contracts	$	—	$	(28,056,399	)	$	—	$	(28,056,399	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-35

Met Investors Series Trust

PIMCO Total Return Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	9,028,357,117
Cash		5,191,666
Cash denominated in foreign currencies (b)		8,257,492
Cash collateral (c)		4,228,000
OTC swap contracts at market value (d)		5,139,731
Unrealized appreciation on forward foreign currency exchange contracts		164,539,947
Receivable for:
Investments sold		37,577,401
TBA securities sold		290,690,625
Fund shares sold		928,215
Interest		51,537,799
Variation margin on futures contracts		8,431,635
Interest on OTC swap contracts		729,046
Prepaid expenses		22,179
Other assets		289,898
Total Assets		9,605,920,751
Liabilities
Written options at value (e)		14,185,458
Secured borrowings		16,230,026
OTC swap contracts at market value (f)		33,196,130
Cash collateral (g)		85,050,000
Unrealized depreciation on forward foreign currency exchange contracts		48,727,284
Payables for:
Investments purchased		41,777,187
TBA securities purchased		1,269,641,250
Fund shares redeemed		2,675,717
Deferred dollar roll income		9,356
Variation margin on swap contracts		28,801
Interest on OTC swap contracts		448,247
Accrued expenses:
Management fees		3,301,946
Distribution and service fees		812,087
Deferred trustees’ fees		67,424
Other expenses		1,094,477
Total Liabilities		1,517,245,390
Net Assets	$	8,088,675,361
Net assets consist of:
Paid in surplus	$	7,706,092,165
Undistributed net investment income		268,293,149
Accumulated net realized gain		5,381,545
Unrealized appreciation on investments, written options, futures contracts, swap contracts and foreign currency transactions		108,908,502
Net Assets	$	8,088,675,361
Net Assets
Class A	$	4,267,556,495
Class B		3,764,406,018
Class E		56,712,848
Capital Shares Outstanding*
Class A		352,995,662
Class B		316,637,898
Class E		4,730,069
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.09
Class B		11.89
Class E		11.99

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $8,997,264,800.

(b) Identified cost of cash denominated in foreign currencies was $7,960,396.

(c) Includes collateral of $296,000 for futures contracts and $3,932,000 for centrally cleared swap contracts.

(d) Net premium paid on OTC swap contracts was $1,000,218.

(e) Premiums received on written options were $18,996,001.

(f) Net premium received on OTC swap contracts was $16,897,759.

(g) Includes collateral of $84,054,000 for OTC swap contracts and $996,000 for TBAs.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	5,068,190
Interest		195,084,489
Total investment income		200,152,679
Expenses
Management fees		40,636,569
Administration fees		197,920
Custodian and accounting fees		2,101,584
Distribution and service fees—Class B		10,041,640
Distribution and service fees—Class E		91,374
Audit and tax services		117,228
Legal		34,321
Trustees’ fees and expenses		43,760
Shareholder reporting		413,136
Insurance		55,773
Miscellaneous		58,746
Total expenses		53,792,051
Net Investment Income		146,360,628
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(47,882,630	)
Futures contracts		78,757,633
Written options		22,482,422
Swap contracts		6,603,244
Foreign currency transactions		160,720,596
Net realized gain		220,681,265
Net change in unrealized appreciation (depreciation) on:
Investments		(11,649,837	)
Futures contracts		50,459,453
Written options		1,184,814
Swap contracts		(173,056,875	)
Foreign currency transactions		130,135,982
Net change in unrealized depreciation		(2,926,463	)
Net realized and unrealized gain		217,754,802
Net Increase in Net Assets From Operations	$	364,115,430

See accompanying notes to financial statements.

MIST-36

Met Investors Series Trust

PIMCO Total Return Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	146,360,628		$	145,139,469
Net realized gain (loss)		220,681,265			(13,049,859	)
Net change in unrealized depreciation		(2,926,463	)		(295,005,004	)
Increase (decrease) in net assets from operations		364,115,430			(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		(722,976,956	)		(387,471,910	)
Total decrease in net assets		(567,437,714	)		(1,102,147,750	)
Net Assets
Beginning of period		8,656,113,075			9,758,260,825
End of period	$	8,088,675,361		$	8,656,113,075
Undistributed net investment income
End of period	$	268,293,149		$	218,706,171

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		16,955,506		$	200,931,838			31,368,544		$	382,765,466
Reinvestments		9,621,685			113,343,451			22,283,891			271,863,473
Redemptions		(46,143,775	)		(549,895,247	)		(74,095,563	)		(940,755,909	)
Net decrease		(19,566,584	)	$	(235,619,958	)		(20,443,128	)	$	(286,126,970	)
Class B
Sales		18,639,838		$	219,572,207			28,480,356		$	344,219,656
Reinvestments		8,075,598			93,757,690			22,904,994			275,318,029
Redemptions		(67,151,454	)		(791,543,544	)		(59,841,603	)		(713,042,429	)
Net decrease		(40,436,018	)	$	(478,213,647	)		(8,456,253	)	$	(93,504,744	)
Class E
Sales		104,505		$	1,239,608			188,927		$	2,306,266
Reinvestments		126,072			1,475,047			378,113			4,578,944
Redemptions		(997,969	)		(11,858,006	)		(1,226,055	)		(14,725,406	)
Net decrease		(767,392	)	$	(9,143,351	)		(659,015	)	$	(7,840,196	)
Decrease derived from capital shares transactions				$	(722,976,956	)				$	(387,471,910	)

See accompanying notes to financial statements.

MIST-37

Met Investors Series Trust

PIMCO Total Return Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.87		$	12.86		$	12.14		$	12.47		$	12.02
Income (Loss) from Investment Operations
Net investment income (a)		0.22			0.21			0.25			0.30			0.28
Net realized and unrealized gain (loss) on investments		0.31			(0.41	)		0.89			0.12			0.71
Total from investment operations		0.53			(0.20	)		1.14			0.42			0.99
Less Distributions
Distributions from net investment income		(0.31	)		(0.55	)		(0.42	)		(0.36	)		(0.47	)
Distributions from net realized capital gains		0.00			(0.24	)		0.00			(0.39	)		(0.07	)
Total distributions		(0.31	)		(0.79	)		(0.42	)		(0.75	)		(0.54	)
Net Asset Value, End of Period	$	12.09		$	11.87		$	12.86		$	12.14		$	12.47
Total Return (%) (b)		4.49			(1.72	)		9.56			3.42			8.41
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.51			0.51			0.51			0.51			0.51
Ratio of expenses to average net assets excluding interest expense (%)		0.51			0.51			0.51			0.51			0.51
Ratio of net investment income to average net assets (%)		1.85			1.73			1.97			2.47			2.31
Portfolio turnover rate (%)		283	(c)		352	(c)		424	(c)		516			714
Net assets, end of period (in millions)	$	4,267.6		$	4,422.4		$	5,052.8		$	5,249.4		$	5,543.8
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.68		$	12.66		$	11.96		$	12.30		$	11.87
Income (Loss) from Investment Operations
Net investment income (a)		0.19			0.18			0.21			0.27			0.25
Net realized and unrealized gain (loss) on investments		0.29			(0.40	)		0.88			0.11			0.70
Total from investment operations		0.48			(0.22	)		1.09			0.38			0.95
Less Distributions
Distributions from net investment income		(0.27	)		(0.52	)		(0.39	)		(0.33	)		(0.45	)
Distributions from net realized capital gains		0.00			(0.24	)		0.00			(0.39	)		(0.07	)
Total distributions		(0.27	)		(0.76	)		(0.39	)		(0.72	)		(0.52	)
Net Asset Value, End of Period	$	11.89		$	11.68		$	12.66		$	11.96		$	12.30
Total Return (%) (b)		4.19			(1.92	)		9.27			3.17			8.17
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.76			0.76			0.76			0.76			0.76
Ratio of expenses to average net assets excluding interest expense (%)		0.76			0.76			0.76			0.76			0.76
Ratio of net investment income to average net assets (%)		1.59			1.49			1.72			2.23			2.06
Portfolio turnover rate (%)		283	(c)		352	(c)		424	(c)		516			714
Net assets, end of period (in millions)	$	3,764.4		$	4,169.0		$	4,626.9		$	4,436.1		$	3,958.7

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-38

Met Investors Series Trust

PIMCO Total Return Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.77		$	12.75		$	12.05		$	12.37		$	11.93
Income (Loss) from Investment Operations
Net investment income (a)		0.20			0.19			0.23			0.28			0.27
Net realized and unrealized gain (loss) on investments		0.30			(0.40	)		0.86			0.13			0.69
Total from investment operations		0.50			(0.21	)		1.09			0.41			0.96
Less Distributions
Distributions from net investment income		(0.28	)		(0.53	)		(0.39	)		(0.34	)		(0.45	)
Distributions from net realized capital gains		0.00			(0.24	)		0.00			(0.39	)		(0.07	)
Total distributions		(0.28	)		(0.77	)		(0.39	)		(0.73	)		(0.52	)
Net Asset Value, End of Period	$	11.99		$	11.77		$	12.75		$	12.05		$	12.37
Total Return (%) (b)		4.34			(1.82	)		9.27			3.37			8.24
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.66			0.66			0.66			0.66			0.66
Ratio of expenses to average net assets excluding interest expense (%)		0.66			0.66			0.66			0.66			0.66
Ratio of net investment income to average net assets (%)		1.69			1.59			1.82			2.31			2.17
Portfolio turnover rate (%)		283	(c)		352	(c)		424	(c)		516			714
Net assets, end of period (in millions)	$	56.7		$	64.7		$	78.5		$	83.2		$	118.5

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 112%, 140% and 183% for 2014, 2013 and 2012, respectively

See accompanying notes to financial statements.

MIST-39

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-40

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MIST-41

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to futures transactions, foreign currency transactions, option transactions, swap transactions, premium amortization adjustments, deflationary sell adjustments, paydown reclasses 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $1,007,697, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Secured Borrowing Transactions - The Portfolio may enter into transactions consisting of a transfer of a security by the Portfolio to a financial institution or counterparty, with a simultaneous agreement to reacquire the same, or substantially the same security, at an agreed-upon price and future settlement date. Such transactions are treated as secured borrowings, and not as purchases and sales. The Portfolio receives cash from the transfer of the security to use for other investment purposes. During the year ended December 31, 2014, the Portfolio entered into secured borrowing transactions involving U.S. Treasury 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 year ended December 31, 2014, the Portfolio had an outstanding secured borrowing transaction balance for 140 days. For the year ended December 31, 2014, the Portfolio’s average amount of borrowings was $61,176,015 and the weighted average interest rate was (0.97)% during the 140 day period. At December 31, 2014, the amount of the Portfolio’s outstanding borrowings was $16,230,026.

The Master Securities Forward Transaction Agreement (“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

MIST-42

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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 December 31, 2014:

Counterparty	Payable for Secured Borrowings			Financial Instruments Available for Offset(a)		Collateral Received(b)		Net Amount(c)
Barclays Capital Inc.	$	(16,230,026	)	$	16,230,026	$	—	$	—

(a) Represents market value of borrowings as of December 31, 2014.

(b) Under the terms of the MSFTA, 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 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.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage, and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”. Securities with a market value of $260,261 have been received by the Portfolio as collateral for TBAs as of December 31, 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

MIST-43

Met Investors Series Trust

PIMCO Total Return Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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 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 proceeds received from a short sale are recorded as a liability. 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.

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Realized and unrealized gains and losses on forward foreign currency exchange contracts are included in the Statement of Operations. These contracts involve market and/or credit risk in excess of the amount recognized in the Statement of Assets and Liabilities. The use of forward foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities of the Portfolio, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign currency exchange contracts may limit the risk of loss due to a decline in the value of the currency holdings, they also limit any potential gain that might result should the value of the currency increase. In addition, the Portfolio could be exposed to losses if the counterparties to the contracts are unable to meet the terms of the contracts. The Portfolio’s maximum potential loss from such contracts is the aggregate face value in U.S. dollars at the time the contract was opened.

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Options Contracts - An option contract purchased by the Portfolio gives the Portfolio the right, but not the obligation, to buy (call) or sell (put) an underlying instrument at a fixed exercise price during a specified period. Call options written by the Portfolio give the holder the right to buy the underlying instrument from the Portfolio at a fixed exercise price; put options written by the Portfolio give the holder the right to sell the underlying instrument to the Portfolio at a fixed exercise price.

The Portfolio may use options to hedge against changes in values of securities the Portfolio owns or expects to purchase, to maintain investment exposure to a target asset class or to enhance return. Writing puts or buying calls tends to increase the Portfolio’s exposure to the underlying instrument and writing calls or buying puts tends to decrease the Portfolio’s exposure to the underlying instrument, and can be used to hedge other Portfolio investments. For options used to hedge the Portfolio’s investments, the potential risk to the Portfolio is that the change in value of options contracts may not correspond perfectly to the change in value of the hedged instruments. The Portfolio also bears the risk of an unfavorable change in the value of the underlying instrument or the risk that the Portfolio may not be able to enter into a closing transaction due to an illiquid market. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of purchased options is typically the premium initially paid for the option plus any unrealized gains.

The main risk associated with purchasing an option is that the option expires without being exercised. In this case, the option is worthless when it expires and the premium paid for the option is considered a realized loss. The risk associated with writing a call option is that the Portfolio may forgo the opportunity for a profit if the market value of the underlying instrument increases and the option is exercised, requiring the Portfolio to sell the underlying instrument at a price below its market value. When the Portfolio writes a call option on a security it does not own, its exposure on such an option is theoretically unlimited. The risk in writing a put option is that the Portfolio may incur a loss if the market value of the underlying instrument decreases and the option is exercised, requiring the Portfolio to purchase the underlying instrument at a price above its market value. In addition, the Portfolio risks not being able to enter into a closing transaction for the written option as the result of an illiquid market for the option.

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

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into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying instrument and the liability related to such option is eliminated. When a written call option is exercised, the Portfolio realizes a gain or loss, as adjusted for the premium received, from the sale of the underlying instrument. When a written put option is exercised, the premium received is offset against the amount paid for the purchase of the underlying instrument.

The purpose of inflation-capped options is to protect the buyer from inflation, above a specified rate, eroding the value of investments in inflation-linked products with a given notional exposure. Inflation-capped options are used to give downside protection to investments in inflation-linked products by establishing a floor on the value of such products.

Options on swaps (“swaptions”) are similar to options on securities except that instead of selling or purchasing the right to buy or sell a security, the writer or purchaser of the swaptions is granting or buying the right to enter into a previously agreed upon interest rate or credit default swap agreement (interest rate risk and/or credit risk) at any time before the expiration of the option.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s 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

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referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2014, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

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

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Portfolio may enter into interest rate swap agreements. Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating rate, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Other forms of interest rate swap agreements may include: (1) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; (2) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and (3) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. The Portfolio’s maximum risk of loss from counterparty credit risk, as opposed to investment and other types of risk, in respect of interest rate swaps is typically the discounted net value of the cash flows to be received from the counterparty over the contract’s remaining life, to the extent that amount is positive.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)		509,486
	OTC swap contracts at market value (b)	$	2,598,768	OTC swap contracts at market value (b)	$	4,741,199
	Unrealized appreciation on centrally cleared swap contracts* (c)		2,897,021	Unrealized depreciation on centrally cleared swap contracts* (c)		62,139,831
	Unrealized appreciation on futures contracts** (c)		39,797,856	Unrealized depreciation on futures contracts** (c)		9,764,286
				Written options at value		6,507,852
Credit	OTC swap contracts at market value (b)		2,540,963	OTC swap contracts at market value (b)		28,454,931
				Unrealized depreciation on centrally cleared swap contracts* (c)		835
				Written options at value		147,463
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		164,539,947	Unrealized depreciation on forward foreign currency exchange contracts		48,727,284
				Written options at value		7,530,143
Total		$	212,884,041		$	168,013,824

* Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

** Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

(a) Represents purchased options which are part of investments as shown in the Statement of Assets and Liabilities.

(b) Excludes OTC swap interest receivable of $729,046 and OTC swap interest payable of $448,247.

(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.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a MNA (see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†			Net Amount*
Bank of America N.A.	$	228,320	$	—		$	—		$	228,320
Barclays Bank plc		9,068,588		(9,068,588	)		—			—
BNP Paribas S.A.		16,876,228		(6,817,526	)		(10,058,702	)		—
Citibank N.A.		29,617,858		(27,696,946	)		(1,920,912	)		—
Credit Suisse International		16,862,862		(3,722,498	)		(12,236,000	)		904,364
Deutsche Bank AG		21,391,515		(9,074,478	)		(11,670,000	)		647,037
Goldman Sachs Bank USA		10,468,646		(10,468,646	)		—			—
Goldman Sachs International		102,461		(102,461	)		—			—
JPMorgan Chase Bank N.A.		22,936,942		(11,200,275	)		(11,736,667	)		—
Morgan Stanley Capital Services, LLC		629,523		(629,523	)		—			—
Societe Generale Paris		703,866		(631,151	)		—			72,715
UBS AG, Stamford		41,302,355		(1,608,303	)		(34,220,000	)		5,474,052
	$	170,189,164	$	(81,020,395	)	$	(81,842,281	)	$	7,326,488

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The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Barclays Bank plc	$	11,485,679	$	(9,068,588	)	$	(2,417,091	)	$	—
BNP Paribas S.A.		6,817,526		(6,817,526	)		—			—
Citibank N.A.		27,696,946		(27,696,946	)		—			—
Credit Suisse International		3,722,498		(3,722,498	)		—			—
Deutsche Bank AG		9,074,478		(9,074,478	)		—			—
Goldman Sachs Bank USA		14,690,276		(10,468,646	)		(4,221,630	)		—
Goldman Sachs International		5,516,829		(102,461	)		(5,414,368	)		—
JPMorgan Chase Bank N.A.		11,200,275		(11,200,275	)		—			—
Morgan Stanley Capital Services, LLC		3,579,563		(629,523	)		(2,950,040	)		—
Societe Generale Paris		631,151		(631,151	)		—			—
UBS AG, Stamford		1,608,303		(1,608,303	)		—			—
Westpac Banking Corp.		85,348		—			—			85,348
	$	96,108,872	$	(81,020,395	)	$	(15,003,129	)	$	85,348

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit			Foreign Exchange		Total
Forward foreign currency transactions	$	—		$	—		$	161,350,821	$	161,350,821
Futures contracts		78,757,633			—			—		78,757,633
Swap contracts		(453,438	)		7,056,682			—		6,603,244
Written options		20,673,970			206,131			1,602,321		22,482,422
	$	98,978,165		$	7,262,813		$	162,953,142	$	269,194,120
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange		Total
Investments (a)	$	(97,810	)	$	—		$	—	$	(97,810	)
Forward foreign currency transactions		—			—			130,811,526		130,811,526
Futures contracts		50,459,453			—			—		50,459,453
Swap contracts		(160,790,000	)		(12,266,875	)		—		(173,056,875	)
Written options		(894,439	)		226,238			1,853,015		1,184,814
	$	(111,322,796	)	$	(12,040,637	)	$	132,664,541	$	9,301,108

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	40,845,000
Forward foreign currency transactions		5,168,663,713
Futures contracts long		9,876,825,166
Futures contracts short		(801,038,108	)
Swap contracts		4,669,885,241
Written options		(1,779,153,165	)

‡ Averages are based on activity levels during 2014.

(a) Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

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Notes to Financial Statements—December 31, 2014—(Continued)

Written Options

The Portfolio transactions in written options during the year December 31, 2014:

Call Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		717,700,000			—			1,441,459
Options written		2,761,300,000			425			11,100,973
Options bought back		(9,100,000	)		—			(216,521	)
Options exercised		(919,700,000	)		(425	)		(3,700,632	)
Options expired		(1,926,200,000	)		—			(4,432,600	)
Options outstanding December 31, 2014		624,000,000			—			4,192,679
Put Options	Notional Amount			Number of Contracts			Premium Received
Options outstanding December 31, 2013		1,153,500,000			724			6,461,553
Options written		3,680,400,000			8,159			28,008,737
Options bought back		(763,400,000	)		(2,094	)		(4,768,680	)
Options exercised		(143,300,000	)		(1,076	)		(1,139,404	)
Options expired		(2,329,900,000	)		(5,713	)		(13,758,884	)
Options outstanding December 31, 2014		1,597,300,000			—			14,803,322

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability

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Notes to Financial Statements—December 31, 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.

Master Securities Forward Transaction Agreements (“MSFTA”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as TBA securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The MSFTA maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$10,027,703,518	$	12,632,201,967	$	13,014,093,878	$	10,944,442,188

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2014 were as follows:

Purchases	Sales
$14,644,486,423	$	15,165,315,298

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$40,636,569		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.

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Notes to Financial Statements—December 31, 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 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 year ended December 31, 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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$208,576,188	$	472,507,003	$	—	$	79,253,443	$	208,576,188	$	551,760,446

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Depreciation			Loss Carryforwards		Total
$376,892,707	$	84,019,535	$	(78,261,621	)	$	—	$	382,650,621

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized $96,936,671 in capital loss carryforwards.

At December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

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Notes to Financial Statements—December 31, 2014—(Continued)

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Report of Independent Registered Public Accounting Firm

To the Shareholders of PIMCO Total Return 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 the PIMCO Total Return Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), of December 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, 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 Total Return Portfolio of Met Investors Series Trust as of December 31, 2014, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

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Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

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Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

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responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-58

Met Investors Series Trust

PIMCO Total Return Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

PIMCO Total Return Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Pacific Investment Management Co. LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the one- and three-year periods ended June 30, 2014 and that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the five-year period ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Barclays Aggregate Bond Index, for the three- and five-year periods ended October 31, 2014 and underperformed its benchmark for the one-year period ended October 31, 2014. The Board also took into account the recent change in the investment management team in September 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were slightly above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group at the Portfolio’s current size and below the average of the Sub-advised Expense Universe at the Portfolio’s current size. The Board also noted that the Adviser was in the final stages of negotiating reductions to the Portfolio’s sub-advisory fee schedule, and that the Adviser intended to waive a corresponding portion of its advisory fees in order for contractholders to benefit from the lower sub-advisory fees and that those changes would be presented to the Board in February 2015 to be effective later in 2015.

MIST-59

Met Investors Series Trust

Pioneer Fund Portfolio

Managed by Pioneer Investment Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the Pioneer Fund Portfolio returned 11.16% and 10.93%. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned 13.69%.

MARKET ENVIRONMENT / CONDITIONS

Despite a weather-weakened first quarter, the U.S. economy continued to expand in 2014, with employment, personal incomes, and corporate profits hitting new highs, gasoline prices falling, and interest rates and inflation remaining low.

After a difficult 2013, and despite the Federal Reserve eliminating its Quantitative Easing bond-buying program, longer-term bonds rallied in 2014, with the yield on ten-year Treasuries falling from roughly 3% to roughly 2%. The Barclay U.S. Universal Bond Index, a broad measure of the U.S. bond market, returned 5.6% for the year.

The S&P 500 Index returned 13.7% in 2014. Falling interest rates helped Utilities to a market-leading 28% return in 2014. Health Care (up 25%) and Information Technology (up 20%) also outperformed. The Energy sector, down 8% on lower oil prices, was the only sector to post a decline in 2014. Telecom Services (up 3%) and Materials (up 7%) also lagged the broad market.

PORTFOLIO REVIEW / PERIOD END POSITIONING

While up in absolute terms, Portfolio returns lagged those of the benchmark S&P 500 Index as holdings in Energy, Financials, and Information Technology (“IT”) lagged Index sector returns. Calendar year Portfolio returns benefited most from a large weighting and solid returns within the Health Care sector.

The Portfolio’s worst results, by far, came in the Energy sector. Exposure to the sector was in line with that of the S&P 500 Index, however the Portfolio had higher exposure to “upstream” energy service companies and oil & gas producers and less exposure to “downstream” refiners and integrated oil companies. This made the Portfolio’s holdings more commodity price sensitive than the Index sector. As a result, Energy had the largest negative impact on both absolute and benchmark-relative returns in 2014.

The largest drag on Index-relative returns in the Financials sector in 2014 was a lack of real estate investment trust (REIT) exposure in a year when that industry group returned over 30%. In IT, the Portfolio held too many specialty semiconductor companies and an underweight position in Intel (up 44% for the year). Similarly detracting from results, Apple (up 41%) was one of our largest positions but was underweight (2.2% vs 3.3%) relative to the S&P 500 Index.

The Portfolio’s Consumer Discretionary sector exposure outperformed that of the Index’s, due in large part to owning off-price retailer Ross Stores (up 27%) and not holding Amazon (down 22%). Additionally, the Portfolio’s Industrials sector exposure, largely due to an overweight to the railroad industry, contributed to performance.

Our trading decisions were based more on bottom-up analysis of company fundamentals and relative valuations than on top-down views of the economy: we are not top-down investors. Positions with a weight above 1% at the beginning of 2014 which were sold during the year were Colgate-Palmolive, Walgreens Boots Alliance, Citigroup, Chevron, Ford Motor, and Amgen. The largest new positions initiated in 2014 (none over 1% at year-end) included infant nutrition company Mead Johnson Nutrition, Coca-Cola, electric utility NextEra Energy, paint maker Valspar, and custody bank State Street.

As is typical of our strategy, at year end most sector weights were close to those of the S&P 500 Index, with Health Care and Consumer Staples the most overweighted and IT and Telecom Services the most underweighted. As always, our strategy remains to focus on identifying individual companies we think have longer-term merit and which can withstand pressures that may be exerted by economic turbulence.

John A. Carey

Walter Hunnewell

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-1

Met Investors Series Trust

Pioneer Fund Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
Pioneer Fund Portfolio
Class A		11.16		12.66		6.90		—
Class B		10.93		12.38		—		16.26
S&P 500 Index		13.69		15.45		7.67		—

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² Inception dates of the Class A 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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Wells Fargo & Co.		2.6
Microsoft Corp.		2.5
Apple, Inc.		2.4
Hershey Co. (The)		2.3
C.R. Bard, Inc.		2.1
CVS Health Corp.		2.0
Chubb Corp. (The)		1.8
United Technologies Corp.		1.7
Johnson & Johnson		1.6
Walt Disney Co. (The)		1.6

Top Sectors

	% of Net Assets
Health Care		20.4
Financials		15.9
Information Technology		15.5
Consumer Discretionary		12.7
Consumer Staples		11.1
Industrials		10.4
Energy		8.2
Materials		3.6
Utilities		1.6
Telecommunication Services		0.4

MIST-2

Met Investors Series Trust

Pioneer Fund Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Pioneer Fund Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.66	%	$	1,000.00	$	1,041.70	$	3.40
	Hypothetical*		0.66	%	$	1,000.00	$	1,021.88	$	3.36
Class B(a)	Actual		0.91	%	$	1,000.00	$	1,040.80	$	4.68
	Hypothetical*		0.91	%	$	1,000.00	$	1,020.62	$	4.63

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 5 of the Notes to Financial Statements.

MIST-3

Met Investors Series Trust

Pioneer Fund Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—99.8% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.1%
Honeywell International, Inc.		20,020	$	2,000,398
United Technologies Corp.		70,059		8,056,785
				10,057,183
Airlines—0.4%
American Airlines Group, Inc.		37,006		1,984,632
Auto Components—0.4%
BorgWarner, Inc.		37,033		2,034,963
Banks—9.0%
Bank of America Corp.		296,687		5,307,731
BB&T Corp.		92,397		3,593,319
Canadian Imperial Bank of Commerce (a)		20,063		1,724,415
KeyCorp		367,996		5,115,144
PNC Financial Services Group, Inc. (The)		84,370		7,697,075
Regions Financial Corp.		92,089		972,460
U.S. Bancorp		147,146		6,614,213
Wells Fargo & Co.		229,276		12,568,910
				43,593,267
Beverages—2.2%
Coca-Cola Co. (The)		104,179		4,398,437
Coca-Cola Enterprises, Inc.		93,777		4,146,819
Dr Pepper Snapple Group, Inc.		31,604		2,265,375
				10,810,631
Biotechnology—2.3%
Alnylam Pharmaceuticals, Inc. (a) (b)		30,604		2,968,588
Celgene Corp. (b)		54,670		6,115,386
Gilead Sciences, Inc. (b)		23,183		2,185,230
				11,269,204
Building Products—0.6%
Allegion plc		30,662		1,700,514
Fortune Brands Home & Security, Inc. (a)		22,932		1,038,132
				2,738,646
Capital Markets—3.1%
Charles Schwab Corp. (The)		100,525		3,034,850
Franklin Resources, Inc.		65,187		3,609,404
Invesco, Ltd.		64,277		2,540,227
Morgan Stanley		63,507		2,464,072
State Street Corp.		44,922		3,526,377
				15,174,930
Chemicals—3.6%
Airgas, Inc.		21,761		2,506,432
Dow Chemical Co. (The)		68,194		3,110,328
Ecolab, Inc.		45,998		4,807,711
Givaudan S.A. (b)		925		1,653,952
Monsanto Co.		17,067		2,038,995
Valspar Corp. (The)		40,008		3,459,892
				17,577,310
Communications Equipment—0.8%
F5 Networks, Inc. (b)		30,129	$	3,930,780
Consumer Finance—1.0%
American Express Co.		31,694		2,948,810
Discover Financial Services		31,488		2,062,149
				5,010,959
Diversified Consumer Services—0.1%
Houghton Mifflin Harcourt Co. (b)		26,574		550,348
Diversified Telecommunication Services—0.4%
Verizon Communications, Inc.		41,443		1,938,704
Electric Utilities—1.5%
American Electric Power Co., Inc.		70,854		4,302,255
NextEra Energy, Inc.		30,071		3,196,246
				7,498,501
Electrical Equipment—0.8%
Eaton Corp. plc		31,164		2,117,906
Rockwell Automation, Inc.		14,911		1,658,103
				3,776,009
Energy Equipment & Services—2.4%
Cameron International Corp. (b)		35,405		1,768,480
FMC Technologies, Inc. (b)		31,642		1,482,111
Halliburton Co.		30,065		1,182,456
Helmerich & Payne, Inc.		16,780		1,131,308
National Oilwell Varco, Inc.		28,906		1,894,210
Schlumberger, Ltd.		41,017		3,503,262
Superior Energy Services, Inc.		28,068		565,570
				11,527,397
Food & Staples Retailing—2.0%
CVS Health Corp.		98,664		9,502,330
Food Products—5.5%
Campbell Soup Co. (a)		28,481		1,253,164
General Mills, Inc.		56,291		3,001,999
Hershey Co. (The)		108,402		11,266,220
Kraft Foods Group, Inc.		34,763		2,178,250
Mead Johnson Nutrition Co.		42,721		4,295,169
Mondelez International, Inc. - Class A		132,121		4,799,295
				26,794,097
Health Care Equipment & Supplies—4.8%
Abbott Laboratories		98,166		4,419,433
Becton Dickinson & Co.		41,159		5,727,686
C.R. Bard, Inc.		60,083		10,011,030
Smith & Nephew plc (ADR)		84,570		3,107,102
				23,265,251
Health Care Providers & Services—3.1%
Aetna, Inc.		40,114		3,563,327
DaVita HealthCare Partners, Inc. (b)		28,675		2,171,845

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

Pioneer Fund Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Health Care Providers & Services—(Continued)
Express Scripts Holding Co. (b)		24,147	$	2,044,526
Humana, Inc.		9,763		1,402,260
McKesson Corp.		28,011		5,814,523
				14,996,481
Household Durables—1.1%
Electrolux AB - Series B		91,340		2,680,032
Whirlpool Corp.		12,967		2,512,226
				5,192,258
Household Products—1.4%
Clorox Co. (The)		18,310		1,908,085
Procter & Gamble Co. (The)		53,993		4,918,222
				6,826,307
Industrial Conglomerates—2.4%
3M Co.		36,656		6,023,314
General Electric Co.		220,981		5,584,190
				11,607,504
Insurance—2.7%
Chubb Corp. (The)		85,761		8,873,691
Travelers Cos., Inc. (The)		41,499		4,392,669
				13,266,360
Internet Software & Services—2.3%
eBay, Inc. (b)		36,320		2,038,278
Facebook, Inc. - Class A (b)		58,154		4,537,175
Google, Inc. - Class A (b)		4,087		2,168,808
Google, Inc. - Class C (b)		4,486		2,361,430
				11,105,691
IT Services—2.7%
Automatic Data Processing, Inc.		41,552		3,464,190
DST Systems, Inc.		30,592		2,880,237
Fiserv, Inc. (b)		57,236		4,062,039
Fujitsu, Ltd.		94,000		500,725
Visa, Inc. - Class A (a)		8,890		2,330,958
				13,238,149
Life Sciences Tools & Services—1.0%
Thermo Fisher Scientific, Inc.		39,561		4,956,598
Machinery—1.8%
Cummins, Inc.		12,858		1,853,738
Ingersoll-Rand plc		69,706		4,418,663
PACCAR, Inc.		35,292		2,400,209
				8,672,610
Media—5.6%
CBS Corp. - Class B		33,137		1,833,802
Gannett Co., Inc.		28,117		897,776
John Wiley & Sons, Inc. - Class A		96,119		5,694,090
Media—(Continued)
Pearson plc		150,962		2,776,980
Scripps Networks Interactive, Inc. - Class A (a)		70,025		5,270,782
Time Warner, Inc.		30,574		2,611,631
Time, Inc.		3,173		78,087
Walt Disney Co. (The)		82,501		7,770,769
				26,933,917
Multiline Retail—1.7%
Macy’s, Inc.		79,887		5,252,570
Nordstrom, Inc.		39,201		3,112,168
				8,364,738
Oil, Gas & Consumable Fuels—5.8%
Apache Corp.		51,618		3,234,900
Cabot Oil & Gas Corp.		128,652		3,809,386
California Resources Corp. (b)		8,918		49,138
ConocoPhillips		51,058		3,526,066
EOG Resources, Inc.		25,359		2,334,803
Kinder Morgan, Inc.		62,880		2,660,453
Marathon Oil Corp.		112,173		3,173,374
Marathon Petroleum Corp.		37,693		3,402,170
Occidental Petroleum Corp.		22,296		1,797,281
Phillips 66		37,529		2,690,829
Southwestern Energy Co. (b)		61,470		1,677,516
				28,355,916
Pharmaceuticals—9.2%
AbbVie, Inc.		85,656		5,605,329
Actavis plc (b)		17,029		4,383,435
AstraZeneca plc (ADR)		33,676		2,370,117
Eli Lilly & Co. (a)		33,825		2,333,587
GlaxoSmithKline plc (ADR)		51,487		2,200,554
Johnson & Johnson		74,539		7,794,543
Mallinckrodt plc (a) (b)		29,366		2,908,115
Merck & Co., Inc.		74,340		4,221,769
Pfizer, Inc.		81,659		2,543,678
Roche Holding AG		7,446		2,018,167
Shire plc		37,399		2,646,101
Zoetis, Inc.		129,077		5,554,183
				44,579,578
Real Estate Investment Trusts—0.1%
OUTFRONT Media, Inc.		10,354		277,901
Road & Rail—2.4%
Kansas City Southern		9,177		1,119,869
Norfolk Southern Corp.		42,318		4,638,476
Union Pacific Corp.		47,837		5,698,822
				11,457,167
Semiconductors & Semiconductor Equipment—2.4%
Analog Devices, Inc.		69,684		3,868,856
ASML Holding NV		24,790		2,673,106
Intel Corp.		61,826		2,243,665

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

Pioneer Fund Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—(Continued)
Xilinx, Inc.		64,856	$	2,807,616
				11,593,243
Software—3.1%
CDK Global, Inc.		11,941		486,715
Microsoft Corp.		265,303		12,323,324
Symantec Corp.		81,601		2,093,474
				14,903,513
Specialty Retail—3.3%
Home Depot, Inc. (The)		33,198		3,484,794
Ross Stores, Inc.		69,459		6,547,205
TJX Cos., Inc. (The)		88,591		6,075,571
				16,107,570
Technology Hardware, Storage & Peripherals—4.2%
Apple, Inc.		106,779		11,786,266
EMC Corp.		186,217		5,538,093
NetApp, Inc.		70,828		2,935,821
				20,260,180
Textiles, Apparel & Luxury Goods—0.5%
PVH Corp.		18,263		2,340,769
Trading Companies & Distributors—0.0%
NOW, Inc. (a) (b)		7,226		185,925
Total Common Stocks (Cost $342,004,783)				484,257,517

Short-Term Investment—2.6%
Security Description	Shares		Value
Mutual Fund—2.6%
State Street Navigator Securities Lending MET Portfolio (c)		12,380,249	$	12,380,249
Total Short-Term Investment (Cost $12,380,249)				12,380,249
Total Investments—102.4% (Cost $354,385,032) (d)				496,637,766
Other assets and liabilities (net)—(2.4)%				(11,455,729	)
Net Assets—100.0%			$	485,182,037

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $14,354,366 and the collateral received consisted of cash in the amount of $12,380,249 and non-cash collateral with a value of $2,410,031. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(b) Non-income producing security.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $354,832,186. The aggregate unrealized appreciation and depreciation of investments were $147,413,000 and $(5,607,420), respectively, resulting in net unrealized appreciation of $141,805,580 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Pioneer Fund Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Common Stocks
Aerospace & Defense	$	10,057,183	$	—		$	—	$	10,057,183
Airlines		1,984,632		—			—		1,984,632
Auto Components		2,034,963		—			—		2,034,963
Banks		43,593,267		—			—		43,593,267
Beverages		10,810,631		—			—		10,810,631
Biotechnology		11,269,204		—			—		11,269,204
Building Products		2,738,646		—			—		2,738,646
Capital Markets		15,174,930		—			—		15,174,930
Chemicals		15,923,358		1,653,952			—		17,577,310
Communications Equipment		3,930,780		—			—		3,930,780
Consumer Finance		5,010,959		—			—		5,010,959
Diversified Consumer Services		550,348		—			—		550,348
Diversified Telecommunication Services		1,938,704		—			—		1,938,704
Electric Utilities		7,498,501		—			—		7,498,501
Electrical Equipment		3,776,009		—			—		3,776,009
Energy Equipment & Services		11,527,397		—			—		11,527,397
Food & Staples Retailing		9,502,330		—			—		9,502,330
Food Products		26,794,097		—			—		26,794,097
Health Care Equipment & Supplies		23,265,251		—			—		23,265,251
Health Care Providers & Services		14,996,481		—			—		14,996,481
Household Durables		2,512,226		2,680,032			—		5,192,258
Household Products		6,826,307		—			—		6,826,307
Industrial Conglomerates		11,607,504		—			—		11,607,504
Insurance		13,266,360		—			—		13,266,360
Internet Software & Services		11,105,691		—			—		11,105,691
IT Services		12,737,424		500,725			—		13,238,149
Life Sciences Tools & Services		4,956,598		—			—		4,956,598
Machinery		8,672,610		—			—		8,672,610
Media		24,156,937		2,776,980			—		26,933,917
Multiline Retail		8,364,738		—			—		8,364,738
Oil, Gas & Consumable Fuels		28,355,916		—			—		28,355,916
Pharmaceuticals		39,915,310		4,664,268			—		44,579,578
Real Estate Investment Trusts		277,901		—			—		277,901
Road & Rail		11,457,167		—			—		11,457,167
Semiconductors & Semiconductor Equipment		11,593,243		—			—		11,593,243
Software		14,903,513		—			—		14,903,513
Specialty Retail		16,107,570		—			—		16,107,570
Technology Hardware, Storage & Peripherals		20,260,180		—			—		20,260,180
Textiles, Apparel & Luxury Goods		2,340,769		—			—		2,340,769
Trading Companies & Distributors		185,925		—			—		185,925
Total Common Stocks		471,981,560		12,275,957			—		484,257,517
Total Short-Term Investment*		12,380,249		—			—		12,380,249
Total Investments	$	484,361,809	$	12,275,957		$	—	$	496,637,766
Collateral for securities loaned (Liability)	$	—	$	(12,380,249	)	$	—	$	(12,380,249	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Pioneer Fund Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	496,637,766
Receivable for:
Investments sold		871,303
Fund shares sold		56,633
Dividends		699,328
Prepaid expenses		1,253
Total Assets		498,266,283
Liabilities
Due to custodian		174,241
Collateral for securities loaned		12,380,249
Payables for:
Fund shares redeemed		75,761
Accrued expenses:
Management fees		256,941
Distribution and service fees		18,316
Deferred trustees’ fees		68,207
Other expenses		110,531
Total Liabilities		13,084,246
Net Assets	$	485,182,037
Net assets consist of:
Paid in surplus	$	294,086,900
Undistributed net investment income		5,592,003
Accumulated net realized gain		43,250,394
Unrealized appreciation on investments and foreign currency transactions		142,252,740
Net Assets	$	485,182,037
Net Assets
Class A	$	398,434,715
Class B		86,747,322
Capital Shares Outstanding*
Class A		27,497,128
Class B		6,071,303
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.49
Class B		14.29

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $354,385,032.

(b) Includes securities loaned at value of $14,354,366.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	9,117,814
Securities lending income		37,415
Total investment income		9,155,229
Expenses
Management fees		3,230,906
Administration fees		11,762
Custodian and accounting fees		49,324
Distribution and service fees—Class B		203,415
Audit and tax services		39,511
Legal		34,320
Trustees’ fees and expenses		44,443
Shareholder reporting		25,599
Insurance		2,976
Miscellaneous		12,676
Total expenses		3,654,932
Less management fee waiver		(240,887	)
Less broker commission recapture		(15,250	)
Net expenses		3,398,795
Net Investment Income		5,756,434
Net Realized and Unrealized Gain
Net realized gain on:
Investments		43,904,555
Foreign currency transactions		1,313
Net realized gain		43,905,868
Net change in unrealized appreciation on:
Investments		1,072,363
Foreign currency transactions		13
Net change in unrealized appreciation		1,072,376
Net realized and unrealized gain		44,978,244
Net Increase in Net Assets From Operations	$	50,734,678

(a) Net of foreign withholding taxes of $15,185.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Pioneer Fund Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	5,756,434		$	8,008,162
Net realized gain		43,905,868			185,099,147
Net change in unrealized appreciation (depreciation)		1,072,376			(6,781,422	)
Increase in net assets from operations		50,734,678			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		91,558,397			(617,923,964	)
Total decrease in net assets		(1,056,396	)		(445,929,522	)
Net Assets
Beginning of period		486,238,433			932,167,955
End of period	$	485,182,037		$	486,238,433
Undistributed net investment income
End of period	$	5,592,003		$	7,888,043

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		298,155		$	4,394,024			1,309,171		$	21,053,690
Reinvestments		9,170,882			119,496,590			806,392			12,370,049
Redemptions		(3,933,324	)		(58,681,345	)		(40,355,872	)		(653,396,117	)
Net increase (decrease)		5,535,713		$	65,209,269			(38,240,309	)	$	(619,972,378	)
Class B
Sales		1,389,118		$	21,148,481			1,193,633		$	19,794,938
Reinvestments		1,853,370			23,852,881			128,954			1,961,396
Redemptions		(1,267,672	)		(18,652,234	)		(1,190,490	)		(19,707,920	)
Net increase		1,974,816		$	26,349,128			132,097		$	2,048,414
Increase (decrease) derived from capital shares transactions				$	91,558,397					$	(617,923,964	)

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Pioneer Fund Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.69		$	14.54		$	13.35		$	14.15		$	12.28
Income (Loss) from Investment Operations
Net investment income (a)		0.19			0.22			0.23			0.22			0.18
Net realized and unrealized gain (loss) on investments		1.26			4.47			1.18			(0.85	)		1.80
Total from investment operations		1.45			4.69			1.41			(0.63	)		1.98
Less Distributions
Distributions from net investment income		(0.32	)		(0.54	)		(0.22	)		(0.17	)		(0.11	)
Distributions from net realized capital gains		(5.33	)		0.00			0.00			0.00			0.00
Total distributions		(5.65	)		(0.54	)		(0.22	)		(0.17	)		(0.11	)
Net Asset Value, End of Period	$	14.49		$	18.69		$	14.54		$	13.35		$	14.15
Total Return (%) (b)		11.16			33.08			10.59			(4.55	)		16.22
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.72			0.70			0.68			0.69			0.69
Net ratio of expenses to average net assets (%) (c)		0.67			0.66			0.66			0.68			0.67
Ratio of net investment income to average net assets (%)		1.24			1.34			1.60			1.56			1.46
Portfolio turnover rate (%)		24			11			49			20			10
Net assets, end of period (in millions)	$	398.4		$	410.4		$	875.1		$	789.0		$	938.0
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	18.50		$	14.40		$	13.22		$	14.04		$	12.20
Income (Loss) from Investment Operations
Net investment income (a)		0.15			0.18			0.19			0.19			0.15
Net realized and unrealized gain (loss) on investments		1.25			4.42			1.18			(0.86	)		1.79
Total from investment operations		1.40			4.60			1.37			(0.67	)		1.94
Less Distributions
Distributions from net investment income		(0.28	)		(0.50	)		(0.19	)		(0.15	)		(0.10	)
Distributions from net realized capital gains		(5.33	)		0.00			0.00			0.00			0.00
Total distributions		(5.61	)		(0.50	)		(0.19	)		(0.15	)		(0.10	)
Net Asset Value, End of Period	$	14.29		$	18.50		$	14.40		$	13.22		$	14.04
Total Return (%) (b)		10.93			32.71			10.38			(4.87	)		15.93
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.97			0.95			0.93			0.94			0.94
Net ratio of expenses to average net assets (%) (c)		0.92			0.91			0.91			0.93			0.92
Ratio of net investment income to average net assets (%)		0.99			1.09			1.34			1.37			1.20
Portfolio turnover rate (%)		24			11			49			20			10
Net assets, end of period (in millions)	$	86.7		$	75.8		$	57.1		$	61.6		$	32.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 5 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-11

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-12

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, foreign currency transactions and return of capital adjustments. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash

MIST-13

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

4. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	117,330,424	$	0	$	159,862,527

MIST-14

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$3,230,906		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.

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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of 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 year ended December 31, 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-15

Met Investors Series Trust

Pioneer Fund Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

6. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

7. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$7,985,077	$	14,331,445	$	135,364,394	$	—	$	143,349,471	$	14,331,445

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$5,797,694	$	43,560,065	$	141,805,585	$	—	$	191,163,344

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

8. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-16

Met Investors Series Trust

Pioneer Fund Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Pioneer Fund 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 Pioneer Fund Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Pioneer Fund Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-17

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-18

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-19

Met Investors Series Trust

Pioneer Fund Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-20

Met Investors Series Trust

Pioneer Fund Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-21

Met Investors Series Trust

Pioneer Fund Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Pioneer Fund Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Pioneer Investment Management Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-year period ended June 30, 2014. The Board also considered that the Portfolio underperformed the median of its Performance Universe and its Lipper Index for the three- and five-year periods ended June 30, 2014. The Board further noted that the Portfolio underperformed its benchmark, the S&P 500 Index, for the one-, three-, and five-year periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance in light of current market conditions and a recent trend toward improved performance.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further considered that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-22

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Managed by Pioneer Investment Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the Pioneer Strategic Income Portfolio returned 4.58%, 4.40%, and 4.44%, respectively. The Portfolio’s primary benchmark, the Barclays U.S. Universal Index¹, returned 5.56%.

MARKET ENVIRONMENT / CONDITIONS

The U.S. Dollar and U.S. markets, including most surprisingly longer-term U.S. Treasuries, were the big winners in 2014, supported by strong profits, easy monetary policy and low inflation. U.S. assets benefited particularly from diverging growth prospects of the U.S. relative to most other developed and emerging market economies, and the increasing divergence between U.S. and foreign central bank monetary policies. Although geopolitical risk and volatility rose during the year, responding to intermittent concerns about the Ukraine conflict, the emerging of the Islamic State of Iraq and Syria (ISIS) in the Middle East, and Ebola, these risks subsided and investors embraced U.S. equities.

While first quarter real U.S. gross domestic product (“GDP”) turned sharply negative due to a record cold winter, growth recovered dramatically to 4.6% in the second quarter and 5.0% in third quarter, as the U.S. economy exhibited broad-based improvement. Monthly employment gains averaged over 255,000 since February, and weekly jobless claims fell below an average 300,000 in the second half of the year, so that the unemployment rate fell by almost 1% from 6.7% to 5.8%. Even more important to the Federal Reserve (the “Fed”) may have been the larger decline in long-term unemployment from 3.6% to 2.6% by year-end. While the U.S. experienced improving growth, the Eurozone, China and Japan suffered from lower than expected growth and disinflation, and in the case of Europe, deflationary fears. With its greater dependence on emerging market and Russian trade (the latter hurt by Ukraine sanctions), as well as the legacy of tighter monetary policy, Eurozone GDP quarterly growth fell from 0.3% to 0.2% in the third quarter. China continued to grapple with its transition from a more capital-intensive to consumer-oriented economy, as third quarter growth fell to a five-year low of 7.3%. Falling commodities demand from China hurt economies, particularly emerging market economies dependent upon hard commodity exports. Finally, Japan fell into recession in the third quarter, as consumer spending was stymied by higher sales taxes and exports were hurt by lower demand from China and emerging markets.

Lower global growth contributed to a sharp sell-off in oil, which plummeted almost 50% from a mid-June peak of $115, as measured by Brent crude prices, to a year-end level of $55. Prices responded to lower projected demand as well as to increased supply, reflecting increased production from the U.S. shale oil industry. In particular, Saudi Arabia’s unexpected decision in November to maintain production in the face of lower demand, in an effort to weed out high cost producers, including U.S. shale producers, represented a watershed event for oil prices, testing the Organization of Petroleum Exporting Countries (OPEC)’s ability to control the oil market. Lower oil prices had a devastating effect on net oil producers, including Russia and Venezuela, with the Ruble down over 40% relative to the U.S. Dollar in the second half of the year.

The differing growth paths between the U.S. and non-U.S. economies resulted in diverging monetary policies. The Fed continued upon its path to rate normalization, ending its asset purchase program (“QE3”) on schedule in October, and becoming increasingly vocal about raising interest rates in 2015. The European Central Bank (the “ECB”) cut interest rates, which helped drive down German Bund yields to record lows, and announced a plan at year end to spur inflation by expanding its balance sheet by €1 trillion with purchases of government, corporate and asset-backed securities of troubled peripheral countries. The Bank of Japan announced additional quantitative easing of $700 billion in September. Finally, China enacted its first rate cut in three years, and extended increased credit to banks.

U.S. Treasury markets delivered a highly unexpected outcome in 2014; the yield curve flattened dramatically as intermediate and longer-term Treasuries rallied and short term Treasuries rose over the year. While most investors were positioned for rising interest rates across the curve, instead they experienced a strong rally in longer-term U.S. Treasuries, with the 30-year yield declining from 3.94% to 2.75%, returning 29.4%, and the 10-year yield falling from 3.01% to 2.17%. This rally resulted first from uncertainty about U.S. growth early in the year, but was extended as foreign investors demanded high quality, higher yielding assets, particularly in the wake of negative deposit rates in Europe, and as inflation expectations and breakeven rates fell. 2-year Treasury yields rose from 0.39% to 0.68% in the expectation of rising interest rates in 2015; 5-year Treasuries fell modestly from 1.74% to 1.66%.

Over the year, the Securitized markets significantly outperformed the Corporate markets, the latter of which was hurt by a sell-off in Energy and Basic Materials issues in the second half of the year. Agency Mortgage-Backed Securities (“MBS”) returned 6.08%, for a 0.40% excess return (which is defined as the performance over like-duration U.S. Treasuries), as the option-adjusted spread tightened from 0.34% to 0.27%. Fears about the negative impact of the end of QE3 buying by the Fed, and reduced involvement of Fannie Mae and Freddie Mac in the market proved to be unfounded. Limited new issuance, their role as a high quality U.S. asset, and the Fed’s reinvestment of pay-downs bolstered demand for Agency MBS over the year. Commercial MBS (“CMBS”) enjoyed a banner year, returning 3.86% for a 1.08% excess return, as the sector outperformed in the wake of lower than expected issuance and a strong commercial real estate market. Asset-Backed Securities (“ABS”), including credit cards and autos, returned 1.88%, for a 0.53% excess return. Finally, floating rate Non-Agency Residential MBS (“RMBS”), and Home Equity Loans returned 3.33%.

Investment Grade Corporates underperformed, returning 7.46% for a -0.48% excess return, as the second half sell-off of Industrials

MIST-1

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Managed by Pioneer Investment Management, Inc.

Portfolio Manager Commentary*—(Continued)

(focused in the Energy, Basic Materials, and Telecommunications sectors) weighed on performance. Industrials returned 7.60% for a -1.10% excess return, while Financials outperformed, returning 6.16% for a 0.55% excess return, and Utilities held up, delivering a 11.45% return, for a -0.15% excess return. The High Yield market also suffered a sell-off in the second half, returning 2.50% for the year, for a -1.29% excess return, as the Energy sector, which accounted for 14% of the market at the beginning of the year, was down 7.44%. High Yield spreads widened from 400 basis points (“bps”) to 504 bps over the year.

High Yield Convertibles returned 6.41%, buoyed by the equity markets: the S&P 500 Index returned 13.69% for the year. Despite reduced inflation expectations, floating rate assets performed reasonably well. Bank Loans returned 1.54%, reflecting strong demand from Collateralized Loan Obligation funds, which enjoyed their highest issuance since 2007. Event-Linked (Catastrophe) Bonds returned 6.41%, benefiting from strong demand and a benign hurricane season. Despite a year end sell-off, higher quality Emerging Markets delivered positive returns: Sovereigns returned 6.15% and Corporates returned 3.58%. Emerging Market High Yield Corporates returned -0.86%. The U.S. Dollar enjoyed its strongest rally since 2008, rising 9.2% on a trade-weighted basis, benefiting from strong growth and tightening U.S. monetary policy. The U.S. Dollar rose 13.6% vs. the Euro and 13.7% vs. the Yen.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio underperformed its benchmark for the year. The major detractors from performance were duration positioning and currency positions. The approximate 1.7 year (average) short duration position detracted from performance. Longer maturity yields, in particular, fell as the path of U.S. economic growth remained in doubt for the first half of the year, and did not recover as the team had anticipated. Only the release of the second quarter GDP report convinced investors that U.S. growth was improving. Furthermore, faltering global growth and rate cuts by the ECB in the third quarter drove investors to seek out higher yielding high quality assets in the form of U.S. Treasuries, furthering a rally in longer term Treasury yields. Although the Portfolio held its highest ever net dollar position relative to its historical positioning, reflecting the team’s bullish view of the U.S. Dollar, currency detracted from performance, as the U.S. Dollar rallied against almost all foreign currencies. A 2.5% average exposure to the Norwegian Krone was the major detractor from performance; the 1.1% position in the Mexican Peso and the 0.3% position in the Russian Ruble also detracted from relative returns. The negative impact of these positions was only partly offset by the outperformance of the 1.7% average short position in the Euro and the 0.8% short position in the Yen.

Asset allocation was the major contributor to relative performance; yield curve positioning also helped. Security selection was neutral to performance. Asset allocation reflected the benefit of exposure to non-benchmark asset classes, including the 3.8% average allocation to Convertible securities, 9.2% to Bank Loans, 3.0% to Event-Linked (Catastrophe) bonds, 2.1% to Preferred Stock, 3.8% to Municipals, and 5.2% to Non-Agency MBS. A barbelled yield curve position, in which the Portfolio was neutral to the very short end, significantly underweight to the 2 and 5-year part of the yield curve, and relatively neutral to the long end of the yield curve, was a significant contributor to performance, as the short end sold off, and the long end rallied. Quality reflected the benefit of the lower relative quality within Financials, ABS, and Utilities. While security selection outperformed within Financials and Agency MBS, this benefit was offset by underperformance within Industrials, particularly High Yield Energy and Emerging Market issues, and Agency issues.

Significant actions the team took in managing the Portfolio over the year included reducing overall credit risk, increasing the relative short duration position, and reducing Emerging Markets exposure. The team reduced overall risk through the third quarter, as lower spreads provided less compensation for risk. The team increased exposure to Agency MBS, while reducing its exposure to higher risk issues, within Bank Loans, High Yield Corporates, Emerging Markets, and Investment Grade Insurance and Banking issues. The team also reduced exposure to Municipals, as prices rallied and relative value became less compelling. In addition, as longer yields rallied, the team increased its relative short duration position through the first three quarters of the year. Finally, the team reduced exposure to Emerging Markets, both with respect to currency and country exposure, as the outlook dimmed for the asset class and volatility rose.

The Portfolio used 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 year, the Portfolio held average long positions in Ultra-Long Bond Futures, and short positions in 2-year, 5-year, 10-year and 30-year Treasury Futures.

The Portfolio also held Currency Forwards in developed and emerging market currencies, and used them both to hedge currency exposures in cash bonds, and to establish currency positions. Finally, we held High Yield CDX exposure in the Portfolio in the second half of the year, which, along with Investment Grade CDX, we may use periodically as an efficient means to reduce exposure or to increase exposure to High Yield or Investment Grade Corporates. High Yield CDX exposure in the second half, including a 1.7% average exposure in the fourth quarter to High Yield CDX, added high yield risk at the peak of the spread widening in October flash crash and contributed to performance.

At the end of the period, the Portfolio held a duration of 3.66 years, compared to 5.42 years for the Index. With respect to sector exposures, the Portfolio held a 1.8% weighting in U.S. Treasuries, representing a 28.2% underweight relative to the Index. As interest rates rallied over the year, and with near record-low yields, we believed

MIST-2

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Managed by Pioneer Investment Management, Inc.

Portfolio Manager Commentary*—(Continued)

U.S. Treasuries offer little value to investors. While the Portfolio added exposure to Agency MBS over the year, the Portfolio continued to hold a 17.9% position, representing a 6.2% underweight to Agency MBS. The Portfolio held its most significant exposure to corporate bonds, totaling 43.5%; this amount included overweights relative to the Index of 11.0% for U.S. Investment Grade Corporates, 1.6% for U.S. High Yield Corporates and 2.3% for Developed Market Corporates. The Portfolio reduced its Emerging Market exposure over the year, but continued to hold 10.9% in Emerging Market issues, representing a 3.3% overweight relative to the Index. The Portfolio held 97.7% net U.S. Dollar and 76.3% U.S. country exposure.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-3

Met Investors Series Trust

Pioneer Strategic Income Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. UNIVERSAL INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
Pioneer Strategic Income Portfolio
Class A		4.58		6.62		6.76		—
Class B		4.40		—		—		4.04
Class E		4.44		6.47		—		7.22
Barclays U.S. Universal Index		5.56		4.81		4.91		—

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 DECEMBER 31, 2014

Top Sectors

	% of Net Assets
Corporate Bonds & Notes		44.0
U.S. Treasury & Government Agencies		21.3
Floating Rate Loans		8.2
Mortgage-Backed Securities		8.2
Foreign Government		4.8
Asset-Backed Securities		4.0
Municipals		3.4
Convertible Bonds		2.3
Preferred Stocks		2.0
Convertible Preferred Stocks		0.6

MIST-4

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

Pioneer Strategic Income Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A	Actual		0.62	%	$	1,000.00	$	994.60	$	3.12
	Hypothetical*		0.62	%	$	1,000.00	$	1,022.08	$	3.16
Class B	Actual		0.87	%	$	1,000.00	$	993.50	$	4.37
	Hypothetical*		0.87	%	$	1,000.00	$	1,020.82	$	4.43
Class E	Actual		0.77	%	$	1,000.00	$	993.60	$	3.87
	Hypothetical*		0.77	%	$	1,000.00	$	1,021.32	$	3.92

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-5

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—44.0% of Net Assets

Security Description	Principal Amount*		Value
Aerospace/Defense—0.2%
Moog, Inc. 5.250%, 12/01/22 (144A)		2,245,000	$	2,273,062
Agriculture—0.5%
Alliance One International, Inc. 9.875%, 07/15/21 (a)		1,875,000		1,673,437
Lorillard Tobacco Co. 3.750%, 05/20/23		800,000		792,382
MHP S.A. 8.250%, 04/02/20 (144A)		1,800,000		1,224,000
Viterra, Inc. 5.950%, 08/01/20 (144A)		2,760,000		3,047,206
				6,737,025
Airlines—0.4%
Air Canada Pass-Through Trust 4.125%, 05/15/25 (144A)		785,652		793,509
Delta Air Lines Pass-Through Trust 4.950%, 05/23/19		440,876		471,737
6.375%, 01/02/16 (144A)		725,000		754,000
Hawaiian Airlines Pass-Through Certificates 3.900%, 01/15/26		475,000		466,688
TAM Capital 3, Inc. 8.375%, 06/03/21 (144A) (a)		660,000		678,150
United Continental Holdings, Inc. 6.000%, 07/15/26 (a)		1,975,000		1,900,937
				5,065,021
Auto Manufacturers—0.2%
Navistar International Corp. 8.250%, 11/01/21 (a)		2,030,000		2,002,087
Auto Parts & Equipment—0.2%
Commercial Vehicle Group, Inc. 7.875%, 04/15/19 (a)		250,000		258,125
Dana Holding Corp. 6.000%, 09/15/23		2,265,000		2,366,925
				2,625,050
Banks—6.1%
Akbank TAS 7.500%, 02/05/18 (144A) (TRY)		300,000		117,625
Alfa Bank OJSC Via Alfa Bond Issuance plc 7.500%, 09/26/19 (144A) (a)		2,150,000		1,814,170
8.625%, 04/26/16 (144A) (RUB)		41,800,000		581,416
Australia & New Zealand Banking Group, Ltd. 4.500%, 03/19/24 (144A)		1,470,000		1,500,607
Banco de Credito del Peru 6.875%, 09/16/26 (144A) (a) (b)		1,915,000		2,082,563
9.750%, 11/06/69 (144A) (b)		110,000		133,100
Banco do Estado do Rio Grande do Sul S.A. 7.375%, 02/02/22 (144A) (a)		700,000		711,648
Banco Nacional de Costa Rica 4.875%, 11/01/18 (144A)		1,000,000		990,000
Banco Santander S.A. 6.375%, 05/19/19 (b)		1,400,000		1,368,500
Banks—(Continued)
Bank of America Corp. 6.110%, 01/29/37		1,600,000		1,889,206
6.250%, 09/05/24 (b)		2,950,000		2,915,889
7.750%, 05/14/38		3,200,000		4,519,373
Bank of New York Mellon Corp. (The) 4.500%, 06/20/23 (a) (b)		925,000		852,734
BBVA Bancomer S.A. 4.375%, 04/10/24 (144A)		650,000		653,250
5.350%, 11/12/29 (144A) (b)		400,000		396,000
6.500%, 03/10/21 (144A)		4,110,000		4,450,719
Citigroup, Inc. 5.950%, 01/30/23 (b)		3,016,000		2,970,760
CorpGroup Banking S.A. 6.750%, 03/15/23 (144A) (a)		1,300,000		1,281,199
Credit Agricole S.A. 6.625%, 09/23/19 (144A) (b)		3,325,000		3,222,756
Goldman Sachs Group, Inc. (The) 5.200%, 12/17/19 (NZD)		2,480,000		1,944,694
6.450%, 05/01/36		875,000		1,057,616
6.750%, 10/01/37		600,000		754,425
Intesa Sanpaolo S.p.A. 3.625%, 08/12/15 (144A)		911,000		923,304
6.500%, 02/24/21 (144A) (a)		1,175,000		1,359,302
JPMorgan Chase & Co. 4.250%, 11/02/18 (NZD)		2,600,000		2,010,928
5.150%, 05/01/23 (a) (b)		1,450,000		1,365,900
6.750%, 02/01/24 (b)		2,475,000		2,611,125
7.900%, 04/30/18 (b)		1,889,000		2,033,131
Morgan Stanley 4.100%, 05/22/23		2,500,000		2,531,095
4.875%, 11/01/22		450,000		477,935
6.625%, 04/01/18		714,000		813,271
Nordea Bank AB 4.250%, 09/21/22 (144A)		3,400,000		3,530,308
Oversea-Chinese Banking Corp., Ltd. 4.000%, 10/15/24 (144A) (a) (b)		800,000		819,144
PNC Financial Services Group, Inc. 4.451%, 11/21/14 (b)		2,749,000		2,749,000
6.750%, 08/01/21 (a) (b)		5,295,000		5,811,263
Russian Agricultural Bank OJSC Via RSHB Capital S.A. 8.500%, 10/16/23 (144A)		3,365,000		2,254,550
Scotia Bank Peru DPR Finance Co. 2.991%, 03/15/17 (144A) (b)		473,684		473,111
Scotiabank Peru S.A. 4.500%, 12/13/27 (144A) (a) (b)		1,900,000		1,844,900
Standard Chartered plc 3.950%, 01/11/23 (144A) (a)		3,275,000		3,160,503
Turkiye Garanti Bankasi A/S 7.375%, 03/07/18 (144A) (TRY)		2,700,000		1,034,120
UBS AG 7.625%, 08/17/22		2,850,000		3,355,465
VTB Bank OJSC Via VTB Capital S.A. 6.000%, 04/12/17 (144A)		1,000,000		862,500
6.950%, 10/17/22 (144A) (a)		1,100,000		814,000
				77,043,105

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Beverages—0.1%
Anheuser-Busch InBev Worldwide, Inc. 7.750%, 01/15/19		1,254,000	$	1,518,895
Constellation Brands, Inc. 4.750%, 11/15/24		455,000		460,687
				1,979,582
Building Materials—0.8%
Building Materials Corp. of America 5.375%, 11/15/24 (144A)		1,640,000		1,635,900
Cemex Espana Luxembourg 9.875%, 04/30/19 (144A) (a)		1,420,000		1,558,450
Cemex S.A.B. de C.V. 7.250%, 01/15/21 (144A) (a)		800,000		838,000
Desarrolladora Homex S.A.B. de C.V. 9.500%, 12/11/19 (144A) (c) (d)		855,000		59,850
9.750%, 03/25/20 (144A) (c) (d)		905,000		63,350
Holcim U.S. Finance Sarl & Cie SCS 6.000%, 12/30/19 (144A)		225,000		257,527
Masco Corp. 5.950%, 03/15/22		1,425,000		1,581,750
7.125%, 03/15/20		2,905,000		3,355,275
Owens Corning 4.200%, 12/01/24		200,000		197,373
Union Andina de Cementos SAA 5.875%, 10/30/21 (144A) (a)		770,000		781,165
Urbi Desarrollos Urbanos S.A.B. de C.V. 9.500%, 01/21/20 (144A) (c)		346,000		34,600
9.750%, 02/03/22 (144A) (c) (d)		375,000		37,500
				10,400,740
Chemicals—0.8%
Agrium, Inc. 5.250%, 01/15/45		4,475,000		4,833,515
Eastman Chemical Co. 4.800%, 09/01/42		740,000		748,335
EuroChem Mineral & Chemical Co. OJSC via EuroChem GI, Ltd. 5.125%, 12/12/17 (144A)		600,000		514,800
Hexion U.S. Finance Corp. / Hexion Nova Scotia Finance ULC 8.875%, 02/01/18 (a)		640,000		569,600
9.000%, 11/15/20 (a)		655,000		468,325
NOVA Chemicals Corp. 5.000%, 05/01/25 (144A)		645,000		640,162
Phosagro OAO via Phosagro Bond Funding, Ltd. 4.204%, 02/13/18 (144A)		900,000		774,000
Rain CII Carbon LLC / CII Carbon Corp. 8.000%, 12/01/18 (144A)		1,275,000		1,287,750
Rentech Nitrogen Partners L.P. / Rentech Nitrogen Finance Corp. 6.500%, 04/15/21 (144A)		360,000		320,400
				10,156,887
Coal—0.1%
Alpha Natural Resources, Inc. 6.000%, 06/01/19 (a)		820,000		254,200
Berau Coal Energy Tbk PT 7.250%, 03/13/17 (144A)		1,500,000		693,750
				947,950
Commercial Services—1.0%
Amherst College 3.794%, 11/01/42		400,000		398,580
Board of Trustees of The Leland Stanford Junior University (The) 4.750%, 05/01/19		950,000		1,058,768
Bowdoin College 4.693%, 07/01/2112		800,000		832,622
Massachusetts Institute of Technology 5.600%, 07/01/2111		800,000		1,101,377
President and Fellows of Harvard College 2.300%, 10/01/23		1,000,000		966,498
Red de Carreteras de Occidente SAPIB de C.V. 9.000%, 06/10/28 (144A) (MXN)		15,000,000		985,152
Rent-A-Center, Inc. 6.625%, 11/15/20 (a)		350,000		336,000
SFX Entertainment, Inc. 9.625%, 02/01/19 (144A) (a)		2,950,000		2,721,375
Tufts University 5.017%, 04/15/2112		2,700,000		2,944,442
University of Southern California 5.250%, 10/01/2111		550,000		744,852
William Marsh Rice University 4.626%, 05/15/63		900,000		979,552
				13,069,218
Computers—0.4%
Brocade Communications Systems, Inc. 4.625%, 01/15/23		550,000		528,000
NCR Corp. 6.375%, 12/15/23		1,085,000		1,128,400
Seagate HDD Cayman 4.750%, 06/01/23		3,165,000		3,287,321
				4,943,721
Diversified Financial Services—2.8%
Alterra Finance LLC 6.250%, 09/30/20		2,100,000		2,437,884
Ausdrill Finance Pty, Ltd. 6.875%, 11/01/19 (144A)		810,000		664,200
BM&FBovespa S.A. 5.500%, 07/16/20 (144A) (a)		2,000,000		2,120,000
Cantor Fitzgerald L.P. 7.875%, 10/15/19 (144A)		2,345,000		2,561,912
Carlyle Holdings II Finance LLC 5.625%, 03/30/43 (144A)		3,645,000		4,215,727
DTEK Finance plc 7.875%, 04/04/18 (144A)		500,000		225,000

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Diversified Financial Services—(Continued)
E*TRADE Financial Corp. 5.375%, 11/15/22		1,160,000	$	1,186,100
Eden Re II, Ltd. Zero Coupon, 04/19/18 (144A)		1,300,000		1,300,000
Fly Leasing, Ltd. 6.750%, 12/15/20		770,000		777,700
General Electric Capital Corp. 7.125%, 06/15/22 (b)		4,000,000		4,655,000
Grain Spectrum Funding II LLC 3.290%, 10/10/19 (144A)		1,000,000		1,005,200
Hyundai Capital Services, Inc. 3.500%, 09/13/17 (144A)		660,000		682,755
KKR Group Finance Co. II LLC 5.500%, 02/01/43 (144A)		3,750,000		4,270,601
Legg Mason, Inc. 5.625%, 01/15/44		1,150,000		1,315,436
Macquarie Group, Ltd. 6.000%, 01/14/20 (144A) (a)		1,400,000		1,585,744
6.250%, 01/14/21 (144A) (a)		400,000		457,769
Magnesita Finance, Ltd. 8.625%, 04/05/17 (144A)		750,000		720,000
Nationstar Mortgage LLC / Nationstar Capital Corp. 6.500%, 06/01/22		835,000		761,937
Sector Re V, Ltd. Zero Coupon, 12/01/19 (144A)		750,000		753,900
SUAM Finance B.V. 4.875%, 04/17/24 (144A)		975,000		975,000
TD Ameritrade Holding Corp. 3.625%, 04/01/25 (a)		2,500,000		2,533,782
				35,205,647
Electric—2.3%
Consolidated Edison Co. of New York, Inc. 4.625%, 12/01/54		3,225,000		3,531,988
Electricite de France S.A. 5.250%, 01/29/23 (144A) (a) (b)		950,000		973,750
6.000%, 01/22/14 (144A)		4,000,000		4,659,768
Empresa Electrica Angamos S.A. 4.875%, 05/25/29 (144A) (a)		1,670,000		1,640,775
Enel S.p.A. 8.750%, 09/24/73 (144A) (b)		2,090,000		2,427,013
FPL Energy American Wind LLC 6.639%, 06/20/23 (144A)		207,570		207,570
FPL Energy Wind Funding LLC 6.876%, 06/27/17 (144A)		98,195		98,440
Iberdrola International B.V. 6.750%, 07/15/36		2,125,000		2,708,961
Instituto Costarricense de Electricidad 6.375%, 05/15/43 (144A)		850,000		709,750
6.950%, 11/10/21 (144A)		1,520,000		1,579,067
InterGen NV 7.000%, 06/30/23 (144A)		900,000		855,000
Israel Electric Corp., Ltd. 6.700%, 02/10/17 (144A)		770,000		825,825
Electric—(Continued)
Israel Electric Corp., Ltd. 7.250%, 01/15/19 (144A)		845,000		941,161
9.375%, 01/28/20 (144A)		410,000		502,250
Kiowa Power Partners LLC 5.737%, 03/30/21 (144A)		762,724		818,936
Panoche Energy Center LLC 6.885%, 07/31/29 (144A)		774,672		891,261
Public Service Co. of New Mexico 7.950%, 05/15/18		625,000		735,538
RJS Power Holdings LLC 5.125%, 07/15/19 (144A) (a)		1,285,000		1,268,938
Southern California Edison Co. 6.250%, 02/01/22 (b)		1,575,000		1,746,281
Star Energy Geothermal Wayang Windu, Ltd. 6.125%, 03/27/20 (144A) (a)		1,300,000		1,280,500
West Penn Power Co. 5.950%, 12/15/17 (144A)		1,197,000		1,332,462
				29,735,234
Electrical Components & Equipment—0.0%
Legrand France S.A. 8.500%, 02/15/25		20,000		28,088
Electronics—0.3%
Flextronics International, Ltd. 4.625%, 02/15/20		780,000		791,700
5.000%, 02/15/23		1,300,000		1,326,000
Viasystems, Inc. 7.875%, 05/01/19 (144A)		1,100,000		1,160,500
				3,278,200
Energy-Alternate Sources—0.0%
Alta Wind Holdings LLC 7.000%, 06/30/35 (144A)		283,146		321,563
Engineering & Construction—0.3%
Abengoa Finance SAU 8.875%, 11/01/17 (144A)		500,000		475,000
Dycom Investments, Inc. 7.125%, 01/15/21		1,000,000		1,050,000
Empresas ICA S.A.B. de C.V. 8.375%, 07/24/17 (144A)		550,000		544,500
8.900%, 02/04/21 (144A) (a)		1,500,000		1,440,000
OAS Investments GmbH 8.250%, 10/19/19 (144A)		2,400,000		816,000
				4,325,500
Entertainment—0.5%
GLP Capital L.P. / GLP Financing II, Inc. 4.375%, 11/01/18		1,010,000		1,032,725
4.875%, 11/01/20		985,000		997,312
Gtech S.p.A. 8.250%, 03/31/66 (144A) (EUR) (b)		1,957,000		2,557,514
Mashantucket Western Pequot Tribe 6.500%, 07/01/36 (e) (f)		21,197		212

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Entertainment—(Continued)
Scientific Games International, Inc. 10.000%, 12/01/22 (144A)		2,600,000	$	2,382,250
				6,970,013
Food—1.3%
BRF S.A. 3.950%, 05/22/23 (144A) (a)		600,000		554,700
5.875%, 06/06/22 (144A)		1,425,000		1,507,650
CFG Investment SAC 9.750%, 07/30/19 (144A)		995,000		865,650
Grupo Bimbo S.A.B. de C.V. 3.875%, 06/27/24 (144A) (a)		1,800,000		1,807,074
JBS Finance II, Ltd. 8.250%, 01/29/18 (144A)		1,430,000		1,462,175
JBS Investments GmbH 7.750%, 10/28/20 (144A) (a)		890,000		921,595
Marfrig Holding Europe B.V. 6.875%, 06/24/19 (144A)		2,885,000		2,683,050
8.375%, 05/09/18 (144A)		1,200,000		1,182,000
Marfrig Overseas, Ltd. 9.500%, 05/04/20 (144A)		825,000		833,250
Minerva Luxembourg S.A. 7.750%, 01/31/23 (144A) (a)		1,700,000		1,666,000
12.250%, 02/10/22 (144A)		800,000		920,800
Mondelez International, Inc. 6.500%, 02/09/40		1,282,000		1,708,566
				16,112,510
Forest Products & Paper—0.2%
Inversiones CMPC S.A. 4.375%, 05/15/23 (144A)		400,000		393,120
Resolute Forest Products, Inc. 5.875%, 05/15/23		1,880,000		1,786,000
				2,179,120
Gas—0.2%
Nakilat, Inc. 6.067%, 12/31/33 (144A)		520,000		581,100
6.267%, 12/31/33 (144A)		1,235,411		1,374,395
Transportadora de Gas del Peru S.A. 4.250%, 04/30/28 (144A)		1,000,000		965,000
				2,920,495
Hand/Machine Tools—0.1%
Stanley Black & Decker, Inc. 5.750%, 12/15/53 (b)		1,525,000		1,643,187
Healthcare-Products—0.2%
Physio-Control International, Inc. 9.875%, 01/15/19 (144A)		2,280,000		2,416,800
Healthcare-Services—0.3%
Gentiva Health Services, Inc. 11.500%, 09/01/18 (a)		470,000		500,080
Healthcare-Services—(Continued)
HCA, Inc. 6.500%, 02/15/20		350,000		392,175
7.690%, 06/15/25		50,000		56,250
8.360%, 04/15/24		50,000		58,750
Kindred Healthcare, Inc. 6.375%, 04/15/22 (144A)		600,000		571,500
NYU Hospitals Center 4.428%, 07/01/42		1,800,000		1,823,665
				3,402,420
Home Builders—0.6%
Brookfield Residential Properties, Inc. / Brookfield Residential U.S. Corp. 6.125%, 07/01/22 (144A) (a)		1,000,000		1,040,000
DR Horton, Inc. 5.750%, 08/15/23 (a)		1,375,000		1,457,500
KB Home 7.000%, 12/15/21		1,800,000		1,893,375
Meritage Homes Corp. 7.000%, 04/01/22		2,500,000		2,650,000
				7,040,875
Home Furnishings—0.1%
Arcelik A/S 5.000%, 04/03/23 (144A) (a)		1,300,000		1,252,030
Household Products/Wares—0.2%
Controladora Mabe S.A. de C.V. 7.875%, 10/28/19 (144A)		2,121,000		2,327,797
Insurance—7.2%
Aquarius + Investments plc for Swiss Reinsurance Co., Ltd. 6.375%, 09/01/24 (b)		2,700,000		2,807,798
Arlington Segregated Account (Kane SAC, Ltd.) Zero Coupon, 08/01/15 (f)		600,000		648,900
Armor Re, Ltd. 4.036%, 12/15/16 (144A) (b)		600,000		600,060
Atlas Reinsurance VII, Ltd. 8.125%, 01/07/16 (144A) (b)		250,000		256,750
AXA S.A. 8.600%, 12/15/30		1,320,000		1,793,258
Blue Danube II, Ltd. 4.279%, 05/23/16 (144A) (b)		1,250,000		1,259,500
Blue Danube, Ltd. 6.004%, 04/10/15 (144A) (b)		250,000		251,075
Bosphorus Re, Ltd. 2.536%, 05/03/16 (144A) (b)		500,000		500,100
Brown & Brown, Inc. 4.200%, 09/15/24		3,000,000		3,034,080
Caelus Re, Ltd. 5.286%, 03/07/16 (144A) (b)		1,150,000		1,164,720
6.886%, 04/07/17 (144A) (b)		1,050,000		1,093,155
Carnoustie Segregated Account (Kane SAC, Ltd.) Zero Coupon, 02/19/16		960,000		960,000

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Combine Re, Ltd. 4.536%, 01/07/15 (144A) (b)		750,000	$	749,850
Compass Re, Ltd. 9.036%, 01/08/15 (144A) (b)		300,000		299,970
10.286%, 01/08/15 (144A) (b)		800,000		800,000
Delphi Financial Group, Inc. 7.875%, 01/31/20		2,190,000		2,628,228
East Lane Re V, Ltd. 9.036%, 03/16/16 (144A) (b)		250,000		265,425
Embarcadero Reinsurance, Ltd. 5.036%, 08/07/15 (144A) (b)		1,500,000		1,501,500
Exeter Segregated Account (Kane SAC, Ltd.) Zero Coupon, 01/07/16		1,644,300		1,644,300
Foundation Re III, Ltd. 5.036%, 02/25/15 (144A) (b)		750,000		753,075
Galileo Re, Ltd. 7.436%, 01/09/17 (144A) (b)		1,000,000		1,029,900
Gloucester Segregated Account (Kane SAC, Ltd.) Zero Coupon, 06/12/15 (f)		1,300,000		1,232,530
Golden State RE II, Ltd. 2.236%, 01/08/19 (144A) (b)		1,250,000		1,243,375
Gullane Segregated Account (Kane SAC, Ltd.) Zero Coupon, 01/23/17		1,900,000		1,900,000
Hanover Insurance Group, Inc. (The) 7.500%, 03/01/20		325,000		382,783
7.625%, 10/15/25		1,166,000		1,406,127
Hereford Segregated Account (Kane SAC, Ltd.) Zero Coupon, 01/07/16		504,600		504,600
Ibis Re II, Ltd. 4.036%, 06/28/16 (144A) (b)		750,000		762,000
8.386%, 02/05/15 (144A) (b)		1,000,000		1,005,600
13.536%, 02/05/15 (144A) (b)		750,000		757,500
Ironshore Holdings U.S., Inc. 8.500%, 05/15/20 (144A)		1,635,000		1,964,389
Kilimanjaro Re, Ltd. 3.786%, 11/25/19 (144A) (b)		1,300,000		1,295,450
4.536%, 04/30/18 (144A) (b)		250,000		252,400
4.786%, 04/30/18 (144A) (b)		1,900,000		1,937,050
Liberty Mutual Insurance Co. 7.697%, 10/15/97 (144A)		2,600,000		3,284,369
Loma Reinsurance, Ltd. 9.786%, 01/08/18 (144A) (b)		300,000		312,690
Longpoint Re, Ltd. 6.036%, 06/12/15 (144A) (b)		750,000		762,975
Longpoint Re, Ltd. III 3.996%, 05/18/16 (144A) (b)		1,425,000		1,446,090
Merna Re V, Ltd. 2.036%, 04/07/17 (144A) (b)		1,000,000		996,800
Montpelier Re Holdings, Ltd. 4.700%, 10/15/22		1,965,000		2,024,372
Muirfield Segregated Account (Kane SAC, Ltd.) Zero Coupon, 01/07/16		800,400		800,400
Mystic Re, Ltd. 9.036%, 03/12/15 (144A) (b)		500,000		505,250
12.036%, 03/12/15 (144A) (b)		750,000		761,400
Mythen Re, Ltd. 8.006%, 05/07/15 (144A) (b)		2,250,000		2,301,975
8.036%, 07/09/15 (144A) (b)		1,050,000		1,083,810
8.557%, 01/05/17 (144A) (b)		1,200,000		1,273,200
Insurance—(Continued)
Northshore Re, Ltd. 7.286%, 07/05/16 (144A) (b)		1,100,000		1,146,970
OneBeacon U.S. Holdings, Inc. 4.600%, 11/09/22		1,500,000		1,560,114
Pangaea Re Zero Coupon, 02/01/19 ()		1,200,000		1,200,000
Platinum Underwriters Finance, Inc. 7.500%, 06/01/17		2,214,000		2,473,226
Protective Life Corp. 7.375%, 10/15/19		850,000		1,022,886
Prudential Financial, Inc. 5.625%, 06/15/43 (b)		1,750,000		1,789,025
5.875%, 09/15/42 (a) (b)		1,200,000		1,266,000
8.875%, 06/15/38 (b)		915,000		1,068,263
QBE Insurance Group, Ltd. 2.400%, 05/01/18 (144A)		850,000		850,088
Queen Street IV Capital, Ltd. 7.536%, 04/09/15 (144A) (b)		750,000		756,450
Queen Street V Re, Ltd. 8.536%, 04/09/15 (144A) (b)		600,000		606,360
Queen Street VII Re, Ltd. 8.636%, 04/08/16 (144A) (b)		1,200,000		1,246,800
Residential Reinsurance 2011, Ltd. 8.786%, 06/06/15 (144A) (b)		1,000,000		1,023,200
8.936%, 12/06/15 (144A) (b)		250,000		257,875
9.036%, 06/06/15 (144A) (b)		1,175,000		1,206,020
Residential Reinsurance 2012, Ltd. 4.536%, 12/06/16 (144A) (b)		1,400,000		1,443,820
5.786%, 12/06/16 (144A) (b)		1,250,000		1,299,250
8.036%, 06/06/16 (144A) (b)		950,000		1,015,930
10.036%, 06/06/16 (144A) (b)		800,000		869,360
Residential Reinsurance 2013, Ltd. 9.286%, 06/06/17 (144A) (b)		350,000		372,260
Sanders Re, Ltd. 3.036%, 05/25/18 (144A) (b)		500,000		494,700
3.536%, 05/05/17 (144A) (b)		500,000		496,850
4.036%, 05/05/17 (144A) (b)		1,500,000		1,496,400
Sirius International Group, Ltd. 7.506%, 06/30/17 (144A) (b)		3,465,000		3,607,065
St. Andrews Segregated Account (Kane SAC, Ltd.) Zero Coupon, 01/22/16		1,200,000		1,200,000
Successor X, Ltd. 11.036%, 01/27/15 (144A) (b)		650,000		653,510
11.286%, 11/10/15 (144A) (b)		250,000		260,225
Tar Heel Re, Ltd. 8.536%, 05/09/16 (144A) (b)		400,000		422,960
Tradewynd Re, Ltd. 6.250%, 01/08/15 (144A) (b)		250,000		249,850
Troon Segregated Account (Kane SAC, Ltd.) Zero Coupon, 01/07/16		825,900		825,900
Ursa Re, Ltd. 3.536%, 12/07/17 (144A) (b)		500,000		499,500
Vita Capital V, Ltd. 2.726%, 01/15/17 (144A) (b)		500,000		506,700
3.426%, 01/15/17 (144A) (b)		1,000,000		1,018,300
Vitality Re IV, Ltd. 2.786%, 01/09/17 (144A) (b)		400,000		403,280

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Insurance—(Continued)
Vitality Re V, Ltd. 1.786%, 01/07/19 (144A) (b)		250,000	$	244,600
2.536%, 01/07/19 (144A) (b)		250,000		248,875
Voya Financial, Inc. 5.650%, 05/15/53 (a) (b)		450,000		445,500
Wilton Re Finance LLC 5.875%, 03/30/33 (144A) (b)		1,050,000		1,104,504
				90,891,395
Internet—0.2%
Equinix, Inc. 5.375%, 01/01/22		900,000		908,460
5.750%, 01/01/25		1,100,000		1,109,625
Expedia, Inc. 5.950%, 08/15/20		675,000		754,295
				2,772,380
Investment Company Security—0.1%
Gruposura Finance 5.700%, 05/18/21 (144A)		915,000		965,325
Iron/Steel—0.6%
Allegheny Technologies, Inc. 9.375%, 06/01/19		1,135,000		1,320,504
Evraz, Inc. N.A. Canada 7.500%, 11/15/19 (144A)		2,050,000		1,983,375
Ferrexpo Finance plc 7.875%, 04/07/16 (144A)		650,000		494,000
Glencore Funding LLC 4.125%, 05/30/23 (144A)		875,000		853,789
Metalloinvest Finance, Ltd. 5.625%, 04/17/20 (144A)		1,000,000		758,820
Metinvest B.V. 8.750%, 02/14/18 (144A) (a)		1,200,000		660,000
10.250%, 05/20/15 (144A)		150,000		117,000
Samarco Mineracao S.A. 4.125%, 11/01/22 (144A)		1,275,000		1,122,000
Worthington Industries, Inc. 4.550%, 04/15/26		710,000		751,484
				8,060,972
Leisure Time—0.1%
NCL Corp., Ltd. 5.250%, 11/15/19 (144A)		700,000		705,250
Lodging—0.3%
MGM Resorts International 6.000%, 03/15/23 (a)		2,085,000		2,095,425
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 4.250%, 05/30/23 (144A)		920,000		874,000
5.375%, 03/15/22 (a)		1,115,000		1,131,725
				4,101,150
Machinery-Construction & Mining—0.1%
Ormat Funding Corp. 8.250%, 12/30/20		699,027		706,018

Security Description	Principal Amount*		Value
Machinery-Diversified—0.3%
Cummins, Inc. 5.650%, 03/01/98		2,375,000	$	2,920,832
6.750%, 02/15/27 (a)		393,000		505,440
				3,426,272
Media—0.3%
CCOH Safari LLC 5.750%, 12/01/24		1,400,000		1,415,750
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 3.950%, 01/15/25		700,000		705,508
Numericable-SFR 6.000%, 05/15/22 (144A)		975,000		980,363
Time Warner Cable, Inc. 8.750%, 02/14/19		198,000		245,095
				3,346,716
Metal Fabricate/Hardware—0.0%
Valmont Industries, Inc. 6.625%, 04/20/20		314,000		368,520
Mining—1.0%
Freeport-McMoRan, Inc. 3.875%, 03/15/23 (a)		1,605,000		1,513,252
Fresnillo plc 5.500%, 11/13/23 (144A) (a)		1,275,000		1,249,500
Gold Fields Orogen Holding BVI, Ltd. 4.875%, 10/07/20 (144A)		3,610,000		3,032,400
IAMGOLD Corp. 6.750%, 10/01/20 (144A)		500,000		376,600
KGHM International, Ltd. 7.750%, 06/15/19 (144A)		2,100,000		2,163,000
MMC Norilsk Nickel OJSC via MMC Finance, Ltd. 5.550%, 10/28/20 (144A)		1,400,000		1,268,400
Vedanta Resources plc 6.000%, 01/31/19 (144A)		1,150,000		1,121,250
8.250%, 06/07/21 (144A) (a)		395,000		391,050
9.500%, 07/18/18 (144A)		725,000		779,375
Volcan Cia Minera SAA 5.375%, 02/02/22 (144A) (a)		625,000		617,187
				12,512,014
Multi-National—1.1%
European Bank for Reconstruction & Development 6.000%, 03/03/16 (INR)		46,650,000		737,694
7.650%, 02/18/15 (INR)		38,500,000		610,220
Inter-American Development Bank 4.500%, 02/04/16 (IDR)		21,400,000,000		1,672,929
6.000%, 09/05/17 (INR)		37,550,000		603,191
7.200%, 11/14/17 (IDR)		12,080,000,000		957,124
7.250%, 07/17/17 (IDR)		4,110,000,000		331,157

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Multi-National—(Continued)
International Bank for Reconstruction & Development 5.750%, 10/21/19 (AUD)		1,600,000	$	1,478,703
International Finance Corp. 6.300%, 11/25/24 (INR)		47,580,000		761,627
7.750%, 12/03/16 (INR)		189,120,000		3,107,236
8.250%, 06/10/21 (INR)		190,030,000		3,421,311
				13,681,192
Oil & Gas—2.8%
Carrizo Oil & Gas, Inc. 7.500%, 09/15/20 (144A) (a)		1,365,000		1,310,400
8.625%, 10/15/18		1,130,000		1,130,000
Denbury Resources, Inc. 4.625%, 07/15/23 (a)		2,120,000		1,839,100
Dolphin Energy, Ltd. 5.500%, 12/15/21 (144A)		470,000		528,985
Ensco plc 4.500%, 10/01/24 (a)		2,550,000		2,478,541
EP Energy LLC / Everest Acquisition Finance, Inc. 9.375%, 05/01/20 (a)		1,750,000		1,767,500
Gazprom OAO Via Gaz Capital S.A. 4.950%, 07/19/22 (144A)		200,000		162,000
8.146%, 04/11/18 (144A)		190,000		188,100
KazMunayGas National Co. JSC 4.400%, 04/30/23 (144A) (a)		600,000		533,100
Linn Energy LLC / Linn Energy Finance Corp. 6.250%, 11/01/19 (a)		1,375,000		1,161,875
8.625%, 04/15/20		825,000		717,750
Newfield Exploration Co. 5.625%, 07/01/24 (a)		1,625,000		1,607,734
Novatek OAO via Novatek Finance, Ltd. 4.422%, 12/13/22 (144A) (a)		2,600,000		1,924,000
Oasis Petroleum, Inc. 6.875%, 03/15/22 (a)		600,000		546,000
6.875%, 01/15/23		2,050,000		1,865,500
Offshore Group Investment, Ltd. 7.500%, 11/01/19 (a)		650,000		484,250
Pacific Rubiales Energy Corp. 5.375%, 01/26/19 (144A) (a)		710,000		611,665
Petrobras Global Finance B.V. 3.000%, 01/15/19 (a)		2,375,000		2,099,666
Petroleos Mexicanos 7.190%, 09/12/24 (144A) (MXN)		2,715,000		183,230
Precision Drilling Corp. 6.625%, 11/15/20		1,100,000		990,000
Rosetta Resources, Inc. 5.875%, 06/01/22		1,070,000		963,000
Rosneft Finance S.A. 6.625%, 03/20/17 (144A)		375,000		348,750
7.500%, 07/18/16 (144A) (a)		1,090,000		1,045,583
Rowan Cos., Inc. 4.750%, 01/15/24 (a)		3,125,000		2,949,585
Samson Investment Co. 9.750%, 02/15/20 (a)		865,000		358,434
Oil & Gas—(Continued)
SandRidge Energy, Inc. 7.500%, 03/15/21		625,000		400,000
SM Energy Co. 5.000%, 01/15/24		210,000		181,650
6.500%, 01/01/23		195,000		187,200
Swift Energy Co. 7.875%, 03/01/22 (a)		1,600,000		828,000
Tesoro Corp. 5.375%, 10/01/22 (a)		1,630,000		1,650,375
Transocean, Inc. 6.375%, 12/15/21 (a)		3,100,000		2,859,592
Valero Energy Corp. 9.375%, 03/15/19		1,230,000		1,533,971
W&T Offshore, Inc. 8.500%, 06/15/19 (a)		600,000		393,000
				35,828,536
Oil & Gas Services—0.6%
Calfrac Holdings L.P. 7.500%, 12/01/20 (144A)		425,000		359,125
Exterran Holdings, Inc. 7.250%, 12/01/18		1,525,000		1,494,500
Freeport-McMoran Oil & Gas LLC / FCX Oil & Gas, Inc. 6.750%, 02/01/22		2,278,000		2,505,800
SESI LLC 7.125%, 12/15/21 (a)		1,460,000		1,401,600
Weatherford International, Ltd. 5.950%, 04/15/42		475,000		402,195
9.625%, 03/01/19		1,209,000		1,433,971
				7,597,191
Packaging & Containers—0.5%
AEP Industries, Inc. 8.250%, 04/15/19		290,000		292,900
Ardagh Packaging Finance plc 9.125%, 10/15/20 (144A)		2,325,000		2,476,125
9.250%, 10/15/20 (144A) (EUR)		400,000		510,641
Ardagh Packaging Finance plc / Ardagh MP Holdings USA, Inc. 6.750%, 01/31/21 (144A) (a)		300,000		298,500
7.000%, 11/15/20 (144A)		211,765		213,883
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC 7.125%, 04/15/19		1,300,000		1,343,875
9.875%, 08/15/19		705,000		747,300
				5,883,224
Pharmaceuticals—0.2%
Endo Finance Co. 5.750%, 01/15/22 (144A)		1,000,000		1,000,000
Endo Finance LLC & Endo Finco, Inc. 5.375%, 01/15/23 (144A)		480,000		470,400
Valeant Pharmaceuticals International, Inc. 7.500%, 07/15/21 (144A)		1,390,000		1,501,200
				2,971,600

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—3.0%
Boardwalk Pipelines L.P. 4.950%, 12/15/24		1,650,000	$	1,640,410
Buckeye Partners L.P. 6.050%, 01/15/18		505,000		557,157
DCP Midstream LLC 5.850%, 05/21/43 (144A) (a) (b)		2,951,000		2,862,470
9.750%, 03/15/19 (144A)		1,267,000		1,584,771
Energy Transfer Partners L.P. 3.250%, 11/01/66 (b)		900,000		805,500
EnLink Midstream Partners L.P. 4.400%, 04/01/24		3,135,000		3,175,884
Enterprise Products Operating LLC 3.750%, 02/15/25		1,375,000		1,380,236
8.375%, 08/01/66 (b)		1,059,000		1,137,101
Gibson Energy, Inc. 6.750%, 07/15/21 (144A)		2,735,000		2,728,163
Kinder Morgan Energy Partners L.P. 4.150%, 03/01/22 (a)		2,300,000		2,317,779
5.950%, 02/15/18		1,559,000		1,721,141
MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp. 4.875%, 12/01/24 (a)		2,745,000		2,683,238
ONEOK, Inc. 6.875%, 09/30/28		1,850,000		2,101,927
Plains All American Pipeline L.P. / PAA Finance Corp. 6.125%, 01/15/17		1,467,000		1,598,788
Questar Pipeline Co. 5.830%, 02/01/18		1,441,000		1,598,215
Sabine Pass Liquefaction LLC 5.625%, 02/01/21		2,150,000		2,112,375
Spectra Energy Capital LLC 6.200%, 04/15/18		1,109,000		1,232,276
6.750%, 07/15/18 (a)		600,000		677,938
Sunoco Logistics Partners Operations L.P. 6.100%, 02/15/42		1,700,000		1,843,856
Transportadora de Gas del Sur S.A. 9.625%, 05/14/20 (144A)		703,895		703,895
Williams Cos., Inc. (The) 7.750%, 06/15/31		1,549,000		1,658,867
Williams Partners L.P. 4.300%, 03/04/24		2,440,000		2,435,515
				38,557,502
Real Estate—0.1%
WP Carey, Inc. 4.600%, 04/01/24		1,210,000		1,270,500
Real Estate Investment Trusts—1.5%
Alexandria Real Estate Equities, Inc. 2.750%, 01/15/20		1,575,000		1,559,940
3.900%, 06/15/23		811,000		813,620
4.600%, 04/01/22		575,000		611,605
BioMed Realty L.P. 4.250%, 07/15/22 (a)		685,000		710,015
Real Estate Investment Trusts—(Continued)
Corporate Office Properties L.P. 3.600%, 05/15/23		870,000		835,936
CubeSmart L.P. 4.800%, 07/15/22 (a)		550,000		603,964
DCT Industrial Operating Partnership L.P. 4.500%, 10/15/23		1,250,000		1,301,739
Digital Realty Trust L.P. 4.500%, 07/15/15 (a)		900,000		908,544
5.875%, 02/01/20 (a)		350,000		391,467
Healthcare Realty Trust, Inc. 5.750%, 01/15/21		630,000		704,441
Highwoods Realty L.P. 3.625%, 01/15/23 (a)		1,525,000		1,529,261
Hospitality Properties Trust 5.000%, 08/15/22		674,000		710,248
Omega Healthcare Investors, Inc. 4.950%, 04/01/24		3,120,000		3,246,797
Piedmont Operating Partnership L.P. 3.400%, 06/01/23		1,880,000		1,821,831
Senior Housing Properties Trust 6.750%, 04/15/20		2,235,000		2,525,532
Trust F/1401 5.250%, 12/15/24 (144A)		940,000		968,294
				19,243,234
Retail—0.4%
CVS Pass-Through Trust 5.773%, 01/10/33 (144A)		846,734		974,163
Outerwall, Inc. 6.000%, 03/15/19		965,000		950,525
QVC, Inc. 4.450%, 02/15/25		3,250,000		3,176,433
				5,101,121
Semiconductors—0.2%
Advanced Micro Devices, Inc. 7.000%, 07/01/24 (a)		2,650,000		2,245,875
Software—0.3%
Activision Blizzard, Inc. 5.625%, 09/15/21 (144A)		1,100,000		1,155,000
Audatex North America, Inc. 6.000%, 06/15/21 (144A)		2,350,000		2,420,500
				3,575,500
Telecommunications—2.5%
Altice Financing S.A. 6.500%, 01/15/22 (144A)		1,250,000		1,221,875
CenturyLink, Inc. 6.450%, 06/15/21 (a)		700,000		750,750
7.600%, 09/15/39		700,000		693,000
Cincinnati Bell, Inc. 8.375%, 10/15/20		1,408,000		1,478,400
Crown Castle Towers LLC 4.883%, 08/15/20 (144A) (a)		1,600,000		1,758,762
6.113%, 01/15/20 (144A)		785,000		901,684

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Telecommunications—(Continued)
Digicel, Ltd. 8.250%, 09/01/17 (144A) (a)		1,350,000	$	1,366,875
Frontier Communications Corp. 8.500%, 04/15/20		1,775,000		1,979,125
8.750%, 04/15/22 (a)		1,950,000		2,179,125
GCI, Inc. 8.625%, 11/15/19		370,000		388,038
GTP Acquisition Partners I LLC 7.628%, 06/15/16 (144A)		1,800,000		1,884,074
GTP Cellular Sites LLC 3.721%, 03/15/17 (144A)		586,164		601,908
MTN Mauritius Investments, Ltd. 4.755%, 11/11/24 (144A)		1,425,000		1,396,500
Oi S.A. 5.750%, 02/10/22 (144A) (a)		685,000		626,775
PAETEC Holding Corp. 9.875%, 12/01/18		500,000		525,000
Sprint Corp. 7.250%, 09/15/21		1,850,000		1,833,812
T-Mobile USA, Inc. 6.625%, 11/15/20		875,000		890,312
Unison Ground Lease Funding LLC 2.981%, 03/15/20 (144A)		1,100,000		1,112,290
Verizon Communications, Inc. 5.012%, 08/21/54 (144A)		1,652,000		1,709,075
6.550%, 09/15/43		1,649,000		2,112,615
VimpelCom Holdings B.V. 7.504%, 03/01/22 (144A)		2,500,000		2,025,000
9.000%, 02/13/18 (144A) (RUB)		34,300,000		389,722
WCP Wireless Site Funding LLC 6.829%, 11/15/15 (144A)		1,850,000		1,899,284
Windstream Corp. 6.375%, 08/01/23 (a)		265,000		247,775
7.750%, 10/15/20		1,615,000		1,663,450
8.125%, 09/01/18		400,000		415,000
				32,050,226
Textiles—0.0%
Mohawk Industries, Inc. 3.850%, 02/01/23		575,000		575,231
Transportation—0.2%
Far East Capital, Ltd. S.A. 8.000%, 05/02/18 (144A) (a)		600,000		246,000
Golar LNG Partners L.P. 6.840%, 10/12/17 (NOK) (b)		6,000,000		796,994
Inversiones Alsacia S.A. 8.000%, 12/31/18 (144A)		1,405,889		1,013,767
Escrow (c) (f) (m)		1,790,000		0
				2,056,761
Trucking & Leasing—0.2%
GATX Corp. 6.000%, 02/15/18		1,896,000		2,108,339
Total Corporate Bonds & Notes (Cost $552,423,430)				557,004,971
U.S. Treasury & Government Agencies—21.3%
Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—18.5%
Fannie Mae 15 Yr. Pool
3.000%, TBA (g)		3,100,000		3,222,184
3.500%, TBA (g)		2,900,000		3,063,578
4.000%, 07/01/18		125,964		133,496
4.000%, 08/01/18		142,317		150,792
4.000%, 03/01/19		162,673		172,364
5.000%, 02/01/20		64,508		68,689
5.000%, 10/01/20		311,594		334,578
5.000%, 12/01/21		33,345		35,997
5.000%, 02/01/22		11,401		12,312
5.000%, 06/01/22		28,438		30,699
5.000%, 09/01/22		265,547		280,289
5.000%, 07/01/23		204,731		220,969
Fannie Mae 30 Yr. Pool
3.000%, TBA (g)		6,225,000		6,296,977
3.500%, 11/01/40		3,140,798		3,278,872
3.500%, 08/01/42		12,257,499		12,792,772
3.500%, 12/01/42		1,028,030		1,076,452
3.500%, 07/01/43		2,844,190		2,968,179
3.500%, 02/01/44		4,509,189		4,705,761
3.500%, TBA (g)		11,447,000		11,932,605
4.000%, 12/01/40		1,137,383		1,228,576
4.000%, 07/01/41		1,193,144		1,279,864
4.000%, 12/01/41		770,545		823,339
4.000%, 01/01/42		826,794		883,441
4.000%, 04/01/42		1,282,034		1,369,873
4.000%, 07/01/42		4,118,531		4,425,571
4.000%, 08/01/42		3,784,250		4,050,559
4.000%, 12/01/42		120,800		129,327
4.000%, 05/01/44		2,798,855		2,990,619
4.000%, 07/01/44		3,374,028		3,605,200
4.000%, 08/01/44		641,110		685,036
4.000%, 11/01/44		2,235,824		2,389,098
4.000%, TBA (g)		8,269,000		8,825,122
4.500%, 03/01/35		65,245		71,201
4.500%, 07/01/35		121,702		132,616
4.500%, 05/01/39		3,266,570		3,595,420
4.500%, 11/01/40		5,368,066		5,832,683
4.500%, 12/01/40		816,085		893,485
4.500%, 05/01/41		313,245		340,314
4.500%, 07/01/41		4,042,884		4,426,109
4.500%, 11/01/41		559,736		611,178
4.500%, 12/01/41		112,869		122,996
4.500%, 11/01/43		870,754		956,189
4.500%, 01/01/44		9,392,093		10,204,900
4.500%, TBA (g)		5,800,000		6,295,719
5.000%, 01/01/38		4,722,897		5,233,557
5.000%, 01/01/39		760,979		840,145
5.000%, 06/01/40		366,975		406,118
5.000%, 07/01/40		301,316		333,331
5.000%, TBA (g)		20,000,000		22,096,484
6.000%, 03/01/32		716		820
6.000%, 07/01/37		50,090		56,846
6.000%, 07/01/38		457,748		518,823
6.500%, 07/01/31		120		137
6.500%, 10/01/31		616		702

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
6.500%, 02/01/32		483	$	551
6.500%, 12/01/36		2,760		3,307
6.500%, 03/01/37		52,602		59,905
6.500%, 10/01/37		42,777		48,715
7.000%, 09/01/29		327		371
7.500%, 01/01/30		720		841
7.500%, 10/01/30		101		115
Fannie Mae REMICS (CMO)
3.500%, 01/25/29 (h)		328,495		21,013
4.500%, 06/25/29		613,245		665,432
5.000%, 09/25/39		90,958		94,279
Freddie Mac 15 Yr. Gold Pool
3.500%, 11/01/28		1,716,081		1,825,804
4.500%, 11/01/18		70,581		74,411
5.000%, 12/01/21		110,706		118,974
5.500%, 10/01/16		701		741
6.000%, 06/01/17		9,415		9,847
Freddie Mac 30 Yr. Gold Pool
3.500%, 10/01/40		736,204		766,694
3.500%, 08/01/43		3,540,403		3,685,147
4.000%, 01/01/44		3,597,114		3,838,986
4.000%, 02/01/44		477,844		511,948
4.000%, 04/01/44		6,863,004		7,324,476
4.000%, 07/01/44		19,154,004		20,455,213
4.500%, 04/01/41		2,194,819		2,381,513
4.500%, 03/01/42		3,290,126		3,570,925
4.500%, 05/01/44		1,343,104		1,457,012
5.000%, 05/01/34		320,471		354,643
5.000%, 06/01/35		83,314		91,837
5.000%, 05/01/37		369,564		407,419
5.000%, 09/01/38		64,228		70,799
5.000%, 10/01/38		156,087		172,055
5.000%, 11/01/39		1,383,415		1,533,374
5.000%, 12/01/39		314,052		352,714
6.000%, 06/01/35		25,040		28,293
6.000%, 12/01/36		29,607		33,470
Freddie Mac REMICS (CMO) 5.000%, 06/15/34		20,517		20,510
Ginnie Mae I 15 Yr. Pool 5.000%, 10/15/18		83,555		89,022
5.500%, 08/15/19		31,387		33,266
5.500%, 10/15/19		163,550		172,978
6.000%, 05/15/17		851		880
6.000%, 06/15/17		1,086		1,128
6.000%, 08/15/19		9,190		9,723
Ginnie Mae I 30 Yr. Pool
3.500%, TBA (g)		4,188,000		4,396,091
4.000%, 02/15/41		702,951		764,118
4.000%, TBA (g)		10,195,000		10,937,204
4.500%, 09/15/33		137,313		151,059
4.500%, 05/15/34		259,968		285,993
4.500%, 12/15/34		94,064		103,346
4.500%, 04/15/35		312,516		342,608
4.500%, 10/15/35		105,241		115,206
4.500%, 04/15/39		2,252,931		2,463,109
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
4.500%, 01/15/40		3,347,215		3,687,645
4.500%, 09/15/40		472,769		520,334
4.500%, 07/15/41		698,458		764,560
4.500%, 08/15/41		668,232		731,340
5.000%, 05/15/34		1,084,679		1,200,727
5.000%, 04/15/35		15,197		17,019
5.500%, 01/15/34		89,524		102,709
5.500%, 04/15/34		32,268		36,218
5.500%, 07/15/34		168,460		190,060
5.500%, 10/15/34		117,038		132,062
5.500%, 06/15/35		47,631		53,410
5.500%, 11/15/35		60,085		67,465
5.750%, 10/15/38		145,647		163,948
6.000%, 02/15/24		2,117		2,392
6.000%, 11/15/28		1,029		1,164
6.000%, 02/15/33		2,801		3,242
6.000%, 03/15/33		11,664		13,485
6.000%, 06/15/33		11,550		13,245
6.000%, 07/15/33		10,429		11,946
6.000%, 09/15/33		12,620		14,411
6.000%, 10/15/33		4,104		4,639
6.000%, 08/15/34		42,247		48,296
6.500%, 03/15/29		4,120		4,708
6.500%, 02/15/32		1,649		1,891
6.500%, 03/15/32		1,736		2,035
6.500%, 11/15/32		5,417		6,249
7.000%, 03/15/31		342		388
Ginnie Mae II 30 Yr. Pool
4.000%, 10/20/44		2,648,882		2,845,879
4.500%, 09/20/41		766,829		840,079
5.000%, 08/20/34		124,462		138,187
5.500%, 03/20/34		13,881		15,669
6.000%, 05/20/32		19,846		22,822
6.000%, 11/20/33		23,430		26,951
Government National Mortgage Association 1.006%, 02/16/53 (b) (h)		8,886,831		659,385
1.016%, 03/16/53 (b) (h)		5,916,676		399,677
1.021%, 08/16/52 (b) (h)		8,704,023		515,591
1.045%, 09/16/52 (b) (h)		9,011,377		666,671
4.973%, 04/16/42		82,856		84,815
Government National Mortgage Association (CMO) 3.000%, 04/20/41		1,223,878		1,265,466
4.500%, 09/20/39		2,235,000		2,414,915
				233,971,723
U.S. Treasury—2.8%
U.S. Treasury Bonds 3.000%, 11/15/44		8,000,000		8,407,504
4.500%, 08/15/39		10,200,000		13,593,091
U.S. Treasury Inflation Indexed Notes 0.125%, 07/15/24		13,200,396		12,712,602
				34,713,197
Total U.S. Treasury & Government Agencies (Cost $263,110,286)				268,684,920

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (n)—8.2%

Security Description	Principal Amount*		Value
Advertising—0.1%
Affinion Group, Inc. Term Loan B, 6.750%, 04/30/18		1,339,354	$	1,257,318
Aerospace/Defense—0.3%
DAE Aviation Holdings, Inc. Term Loan B1, 5.000%, 11/02/18		1,424,904		1,421,342
DigitalGlobe, Inc. Term Loan B, 3.750%, 01/31/20		935,340		929,202
DynCorp International LLC Term Loan B, 6.250%, 07/07/16		154,176		153,663
Standard Aero, Ltd. Term Loan B2, 5.000%, 11/02/18		645,948		644,333
TASC, Inc. Term Loan B, 6.500%, 05/30/20		298,096		290,830
				3,439,370
Air Freight & Logistics—0.0%
FTS International, Inc. Term Loan B, 5.750%, 04/16/21		43,636		34,836
Airlines—0.1%
Delta Air Lines, Inc. Term Loan B1, 3.250%, 10/18/18		980,000		966,219
Auto Components—0.1%
Federal-Mogul Holdings Corp. Term Loan C, 4.750%, 04/15/21		767,247		762,691
MPG Holdco I, Inc. Term Loan B, 4.250%, 10/20/21		763,623		760,951
				1,523,642
Auto Manufacturers—0.2%
Chrysler Group LLC Term Loan B, 3.500%, 05/24/17		3,005,975		3,002,217
Auto Parts & Equipment—0.5%
Goodyear Tire & Rubber Co. (The) 2nd Lien Term Loan, 4.750%, 04/30/19		750,000		748,313
Remy International, Inc. Term Loan B, 4.250%, 03/05/20		609,351		606,304
TI Group Automotive Systems LLC Term Loan B, 4.250%, 07/02/21		1,228,744		1,213,384
Tower Automotive Holdings USA LLC Term Loan, 4.000%, 04/23/20		2,497,149		2,458,131
UCI International, Inc. Term Loan B, 5.500%, 07/26/17		960,000		956,800
				5,982,932
Building Materials—0.0%
U.S. Silica Co. Term Loan B, 4.000%, 07/17/20		361,988		348,413
Capital Markets—0.0%
Ozburn-Hessey Holding Co. LLC Term Loan, 6.750%, 05/23/19		581,150		579,697
Chemicals—0.3%
Axalta Coating Systems U.S. Holdings, Inc. Term Loan, 3.750%, 02/01/20		1,662,438		1,623,994
Chemtura Corp. Term Loan B, 3.500%, 08/27/16		166,929		166,998
Huntsman International LLC Extended Term Loan B, 2.706%, 04/19/17		151,603		148,887
Univar, Inc. Term Loan B, 5.000%, 06/30/17		949,954		921,626
WR Grace & Co. Delayed Draw Term Loan, 1.000%, 02/03/21 (i)		192,572		191,850
Term Loan, 3.000%, 02/03/21		535,157		533,150
				3,586,505
Commercial Services—0.3%
Interactive Data Corp. Term Loan, 4.750%, 05/02/21		385,844		384,011
Laureate Education, Inc. Term Loan B, 5.000%, 06/15/18		475,106		454,914
Monitronics International, Inc. Term Loan B, 4.250%, 03/23/18		689,447		682,553
ON Assignment, Inc. Term Loan B, 3.500%, 04/30/20		593,392		586,717
Scitor Corp. Term Loan B, 5.000%, 02/15/17		463,977		460,498
Truven Health Analytics, Inc. Term Loan B, 4.500%, 06/06/19		1,267,671		1,234,394
WCA Waste Corp. Term Loan, 4.000%, 03/23/18		646,713		640,245
				4,443,332
Computers—0.2%
Expert Global Solutions, Inc. Term Loan B, 8.522%, 04/03/18		786,140		782,538
SkillSoft Corp. 1st Lien Term Loan, 5.750%, 04/28/21		1,695,750		1,667,770
				2,450,308
Distribution/Wholesale—0.1%
WESCO Distribution, Inc. Term Loan B, 3.750%, 12/12/19		787,623		785,162
Diversified Consumer Services—0.1%
Darling International, Inc. Term Loan B, 3.500%, 01/06/21 (EUR)		977,613		1,177,908
Diversified Financial Services—0.3%
Ocwen Financial Corp. Term Loan, 5.000%, 02/15/18		2,741,175		2,581,274
RPI Finance Trust Term Loan B3, 3.250%, 11/09/18		1,357,418		1,356,146
				3,937,420

See accompanying notes to financial statements.

MIST-16

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (n)—(Continued)

Security Description	Principal Amount*		Value
Electric—0.3%
Calpine Construction Finance Co. L.P. Term Loan B1, 3.000%, 05/03/20		1,157,375	$	1,121,931
Calpine Corp. Term Loan B1, 4.000%, 04/01/18		1,183,875		1,174,996
NRG Energy, Inc. Term Loan B, 2.750%, 07/02/18		892,908		877,282
NSG Holdings LLC Term Loan, 3.750%, 12/11/19		670,981		664,271
				3,838,480
Electric Utilities—0.0%
Star West Generation LLC Term Loan B, 4.250%, 03/13/20		485,690		480,833
Electrical Components & Equipment—0.0%
Pelican Products, Inc. Term Loan, 5.250%, 04/10/20		276,438		275,056
Entertainment—0.1%
Pinnacle Entertainment, Inc. Term Loan B2, 3.750%, 08/13/20		551,130		545,447
Six Flags Theme Parks, Inc. Term Loan B, 3.501%, 12/20/18		696,594		696,014
				1,241,461
Environmental Control—0.1%
Waste Industries USA., Inc. Term Loan B, 4.000%, 03/17/17		690,420		686,104
Food—0.1%
AdvancePierre Foods, Inc. Term Loan, 5.750%, 07/10/17		170,880		170,026
Big Heart Pet Brands Term Loan, 3.500%, 03/08/20		455,096		438,030
Pinnacle Foods Finance LLC Term Loan G, 3.000%, 04/29/20		856,153		832,180
Rack Merger Sub, Inc. Term Loan, 4.750%, 10/01/21		379,050		378,576
				1,818,812
Forest Products & Paper—0.2%
Appvion, Inc. Term Loan, 5.753%, 06/28/19		1,876,250		1,856,315
Exopack Holdings S.A. Term Loan B, 5.250%, 05/08/19		796,950		795,290
				2,651,605
Healthcare-Products—0.1%
Immucor, Inc. Term Loan B2, 5.000%, 08/17/18		1,524,264		1,510,927
Healthcare-Services—1.1%
Accentcare, Inc. Term Loan B, 6.513%, 12/22/16		483,799		430,581
Healthcare-Services—(Continued)
Alliance Healthcare Services, Inc. Term Loan B, 4.250%, 06/03/19		738,753		731,366
Ardent Medical Services, Inc. Term Loan, 6.750%, 07/02/18		391,745		392,602
Gentiva Health Services, Inc. Term Loan B, 6.500%, 10/18/19		2,495,098		2,498,216
HCA, Inc. Extended Term Loan B4, 3.005%, 05/01/18		103,500		102,837
Term Loan B5, 2.919%, 03/31/17		248,213		246,786
Iasis Healthcare LLC Term Loan B2, 4.500%, 05/03/18		698,066		692,831
IMS Health, Inc. Term Loan, 3.500%, 03/17/21		634,325		621,903
Kindred Healthcare, Inc. Bridge Term Loan, 0.000%, 12/09/15 (j)		2,810,000		2,810,000
Term Loan, 4.250%, 04/09/21		1,571,814		1,528,589
MMM Holdings, Inc. Term Loan, 9.750%, 12/12/17		321,920		312,262
MSO of Puerto Rico, Inc. Term Loan, 9.750%, 12/12/17		234,039		231,699
Select Medical Corp. Term Loan B, 3.750%, 06/01/18		387,982		378,283
Surgical Care Affiliates, Inc. Incremental Term Loan, 4.000%, 06/29/18		2,418,175		2,400,039
Virtual Radiologic Corp. Term Loan A, 7.250%, 12/22/16 (f)		977,832		777,376
				14,155,370
Home Furnishings—0.1%
Tempur-Pedic International, Inc. Term Loan B, 3.500%, 03/18/20		1,351,751		1,334,854
Household Products—0.1%
Revlon Consumer Products Corp. Term Loan B, 3.250%, 11/20/17		664,796		659,810
Industrial Conglomerates—0.1%
Mirror BidCo Corp. Term Loan, 4.250%, 12/28/19		1,205,523		1,193,468
Insurance—0.7%
Alliant Holdings I, Inc. Term Loan B, 4.250%, 12/20/19		484,895		478,683
CNO Financial Group, Inc. Term Loan B2, 3.750%, 09/28/18		827,729		809,105
Confie Seguros Holding II Co. 1st Lien Term Loan, 5.750%, 11/09/18		3,345,369		3,338,401
USI, Inc. Term Loan B, 4.250%, 12/27/19		4,518,232		4,441,987
				9,068,176
Iron/Steel—0.0%
Essar Steel Algoma, Inc. Term Loan, 7.500%, 08/09/19		374,063		372,660

See accompanying notes to financial statements.

MIST-17

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Floating Rate Loans (n)—(Continued)

Security Description	Principal Amount*		Value
Machinery—0.1%
Paladin Brands Holding, Inc. Term Loan B, 6.750%, 08/16/19		938,474	$	936,128
Machinery-Construction & Mining—0.0%
Terex Corp. Term Loan, 3.500%, 08/13/21		313,873		310,735
Media—0.2%
Charter Communications Operating LLC Term Loan F, 3.000%, 01/03/21		1,108,125		1,087,942
Houghton Mifflin Harcourt Publishing Co. Term Loan B, 4.250%, 05/22/18		403,588		402,578
Kasima LLC Term Loan B, 3.250%, 05/17/21		435,937		426,129
				1,916,649
Mining—0.1%
Novelis, Inc. Term Loan, 3.750%, 03/10/17		792,031		785,843
Oil & Gas—0.3%
Drillships Financing Holdings, Inc. Term Loan B1, 6.000%, 03/31/21		938,125		748,155
Fieldwood Energy LLC 2nd Lien Term Loan, 8.375%, 09/30/20		1,000,000		736,500
Glenn Pool Oil & Gas Trust Term Loan, 4.500%, 05/02/16		673,647		670,279
Samson Investments Co. 2nd Lien Term Loan, 5.000%, 09/25/18		1,898,630		1,501,499
				3,656,433
Packaging & Containers—0.0%
BWAY Holding Co., Inc. Term Loan B, 5.552%, 08/14/20		124,375		123,870
Reynolds Group Holdings, Inc. Term Loan, 4.000%, 12/01/18		245,025		241,152
				365,022
Pharmaceuticals—0.3%
Grifols Worldwide Operations USA, Inc. Term Loan B, 3.169%, 02/27/21		1,012,350		1,000,202
Par Pharmaceutical Cos., Inc. Term Loan B2, 4.000%, 09/30/19		1,862,225		1,821,102
Valeant Pharmaceuticals International, Inc. Term Loan B, 3.500%, 12/11/19		341,117		338,346
Term Loan B, 3.500%, 08/05/20		1,094,770		1,086,787
				4,246,437
Retail—0.2%
Michaels Stores, Inc. Incremental Term Loan B2, 4.000%, 01/28/20		698,250		689,522
Pilot Travel Centers LLC Term Loan B, 4.250%, 10/01/21		509,397		510,989
Retail—(Continued)
Wendy’s International, Inc. Term Loan B, 3.250%, 05/15/19		786,479		781,563
				1,982,074
Semiconductors—0.0%
Microsemi Corp. Term Loan B1, 3.250%, 02/19/20		352,229		346,330
Software—0.3%
Cinedigm Digital Funding I LLC Term Loan, 3.750%, 02/28/18		206,540		206,798
Epiq Systems, Inc. Term Loan B, 4.250%, 08/27/20		691,250		688,658
First Data Corp. Extended Term Loan, 3.667%, 03/23/18		372,933		365,940
MedAssets, Inc. Term Loan B, 4.000%, 12/13/19		259,550		258,330
Nuance Communications, Inc. Term Loan C, 2.919%, 08/07/19		715,152		697,273
Rovi Solutions Corp. Term Loan B, 3.750%, 07/02/21		608,452		598,311
Verint Systems, Inc. Term Loan, 3.500%, 09/06/19		782,837		777,749
Vertafore, Inc. 1st Lien Term Loan, 4.250%, 10/03/19		359,455		356,610
				3,949,669
Specialty Retail—0.1%
Camping World, Inc. Term Loan, 5.750%, 02/20/20		1,218,750		1,214,180
Telecommunications—0.9%
Cincinnati Bell, Inc. Term Loan B, 4.000%, 09/10/20		1,426,938		1,412,668
CommScope, Inc. Term Loan B3, 2.829%, 01/21/17		219,389		217,927
Term Loan B4, 3.250%, 01/14/18		329,084		326,890
MCC Iowa LLC Term Loan H, 3.250%, 01/29/21		945,600		912,504
Telesat Canada Term Loan B2, 3.500%, 03/28/19		2,535,341		2,497,311
Virgin Media Bristol LLC Term Loan B, 3.500%, 06/07/20		4,285,000		4,220,725
Ziggo Financing Partnership Term Loan B1, 3.500%, 01/15/22		471,479		459,692
Term Loan B2A, 3.500%, 01/15/22		303,830		296,234
Term Loan B3, 3.500%, 01/15/22		499,691		487,199
				10,831,150
Transportation—0.1%
Swift Transportation Co. LLC Term Loan B, 3.750%, 06/09/21		845,884		837,002
Total Floating Rate Loans (Cost $105,961,344)				104,180,547

See accompanying notes to financial statements.

MIST-18

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—8.2%

Security Description	Principal Amount*		Value
Collateralized Mortgage Obligations—4.1%
Alternative Loan Trust 0.810%, 07/25/35 (b)		1,300,000	$	1,163,200
American Home Mortgage Investment Trust 6.000%, 02/25/45		610,000		515,960
Banc of America Alternative Loan Trust 5.250%, 05/25/34		399,665		403,748
5.500%, 01/25/20		398,346		403,524
5.500%, 09/25/33		581,375		605,101
5.750%, 04/25/33		609,967		632,157
6.000%, 04/25/34		227,545		229,678
6.000%, 11/25/34		376,542		383,710
Banc of America Funding Corp. Trust 0.285%, 08/26/36 (144A) (b)		175,371		174,678
Banc of America Mortgage Securities, Inc. 4.750%, 10/25/20		25,036		25,195
5.750%, 01/25/35		659,848		670,678
Bayview Opportunity Master Fund Trust 2.981%, 01/28/33 (144A) (b)		272,917		271,154
Bear Stearns Adjustable Rate Mortgage Trust 3.857%, 02/25/35 (b)		232,698		231,136
Bear Stearns ALT-A Trust 2.681%, 10/25/33 (b)		217,890		217,872
Charlie Mac Trust 5.000%, 10/25/34		138,583		138,547
Citigroup Mortgage Loan Trust, Inc. 1.155%, 09/25/37 (144A) (b)		741,509		741,286
4.000%, 01/25/35 (144A) (b)		607,168		631,480
5.500%, 08/25/34		796,310		857,061
Countrywide Alternative Loan Trust 5.250%, 09/25/33		659,445		695,102
5.750%, 12/25/33		1,099,903		1,151,014
Countrywide Home Loan Mortgage Pass-Through Trust 2.904%, 09/25/33 (b)		4,124		3,815
Credit Suisse First Boston Mortgage Securities Corp. 2.583%, 11/25/33 (b)		365,092		362,917
5.000%, 08/25/20		115,210		115,097
Credit Suisse Mortgage Capital Certificates Trust 3.719%, 06/25/50 (144A) (b)		285,724		288,422
EverBank Mortgage Loan Trust 2.500%, 03/25/43 (144A) (b)		1,631,540		1,553,915
Global Mortgage Securitization, Ltd. 0.440%, 04/25/32 (b)		1,428,797		1,370,948
5.250%, 04/25/32		544,913		526,419
Homestar Mortgage Acceptance Corp. 1.270%, 01/25/35 (b)		1,705,000		1,662,752
Impac CMB Trust 0.690%, 04/25/35 (b)		1,480,221		1,353,722
0.795%, 09/25/34 (b)		1,034,188		987,270
0.930%, 01/25/35 (b)		546,910		493,453
0.970%, 10/25/34 (b)		478,768		455,549
JPMorgan Mortgage Trust 2.500%, 03/25/43 (144A) (b)		3,263,704		3,226,701
3.000%, 10/25/29 (144A) (b)		3,391,095		3,482,363
3.500%, 05/25/43 (144A) (b)		1,267,484		1,283,228
Collateralized Mortgage Obligations—(Continued)
JPMorgan Mortgage Trust
3.500%, 01/25/44 (144A) (b)		671,026		685,669
3.709%, 05/25/43 (144A) (b)		653,286		652,310
6.000%, 09/25/34		647,348		681,225
MASTR Alternative Loan Trust 6.000%, 07/25/34		1,212,542		1,234,182
6.028%, 01/25/35 (b)		262,186		278,645
Merrill Lynch Mortgage Investors Trust 2.350%, 10/25/35 (b)		194,301		195,748
New Residential Mortgage Loan Trust 3.750%, 01/25/54 (144A) (b)		1,320,228		1,356,426
Nomura Asset Acceptance Corp. Alternative Loan Trust 5.500%, 08/25/33		496,355		520,248
NRP Mortgage Trust 3.250%, 07/25/43 (144A) (b)		888,666		906,134
PHH Mortgage Capital LLC 6.600%, 12/25/27 (144A)		193,336		194,899
RALI Trust 0.720%, 07/25/33 (b)		594,963		551,450
RESI Finance L.P. 1.562%, 09/10/35 (144A) (b)		628,738		528,189
Residential Accredit Loans, Inc. Trust 0.770%, 04/25/34 (b)		160,298		158,189
4.750%, 04/25/34		244,323		250,243
5.000%, 03/25/19		77,979		79,138
5.500%, 09/25/32		159,283		163,622
Residential Asset Securitization Trust 0.620%, 10/25/34 (b)		516,292		468,998
5.500%, 02/25/35		138,702		141,121
RFMSI Trust 5.250%, 04/25/34		1,416,917		1,276,569
5.250%, 07/25/35		652,463		673,195
Sequoia Mortgage Trust
0.386%, 03/20/35 (b)		431,193		385,153
0.786%, 09/20/33 (b)		1,241,435		1,208,003
1.742%, 06/20/34 (b)		1,437,515		1,396,849
2.250%, 06/25/43 (b)		575,498		561,651
2.500%, 04/25/43 (b)		1,593,774		1,534,880
3.000%, 06/25/43 (b)		1,724,068		1,703,889
3.500%, 07/25/43 (144A)		710,884		682,403
Springleaf Mortgage Loan Trust 5.300%, 12/25/59 (144A) (b)		175,000		180,506
Structured Adjustable Rate Mortgage Loan Trust
1.003%, 11/25/34 (b)		2,007,862		1,842,125
2.457%, 07/25/34 (b)		659,776		658,966
2.525%, 02/25/34 (b)		270,168		271,553
2.857%, 03/25/34 (b)		159,639		159,774
Structured Asset Securities Corp. Mortgage Certificates 2.581%, 10/25/33 (b)		572,268		567,550
Thornburg Mortgage Securities Trust 1.637%, 03/25/44 (b)		681,849		666,711
2.153%, 06/25/43 (b)		612,205		608,061
Wells Fargo Mortgage Backed Securities Trust 2.614%, 06/25/35 (b)		488,202		483,897
4.621%, 04/25/35 (b)		58,729		58,821
				51,275,844

See accompanying notes to financial statements.

MIST-19

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Mortgage-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Commercial Mortgage-Backed Securities—4.1%
A10 Securitization LLC 2.400%, 11/15/25 (144A)		641,121	$	642,887
Banc of America Merrill Lynch Commercial Mortgage, Inc. 5.268%, 07/10/43 (144A) (b)		840,000		839,698
Bayview Commercial Asset Trust Zero Coupon, 07/25/37 (144A) (h)		5,320,828		1
1.170%, 01/25/35 (144A) (b)		341,448		314,496
3.513%, 09/25/37 (144A) (h)		7,737,243		387,636
City Center Trust 4.650%, 07/15/28 (144A) (b)		850,000		849,237
Commercial Mortgage Pass-Through Certificates 2.822%, 10/15/45		720,000		720,631
Commercial Mortgage Trust 2.111%, 07/13/31 (144A) (b)		920,000		921,308
2.436%, 10/15/45		690,000		687,895
2.941%, 01/10/46		1,350,000		1,356,572
3.147%, 08/15/45		550,000		563,435
4.934%, 12/10/44 (b)		330,000		363,592
DBUBS Mortgage Trust 5.419%, 08/10/44 (144A) (b)		1,400,000		1,585,175
5.557%, 11/10/46 (144A) (b)		600,000		673,219
Del Coronado Trust 2.111%, 03/15/26 (144A) (b)		484,000		483,476
FREMF Mortgage Trust 3.165%, 04/25/46 (144A) (b)		600,000		595,163
3.195%, 03/25/45 (144A) (b)		700,000		694,611
3.458%, 11/25/46 (144A) (b)		800,000		816,347
3.741%, 04/25/45 (144A) (b)		1,000,000		1,028,383
4.027%, 11/25/44 (144A) (b)		535,000		544,542
4.176%, 05/25/45 (144A) (b)		988,000		983,301
4.286%, 07/25/48 (144A) (b)		1,825,000		1,890,216
4.347%, 01/25/46 (144A) (b)		765,000		809,671
4.615%, 11/25/49 (144A) (b)		1,050,000		1,127,699
4.884%, 07/25/44 (144A) (b)		900,000		960,799
5.159%, 02/25/47 (144A) (b)		400,000		441,817
5.194%, 09/25/45 (144A) (b)		900,000		993,246
5.238%, 09/25/43 (144A) (b)		400,000		442,146
5.435%, 04/25/20 (144A) (b)		600,000		668,173
GE Business Loan Trust 0.331%, 04/16/35 (144A) (b)		689,764		655,520
0.411%, 06/15/33 (144A) (b)		1,302,417		1,264,356
GS Mortgage Securities Corp. II 3.682%, 02/10/46 (144A)		750,000		762,372
4.782%, 07/10/39		1,084,887		1,090,112
GS Mortgage Securities Trust 1.911%, 07/15/31 (144A) (b)		885,000		884,011
3.135%, 06/10/46		1,250,000		1,265,002
3.377%, 05/10/45		1,000,000		1,038,440
Irvine Core Office Trust 3.173%, 05/15/48 (144A) (b)		1,250,000		1,269,079
JPMorgan Chase Commercial Mortgage Securities Trust 0.521%, 11/15/18 (144A) (b)		602,399		581,325
3.070%, 12/15/46		1,925,000		1,995,205
Commercial Mortgage-Backed Securities—(Continued)
JPMorgan Chase Commercial Mortgage Securities Trust
3.977%, 10/15/45 (144A) (b)		700,000		730,416
5.040%, 10/15/42 (b)		2,575,000		2,605,097
5.506%, 11/15/43 (144A) (b)		300,000		333,851
5.623%, 05/12/45		730,000		748,084
6.011%, 02/15/51 (b)		1,350,000		1,367,289
Lehman Brothers Small Balance Commercial 0.420%, 02/25/30 (144A) (b)		826,059		779,407
0.420%, 09/25/30 (144A) (b)		360,630		339,557
Lehman Brothers Small Balance Commercial Mortgage Trust 0.370%, 09/25/36 (144A) (b)		343,314		320,745
1.120%, 10/25/37 (144A) (b)		206,265		204,967
LSTAR Commercial Mortgage Trust 5.354%, 06/25/43 (144A) (b)		594,469		597,078
Morgan Stanley Bank of America Merrill Lynch Trust 2.979%, 04/15/47		920,000		947,697
NorthStar Mortgage Trust 4.400%, 08/25/29 (144A) (b)		800,000		803,695
ORES NPL LLC 3.081%, 09/25/25 (144A)		554,892		554,892
RAIT Trust 2.311%, 05/13/31 (144A) (b)		500,000		493,497
Resource Capital Corp. Ltd. 2.311%, 12/15/28 (144A) (b)		2,000,000		2,008,974
Timberstar Trust 5.668%, 10/15/36 (144A)		540,000		574,871
7.530%, 10/15/36 (144A)		1,549,000		1,616,699
Wells Fargo Commercial Mortgage Trust 2.819%, 08/15/50		400,000		409,405
5.583%, 11/15/43 (144A) (b)		950,000		1,054,943
WF-RBS Commercial Mortgage Trust 2.862%, 03/15/47		1,550,000		1,591,684
3.998%, 03/15/44 (144A)		520,000		553,996
5.245%, 06/15/44 (144A) (b)		400,000		435,028
5.392%, 02/15/44 (144A) (b)		250,000		274,064
				52,536,730
Total Mortgage-Backed Securities (Cost $101,659,976)				103,812,574
Foreign Government—4.8%
Municipal—0.3%
Brazil Minas SPE via State of Minas Gerais 5.333%, 02/15/28 (144A)		3,000,000		2,962,500
Province of Salta Argentina 9.500%, 03/16/22 (144A)		767,700		748,508
				3,711,008

See accompanying notes to financial statements.

MIST-20

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Foreign Government—(Continued)

Security Description	Principal Amount*		Value
Sovereign—4.5%
Croatia Government International Bond 5.500%, 04/04/23 (144A)		1,300,000	$	1,346,800
Indonesia Treasury Bonds 6.125%, 05/15/28 (IDR)		4,898,000,000		327,919
7.000%, 05/15/22 (IDR)		4,500,000,000		348,809
7.000%, 05/15/27 (IDR)		4,400,000,000		325,092
8.250%, 06/15/32 (IDR)		24,816,000,000		2,008,723
IPIC GMTN, Ltd. 5.500%, 03/01/22 (144A)		1,680,000		1,921,500
Ireland Government Bond 5.000%, 10/18/20 (EUR)		1,820,000		2,755,507
Kenya Government International Bonds 5.875%, 06/24/19 (144A)		735,000		744,188
6.875%, 06/24/24 (144A)		1,565,000		1,639,337
Mexican Bonos 6.500%, 06/09/22 (MXN)		53,750,000		3,819,747
7.500%, 06/03/27 (MXN)		56,500,000		4,273,543
Mexican Udibonos 2.000%, 06/09/22 (MXN)		19,131,436		1,273,766
3.500%, 12/14/17 (MXN)		26,246,433		1,898,583
Norwegian Government Bonds 2.000%, 05/24/23 (NOK)		10,000,000		1,400,217
4.250%, 05/19/17 (NOK)		52,440,000		7,596,461
4.500%, 05/22/19 (NOK)		17,550,000		2,707,758
5.000%, 05/15/15 (NOK)		83,350,000		11,338,329
Poland Government International Bond 4.000%, 01/22/24 (a)		1,325,000		1,406,156
Republic of Ghana 7.875%, 08/07/23 (144A)		3,060,000		2,830,500
Romania Government Bonds 5.850%, 04/26/23 (RON)		14,070,000		4,404,274
5.950%, 06/11/21 (RON)		7,310,000		2,275,038
Russian Foreign Bond - Eurobond 7.500%, 03/31/30 (144A)		784,363		813,384
				57,455,631
Total Foreign Government (Cost $69,624,404)				61,166,639
Asset-Backed Securities—4.0%
Asset-Backed - Automobile—0.5%
American Credit Acceptance Receivables Trust 4.050%, 02/15/18 (144A)		321,000		322,543
AmeriCredit Automobile Receivables Trust 4.040%, 07/10/17		300,000		305,390
Capital Auto Receivables Asset Trust 2.190%, 09/20/21		500,000		500,821
Capital Automotive REIT 3.660%, 10/15/44 (144A)		1,900,000		1,891,232
CarNow Auto Receivables Trust 2.980%, 11/15/17 (144A)		473,000		473,759
Chesapeake Funding LLC 1.307%, 05/07/24 (144A) (b)		300,000		301,338
Asset-Backed - Automobile—(Continued)
First Investors Auto Owner Trust 2.530%, 01/15/20 (144A)		275,000		274,871
Flagship Credit Auto Trust 5.380%, 07/15/20 (144A)		700,000		712,977
Santander Drive Auto Receivables Trust 2.700%, 08/15/18		650,000		661,258
Tidewater Auto Receivables Trust 2.830%, 10/15/19 (144A)		500,000		504,438
United Auto Credit Securitization Trust 2.900%, 12/15/17 (144A)		400,000		401,935
				6,350,562
Asset-Backed - Home Equity—0.2%
Accredited Mortgage Loan Trust 0.320%, 09/25/36 (b)		769,655		760,148
Home Equity Asset Trust 0.280%, 03/25/37 (b)		273,113		269,152
Irwin Whole Loan Home Equity Trust 1.205%, 03/25/25 (b)		141,757		141,606
Nationstar Home Equity Loan Trust 0.320%, 03/25/37 (b)		242,225		235,906
Option One Mortgage Loan Trust 0.430%, 11/25/35 (b)		313,283		309,078
Truman Capital Mortgage Loan Trust 1.870%, 01/25/34 (144A) (b)		553,160		547,017
Wells Fargo Home Equity Trust 0.580%, 11/25/35 (b)		105,963		105,794
				2,368,701
Asset-Backed - Manufactured Housing—0.2%
Conseco Financial Corp. 6.240%, 12/01/28 (b)		35,259		36,384
Greenpoint Manufactured Housing 8.450%, 06/20/31 (b)		118,961		115,054
Lehman ABS Manufactured Housing Contract Trust 5.873%, 04/15/40		163,021		175,734
Madison Avenue Manufactured Housing Contract 2.420%, 03/25/32 (b)		516,432		516,308
3.420%, 03/25/32 (b)		250,000		244,598
Mid-State Capital Trust 5.250%, 12/15/45 (144A)		407,835		422,594
7.000%, 12/15/45 (144A)		481,986		519,062
Mid-State Trust 7.540%, 02/15/36		43,075		45,722
Origen Manufactured Housing Contract Trust 1.355%, 01/15/35 (b)		398,780		420,584
5.460%, 11/15/35 (b)		281,659		288,312
5.460%, 06/15/36 (b)		230,298		240,061
				3,024,413
Asset-Backed - Other—3.1%
American Homes 4 Rent 1.600%, 06/17/31 (144A) (b)		500,000		490,495

See accompanying notes to financial statements.

MIST-21

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal Amount*		Value
Asset-Backed - Other—(Continued)
American Homes 4 Rent Trust 4.596%, 12/17/36 (144A)		1,000,000	$	1,013,302
5.040%, 12/17/36 (144A)		1,000,000		1,012,983
5.149%, 10/17/36 (144A)		500,000		510,183
Applebee’s/IHOP Funding LLC 4.277%, 09/05/44 (144A)		1,900,000		1,906,219
Bayview Opportunity Master Fund IIa Trust 3.721%, 08/28/44 (144A) (b)		658,304		658,797
Bayview Opportunity Master Fund Trust IIIa 3.623%, 07/28/19 (144A)		460,494		457,427
Beacon Container Finance LLC 3.720%, 09/20/27 (144A)		194,029		196,446
Carrington Mortgage Loan Trust 0.280%, 07/25/36 (b)		223,673		219,124
0.570%, 09/25/35 (b)		39,510		39,144
Citicorp Residential Mortgage Securities Trust 5.775%, 09/25/36		727,271		761,667
CKE Restaurant Holdings, Inc. 4.474%, 03/20/43 (144A)		3,018,625		3,061,067
Colony American Homes Single-Family Rental Pass-Through Certificates 2.062%, 07/17/31 (144A) (b)		1,000,000		974,299
Countrywide Asset-Backed Certificates 0.350%, 06/25/36 (b)		306,741		299,240
0.405%, 04/25/36 (b)		168,425		166,737
4.456%, 10/25/35 (b)		121,236		121,235
Credit-Based Asset Servicing and Securitization LLC 0.245%, 04/25/37 (b)		301,697		256,224
Cronos Containers Program, Ltd. 3.810%, 09/18/27 (144A)		387,500		387,681
Dominos Pizza Master Issuer LLC
5.216%, 01/25/42 (144A)		2,242,666		2,351,106
Drug Royalty II L.P. 2
3.082%, 07/15/23 (144A) (b)		713,015		717,148
Ellington Loan Acquisition Trust
1.070%, 05/25/37 (144A) (b)		198,605		196,552
1.070%, 05/28/37 (144A) (b)		1,014,784		998,069
First Franklin Mortgage Loan Trust
0.845%, 03/25/35 (b)		52,034		51,903
GLC Trust
3.000%, 07/15/21 (144A)		1,069,730		1,064,595
GMAT Trust
3.967%, 11/25/43 (144A)		1,108,197		1,116,034
Hercules Capital Funding Trust
3.320%, 12/16/17 (144A)		55,856		55,699
HOA Funding LLC
4.846%, 08/20/44 (144A)		2,288,500		2,243,641
Icon Brands Holdings LLC
4.229%, 01/25/43 (144A)		1,044,688		1,040,763
JPMorgan Mortgage Acquisition Trust
0.305%, 05/25/36 (b)		97,058		95,660
Leaf Receivables Funding LLC
2.670%, 09/15/20 (144A)		538,712		541,195
5.110%, 09/15/21 (144A)		531,000		540,664
5.500%, 09/15/20 (144A)		367,451		371,133
Asset-Backed - Other—(Continued)
Progreso Receivables Funding I LLC
4.000%, 07/09/18 (144A)		1,271,000		1,273,288
Sierra Timeshare Receivables Funding LLC
1.870%, 08/20/29 (144A)		177,295		177,989
Silver Bay Realty Trust
2.212%, 09/17/31 (144A) (b)		1,000,000		980,362
Spirit Master Funding LLC
3.887%, 12/20/43 (144A)		200,000		204,006
4.629%, 01/20/45 (144A)		1,600,000		1,614,080
5.740%, 03/20/42 (144A)		178,536		199,346
Springleaf Funding Trust
2.410%, 12/15/22 (144A)		900,000		899,255
2.580%, 09/15/21 (144A)		2,100,000		2,106,046
STORE Master Funding LLC
4.160%, 03/20/43 (144A)		194,502		197,968
4.210%, 04/20/44 (144A)		598,250		610,490
Structured Asset Investment Loan Trust
0.370%, 01/25/36 (b)		304,070		295,689
Structured Asset Securities Corp. Mortgage Loan Trust
0.300%, 03/25/37 (b)		163,492		162,721
TAL Advantage V LLC
3.510%, 02/22/39 (144A)		1,168,750		1,173,978
Vericrest Opportunity Loan Transferee LLC
3.125%, 04/27/54 (144A)		673,938		670,016
Vericrest Opportunity Loan Trust XIX LLC
3.875%, 04/26/55 (144A)		1,000,000		995,000
Vericrest Opportunity Loan Trust XXIII LLC
3.625%, 11/25/53 (144A)		767,270		770,088
Westgate Resorts LLC
2.150%, 12/20/26 (144A)		678,597		673,932
2.250%, 08/20/25 (144A)		337,697		338,223
2.500%, 03/20/25 (144A)		157,544		158,215
3.250%, 12/20/26 (144A)		1,447,675		1,445,413
3.750%, 08/20/25 (144A)		134,007		134,796
4.500%, 01/20/25 (144A)		202,256		203,900
				39,201,233
Total Asset-Backed Securities (Cost $50,187,686)				50,944,909
Municipals—3.4%
Baylor University
4.313%, 03/01/42		800,000		811,152
Brazos River Harbor, TX Navigation District Revenue Bonds Dow Chemical Co. Project
5.950%, 05/15/33		3,360,000		3,760,378
California Educational Facilities Authority Revenue
5.000%, 06/01/43		1,470,000		1,994,863
Gulf Coast Waste Disposal Authority
5.200%, 05/01/28		945,000		990,823
Indianapolis Airport Authority Federal Express Corp. Project
5.100%, 01/15/17		660,000		711,982

See accompanying notes to financial statements.

MIST-22

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Municipals—(Continued)

Security Description	Principal Amount*		Value
JobsOhio Beverage System
3.985%, 01/01/29		2,990,000	$	3,099,613
4.532%, 01/01/35		760,000		815,548
Louisiana Local Government Environmental Facilities Community Development Authority Revenue Westlake Chemical Corp. Projects
6.750%, 11/01/32		1,550,000		1,758,568
Massachusetts State Development Finance Agency Revenue Board Institute, Inc.
5.250%, 04/01/37		1,350,000		1,560,559
5.375%, 04/01/41		400,000		464,004
Massachusetts State Health & Educational Facilities Authority Revenue Massachusetts Institute of Technology
5.500%, 07/01/32		950,000		1,325,297
New Hampshire Health & Educational Facilities Authority Revenue, Wentworth Douglas Hospital
6.500%, 01/01/41		600,000		709,956
New Jersey Economic Development Authority Lease Revenue
Zero Coupon, 02/15/18		3,400,000		3,143,436
New Jersey State Transportation Trust Fund Authority Transportation Systems
5.500%, 06/15/41		2,000,000		2,243,560
New York City Transitional Finance Authority Revenue Future Tax Secured
5.000%, 11/01/33		300,000		340,722
North East Independent School District
5.250%, 02/01/31		640,000		840,800
Port Authority of New York & New Jersey
4.458%, 10/01/62		460,000		488,258
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		931,432
St. John Baptist Parish LA, Revenue Bond Marathon Oil Corp.
5.125%, 06/01/37		1,710,000		1,809,488
State of Washington
3.000%, 07/01/28		450,000		452,102
Sweetwater County WY, Solid Waste Disposal Revenue FMC Corp. Project
5.600%, 12/01/35		1,670,000		1,693,397
Texas A&M University Permanent University Fund
5.000%, 07/01/30		530,000		647,178
Texas Brazos Harbor Industrial Development Corp., Environmental Facilities Revenue Dow Chemical Project.
5.900%, 05/01/38 (b)		1,505,000		1,633,903
Texas Municipal Gas Acquisition & Supply Corp. III
5.000%, 12/15/30		750,000		825,757
5.000%, 12/15/31		1,550,000		1,700,939
University of California CA, Revenue
3.380%, 05/15/28		1,200,000		1,164,732
University of Texas System
5.000%, 08/15/43		395,000		452,710
Virginia Commonwealth Transportation Board
4.000%, 05/15/31		1,300,000		1,395,459
4.000%, 05/15/32		1,300,000		1,390,012
Washington Suburban Sanitary Commission 4.000%, 06/01/43		960,000		1,006,790
4.000%, 06/01/44		930,000		974,566
Yavapai County AZ, Industrial Development Authority Solid Waste Disposal Revenue Waste Management, Inc. Project 4.900%, 03/01/28		300,000		312,333
Total Municipals (Cost $39,598,173)				42,953,872
Convertible Bonds—2.3%
Commercial Services—0.1%
Cardtronics, Inc. 1.000%, 12/01/20 (a)		465,000		460,059
Euronet Worldwide, Inc. 1.500%, 10/01/44 (144A)		540,000		549,113
				1,009,172
Computers—0.2%
Mentor Graphics Corp. 4.000%, 04/01/31 (a)		2,213,000		2,650,067
Electrical Components & Equipment—0.2%
General Cable Corp. 4.500%, 11/15/29 (k)		2,420,000		1,746,937
Electronics—0.2%
Vishay Intertechnology, Inc. 2.250%, 05/15/41 (144A)		2,545,000		2,293,681
Forest Products & Paper—0.0%
Sino-Forest Corp.
Escrow (c) (f) (m)		1,246,000		0
Escrow (c) (f) (m)		500,000		0
				0
Healthcare-Products—0.4%
Hologic, Inc. 2.000%, 03/01/42 (a) (k)		1,400,000		1,559,250
NuVasive, Inc. 2.750%, 07/01/17		2,580,000		3,279,825
				4,839,075
Healthcare-Services—0.1%
Molina Healthcare, Inc. 1.625%, 08/15/44 (a)		1,155,000		1,284,938
Home Builders—0.3%
KB Home 1.375%, 02/01/19 (a)		1,275,000		1,263,844

See accompanying notes to financial statements.

MIST-23

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Convertible Bonds—(Continued)

Security Description	Principal Amount*		Value
Home Builders—(Continued)
Ryland Group, Inc. (The) 0.250%, 06/01/19		1,095,000	$	1,013,559
Standard Pacific Corp. 1.250%, 08/01/32		1,210,000		1,356,713
				3,634,116
Internet—0.2%
Priceline Group, Inc. (The) 0.900%, 09/15/21 (144A) (a)		1,375,000		1,309,687
WebMD Health Corp. 2.500%, 01/31/18		1,410,000		1,406,475
				2,716,162
Mining—0.2%
Mirabela Nickel, Ltd. 9.500%, 06/20/19 (144A) (d)		313,203		250,562
Vedanta Resources Jersey, Ltd. 5.500%, 07/13/16		2,200,000		2,128,500
				2,379,062
Oil & Gas—0.2%
American Energy - Utica LLC 3.500%, 03/01/21 (144A) (e)		860,000		610,600
Chesapeake Energy Corp. 2.250%, 12/15/38		1,250,000		1,122,656
Cobalt International Energy, Inc. 2.625%, 12/01/19		1,425,000		860,344
				2,593,600
Semiconductors—0.0%
LDK Solar Co., Ltd. 5.535%, 12/31/18 (e)		323,800		0
ON Semiconductor Corp. 2.625%, 12/15/26 (a)		225,000		267,469
				267,469
Software—0.1%
Nuance Communications, Inc. 2.750%, 11/01/31		1,745,000		1,739,547
Telecommunications—0.1%
Finisar Corp. 0.500%, 12/15/33		915,000		866,963
Transportation—0.0%
Golar LNG, Ltd. 3.750%, 03/07/17		300,000		307,500
Total Convertible Bonds (Cost $27,816,711)				28,328,289
Preferred Stocks—2.0%
Air Freight & Logistics—0.1%
CEVA Holdings Inc. - Series A (f)		864		669,383
Banks—0.9%
Citigroup, Inc., 7.125% (b)		150,000		4,068,000
CoBank ACB, 6.250% (b)		1,500		151,172
Fifth Third Bancorp, 6.625% (b)		22,310		609,732
GMAC Capital Trust I, 8.125% (b)		56,000		1,477,280
U.S. Bancorp Series F, 6.500% (a) (b)		44,757		1,318,094
Series G, 6.000% (a) (b)		116,875		3,169,650
				10,793,928
Capital Markets—0.2%
Morgan Stanley
6.375% (a) (b)		16,190		409,769
7.125% (a) (b)		50,000		1,376,500
State Street Corp., 5.900% (b)		43,000		1,111,980
				2,898,249
Consumer Finance—0.0%
Ally Financial, Inc. , 7.000% (144A)		250		249,898
Diversified Financial Services—0.3%
Citigroup Capital XIII, 7.875% (b)		157,756		4,193,155
Insurance—0.3%
Allstate Corp. (The), 5.100% (b)		106,925		2,708,410
Aspen Insurance Holdings, Ltd., 5.950% (b)		50,000		1,263,000
				3,971,410
Telecommunications—0.2%
Qwest Corp., 7.375%		109,000		2,921,200
Total Preferred Stocks (Cost $25,022,691)				25,697,223
Convertible Preferred Stocks—0.6%
Banks—0.5%
Bank of America Corp. 7.250%, 12/31/49		462		537,292
Wells Fargo & Co., Series L 7.500%, 12/31/49		4,965		5,987,790
				6,525,082
Diversified Financial Services—0.1%
AMG Capital Trust II 5.150%, 10/15/37		20,000		1,235,000
Total Convertible Preferred Stocks (Cost $7,261,269)				7,760,082
Common Stocks—0.1%
Air Freight & Logistics—0.1%
CEVA Holdings LLC (f) (l)		399		309,225

See accompanying notes to financial statements.

MIST-24

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares/ Principal Amount*		Value
Banks—0.0%
BTA Bank JSC (GDR) (144A) (l)		1,133	$	621
Commercial Services—0.0%
Comdisco Holding Co., Inc. (l)		83		539
Containers & Packaging—0.0%
Smurfit Kappa Group plc		219		4,924
Marine—0.0%
Horizon Lines, Inc. - Class A (f) (l)		278,510		175,768
Media—0.0%
Cengage Learning, Inc. (l)		10,995		264,798
Metals & Mining—0.0%
Mirabela Nickel, Ltd. (f) (l) (m)		2,370,320		56,119
Semiconductors & Semiconductor Equipment—0.0%
LDK Solar Co., Ltd. (ADR) (l)		22,685		2,495
Total Common Stocks (Cost $2,348,926)				814,489
Warrant—0.0%
Sovereign—0.0%
Venezuela Government Oil-Linked Payment Obligation, Expires 04/15/20 (f) (l) (Cost $0)		1,700		14,450
Short-Term Investments—12.2%
Mutual Fund—6.5%
State Street Navigator Securities Lending MET Portfolio (o)		82,128,493		82,128,493
Repurchase Agreement—5.7%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $72,133,321 on 01/02/15, collateralized by $71,960,000 U.S. Treasury Inflation Indexed Note at 0.125% due 04/15/18 with a value of $73,579,100.		72,133,321		72,133,321
Total Short-Term Investments (Cost $154,261,814)				154,261,814
Total Investments—111.1% (Cost $1,399,276,710)				1,405,624,779
Unfunded Loan Commitments—(0.0)% (Cost $(192,572))				(192,572	)
Net Investments—111.1% (Cost $1,399,084,138) (p)				1,405,432,207
Other assets and liabilities (net)—(11.1)%				(140,339,216	)
Net Assets—100.0%			$	1,265,092,991

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $82,896,410 and the collateral received consisted of cash in the amount of $82,128,493 and non-cash collateral with a value of $3,990,445. 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 December 31, 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 December 31, 2014, the market value of restricted securities was $411,262, which is 0.0% of net assets. See details shown in the Restricted Securities table that follows.

(e) Payment-in-kind security for which part of the income earned may be paid as additional principal.

(f) Illiquid security. As of December 31, 2014, these securities represent 0.3% of net assets.

(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) 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.

(j) This loan will settle after December 31, 2014, at which time the interest rate will be determined.

(k) Security is a “step-down” bond where the coupon decreases or steps down at a predetermined date. Rate shown is current coupon rate.

(l) Non-income producing security.

(m) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent less than 0.05% of net assets.

(n) Floating rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are determined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

See accompanying notes to financial statements.

MIST-25

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

(o) Represents investment of cash collateral received from securities lending transactions.

(p) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,402,148,306. The aggregate unrealized appreciation and depreciation of investments were $45,208,215 and $(41,924,314), respectively, resulting in net unrealized appreciation of $3,283,901 for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $370,560,950, which is 29.3% 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.

(AUD)— Australian Dollar

(CMO)— Collateralized Mortgage Obligation

(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.

(IDR)— Indonesian Rupiah

(INR)— Indian Rupee

(MXN)— Mexican Peso

(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	$	895,705	$	63,350
Desarrolladora Homex S.A.B. de C.V.		12/11/09		855,000		846,776		59,850
Mirabela Nickel, Ltd.		06/30/14		313,203		313,203		250,562
Urbi Desarrollos Urbanos S.A.B. de C.V.		01/27/12		375,000		370,319		37,500
							$	411,262

Forward Foreign Currency Exchange Contracts

Contracts to Deliver		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	1,878,783	UBS AG		03/04/15		USD	1,578,392	$	51,000
CAD	3,532,147	JPMorgan Chase Bank N.A.		03/02/15		USD	3,110,366		74,101
EUR	21,727,110	JPMorgan Chase Bank N.A.		01/14/15		USD	27,585,065		1,291,649
EUR	9,071,461	JPMorgan Chase Bank N.A.		03/04/15		USD	11,260,256		277,343
JPY	981,262,000	JPMorgan Chase Bank N.A.		03/18/15		USD	8,372,365		174,916
NZD	2,495,750	Citibank N.A.		01/12/15		USD	1,907,951		(37,711	)
NZD	2,476,504	Brown Brothers Harriman & Co.		01/20/15		USD	1,908,963		(20,177	)
RUB	66,297,483	JPMorgan Chase Bank N.A.		01/23/15		USD	1,163,114		78,401
Cross Currency Contracts to Buy
EUR	5,955,288	JPMorgan Chase Bank N.A.		01/29/15		NOK	53,972,604		(28,612	)
Net Unrealized Appreciation								$	1,860,910

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
U.S. Treasury Ultra Long Bond Futures		03/20/15		101			USD	16,213,936		$	470,002
Futures Contracts—Short
U.S. Treasury Long Bond Futures		03/20/15		(133	)		USD	(18,790,418	)		(436,395	)
U.S. Treasury Note 10 Year Futures		03/20/15		(1,237	)		USD	(156,030,135	)		(817,599	)
U.S. Treasury Note 2 Year Futures		03/31/15		(36	)		USD	(7,879,400	)		10,025
U.S. Treasury Note 5 Year Futures		03/31/15		(878	)		USD	(104,391,324	)		(28,942	)
Net Unrealized Depreciation										$	(802,909	)

See accompanying notes to financial statements.

MIST-26

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Swap Agreements

Centrally Cleared Credit Default Swap Agreements—Sell Protection (a)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Implied Credit Spread at December 31, 2014(b)	Notional Amount(c)			Unrealized Appreciation
Markit CDX North America High Yield Index, Series 23		5.000%		12/20/19	3.557%		USD	24,500,000	$	82,190

OTC Credit Default Swaps on Corporate Issues—Sell Protection (a)

Reference Obligation	Fixed Deal Receive Rate		Maturity Date		Counterparty	Implied Credit Spread at December 31, 2014(b)		Notional Amount(c)			Market Value		Upfront Premium (Received)		Unrealized Depreciation
Diamond Offshore Drilling Inc. 4.875%, due 07/01/15		1.000%		12/20/19	Morgan Stanley Capital Services LLC		3.107%		USD	2,525,000	$	(237,560)	$	(92,038)	$	(145,522)

(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.

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(EUR)— Euro

(JPY)— Japanese Yen

(NOK)— Norwegian Krone

(NZD)— New Zealand Dollar

(RUB)— Russian Ruble

(USD)— United States Dollar

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

See accompanying notes to financial statements.

MIST-27

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes
Aerospace/Defense	$	—	$	2,273,062	$	—	$	2,273,062
Agriculture		—		6,737,025		—		6,737,025
Airlines		—		5,065,021		—		5,065,021
Auto Manufacturers		—		2,002,087		—		2,002,087
Auto Parts & Equipment		—		2,625,050		—		2,625,050
Banks		—		77,043,105		—		77,043,105
Beverages		—		1,979,582		—		1,979,582
Building Materials		—		10,400,740		—		10,400,740
Chemicals		—		10,156,887		—		10,156,887
Coal		—		947,950		—		947,950
Commercial Services		—		13,069,218		—		13,069,218
Computers		—		4,943,721		—		4,943,721
Diversified Financial Services		—		35,205,647		—		35,205,647
Electric		—		29,735,234		—		29,735,234
Electrical Components & Equipment		—		28,088		—		28,088
Electronics		—		3,278,200		—		3,278,200
Energy-Alternate Sources		—		321,563		—		321,563
Engineering & Construction		—		4,325,500		—		4,325,500
Entertainment		—		6,970,013		—		6,970,013
Food		—		16,112,510		—		16,112,510
Forest Products & Paper		—		2,179,120		—		2,179,120
Gas		—		2,920,495		—		2,920,495
Hand/Machine Tools		—		1,643,187		—		1,643,187
Healthcare-Products		—		2,416,800		—		2,416,800
Healthcare-Services		—		3,402,420		—		3,402,420
Home Builders		—		7,040,875		—		7,040,875
Home Furnishings		—		1,252,030		—		1,252,030
Household Products/Wares		—		2,327,797		—		2,327,797
Insurance		—		89,009,965		1,881,430		90,891,395
Internet		—		2,772,380		—		2,772,380
Investment Company Security		—		965,325		—		965,325
Iron/Steel		—		8,060,972		—		8,060,972
Leisure Time		—		705,250		—		705,250
Lodging		—		4,101,150		—		4,101,150
Machinery-Construction & Mining		—		706,018		—		706,018
Machinery-Diversified		—		3,426,272		—		3,426,272
Media		—		3,346,716		—		3,346,716
Metal Fabricate/Hardware		—		368,520		—		368,520
Mining		—		12,512,014		—		12,512,014
Multi-National		—		13,681,192		—		13,681,192
Oil & Gas		—		35,828,536		—		35,828,536
Oil & Gas Services		—		7,597,191		—		7,597,191
Packaging & Containers		—		5,883,224		—		5,883,224
Pharmaceuticals		—		2,971,600		—		2,971,600
Pipelines		—		38,557,502		—		38,557,502
Real Estate		—		1,270,500		—		1,270,500
Real Estate Investment Trusts		—		19,243,234		—		19,243,234
Retail		—		5,101,121		—		5,101,121
Semiconductors		—		2,245,875		—		2,245,875
Software		—		3,575,500		—		3,575,500
Telecommunications		—		32,050,226		—		32,050,226
Textiles		—		575,231		—		575,231
Transportation		—		2,056,761		—		2,056,761
Trucking & Leasing		—		2,108,339		—		2,108,339
Total Corporate Bonds & Notes		—		555,123,541		1,881,430		557,004,971

See accompanying notes to financial statements.

MIST-28

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	268,684,920		$	—	$	268,684,920
Total Floating Rate Loans (Less Unfunded Loan Commitments)*		—			103,987,975			—		103,987,975
Total Mortgage-Backed Securities*		—			103,812,574			—		103,812,574
Total Foreign Government*		—			61,166,639			—		61,166,639
Total Asset-Backed Securities*		—			50,944,909			—		50,944,909
Total Municipals		—			42,953,872			—		42,953,872
Total Convertible Bonds*		—			28,328,289			0		28,328,289
Preferred Stocks
Air Freight & Logistics		—			669,383			—		669,383
Banks		10,642,756			151,172			—		10,793,928
Capital Markets		2,898,249			—			—		2,898,249
Consumer Finance		—			249,898			—		249,898
Diversified Financial Services		4,193,155			—			—		4,193,155
Insurance		3,971,410			—			—		3,971,410
Telecommunications		2,921,200			—			—		2,921,200
Total Preferred Stocks		24,626,770			1,070,453			—		25,697,223
Convertible Preferred Stocks
Banks		6,525,082			—			—		6,525,082
Diversified Financial Services		—			1,235,000			—		1,235,000
Total Convertible Preferred Stocks		6,525,082			1,235,000			—		7,760,082
Common Stocks
Air Freight & Logistics		—			309,225			—		309,225
Banks		—			621			—		621
Commercial Services		539			—			—		539
Containers & Packaging		—			4,924			—		4,924
Marine		175,768			—			—		175,768
Media		—			264,798			—		264,798
Metals & Mining		—			—			56,119		56,119
Semiconductors & Semiconductor Equipment		2,495			—			—		2,495
Total Common Stocks		178,802			579,568			56,119		814,489
Total Warrant*		—			14,450			—		14,450
Short-Term Investments
Mutual Fund		82,128,493			—			—		82,128,493
Repurchase Agreement		—			72,133,321			—		72,133,321
Total Short-Term Investments		82,128,493			72,133,321			—		154,261,814
Total Net Investments	$	113,459,147		$	1,290,035,511		$	1,937,549	$	1,405,432,207
Collateral for Securities Loaned (Liability)	$	—		$	(82,128,493	)	$	—	$	(82,128,493	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	1,947,410		$	—	$	1,947,410
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(86,500	)		—		(86,500	)
Total Forward Contracts	$	—		$	1,860,910		$	—	$	1,860,910
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	480,027		$	—		$	—	$	480,027
Futures Contracts (Unrealized Depreciation)		(1,282,936	)		—			—		(1,282,936	)
Total Futures Contracts	$	(802,909	)	$	—		$	—	$	(802,909	)
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	82,190		$	—	$	82,190
OTC Swap Contracts
OTC Swap Contracts at Value (Liabilities)	$	—		$	(237,560	)	$	—	$	(237,560	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-29

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Investments in Securities	Balance as of December 31, 2013		Change in Unrealized Appreciation/ (Depreciation)			Purchases		Balance as of December 31, 2014		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at December 31, 2014
Corporate Bonds & Notes
Insurance	$	—	$	143,930		$	1,737,500	$	1,881,430	$	143,930
Convertible Bonds
Forest Products & Paper		0		0			—		0		0
Semiconductors		—		0			0		0		0
Common Stock
Metals & Mining		—		(1,954	)		58,073		56,119		(1,954	)
Total	$	—	$	141,976		$	1,795,573	$	1,937,549	$	141,976

See accompanying notes to financial statements.

MIST-30

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,405,432,207
Cash		577,490
Cash denominated in foreign currencies (c)		10,454,543
Cash collateral (d)		4,075,482
Unrealized appreciation on forward foreign currency exchange contracts		1,947,410
Receivable for:
Investments sold		517,000
Fund shares sold		147,510
Dividends and interest		11,608,536
Interest on OTC swap contracts		33,873
Variation margin on swap contracts		25,525
Prepaid expenses		3,351
Total Assets		1,434,822,927
Liabilities
OTC swap contracts at market value (e)		237,560
Unrealized depreciation on forward foreign currency exchange contracts		86,500
Collateral for securities loaned		82,128,493
Payables for:
Investments purchased		8,536,407
TBA securities purchased		77,022,602
Fund shares redeemed		334,657
Variation margin on futures contracts		412,153
Accrued expenses:
Management fees		609,053
Distribution and service fees		45,357
Deferred trustees’ fees		67,424
Other expenses		249,730
Total Liabilities		169,729,936
Net Assets	$	1,265,092,991
Net assets consist of:
Paid in surplus	$	1,190,489,633
Undistributed net investment income		57,208,673
Accumulated net realized gain		11,758,970
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions		5,635,715
Net Assets	$	1,265,092,991
Net Assets
Class A	$	952,661,526
Class B		67,081,796
Class E		245,349,669
Capital Shares Outstanding*
Class A		86,971,458
Class B		6,253,137
Class E		22,552,186
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	10.95
Class B		10.73
Class E		10.88

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,399,084,138.

(b) Includes securities loaned at value of $82,896,410.

(c) Identified cost of cash denominated in foreign currencies was $12,006,990.

(d) Includes collateral of $2,445,482 for futures contracts, $1,350,000 for centrally cleared swaps and $280,000 for OTC swap contracts.

(e) Net premium received on OTC swap contracts was $92,038.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	2,267,414
Interest (a)		58,767,017
Securities lending income		321,256
Total investment income		61,355,687
Expenses
Management fees		7,276,073
Administration fees		30,202
Custodian and accounting fees		407,895
Distribution and service fees—Class B		120,263
Distribution and service fees—Class E		371,101
Audit and tax services		66,683
Legal		34,183
Trustees’ fees and expenses		43,760
Shareholder reporting		130,729
Insurance		8,140
Miscellaneous		14,568
Total expenses		8,503,597
Net Investment Income		52,852,090
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		22,467,257
Futures contracts		(3,957,997	)
Swap contracts		362,827
Foreign currency transactions		4,094,672
Net realized gain		22,966,759
Net change in unrealized appreciation (depreciation) on:
Investments		(15,587,156	)
Futures contracts		(3,204,229	)
Swap contracts		(63,332	)
Foreign currency transactions		417,882
Net change in unrealized depreciation		(18,436,835	)
Net realized and unrealized gain		4,529,924
Net Increase in Net Assets From Operations	$	57,382,014

(a) Net of foreign withholding taxes of $18,451.

See accompanying notes to financial statements.

MIST-31

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	52,852,090		$	60,083,237
Net realized gain		22,966,759			13,618,754
Net change in unrealized depreciation		(18,436,835	)		(55,262,680	)
Increase in net assets from operations		57,382,014			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		24,033,362			126,819,626
Total increase in net assets		4,266,896			81,162,975
Net Assets
Beginning of period		1,260,826,095			1,179,663,120
End of period	$	1,265,092,991		$	1,260,826,095
Undistributed net investment income
End of period	$	57,208,673		$	61,798,684

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		2,351,317		$	26,108,142			12,451,227		$	140,830,349
Reinvestments		5,589,398			60,365,494			4,511,250			50,526,004
Redemptions		(10,101,024	)		(111,845,559	)		(7,379,732	)		(82,574,493	)
Net increase (decrease)		(2,160,309	)	$	(25,371,923	)		9,582,745		$	108,781,860
Class B (a)
Sales		4,387,077		$	47,717,865			2,277,064		$	24,567,925
Reinvestments		220,448			2,336,751			0			0
Redemptions		(601,273	)		(6,536,301	)		(30,179	)		(326,812	)
Net increase		4,006,252		$	43,518,315			2,246,885		$	24,241,113
Class E
Sales		4,191,650		$	46,087,571			5,580,038		$	62,252,775
Reinvestments		1,345,087			14,446,235			1,218,129			13,569,958
Redemptions		(4,964,094	)		(54,646,836	)		(7,398,355	)		(82,026,080	)
Net increase (decrease)		572,643		$	5,886,970			(600,188	)	$	(6,203,347	)
Increase derived from capital shares transactions				$	24,033,362					$	126,819,626

(a) Commencement of operations was July 17, 2013.

See accompanying notes to financial statements.

MIST-32

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.14		$	11.57		$	10.95		$	11.15		$	10.47
Income (Loss) from Investment Operations
Net investment income (a)		0.46			0.55			0.57			0.62			0.64
Net realized and unrealized gain (loss) on investments		0.05			(0.37	)		0.66			(0.22	)		0.60
Total from investment operations		0.51			0.18			1.23			0.40			1.24
Less Distributions
Distributions from net investment income		(0.58	)		(0.58	)		(0.57	)		(0.53	)		(0.56	)
Distributions from net realized capital gains		(0.12	)		(0.03	)		(0.04	)		(0.07	)		0.00
Total distributions		(0.70	)		(0.61	)		(0.61	)		(0.60	)		(0.56	)
Net Asset Value, End of Period	$	10.95		$	11.14		$	11.57		$	10.95		$	11.15
Total Return (%) (b)		4.58			1.54			11.62			3.63			12.17
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.62			0.63			0.63			0.64			0.67
Ratio of net investment income to average net assets (%)		4.15			4.88			5.12			5.61			5.94
Portfolio turnover rate (%)		82	(f)		29			23			30			33
Net assets, end of period (in millions)	$	952.7		$	993.0		$	920.1		$	743.2		$	638.0

	Class B
	Year Ended December 31,
	2014			2013(c)
Net Asset Value, Beginning of Period	$	10.92		$	10.76
Income (Loss) from Investment Operations
Net investment income (a)		0.41			0.23
Net realized and unrealized gain (loss) on investments		0.07			(0.07	)
Total from investment operations		0.48			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	$	10.73		$	10.92
Total Return (%) (b)		4.40			1.49	(d)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.87			0.88	(e)
Ratio of net investment income to average net assets (%)		3.83			4.71	(e)
Portfolio turnover rate (%)		82	(f)		29
Net assets, end of period (in millions)	$	67.1		$	24.5

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-33

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.07		$	11.50		$	10.89		$	11.10		$	10.43
Income (Loss) from Investment Operations
Net investment income (a)		0.44			0.53			0.55			0.60			0.62
Net realized and unrealized gain (loss) on investments		0.05			(0.37	)		0.65			(0.22	)		0.60
Total from investment operations		0.49			0.16			1.20			0.38			1.22
Less Distributions
Distributions from net investment income		(0.56	)		(0.56	)		(0.55	)		(0.52	)		(0.55	)
Distributions from net realized capital gains		(0.12	)		(0.03	)		(0.04	)		(0.07	)		0.00
Total distributions		(0.68	)		(0.59	)		(0.59	)		(0.59	)		(0.55	)
Net Asset Value, End of Period	$	10.88		$	11.07		$	11.50		$	10.89		$	11.10
Total Return (%) (b)		4.44			1.41			11.45			3.46			12.04
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.77			0.78			0.78			0.79			0.82
Ratio of net investment income to average net assets (%)		3.99			4.73			4.97			5.46			5.79
Portfolio turnover rate (%)		82	(f)		29			23			30			33
Net assets, end of period (in millions)	$	245.3		$	243.3		$	259.6		$	213.6		$	155.9

(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) Commencement of operations was July 17, 2013.

(d) Periods less than one year are not computed on an annualized basis.

(e) Computed on an annualized basis.

(f) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rate would have been 44% for 2014.

See accompanying notes to financial statements.

MIST-34

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-35

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MIST-36

Met Investors Series Trust

Pioneer Strategic Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, paydown reclasses, defaulted bonds, swap transactions, convertible preferred stock interest purchased, distribution re-designations, 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $72,133,321, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The

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value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Portfolio to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

In one type of SMBS, one class receives all of the interest from the mortgage assets (the interest-only or “IO” class), while the other class will receive all of the principal (the principal-only or “PO” class). Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security until maturity. These adjustments are netted against payments received for the IOs and the net amount is included in interest income on the Statement of Operations of the Portfolio. Payments received for POs are treated as reductions to the cost and par value of the securities. Details of mortgage-related and other asset-backed securities held by the Portfolio are included in the Portfolio’s Schedule of Investments.

The Portfolio may invest a significant portion of its assets in securities of issuers that hold mortgage and asset-backed securities and direct investments in securities backed by commercial and residential mortgage loans and other financial assets. The value and related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

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 December 31, 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.

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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 December 31, 2014, the Portfolio had open unfunded loan commitments of $192,572. At December 31, 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 as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

3. Investments in Derivative Instruments

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

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Notes to Financial Statements—December 31, 2014—(Continued)

currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s 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.

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Notes to Financial Statements—December 31, 2014—(Continued)

Credit Default Swaps: The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate and/or sovereign issuers, or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed. Credit default swaps involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return if a credit event occurs for the referenced entity, obligation or index. A credit event is defined under the terms of each swap agreement and may include, but is not limited to, underlying entity default, bankruptcy, write-down, principal shortfall or interest shortfall. As the seller of protection, if an underlying credit event occurs, the Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced obligation (or underlying securities comprising the referenced index), or pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). In return, the Portfolio would receive from the counterparty an upfront or periodic stream of payments throughout the life of the credit default swap agreement provided that no credit event has occurred. As the seller of protection, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the credit default swap.

The Portfolio may also purchase credit default swap contracts in order to hedge against the risk of default of debt securities held in its portfolio. This would involve the risk that the investment may be worthless when it expires and would only generate income in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial instability). It would also involve credit risk, whereby the seller may fail to satisfy its payment obligations to the Portfolio in the event of a default. As the buyer of protection, if an underlying credit event occurs, the Portfolio will either receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation (or underlying securities comprising the referenced index), or receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation (or underlying securities comprising the referenced index). If no credit event occurs and the Portfolio is a buyer of protection, the Portfolio will typically recover nothing under the credit default swap agreement, but it will have had to pay the required upfront payment or stream of continuing payments under the credit default swap agreement. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted obligation.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. An index credit default swap references all the names in the index, and if there is a credit event involving an entity in the index, the credit event is settled based on that entity’s weight in the index. A Portfolio may use credit default swaps on credit indices as a hedge for credit default swaps or bonds held in the portfolio, which is less expensive than it would be to buy many individual credit default swaps to achieve similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and may be used to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on a credit index or corporate or sovereign issuer, serve as some indication of the status of the payment/performance risk and the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity or index also reflects the cost of buying/selling protection and may reflect upfront payments required to be made to enter into the agreement. Wider credit spreads generally represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the particular swap agreement. When no implied credit spread is available for a credit default swap, the current unrealized appreciation/depreciation on the position may be used as an indicator of the current status of the payment/performance risk.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of December 31, 2014, for which the Portfolio is the seller of protection, are disclosed in the Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

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Notes to Financial Statements—December 31, 2014—(Continued)

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts* (a)	$	480,027	Unrealized depreciation on futures contracts* (a)	$	1,282,936
Credit				OTC swap contracts at market value (b)		237,560
	Unrealized appreciation on centrally cleared swap contracts** (a)		82,190
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		1,947,410	Unrealized depreciation on forward foreign currency exchange contracts		86,500
Total		$	2,509,627		$	1,606,996

* 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) Financial instrument not subject to a master netting agreement.

(b) Excludes OTC swap interest receivable of $33,873.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”)(see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
JPMorgan Chase Bank N.A.	$	1,896,410	$	(28,612	)	$	—	$	1,867,798
UBS AG		51,000		—			—		51,000
	$	1,947,410	$	(28,612	)	$	—	$	1,918,798

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†			Net Amount**
Brown Brothers Harriman & Co.	$	20,177	$	—		$	—		$	20,177
Citibank N.A.		37,711		—			—			37,711
JPMorgan Chase Bank N.A.		28,612		(28,612	)		—			—
Morgan Stanley Capital Services LLC		237,560		—			(237,560	)		—
	$	324,060	$	(28,612	)	$	(237,560	)	$	57,888

* Net amount represents the net amount receivable from the counterparty in the event of default.

** Net amount represents the net amount payable due to the counterparty in the event of default.

† In some instances, the actual collateral received and/or pledged may be more than the amount shown here due to overcollateralization.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Credit		Foreign Exchange		Total
Forward foreign currency transactions	$	—		$	—	$	4,587,084	$	4,587,084
Futures contracts		(3,957,997	)		—		—		(3,957,997	)
Swap contracts		—			362,827		—		362,827
	$	(3,957,997	)	$	362,827	$	4,587,084	$	991,914

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Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Credit			Foreign Exchange		Total
Forward foreign currency transactions	$	—		$	—		$	1,995,487	$	1,995,487
Futures contracts		(3,204,229	)		—			—		(3,204,229	)
Swap contracts		—			(63,332	)		—		(63,332	)
	$	(3,204,229	)	$	(63,332	)	$	1,995,487	$	(1,272,074	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	64,175,211
Futures contracts long		12,050,000
Futures contracts short		(214,575,000	)
Swap contracts		16,319,067

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

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Notes to Financial Statements—December 31, 2014—(Continued)

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$727,101,650	$	306,290,514	$	589,514,673	$	421,366,222

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2014 were as follows:

Purchases	Sales
$504,167,229	$	436,612,797

The Portfolio engaged in security transactions with other accounts managed by Pioneer Investment Management, Inc. that amounted to $4,744,634 in purchases and $3,978,869 in sales of investments, which are included above.

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$7,276,073		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.

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Notes to Financial Statements—December 31, 2014—(Continued)

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution 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 year ended December 31, 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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$66,587,121	$	61,252,127	$	10,561,359	$	2,843,835	$	77,148,480	$	64,095,962

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$60,684,321	$	12,409,582	$	1,576,880	$	—	$	74,670,783

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Report of Independent Registered Public Accounting Firm

To the Shareholders of Pioneer Strategic Income 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 Pioneer Strategic Income Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, brokers and agent banks; when replies were not received from brokers or agent banks, 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 Pioneer Strategic Income Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

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Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

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Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

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Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

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Pioneer Strategic Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Pioneer Strategic Income Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Pioneer Investment Management Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three- and five-year periods ended June 30, 2014. The Board further noted that the Portfolio outperformed its benchmark, the Barclays U.S. Universal Bond Index, for the one-, three- and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees were above the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also took into account that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio’s current size.

MIST-51

Met Investors Series Trust

Pyramis Government Income Portfolio

Managed by Pyramis Global Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class B shares of the Pyramis Government Income Portfolio returned 7.56%. The Portfolio’s primary benchmark, the Barclays U.S. Government Bond Index¹, returned 4.92%. The Portfolio’s secondary benchmark, the Custom Benchmark², returned 7.91%.

MARKET ENVIRONMENT / CONDITIONS

For the twelve months ending December 31, 2014, the U.S. investment-grade bond market earned a return of 5.97%, as measured by the Barclays U.S. Aggregate Bond Index. It was the best calendar-year return for the bond market since 2011, and a strong comeback from 2013, when the bond market produced a return of -2.02%. The market environment during the year was characterized by rising short-term interest rates, falling intermediate-term and long-term interest rates, a flattening U.S. Treasury yield curve, collapsing oil prices, declining inflation expectations, widening yield spreads on credit-sensitive debt instruments, narrowing yield spreads on securitized debt instruments, and periodic spikes in volatility, all of which combined to generate positive returns for the broad Index.

U.S. Treasury yields were mixed during the year, rising modestly at the short end of the U.S. Treasury yield curve—only 2 basis points—but in a more pronounced fashion in the short-intermediate portion of the curve (12 to 32 basis points). The yields on intermediate-term issues fell during the period (10 to 87 basis points), and the decline was even more pronounced for long-term issues (120 to 125 basis points). All of these changes led to a noticeable flattening of the yield curve as the year wore on.

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.

In the second half of the year, economic conditions in the United States finally began to improve, as evidenced by a strong third-quarter real GDP report, which showed the U.S. economy growing at a brisk pace of 5.0% per year, and by a steadily-improving employment picture, underscored by the September jobs reports, which showed that the U.S. unemployment rate had dropped below 6% for the first time since the summer of 2008. Reports such as these put ongoing upward pressure on bond yields, as they raised concerns that the Fed might raise interest rates sooner than expected, even though the Fed’s Open Market Committee met in September and renewed its pledge to keep interest rates low for a “considerable time”. Meanwhile, there continued to be a strong flight-to-safety bid for U.S. Treasuries in the third quarter, as markets were roiled by a host of geopolitical concerns—e.g., the escalation of the military conflict in eastern Ukraine; the rise of the terrorist group known as Islamic State (ISIS); the outbreak of the Ebola epidemic in West Africa and the first reported cases of the virus in Europe and the United States; the Argentinian government debt default; and disappointing economic reports out of Europe, leading to renewed worries about the prospect for deflation in Euroland.

The events of the fourth quarter were driven by the remarkable collapse in the price of crude oil. When the quarter began, crude oil was trading at a price of $90 per barrel, roughly in line with its price over the last four years. When the quarter ended, the price of crude oil had plunged to $53 per barrel, a 41% decline in one quarter.

The collapse in crude oil prices sent a shock wave through the global financial markets, since oil is one of the world’s most important commodities, and almost every budget in the world is linked to the price of oil somehow. In the bond market, the sudden and dramatic re-pricing of oil had a number of important knock-on effects. First, it caused an immediate downward shift in investor expectations about inflation. Second, with inflationary expectations now lowered, any inflation premium built into the term structure of interest rates could be lowered, too, especially at the long end of the U.S. Treasury yield curve, and this set in motion a further decline in the yields of intermediate-term and long-term U.S. Treasuries. Third, while the yields on risk-free debt instruments declined, the yield spreads on credit-sensitive debt instruments widened, most notably for those bonds leveraged to the price of oil, such as certain U.S. investment-grade corporate bonds, U.S. high-yield corporate bonds, and emerging market debt instruments. Finally, the foreign exchange value of the U.S. dollar surged by about 5% during the fourth quarter, and at year end was trading at a nine-year high relative to a trade-weighted basket of foreign currencies. The strong dollar, too, is dampening any concern about the future prospects for inflation, since imported goods will now be far less expensive in dollar terms.

The 10-year U.S. Treasury note ended the year trading at a yield of 2.17%, 87 basis points lower than it had traded at the beginning of the year. U.S. Treasuries were one of the best-performing sectors in the U.S. investment-grade bond market, posting a solid return of 5.05%. Within Treasuries, there was wide disparity in performance by maturity, with intermediate-term Treasuries producing a return of only 2.57%, and long-dated Treasuries earning a return of 25.07%. U.S. Treasury Inflation-Protected Securities (“TIPS”) also proved to be a laggard, earning a return of only 3.64%, as the decline in inflation expectations throughout the year made the need for inflation protection less relevant.

Among the spread sectors, U.S. Agency debentures posted a total return of only 3.58%, but after adjusting for duration, they

MIST-1

Met Investors Series Trust

Pyramis Government Income Portfolio

Managed by Pyramis Global Advisors, LLC

Portfolio Manager Commentary*—(Continued)

outperformed comparable U.S. Treasuries by 55 basis points. Asset-backed securities (“ABS”) mimicked the U.S. Agencies, producing a relatively modest total return of 1.88%, yet outperforming similar-duration U.S. Treasuries by 53 basis points.

Agency mortgage-backed securities (“MBS”) were the top-performing sector on an absolute basis, producing a total return of 6.08% and outperforming similar-duration U.S. Treasuries by 40 basis points. Within this sector, the fixed-rate mortgages issued by the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”) were the strongest performers, followed by the fixed-rate mortgages issued by the Federal National Mortgage Association (“FNMA” or “Fannie Mae”). The fixed-rate mortgages issued by the Government National Mortgage Association (“GNMA” or “Ginnie Mae”) actually underperformed similar-duration U.S. Treasuries, although they produced a positive absolute return of 5.97%. The option-adjusted yield spreads on Ginnie Mae MBS widened by 2 basis points in the year, while the option-adjusted yield spreads on Fannie Mae MBS and Freddie Mac MBS narrowed by 9 basis points and 13 basis points, respectively.

Finally, commercial mortgage-backed securities (“CMBS”) were the top-performing sector on a relative basis, producing a total return of only 3.86%, but outperforming similar-duration U.S. Treasuries by 108 basis points.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio outperformed its primary benchmark over the one year period, and fell in line with its custom benchmark over the period. The relative returns were driven primarily by two factors—yield-curve positioning and sector allocation; favorable security selection made a small positive contribution.

The Portfolio’s relative performance versus the custom benchmark was positively affected by changes in the level, slope, and shape of the U.S. Treasury yield curve. The Portfolio maintained a slightly shorter-than-benchmark duration during the year, which ordinarily would have had a negative effect on relative performance, given the downward shift in the term structure of interest rates. However, the U.S. Treasury yield curve also flattened considerably, so the Portfolio’s yield-curve positioning strategy proved to be crucial. The Portfolio’s key-rate durations relative to those of its benchmark were fairly neutral, except at the 20-year node, where throughout the year the Portfolio was slightly short duration, and at the 10-year node and 30-year node, where the Portfolio was slightly long duration. The short-duration posture at the 20-year node proved to be detrimental, as yields on the 20-year U.S. Treasury bond fell by 125 basis points during the year, but these losses were more than offset by the long-duration posture at the 10-year node and the 30-year node, where yields fell by 35 basis points and 46 basis points, respectively, in the fourth quarter. The net result of this yield-curve positioning strategy was a significantly positive contribution to excess return.

The Portfolio made effective use of derivatives—in particular, interest-rate futures contracts and interest-rate swaps—in managing its duration posture and its yield-curve positioning strategy throughout the year. The notional value of these instruments represented about 9% of the Portfolio’s net assets, on average. Nevertheless, they played an important role in insuring that the Portfolio’s duration posture and yield-curve positioning came close to matching those of the benchmark. Derivatives were used solely for hedging purposes, and not as part of a for-profit investment strategy.

The Portfolio pursued a simple but effective sector allocation 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 large overweight to both CMBS and collateralized mortgage obligations (“CMOs”), and a small overweight to both MBS and ABS. These overweights were made possible by underweighting both U.S. Treasuries and U.S. Agency debentures, and doing so to a significant degree, although the U.S. Treasury component of the Portfolio did include a small allocation to U.S. TIPS beginning in August.

This asset allocation strategy worked out very well for the most part. The overweight to CMBS proved to be prescient, as CMBS was the best-performing sector during the period on a duration-adjusted basis. The overweight to Agency MBS also made a meaningful contribution to excess return, although the same could not be said of the overweights to ABS and CMOs. The ABS ended up making a negligible contribution to excess return, while the CMOs actually detracted from relative performance. Many of the CMOs were floating-rate, which tend to underperform in an environment where interest rates are falling, since the coupon rates reset at ever lower levels. Finally, the largest detractor to relative performance turned out to be the small allocation to TIPS, which performed poorly in the second half of the year as inflation expectations ratcheted down following the precipitous drop in oil prices.

In the security selection category, there was evidence of both astute and adverse bond-picking. Within the Agency MBS category, the Portfolio’s holdings in 15-year and 30-year Agency mortgage pass-throughs 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 over the twelve-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 and the Tennessee Valley Authority.

That said, security selection also detracted from relative performance, and it did so in two primary ways: the Portfolio’s decision to invest in

MIST-2

Met Investors Series Trust

Pyramis Government Income Portfolio

Managed by Pyramis Global Advisors, LLC

Portfolio Manager Commentary*—(Continued)

Agency hybrid adjustable-rate mortgages (“ARMS”), which like CMOs, tend to underperform in a falling interest-rate environment, as coupon rates adjust at ever lower levels; and the Portfolio’s decision to invest in Non-Agency residential mortgage-backed securities (“RMBS”) and CMBS, which unlike their Agency counterparts, are not backed either implicitly or explicitly by the full faith and credit of the U.S. government, and are therefore credit-sensitive. The calendar year just past was one in which higher-quality issues generally outperformed lower-quality issues, at least in the securitized debt space; thus, Non-Agency RMBS and CMBS proved to be a drag on relative performance.

At the end of December, the Portfolio maintained a slightly shorter-than-benchmark duration posture and a fairly neutral yield-curve positioning posture relative to its custom benchmark. The Portfolio also maintained a large overweight to CMOs, a medium overweight to CMBS, and small overweights to ABS and Agency MBS. These overweights were made possible by maintaining a medium 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. The Portfolio also held less liquid types of securities, some of which offer attractive yields (e.g., GNMA reverse mortgages), and others of which offer protection in the event of rising interest rates (e.g., Agency hybrid ARMs).

William Irving

Franco Castagliuolo

Portfolio Managers

Pyramis Global Advisors

* This commentary may include statements that constitute “forward-looking statements” under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates, and information about possible or future results related to the Portfolio, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-3

Met Investors Series Trust

Pyramis Government Income Portfolio

A $10,000 INVESTMENT COMPARED TO THE BARCLAYS U.S. GOVERNMENT BOND INDEX & THE CUSTOM BENCHMARK

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		Since Inception2
Pyramis Government Income Portfolio
Class B		7.56		3.89
Barclays U.S. Government Bond Index		4.92		3.27
Custom Benchmark		7.91		4.30

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 DECEMBER 31, 2014

Top Sectors

	% of Net Assets
U.S. Treasury & Government Agencies		88.4
Mortgage-Backed Securities		5.7
Foreign Government		3.3
Asset-Backed Securities		3.1
Corporate Bonds & Notes		2.1

MIST-4

Met Investors Series Trust

Pyramis Government Income Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B	Actual		0.71	%	$	1,000.00	$	1,028.60	$	3.63
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.63	$	3.62

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-5

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—88.4% of Net Assets

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—48.1%
Fannie Mae 15 Yr. Pool 2.500%, 05/01/27		99,370	$	101,439
2.500%, 09/01/27		198,633		202,786
2.500%, 01/01/28		296,968		302,987
2.500%, 06/01/28		99,253		101,262
2.500%, 09/01/28		398,688		406,748
2.500%, 07/01/29		2,493,329		2,541,563
2.500%, 08/01/29		830,512		846,579
2.500%, 09/01/29		1,491,543		1,520,398
2.500%, 10/01/29		4,189,964		4,271,022
2.500%, 11/01/29		2,187,937		2,230,263
2.500%, TBA (a)		13,900,000		14,151,937
3.000%, TBA (a)		5,700,000		5,924,660
3.500%, 12/01/25		56,400		59,680
3.500%, 12/01/29		398,193		421,680
3.500%, TBA (a)		300,000		316,922
4.000%, 09/01/26		729,127		781,449
4.000%, 11/01/26		734,942		787,772
4.500%, 12/01/23		235,844		248,220
5.000%, 03/01/23		33,980		36,944
Fannie Mae 20 Yr. Pool 3.500%, 01/01/34		4,361,320		4,594,344
5.500%, 01/01/29		1,123,332		1,255,245
Fannie Mae 30 Yr. Pool 2.500%, 01/01/43		3,676,681		3,594,703
3.000%, 11/01/42		253,328		256,759
3.000%, 12/01/42		2,403,712		2,436,396
3.000%, 01/01/43		1,300,677		1,318,241
3.000%, 02/01/43		6,753,258		6,846,185
3.000%, 03/01/43		16,239,835		16,453,791
3.000%, 04/01/43		272,538		276,182
3.000%, 05/01/43		302,046		306,038
3.000%, 06/01/43		110,245		111,731
3.000%, 07/01/43		74,568		75,539
3.000%, 08/01/43		287,698		291,449
3.000%, 03/01/44		76,984		77,990
3.500%, 08/01/42		3,582,437		3,739,609
3.500%, 04/01/43		7,756,529		8,094,666
3.500%, 05/01/43		675,609		706,770
3.500%, 08/01/43		9,004,413		9,421,564
4.000%, 09/01/40		560,772		599,383
4.000%, 10/01/40		448,101		478,915
4.000%, 11/01/40		12,035,579		12,879,075
4.000%, 12/01/40		96,224		102,856
4.000%, 11/01/41		206,796		222,236
4.000%, 12/01/41		105,298		113,134
4.000%, 02/01/42		76,583		82,282
4.000%, 03/01/42		980,387		1,053,496
4.000%, 04/01/42		2,199,711		2,359,553
4.000%, 05/01/42		649,002		697,562
4.000%, 06/01/42		575,276		618,921
4.000%, 07/01/42		213,543		229,481
4.000%, 10/01/42		548,056		588,494
4.000%, 11/01/42		369,409		396,256
4.000%, 04/01/43		326,498		350,110
4.000%, 06/01/43		1,626,433		1,744,169
Agency Sponsored Mortgage - Backed—(Continued)
Fannie Mae 30 Yr. Pool
4.000%, 09/01/43		6,853,546		7,353,321
4.000%, 01/01/44		5,265,861		5,649,583
4.000%, TBA (a)		7,000,000		7,465,855
4.500%, 12/01/40		3,862,564		4,199,561
4.500%, 05/01/41		2,660,468		2,892,039
4.500%, 07/01/41		614,710		673,130
4.500%, 08/01/41		314,478		344,291
4.500%, 10/01/41		3,498,613		3,801,794
4.500%, 11/01/41		7,876,842		8,630,594
4.500%, 01/01/43		4,938,753		5,363,114
4.500%, TBA (a)		1,000,000		1,085,469
5.000%, 04/01/41		99,498		110,789
5.000%, 06/01/41		99,459		110,175
5.000%, 08/01/41		244,320		269,814
6.000%, 10/01/34		285,181		328,341
6.000%, 05/01/37		1,215,502		1,380,130
6.000%, 09/01/37		89,722		103,271
6.000%, 10/01/37		959,693		1,104,508
6.000%, 01/01/38		952,728		1,095,289
6.000%, 03/01/38		332,715		383,357
6.000%, 07/01/38		191,182		220,067
6.000%, 01/01/40		851,453		980,429
6.000%, 05/01/40		1,274,903		1,467,274
6.000%, 07/01/41		1,307,878		1,504,899
6.000%, 01/01/42		125,050		144,447
6.500%, 07/01/32		208,761		241,275
6.500%, 12/01/32		63,073		72,994
6.500%, 07/01/35		70,294		81,333
6.500%, 12/01/35		642,059		740,982
6.500%, 08/01/36		1,112,424		1,280,624
Fannie Mae ARM Pool 2.543%, 06/01/42 (b)		215,304		221,649
2.690%, 02/01/42 (b)		1,172,447		1,224,395
2.960%, 11/01/40 (b)		127,696		134,345
3.002%, 09/01/41 (b)		142,092		148,190
3.060%, 10/01/41 (b)		79,348		83,087
3.150%, 01/01/44 (b)		3,496,510		3,649,257
3.163%, 03/01/42 (b)		5,863,202		6,129,551
3.233%, 07/01/41 (b)		238,623		250,875
3.318%, 10/01/41 (b)		117,096		123,220
3.437%, 11/01/40 (b)		1,693,080		1,792,735
3.563%, 07/01/41 (b)		230,697		244,171
Fannie Mae REMICS (CMO) 1.090%, 03/25/36 (b)		831,634		850,574
1.100%, 06/25/36 (b)		1,357,282		1,390,184
5.000%, 12/25/23		497,350		534,113
5.000%, 12/25/34		739,720		807,242
5.000%, 03/25/35		579,755		630,011
5.000%, 08/25/39		879,093		959,764
5.500%, 05/25/34		907,387		949,195
5.500%, 07/25/34		493,070		535,620
5.500%, 06/25/35		473,091		509,685
5.500%, 08/25/35		1,958,108		2,194,152
Freddie Mac 15 Yr. Gold Pool 4.000%, 06/01/24		710,832		756,884

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 15 Yr. Gold Pool
4.000%, 07/01/24		582,493	$	620,211
4.000%, 09/01/25		482,024		513,300
6.000%, 01/01/24		677,879		748,379
Freddie Mac 30 Yr. Gold Pool 3.000%, 11/01/42		301,465		305,528
3.000%, 01/01/43		311,126		314,942
3.000%, 02/01/43		1,681,827		1,703,112
3.000%, 03/01/43		16,962,097		17,166,974
3.000%, 06/01/43		5,144,871		5,204,314
3.500%, 02/01/42		116,822		121,706
3.500%, 04/01/42		1,160,904		1,212,555
3.500%, 05/01/42		185,427		193,122
3.500%, 06/01/42		1,267,514		1,320,059
3.500%, 07/01/42		239,324		249,333
3.500%, 08/01/42		99,470		103,640
3.500%, 09/01/42		75,385		78,535
3.500%, 10/01/42		2,848,884		2,967,801
3.500%, 11/01/42		1,600,003		1,665,541
3.500%, 01/01/43		1,352,645		1,408,608
3.500%, 02/01/43		616,275		642,105
3.500%, 03/01/43		309,971		322,679
3.500%, 04/01/43		1,713,437		1,784,482
3.500%, 05/01/43		3,394,544		3,533,324
3.500%, 11/01/43		295,538		307,621
3.500%, 10/01/44		1,703,755		1,773,410
3.500%, 11/01/44		9,902,385		10,307,229
4.000%, 09/01/41		4,048,671		4,336,458
4.000%, 10/01/41		1,209,353		1,295,702
4.000%, 11/01/41		37,077		39,669
4.000%, 01/01/42		4,474,154		4,777,275
4.000%, 03/01/42		442,916		475,197
4.000%, 04/01/42		5,725,413		6,145,215
4.000%, 09/01/42		198,684		212,968
4.000%, 10/01/42		197,092		210,849
4.000%, 11/01/42		822,412		880,997
4.000%, 12/01/42		324,859		347,675
4.000%, 01/01/43		84,294		90,250
4.000%, 02/01/43		457,207		489,533
4.000%, 03/01/43		202,899		217,241
4.000%, 04/01/43		61,305		65,641
4.000%, 05/01/43		983,164		1,053,469
4.000%, 06/01/43		55,765		59,708
4.000%, 07/01/43		812,567		870,358
4.000%, 08/01/43		564,391		604,444
4.000%, 09/01/43		927,082		992,295
4.000%, 10/01/43		857,430		918,926
4.000%, 11/01/43		45,669		48,896
4.000%, 01/01/44		997,033		1,068,679
4.000%, 02/01/44		153,046		163,850
4.000%, 03/01/44		91,294		97,734
4.000%, 04/01/44		94,605		101,363
4.500%, 05/01/39		2,472,784		2,729,213
4.500%, 06/01/39		2,136,505		2,360,059
4.500%, 07/01/40		5,753,800		6,242,861
4.500%, 02/01/41		175,839		192,593
Agency Sponsored Mortgage - Backed—(Continued)
Freddie Mac 30 Yr. Gold Pool
4.500%, 08/01/41		2,012,127		2,185,626
4.500%, 09/01/41		180,616		198,300
4.500%, 10/01/41		401,790		440,966
4.500%, 02/01/44		105,335		114,216
5.000%, 01/01/35		424,256		469,576
5.000%, 05/01/35		289,788		320,814
5.000%, 07/01/35		3,346,549		3,707,034
5.000%, 11/01/35		2,368,811		2,685,051
5.000%, 07/01/41		972,258		1,080,944
5.500%, 03/01/34		3,540,220		3,998,417
5.500%, 07/01/35		2,405,331		2,715,199
Freddie Mac ARM Non-Gold Pool 2.403%, 10/01/42 (b)		1,349,095		1,406,614
3.078%, 09/01/41 (b)		1,312,784		1,368,599
3.227%, 09/01/41 (b)		142,462		149,160
3.230%, 12/01/40 (b)		2,678,972		2,819,345
3.239%, 04/01/41 (b)		142,817		149,976
3.299%, 06/01/41 (b)		172,310		180,273
3.411%, 12/01/40 (b)		4,803,750		5,100,579
3.466%, 11/01/40 (b)		11,236,178		11,933,166
3.468%, 05/01/41 (b)		153,418		161,711
3.621%, 06/01/41 (b)		238,078		252,496
3.702%, 05/01/41 (b)		199,915		211,461
Freddie Mac Multifamily Structured Pass-Through Certificates (CMO)
0.520%, 04/25/19 (b)		1,002,854		1,003,330
1.655%, 11/25/16		1,580,000		1,596,658
2.669%, 02/25/23		4,872,053		4,995,755
3.016%, 02/25/23		8,833,455		9,198,117
3.303%, 07/25/24		7,854,000		8,239,270
3.808%, 08/25/20		7,890,000		8,538,818
3.974%, 01/25/21 (b)		17,750,000		19,366,865
4.084%, 11/25/20 (b)		980,000		1,075,927
4.251%, 01/25/20		4,090,000		4,492,616
Freddie Mac REMICS (CMO)
0.561%, 03/15/34 (b)		819,631		824,008
1.061%, 02/15/33 (b)		609,147		619,552
1.200%, 07/15/15		22,608		22,606
3.000%, 03/15/37		2,015,911		2,075,209
3.000%, 07/15/39		13,055,556		13,389,373
4.000%, 04/15/34		727,812		751,672
4.500%, 02/15/41		66,072		71,646
5.000%, 09/15/23		100,000		109,487
5.000%, 10/15/34		847,806		918,903
5.000%, 11/15/34		1,540,000		1,599,475
5.000%, 12/15/37		326,321		355,486
5.000%, 03/15/41		500,000		562,423
5.500%, 05/15/34		3,631,669		4,090,715
5.500%, 06/15/35		318,724		321,475
5.500%, 06/15/41		4,220,000		4,856,692
Ginnie Mae I 30 Yr. Pool
3.500%, 11/15/41		493,616		522,708
3.500%, 02/15/42		425,026		450,098
3.500%, 03/15/42		515,591		544,905
3.500%, 05/15/42		1,976,163		2,080,866

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae I 30 Yr. Pool
3.500%, 06/15/42		1,738,743	$	1,827,847
4.000%, 09/15/40		2,839,386		3,087,736
4.000%, 10/15/40		331,971		356,862
4.000%, 03/15/41		1,332,111		1,450,748
4.000%, 10/15/41		751,064		817,475
4.000%, 12/15/41		706,658		768,630
4.500%, 08/15/39		4,317,459		4,772,090
4.500%, 06/15/40		2,086,736		2,285,777
4.500%, 07/15/40		362,107		398,643
4.500%, 03/15/41		1,773,844		1,943,462
4.500%, 04/15/41		212,852		233,238
5.000%, 03/15/39		153,303		170,262
5.000%, 07/15/39		470,158		520,654
5.000%, 08/15/39		315,807		350,995
5.000%, 09/15/39		226,557		251,685
5.000%, 04/15/40		102,707		114,187
5.000%, 08/15/40		327,473		363,717
5.000%, 04/15/41		238,244		264,619
5.000%, 09/15/41		208,850		231,764
5.500%, 06/15/35		1,540,217		1,737,941
5.500%, 11/15/35		1,010,650		1,136,839
5.500%, 10/15/39		53,067		59,268
6.000%, 06/15/36		1,798,491		2,075,783
Ginnie Mae II 30 Yr. Pool
3.000%, 06/20/42		1,910,128		1,955,656
3.000%, 04/20/44		160,167		163,985
3.000%, TBA (a)		200,000		204,525
3.500%, 07/20/42		1,189,604		1,250,718
3.500%, 10/20/42		1,573,259		1,654,084
3.500%, 12/20/42		956,943		1,006,106
3.500%, 01/20/43		81,224		85,397
3.500%, 03/20/43		210,080		220,841
3.500%, 04/20/43		4,941,988		5,194,873
3.500%, 05/20/43		2,699,073		2,837,206
3.500%, 07/20/43		195,013		204,972
3.500%, 08/20/43		6,359,434		6,683,451
3.500%, TBA (a)		3,300,000		3,463,969
4.000%, 09/20/39		352,756		379,132
4.000%, 10/20/40		54,762		58,909
4.000%, 11/20/40		3,807,892		4,096,878
4.000%, 11/20/41		1,739,655		1,867,797
4.000%, TBA (a)		9,400,000		10,078,453
4.500%, 02/20/40		444,535		488,830
4.500%, 09/20/40		46,662		51,261
Ginnie Mae II Pool
4.300%, 08/20/61		1,343,003		1,428,391
4.524%, 07/20/62		7,235,452		7,853,750
4.527%, 03/20/63		18,862,560		20,633,131
4.530%, 10/20/62		1,424,596		1,550,133
4.533%, 12/20/61		9,647,115		10,394,544
4.550%, 05/20/62		5,932,764		6,418,289
4.630%, 04/20/62		4,898,722		5,303,910
4.649%, 02/20/62		976,052		1,055,814
4.650%, 03/20/62		2,610,491		2,826,504
4.682%, 02/20/62		1,227,857		1,327,526
Agency Sponsored Mortgage - Backed—(Continued)
Ginnie Mae II Pool
4.684%, 01/20/62		3,863,374		4,176,586
4.723%, 04/20/62		4,924,113		5,346,715
5.470%, 08/20/59		714,860		747,502
5.612%, 04/20/58		405,288		417,080
Government National Mortgage Association (CMO)
0.456%, 08/20/60 (b)		287,912		284,946
0.456%, 09/20/60 (b)		295,246		292,117
0.486%, 08/20/34 (b)		642,615		643,120
0.486%, 07/20/60 (b)		341,904		340,297
0.646%, 01/20/38 (b)		89,525		90,282
0.646%, 02/20/61 (b)		383,506		382,636
0.656%, 12/20/60 (b)		736,317		734,798
0.656%, 02/20/61 (b)		110,330		109,982
0.656%, 04/20/61 (b)		267,524		266,989
0.656%, 05/20/61 (b)		537,269		535,064
0.666%, 07/20/37 (b)		359,882		363,109
0.671%, 10/20/37 (b)		2,348,250		2,369,974
0.681%, 01/16/40 (b)		646,148		652,819
0.686%, 06/20/61 (b)		371,570		371,465
0.691%, 12/16/39 (b)		400,338		403,978
0.756%, 10/20/61 (b)		1,273,813		1,276,103
0.756%, 12/20/63 (b)		11,434,087		11,441,897
0.761%, 11/16/39 (b)		497,391		503,944
0.786%, 01/20/62 (b)		1,251,321		1,255,042
0.786%, 03/20/62 (b)		769,728		773,064
0.856%, 11/20/61 (b)		1,144,452		1,151,106
0.856%, 01/20/62 (b)		768,366		772,820
3.000%, 04/20/37		82,535		82,972
3.250%, 09/20/33		21,471		21,494
3.500%, 08/20/33		25,989		26,004
4.500%, 05/16/40		80,000		86,407
4.500%, 05/20/40 (c)		68,842		10,150
4.528%, 05/20/41 (b)		380,212		425,370
5.010%, 09/20/60 (b)		4,060,815		4,412,701
5.150%, 08/20/60		3,384,097		3,681,366
5.300%, 07/20/60 (b)		5,153,828		5,597,438
5.460%, 10/20/59		1,887,912		1,979,670
8.446%, 04/20/39 (b)		2,052,056		2,338,784
8.579%, 08/20/39 (b)		3,854,787		4,384,491
				611,516,429
Federal Agencies—7.7%
Federal Home Loan Banks
0.250%, 01/16/15		260,000		260,007
1.000%, 06/21/17		29,750,000		29,774,395
4.875%, 05/17/17		5,000,000		5,461,730
Federal Home Loan Mortgage Corp.
1.250%, 08/01/19		3,000,000		2,944,608
5.125%, 11/17/17		5,906,000		6,574,347
6.250%, 07/15/32		7,568,000		11,061,646
6.750%, 03/15/31		481,000		723,149
Federal National Mortgage Association
0.875%, 02/08/18		137,000		135,431
1.750%, 11/26/19		14,409,000		14,417,645

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of December 31, 2014

U.S. Treasury & Government Agencies—(Continued)

Security Description	Principal Amount*		Value
Federal Agencies—(Continued)
Federal National Mortgage Association
2.625%, 09/06/24		7,000,000	$	7,089,047
3.000%, 01/01/43		303,502		307,639
6.625%, 11/15/30		1,430,000		2,123,341
Tennessee Valley Authority
1.750%, 10/15/18		7,486,000		7,556,009
5.250%, 09/15/39		557,000		709,097
5.500%, 06/15/38		6,117,000		8,152,811
				97,290,902
U.S. Treasury—32.6%
U.S. Treasury Bonds
3.000%, 11/15/44		500,000		525,469
3.125%, 08/15/44		3,875,000		4,171,678
3.375%, 05/15/44		8,767,000		9,869,722
3.625%, 02/15/44		61,221,000		72,044,689
4.375%, 02/15/38		2,000,000		2,617,032
5.000%, 05/15/37 (d)		9,000,000		12,837,654
5.250%, 02/15/29		32,405,000		43,564,472
5.375%, 02/15/31 (e)		4,933,000		6,875,754
U.S. Treasury Inflation Indexed Bond
1.375%, 02/15/44		12,806,945		14,494,861
U.S. Treasury Notes
0.375%, 10/31/16		25,000,000		24,896,475
0.500%, 09/30/16		9,059,000		9,048,383
0.875%, 07/31/19		605,000		586,235
1.375%, 02/28/19		1,585,000		1,576,455
1.500%, 01/31/19		1,682,000		1,682,658
1.625%, 04/30/19		25,306,000		25,393,002
1.625%, 06/30/19		8,657,000		8,678,642
1.625%, 12/31/19		4,217,000		4,210,742
1.750%, 09/30/19		5,965,000		5,999,949
2.000%, 05/31/21		24,979,000		25,103,895
2.125%, 06/30/21		2,000,000		2,024,218
2.125%, 12/31/21		35,838,000		36,185,199
2.250%, 03/31/21		44,187,000		45,112,187
2.250%, 04/30/21		10,481,000		10,696,353
2.250%, 11/15/24		8,000,000		8,053,752
2.375%, 08/15/24		37,647,000		38,344,072
				414,593,548
Total U.S. Treasury & Government Agencies (Cost $1,111,824,782)				1,123,400,879
Mortgage-Backed Securities—5.7%
Collateralized Mortgage Obligations—3.6%
CAM Mortgage Trust
2.600%, 05/15/48 (144A)		2,685,857		2,685,602
CSMC
1.013%, 10/26/37 (144A) (b)		5,183,388		5,138,738
Granite Master Issuer plc
0.236%, 12/20/54 (144A) (b)		1,041,718		1,031,926
0.246%, 12/20/54 (b)		2,384,945		2,365,388
0.266%, 12/20/54 (b)		1,443,755		1,432,350
Collateralized Mortgage Obligations—(Continued)
Granite Master Issuer plc
0.306%, 12/20/54 (b)		374,496		371,388
0.342%, 12/17/54 (b)		2,593,302		2,572,815
0.366%, 12/20/54 (b)		162,687		161,271
0.426%, 12/20/54 (b)		3,458,541		3,433,294
Granite Mortgages plc
0.527%, 09/20/44 (b)		3,502,064		3,485,955
0.567%, 03/20/44 (b)		793,986		790,651
0.631%, 01/20/44 (b)		528,134		524,701
1.211%, 07/20/43 (b)		4,355,943		4,351,587
National Credit Union Administration Guaranteed Notes
0.527%, 11/06/17 (b)		2,084,593		2,090,357
0.537%, 03/06/20 (b)		424,843		425,960
0.607%, 01/08/20 (b)		9,676,174		9,729,790
RBSSP Resecuritization Trust
4.960%, 07/26/45 (144A) (b)		4,573,593		4,658,565
Thornburg Mortgage Securities Trust
0.810%, 09/25/43 (b)		632,400		604,075
				45,854,413
Commercial Mortgage-Backed Securities—2.1%
CDGJ Commercial Mortgage Trust
1.550%, 12/15/27 (144A) (b)		12,000,000		12,003,948
Commercial Mortgage Pass-Through Certificates
1.059%, 06/11/27 (144A) (b)		5,500,000		5,490,980
3.305%, 11/10/47		6,984,000		7,150,331
Hilton USA Trust
1.157%, 11/05/30 (144A) (b)		1,331,363		1,331,431
SCG Trust
1.556%, 11/15/26 (144A) (b)		1,434,000		1,435,743
				27,412,433
Total Mortgage-Backed Securities (Cost $73,174,181)				73,266,846
Foreign Government—3.3%
Sovereign—3.3%
Hashemite Kingdom of Jordan Government AID Bond
2.503%, 10/30/20		13,375,000		13,597,841
Israel Government AID Bonds
5.500%, 09/18/23		13,878,000		17,085,580
5.500%, 12/04/23		8,920,000		11,002,419
Total Foreign Government (Cost $42,625,233)				41,685,840
Asset-Backed Securities—3.1%
Asset-Backed - Automobile—0.8%
American Credit Acceptance Receivables Trust 1.320%, 02/15/17 (144A)		915,715		916,345

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of December 31, 2014

Asset-Backed Securities—(Continued)

Security Description	Principal/ Notional Amount*		Value
Asset-Backed - Automobile—(Continued)
Carfinance Capital Auto Trust 1.650%, 07/17/17 (144A)		83,854	$	83,945
Carnow Auto Receivables Trust 0.960%, 01/17/17 (144A)		9,541,906		9,531,390
				10,531,680
Asset-Backed - Other—2.3%
American Homes 4 Rent Trust 3.678%, 12/17/36 (144A)		10,000,000		10,109,370
Colony American Homes 1.112%, 07/17/31 (144A) (b)		17,092,706		16,812,728
Invitation Homes Trust 1.162%, 06/17/31 (144A) (b)		2,000,000		1,973,602
				28,895,700
Total Asset-Backed Securities (Cost $39,556,573)				39,427,380
Corporate Bonds & Notes—2.1%
Diversified Financial Services—2.1%
National Credit Union Administration Guaranteed Notes 1.400%, 06/12/15		50,000		50,256
2.350%, 06/12/17		10,620,000		10,961,752
3.450%, 06/12/21		8,645,000		9,370,402
Private Export Funding Corp. 4.300%, 12/15/21		6,000,000		6,674,520
Total Corporate Bonds & Notes (Cost $22,738,653)				27,056,930
Purchased Option—0.0%
Call Option—0.0%
OTC - 10 Year Interest Rate Swap, Exercise Rate 3.383%, Expires 01/13/15 (Counterparty - JPMorgan Chase Bank N.A.) (Cost $405,693)		13,574,000		1
Short-Term Investment—0.6%
Security Description	Principal Amount*		Value
Repurchase Agreement—0.6%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $7,634,852 on 01/02/15, collateralized by $7,790,000 Federal Home Loan Bank at 0.160% due 03/11/15 with a value of $7,790,000.		7,634,852		7,634,852
Total Short-Term Investment (Cost $7,634,852)				7,634,852
Total Investments—103.2% (Cost $1,297,959,967) (f)				1,312,472,728
Other assets and liabilities (net)—(3.2)%				(41,240,864	)
Net Assets—100.0%			$	1,271,231,864

* Principal and notional amounts stated in U.S. dollars unless otherwise noted.

(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.

(b) Variable or floating rate security. The stated rate represents the rate at December 31, 2014. Maturity date shown for callable securities reflects the earliest possible call date.

(c) Interest only security.

(d) All or a portion of the security was pledged as collateral against open futures contracts. As of December 31, 2014, the market value of securities pledged was $770,259.

(e) All or a portion of the security was pledged as collateral against open centrally cleared swap contracts. As of December 31, 2014, the market value of securities pledged was $609,103.

(f) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,303,397,970. The aggregate unrealized appreciation and depreciation of investments were $19,693,937 and $(10,619,179), respectively, resulting in net unrealized appreciation of $9,074,758 for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $73,204,313, which is 5.8% of net assets.

(ARM)— Adjustable-Rate Mortgage

(CMO)— Collateralized Mortgage Obligation

TBA Forward Sale Commitments

Security Description	Interest Rate			Maturity		Face Amount			Cost			Value
Fannie Mae 30 Yr. Pool		3.500	%		TBA		(2,000,000	)	$	(2,076,406	)	$	(2,084,844	)

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of December 31, 2014

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
U.S. Treasury Long Bond Futures		03/20/15		20		USD	2,813,291	$	77,959
U.S. Treasury Note 10 Year Futures		03/20/15		281		USD	35,471,830		158,092
U.S. Treasury Note 2 Year Futures		03/31/15		6		USD	1,312,512		(949	)
U.S. Treasury Note 5 Year Futures		03/31/15		16		USD	1,898,531		4,343
U.S. Treasury Ultra Long Bond Futures		03/20/15		112		USD	17,813,470		687,530
Net Unrealized Appreciation								$	926,975

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		1.250	%		03/18/17		USD	3,700,000	$	242
Receive		3-Month USD-LIBOR		1.500	%		03/18/18		USD	11,800,000		2,075
Receive		3-Month USD-LIBOR		2.250	%		03/18/20		USD	2,200,000		949
Receive		3-Month USD-LIBOR		3.000	%		03/18/25		USD	17,500,000		79,422
Pay		3-Month USD-LIBOR		3.500	%		03/18/45		USD	1,200,000		(637	)
Total											$	82,051

(USD)— United States Dollar

(LIBOR)— London Interbank Offered Rate

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

Pyramis Government Income Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1			Level 2			Level 3		Total
Total U.S. Treasury & Government Agencies*	$	—		$	1,123,400,879		$	—	$	1,123,400,879
Total Mortgage-Backed Securities*		—			73,266,846			—		73,266,846
Total Foreign Government*		—			41,685,840			—		41,685,840
Total Asset-Backed Securities*		—			39,427,380			—		39,427,380
Total Corporate Bonds & Notes*		—			27,056,930			—		27,056,930
Total Purchased Option*		—			1			—		1
Total Short-Term Investment*		—			7,634,852			—		7,634,852
Total Investments	$	—		$	1,312,472,728		$	—	$	1,312,472,728
TBA Forward Sales Commitments	$	—		$	(2,084,844	)	$	—	$	(2,084,844	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	927,924		$	—		$	—	$	927,924
Futures Contracts (Unrealized Depreciation)		(949	)		—			—		(949	)
Total Futures Contracts	$	926,975		$	—		$	—	$	926,975
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	82,688		$	—	$	82,688
Centrally Cleared Swap Contracts (Unrealized Depreciation)		—			(637	)		—		(637	)
Total Centrally Cleared Swap Contracts	$	—		$	82,051		$	—	$	82,051

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

Pyramis Government Income Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a)	$	1,312,472,728
Receivable for:
Investments sold		2,008,894
TBA securities sold (b)		30,156,688
Fund shares sold		629,626
Principal paydowns		303,949
Interest		5,393,283
Variation margin on futures contracts		108,375
Prepaid expenses		3,289
Total Assets		1,351,076,832
Liabilities
Forward sales commitments, at value		2,084,844
Payables for:
Investments purchased		5,578,747
TBA securities purchased (b)		70,697,306
Fund shares redeemed		536,078
Variation margin on swap contracts		17,985
Interest on forward sales commitments		2,528
Accrued expenses:
Management fees		456,281
Distribution and service fees		270,312
Deferred trustees’ fees		50,253
Other expenses		150,634
Total Liabilities		79,844,968
Net Assets	$	1,271,231,864
Net assets consist of:
Paid in surplus	$	1,279,441,770
Undistributed net investment income		28,719,344
Accumulated net realized loss		(52,442,599	)
Unrealized appreciation on investments, futures contracts and swap contracts		15,513,349
Net Assets	$	1,271,231,864
Net Assets
Class B	$	1,271,231,864
Capital Shares Outstanding*
Class B		117,703,578
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	10.80

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $1,297,959,967.

(b) Included within TBA securities sold is $25,402,183 related to TBA forward sale commitments and included within TBA securities purchased is $23,253,092 related to TBA forward sale commitments.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Interest	$	31,057,865
Total investment income		31,057,865
Expenses
Management fees		5,402,753
Administration fees		29,751
Custodian and accounting fees		167,457
Distribution and service fees—Class B		3,201,721
Audit and tax services		66,390
Legal		34,320
Trustees’ fees and expenses		43,761
Shareholder reporting		78,020
Insurance		8,989
Miscellaneous		15,645
Total expenses		9,048,807
Net Investment Income		22,009,058
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		11,026,465
Futures contracts		4,653,340
Swap contracts		(3,070,754	)
Net realized gain		12,609,051
Net change in unrealized appreciation (depreciation) on:
Investments		57,547,802
Futures contracts		2,370,903
Swap contracts		(944,233	)
Net change in unrealized appreciation		58,974,472
Net realized and unrealized gain		71,583,523
Net Increase in Net Assets From Operations	$	93,592,581

See accompanying notes to financial statements.

MIST-13

Met Investors Series Trust

Pyramis Government Income Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	22,009,058		$	18,720,659
Net realized gain (loss)		12,609,051			(39,750,089	)
Net change in unrealized appreciation (depreciation)		58,974,472			(51,312,093	)
Increase (decrease) in net assets from operations		93,592,581			(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		(103,502,674	)		(207,460,310	)
Total decrease in net assets		(43,185,085	)		(317,246,069	)
Net Assets
Beginning of period		1,314,416,949			1,631,663,018
End of period	$	1,271,231,864		$	1,314,416,949
Undistributed net investment income
End of period	$	28,719,344		$	32,914,611

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		8,154,990		$	86,377,180			16,605,014		$	179,282,553
Reinvestments		3,214,975			33,274,992			3,454,266			37,444,236
Redemptions		(21,168,534	)		(223,154,846	)		(40,250,150	)		(424,187,099	)
Net decrease		(9,798,569	)	$	(103,502,674	)		(20,190,870	)	$	(207,460,310	)
Decrease derived from capital shares transactions				$	(103,502,674	)				$	(207,460,310	)

See accompanying notes to financial statements.

MIST-14

Met Investors Series Trust

Pyramis Government Income Portfolio

Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2014			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)		0.18			0.13			0.10			0.10
Net realized and unrealized gain (loss) on investments		0.59			(0.61	)		0.24			0.76
Total from investment operations		0.77			(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	$	10.80		$	10.31		$	11.05		$	10.73
Total Return (%) (d)		7.56			(4.52	)		3.15			8.57	(e)
Ratios/Supplemental Data
Ratio of expenses to average net assets (%)		0.71			0.70			0.70			0.84	(f)
Ratio of net investment income to average net assets (%)		1.72			1.24			0.94			1.37	(f)
Portfolio turnover rate (%)		281	(g)		329	(g)		457	(g)		366	(e)
Net assets, end of period (in millions)	$	1,271.2		$	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.

(g) Includes mortgage dollar roll and TBA transactions; excluding these transactions the portfolio turnover rates would have been 151%, 212% and 262% for the years ended December 31, 2014, 2013 and 2012, respectively.

See accompanying notes to financial statements.

MIST-15

Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

MIST-16

Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

MIST-17

Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to swap transactions, 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 remain subject to examination by the Internal Revenue Service for three fiscal years after the returns are filed. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $7,634,852, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Mortgage Dollar Rolls - The Portfolio may enter into mortgage “dollar rolls” in which a Portfolio sells to-be-announced (“TBA”) mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. For the duration of the transaction, or roll period, the Portfolio foregoes principal (including prepayments of principal) and interest paid on the securities sold. Dollar rolls are accounted for as purchase and sale transactions; gain or loss is recognized at the commencement of the term of the dollar roll and each time the mortgage-backed security is rolled.

Mortgage dollar roll transactions involve the risk that the market value of the securities that the Portfolio is required to reacquire may be less than the agreed-upon repurchase price of those securities and that the investment performance of securities purchased with proceeds from these transactions does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities transferred or sold, as applicable, as part of the treasury or mortgage dollar roll.

Mortgage-Related and Other Asset-Backed Securities - The Portfolio may invest in mortgage-related or other asset-backed securities. These securities may include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), commercial mortgage-backed securities, CMO residuals, stripped mortgage backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by or payable from, mortgage loans on real property or other receivables. The value of some mortgage- or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early 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

MIST-18

Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

related income of these securities are sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be negatively impacted by increased volatility of market prices and periods of illiquidity.

TBA Purchase & Forward Sale Commitments - The Portfolio may enter into TBA commitments to purchase or sell securities for a fixed price at a future date. TBA commitments are considered securities in themselves, and involve a risk of loss if the value of the security to be purchased or sold declines or increases prior to settlement date, which is in addition to the risk of decline in the value of the Portfolio’s other assets. TBA forward sale commitments are valued at the current market value of the underlying securities, according to the procedures described under “Investment Valuation and Fair Value Measurements”.

When-Issued and Delayed-Delivery Securities - The Portfolio may purchase securities on a when-issued or delayed-delivery basis. Settlement of such transactions normally occurs within a month or more after the purchase commitment is made. The Portfolio may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Portfolio may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement.

Upon making a commitment to purchase a security on a when-issued or delayed-delivery basis, the Portfolio will hold liquid assets in a segregated account with the Portfolio’s custodian, or set aside liquid assets in the Portfolio’s records, worth at least the equivalent of the amount due. The liquid assets will be monitored on a daily basis and adjusted as necessary to maintain the necessary value.

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 proceeds received from a short sale are recorded as a liability. 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

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Pyramis Government Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

Swap Agreements - The Portfolio may enter into swap agreements in which the Portfolio and a counterparty agree to either make periodic net payments on a specified notional amount or net payment upon termination. Swap agreements are either privately negotiated in the OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the Schedule of Investments and restricted cash, if any, is reflected on the Statement of Assets and Liabilities.

Centrally Cleared Swaps: Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally credit derivatives. In a cleared derivative transaction, a Portfolio typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Portfolio’s exposure to the credit risk of the original counterparty. The Portfolio typically will be required to post specified levels of margin with the clearinghouse or at the instruction of the clearinghouse; the margin required by a clearinghouse may be greater than the margin the Portfolio would be required to post in an uncleared derivative transaction. Only a limited number of derivative transactions are currently eligible for clearing.

Swap agreements are marked-to-market daily. The fair value of an OTC swap is reflected on the Statement of Assets and Liabilities. The changes in value, if any, are reflected as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities and as a component of unrealized appreciation/depreciation on the Statement of Operations. Upfront payments paid or received upon entering into the swap agreement compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). Upon termination or maturity of the swap, upfront premiums are recorded as realized gains or losses on the Statement of Operations. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gains or losses on the Statement of Operations.

Swap transactions involve, to varying degrees, elements of interest rate, credit, and market risk in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. In addition, entering into swap agreements involves documentation risk resulting from the possibility that the parties to a swap agreement may disagree as to the meaning of contractual terms in the agreement. The Portfolio may enter into swap transactions with counterparties in accordance with guidelines established by the Board. These guidelines provide for a minimum credit rating for each counterparty and various credit enhancement techniques (for example, collateralization of amounts due from counterparties) to limit exposure to counterparties that have lower credit ratings. A Portfolio’s maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract’s 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

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Notes to Financial Statements—December 31, 2014—(Continued)

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.

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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Pyramis Government Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Investments at market value (a)	$	1
	Unrealized appreciation on centrally cleared swap contracts* (b)		82,688	Unrealized depreciation on centrally cleared swap contracts* (b)	$	637
	Unrealized appreciation on futures contracts** (b)		927,924	Unrealized depreciation on futures contracts** (b)		949
Total		$	1,010,613		$	1,586

* Represents the unrealized appreciation/depreciation of centrally cleared swaps as reported in the Schedule of Investments. Only the variation margin is reported within the Statement of Assets and Liabilities.

** Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

(a) Represents purchased options which are part of investments as shown in the Statement of Assets and Liabilities.

(b) Financial instrument not subject to a master netting agreement.

The Portfolio is required to disclose the impact of offsetting assets and liabilities represented in the Statement of Assets and Liabilities to enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on its financial position for recognized assets and liabilities.

The following table presents the Portfolio’s derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”)(see Note 4), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset		Collateral Received†		Net Amount*
JPMorgan Chase Bank N.A.	$	1	$	—	$	—	$	1

* 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 year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate
Investments (a)	$	549,034
Futures contracts		4,653,340
Swap contracts		(3,070,754	)
	$	2,131,620
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate
Investments (a)	$	(405,692	)
Futures contracts		2,370,903
Swap contracts		(944,233	)
	$	1,020,978

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Investments (a)	$	21,492,167
Futures contracts long		56,258,333
Swap contracts		43,384,376

‡ Averages are based on activity levels during 2014.

(a) Represents purchased options which are part of net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments as shown in the Statement of Operations.

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Pyramis Government Income Portfolio

Notes to Financial Statements—December 31, 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; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Master Securities Forward Transaction Agreements (“Master Forward Agreements”) govern the considerations and factors surrounding the settlement of certain forward settling transactions, such as To-Be-Announced securities and delayed-delivery or secured borrowings transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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Met Investors Series Trust

Pyramis Government Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, including mortgage dollar roll and TBA transactions but excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$3,571,561,299	$	144,877,463	$	3,604,395,013	$	169,410,891

Purchases and sales of mortgage dollar rolls and TBA transactions for the year ended December 31, 2014 were as follows:

Purchases	Sales
$1,824,229,109	$	1,838,561,728

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$5,402,753		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 year ended December 31, 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.

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Pyramis Government Income Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long- Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$33,274,992	$	37,444,236	$	—	$	—	$	33,274,992	$	37,444,236

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Other Accumulated Capital Losses			Total
$28,769,598	$	—	$	9,148,372	$	—	$	(46,077,622	)	$	(8,159,652	)

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.

During the year ended December 31, 2014, the Portfolio utilized $6,223,251 of capital loss carryforwards.

As of December 31, 2014, the Portfolio had accumulated short-term capital losses of $31,877,250 and accumulated long-term capital losses of $14,200,372.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Met Investors Series Trust

Pyramis Government Income Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Pyramis Government Income 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 Pyramis Government Income Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the three years then ended and for the period from May 2, 2011 (commencement of operations) to December 31, 2011. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Pyramis Government Income Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years then ended, and the financial highlights for the three years then ended and for the period from May 2, 2011 (commencement of operations) to December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-26

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-27

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-28

Met Investors Series Trust

Pyramis Government Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-29

Met Investors Series Trust

Pyramis Government Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-30

Met Investors Series Trust

Pyramis Government Income Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Pyramis Government Income Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Pyramis Global Advisors, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-year, three-year, and since-inception (beginning May 2, 2011) periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Barclays U.S. Government Index, for the one-year, three-year, and since-inception periods ended October 31, 2014 and underperformed its blended benchmark for the same periods.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio’s current size.

MIST-31

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Managed by Pyramis Global Advisors, LLC

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class B shares of the Pyramis Managed Risk Portfolio returned 8.64%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

MARKET ENVIRONMENT / CONDITIONS

Stock market volatility rose during 2014, but remained below the historical average making for a relatively calm year in the markets overall. Rising divergences and weak global growth provoked market gyrations throughout the year. A strengthening expansion and waning stimulus in the U.S., contrasted with disappointing growth and more policy easing in other major economies, led to rising exchange rate volatility, tumbling oil prices, and falling bond yields. U.S. large cap stocks and high quality bonds posted solid gains amid the low volatility, but non-U.S. assets declined on disappointing global growth. In the U.S., riskier and less liquid areas of the equity and bond markets lagged, while defensive assets such as long-term Treasuries climbed, lending an underlying defensive tone to an up market.

Following the strong rally in 2013, U.S. equities posted solid returns in 2014, benefiting from sturdy earnings growth and low inflation. Small caps lagged after leading in 2013, while Real Estate Investment Trusts (“REITs”) bounced back from a challenging year to post the best 2014 gains of major asset classes. In a year of mixed trends, defensive sectors, such as Utilities and Health Care, posted solid gains, while some more cyclical sectors, including Information Technology (“IT”), also outperformed the S&P 500 Index. Energy was the clear laggard as global oil prices collapsed in the fourth quarter, with Materials also suffering from global disinflationary trends.

While non-U.S. equity markets generally experienced positive local-currency returns during 2014, the sizable rally in the dollar more than wiped out those gains in U.S.-dollar terms for both developed market and emerging market equities. Weak global demand and rising oil supplies caused commodities to suffer their worst annual returns since 2008. The equity markets of some emerging market countries, such as India, that are less affected by China’s slowdown, fared relatively well in 2014, but the drop in commodity prices weighed heavily on the performance of emerging market commodity exporters, for instance Brazil.

Bonds exhibited positive returns in an environment where interest rates remained low relative to their historical averages. Credit spreads also remained relatively narrow, particularly in high-quality bonds. Higher-quality bonds outperformed their lower-quality counterparts as widening spreads were more pronounced in high yield than investment-grade corporates, reflecting the impact of lower oil prices on the high yield market’s energy concentration.

While the U.S. mid-cycle expansion strengthened throughout 2014, growth in other major economies was disappointing. Germany and Europe experienced a mid-cycle slowdown, Japan tipped into recession, and China continued to face late-cycle pressures. Since the global financial crisis in 2008, worldwide policy moves have been relatively synchronized. However, by the end of 2014, cyclical divergences created a greater deviation in monetary policy direction: the Eurozone, Japan, and China implemented greater easing measures, the U.S. and U.K. moved toward tightening, and several emerging market countries, such as South Africa, hiked rates.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Pyramis seeks to manage Portfolio risk through a target volatility approach, smoothing the return profile relative to the target asset class framework. The Portfolio’s Strategic Asset Allocation (“SAA”), which is comprised of 60% equity, 35% fixed income, and 5% short-term investments, is consistent with the targeted portfolio volatility.

Overall, relative to the SAA, the Portfolio remained overweight equities for the period. This conviction was reflected primarily through a bias to U.S. equities as the economy was firmly entrenched in the mid-cycle phase of the business cycle. While beginning the period overweight foreign developed equities as well, the Portfolio moved to an underweight position by the middle of the period as economic indicators signaled that Europe was facing a mid-cycle slowdown. In addition, the absence of real (inflation-adjusted) wage growth heading into Japan’s April consumption-tax hike resulted in a sharp contraction in consumption activity and pushed Japan into a mild recession. The Portfolio maintained a significant investment-grade debt underweight for the period as interest rates remained low relative to their historical averages.

With historically low volatility across asset classes around the globe and “risk on” market conditions that ended the first half of the period with a number of asset classes near highs, the Portfolio focused on diversifying its sources of risk during the first part of the year. The Portfolio trimmed its developed equity overweight, primarily by reducing foreign developed equity exposure to a modest underweight. New positions were established in emerging market debt, a high quality risk asset, and real estate (both equity and debt), an asset class with solid fundamentals and income advantages. Given the continued challenging environment for bonds and consequent muted return expectations, the Portfolio’s investment grade fixed income underweight was steady over the period.

During the second half of the year, as volatility advanced but remained generally low, the Portfolio opportunistically added to risk assets, primarily U.S. equities, in a measured fashion. In addition, the Portfolio increased its modest emerging markets equity position based on attractive valuations. Opportunities in income-oriented asset classes with supportive fundamentals were also taken advantage of with further purchases of emerging market debt, U.S. high yield, and real estate. Investment grade fixed income and cash served as the sources of funds as the Portfolio remained underweight both asset classes.

MIST-1

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Managed by Pyramis Global Advisors, LLC

Portfolio Manager Commentary*—(Continued)

For the period, the Portfolio’s equities overweight, including REITs, had a positive impact on performance. In addition, the cash underweight was a positive contributor. These asset allocation decisions partially offset the Portfolio’s emerging markets exposure and investment-grade debt underweight. Regarding security selection, challenges in U.S. and foreign developed equities were partially muted by positive selections in investment-grade debt. The Portfolio has extended duration exposure to provide additional diversification and balance the sources of risk in the Portfolio by employing an interest rate overlay. The interest rate overlay contributed to performance as longer duration U.S. treasuries enjoyed stellar performance.

The Portfolio used certain derivative instruments during the period, specifically futures contracts, to provide liquidity. During the period, the Portfolio held S&P 500 Index futures (U.S. equities), MSCI EAFE Index futures (foreign equities), and MSCI Emerging Market Index futures (foreign equities) for investment purposes. The interest

rate overlay used U.S. Treasury futures (U.S. government bonds) during the period. The derivatives performed in line with expectations while providing economically efficient and liquid investment options.

As of December 31, 2014, the Portfolio favored equities versus bonds. Within the equity allocation, relative to the SAA, the Portfolio was overweight U.S. equities while underweight foreign developed equities. In addition, the Portfolio maintained a modest emerging markets equity exposure. The Portfolio continued to have an underweight position in investment-grade debt. Fixed income holdings were weighted toward investment grade corporate and government securities. Positions were also held in high yield debt and emerging markets debt.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Pyramis Managed Risk Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		Since Inception2
Pyramis Managed Risk Portfolio
Class B		8.64		10.19
Dow Jones Moderate Index		5.35		9.31

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Fidelity Total Bond Fund		19.0
Fidelity Mid Cap Value Fund		6.1
Fidelity Diversified International Fund		5.0
Fidelity Blue Chip Growth Fund		5.0
Fidelity Large Cap Stock Fund		4.7
Fidelity Corporate Bond Fund		4.4
Fidelity Stock Selector Large Cap Value Fund		4.4
iShares Core U.S. Aggregate Bond ETF		3.7
WisdomTree Europe Hedged Equity Fund		2.8
WisdomTree Japan Hedged Equity Fund		2.4

Top Sectors

	% of Net Assets
Mutual Funds		88.3
Cash & Cash Equivalents		10.9

MIST-3

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B(a)(b)	Actual		0.70	%	$	1,000.00	$	1,021.40	$	3.57
	Hypothetical*		0.70	%	$	1,000.00	$	1,021.68	$	3.57

* 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 (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

^(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 December 31, 2014

Mutual Funds—88.3% of Net Assets

Security Description	Shares		Value
Investment Company Securities—88.3%
Fidelity Blue Chip Growth Fund (a)		223,782	$	15,311,197
Fidelity Corporate Bond Fund (a)		1,188,075		13,615,337
Fidelity Disciplined Equity Fund (a)		35,535		1,195,057
Fidelity Diversified International Fund (a)		450,000		15,502,483
Fidelity Emerging Asia Fund (a)		46,189		1,508,085
Fidelity Emerging Markets Fund (a)		225,425		5,480,078
Fidelity Europe Fund (a)		56,075		1,977,779
Fidelity Growth & Income Portfolio (a)		42,325		1,278,641
Fidelity Growth Discovery Fund (a)		205,539		4,854,837
Fidelity Independence Fund (a)		52,087		2,009,512
Fidelity International Discovery Fund (a)		80,767		3,068,355
Fidelity Large Cap Stock Fund (a)		511,639		14,453,806
Fidelity Mega Cap Stock Fund (a)		407,887		6,730,139
Fidelity Mid Cap Value Fund (a)		764,719		18,827,373
Fidelity Nordic Fund (a) (b)		49,058		2,089,394
Fidelity OTC Portfolio (b)		56,360		4,484,008
Fidelity Overseas Fund (a)		91,460		3,488,274
Fidelity Real Estate Income Fund (a)		85,424		996,894
Fidelity Real Estate Investment Portfolio (a)		55,559		2,269,565
Fidelity Stock Selector Large Cap Value Fund (a)		787,238		13,493,260
Fidelity Total Bond Fund (a)		5,476,404		58,487,997
Fidelity Value Discovery Fund (a)		152,716		3,764,445
iShares 20+ Year Treasury Bond ETF		37,363		4,704,749
iShares Core U.S. Aggregate Bond ETF		104,026		11,455,343
iShares J.P. Morgan USD Emerging Markets Bond ETF		20,629		2,263,208
iShares MSCI EAFE ETF		10,142		617,039
iShares U.S. Financial Services ETF		67,360		6,185,669
iShares U.S. Technology ETF		36,445		3,804,858
Market Vectors Gold Miners ETF		56,408		1,036,779
SPDR Barclays High Yield Bond ETF		157,075		6,064,666
SPDR S&P 500 ETF Trust		10,202		2,096,511
Vanguard Consumer Discretionary ETF		44,202		5,163,678
Vanguard Consumer Staples ETF		29,703		3,720,004
Vanguard FTSE Developed Markets ETF		117,419		4,447,832
Vanguard Health Care ETF		38,559		4,842,625
Investment Company Securities—(Continued)
Vanguard Industrials ETF		19,197		2,050,623
Vanguard Value ETF		33,907		2,864,802
WisdomTree Europe Hedged Equity Fund		155,919		8,672,215
WisdomTree Japan Hedged Equity Fund		152,205		7,493,052
Total Mutual Funds (Cost $270,131,654)				272,370,169
Short-Term Investment—10.9%
Repurchase Agreement—10.9%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $33,612,151 on 01/02/15, collateralized by $33,945,000 U.S. Treasury Note at 2.125% due 05/31/15 with a value of $34,284,450.		33,612,151		33,612,151
Total Short-Term Investment (Cost $33,612,151)				33,612,151
Total Investments—99.2% (Cost $303,743,805) (c)				305,982,320
Other assets and liabilities (net)—0.8%				2,446,996
Net Assets—100.0%			$	308,429,316

* 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) Non-income producing security.

(c) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $303,952,154. The aggregate unrealized appreciation and depreciation of investments were $5,581,398 and $(3,551,232), respectively, resulting in net unrealized appreciation of $2,030,166 for federal income tax purposes.

(ETF)— Exchange-Traded Fund

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount			Unrealized Appreciation/ (Depreciation)
MSCI EAFE Mini Index Futures		03/20/15		68		USD	6,038,097	$	(61,237	)
S&P 500 E-Mini Index Futures		03/20/15		262		USD	26,454,971		431,469
U.S. Treasury Long Bond Futures		03/20/15		332		USD	46,759,833		1,234,917
U.S. Treasury Note 10 Year Futures		03/20/15		356		USD	44,962,337		177,351
Net Unrealized Appreciation								$	1,782,500

(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 December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1			Level 2		Level 3		Total
Mutual Funds
Investment Company Securities	$	272,370,169		$	—	$	—	$	272,370,169
Total Short-Term Investment*		—			33,612,151		—		33,612,151
Total Investments	$	272,370,169		$	33,612,151	$	—	$	305,982,320
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	1,843,737		$	—	$	—	$	1,843,737
Futures Contracts (Unrealized Depreciation)		(61,237	)		—		—		(61,237	)
Total Futures Contracts	$	1,782,500		$	—	$	—	$	1,782,500

* 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

December 31, 2014

Assets
Investments at value (a)	$	77,483,653
Affiliated investments at value (b)		194,886,516
Repurchase Agreement		33,612,151
Cash collateral for futures contracts		2,601,600
Receivable for:
Investments sold		483,992
Fund shares sold		350,378
Dividends		207,364
Variation margin on futures contracts		171,250
Prepaid expenses		553
Total Assets		309,797,457
Liabilities
Payables for:
Investments purchased		780,689
Fund shares redeemed		4,612
Variation margin on futures contracts		354,710
Accrued expenses:
Management fees		86,968
Distribution and service fees		64,289
Deferred trustees’ fees		30,661
Other expenses		46,212
Total Liabilities		1,368,141
Net Assets	$	308,429,316
Net assets consist of:
Paid in surplus	$	286,646,260
Undistributed net investment income		3,209,689
Accumulated net realized gain		14,552,352
Unrealized appreciation on investments, affiliated investments and futures contracts		4,021,015
Net Assets	$	308,429,316
Net Assets
Class B	$	308,429,316
Capital Shares Outstanding*
Class B		26,912,189
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.46

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding repurchase agreement and affiliated investments, was $76,975,175.

(b) Identified cost of affiliated investments was $193,156,479.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends	$	1,097,440
Dividends from affiliated investments		2,711,142
Interest		61
Total investment income		3,808,643
Expenses
Management fees		1,017,913
Administration fees		5,927
Deferred expense reimbursement (see Note 6)		97,697
Custodian and accounting fees		31,758
Distribution and service fees—Class B		565,507
Audit and tax services		31,228
Legal		31,879
Trustees’ fees and expenses		42,680
Shareholder reporting		27,350
Insurance		813
Miscellaneous		4,568
Total expenses		1,857,320
Less management fee waiver		(282,414	)
Net expenses		1,574,906
Net Investment Income		2,233,737
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		(55,248	)
Affiliated investments		4,258,386
Futures contracts		7,609,236
Capital gain distributions from Underlying Portfolios and ETFs		847,321
Capital gain distributions from Affiliated Underlying Portfolios		3,071,401
Net realized gain		15,731,096
Net change in unrealized appreciation (depreciation) on:
Investments		243,405
Affiliated investments		(1,360,715	)
Futures contracts		1,734,807
Net change in unrealized appreciation		617,497
Net realized and unrealized gain		16,348,593
Net Increase in Net Assets From Operations	$	18,582,330

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Period Ended December 31, 2013(a)
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	2,233,737		$	662,801
Net realized gain		15,731,096			3,413,021
Net change in unrealized appreciation		617,497			3,403,518
Increase in net assets from operations		18,582,330			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		146,809,143			139,846,588
Total increase in net assets		164,654,865			143,774,451
Net Assets
Beginning of period		143,774,451			0
End of period	$	308,429,316		$	143,774,451
Accumulated undistributed net investment income (loss)
End of period	$	3,209,689		$	(12,646	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Period Ended December 31, 2013(a)
	Shares			Value			Shares			Value
Class B
Sales		14,480,063		$	159,388,219			14,244,292		$	146,860,725
Reinvestments		68,971			736,608			335,678			3,551,477
Redemptions		(1,208,150	)		(13,315,684	)		(1,008,665	)		(10,565,614	)
Net increase		13,340,884		$	146,809,143			13,571,305		$	139,846,588
Increase derived from capital shares transactions				$	146,809,143					$	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
	Year Ended December 31,
	2014			2013(a)
Net Asset Value, Beginning of Period	$	10.59		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.11			0.10
Net realized and unrealized gain on investments		0.80			0.76
Total from investment operations		0.91			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	$	11.46		$	10.59
Total Return (%) (c)		8.64			8.59	(d)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (e)		0.82			1.15	(f)
Net ratio of expenses to average net assets (%) (e)(g)		0.70			0.80	(f)
Ratio of net investment income to average net assets (%) (h)		0.99			1.39	(f)
Portfolio turnover rate (%)		62			88	(d)
Net assets, end of period (in millions)	$	308.4		$	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).

(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-9

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-10

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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 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.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not available. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third party prices are used to produce daily settlement prices. These securities are categorized as Level 2 of the fair value hierarchy. Centrally cleared interest rate swaps are valued using a pricing model that references the underlying rates, including the overnight index swap rate and London Interbank Offered Rate (“LIBOR”) forward rate to produce the daily settlement price. These securities are categorized as Level 2 of the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

MIST-11

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to distributions 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $33,612,151, 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 December 31, 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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

MIST-12

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Asset Derivatives			Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value		Statement of Assets & Liabilities Location	Fair Value
Interest Rate	Unrealized appreciation on futures contracts*	$	1,412,268
Equity	Unrealized appreciation on futures contracts*		431,469	Unrealized depreciation on futures contracts*	$	61,237
Total		$	1,843,737		$	61,237

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate		Equity			Total
Futures contracts	$	5,218,552	$	2,390,684		$	7,609,236
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate		Equity			Total
Futures contracts	$	2,046,900	$	(312,093	)	$	1,734,807

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	53,021,975

‡ Averages are based on activity levels during 2014.

4. Certain Risks

Market Risk: In the normal course of business, the Portfolio invests in securities and enters into transactions where risks exist due to fluctuations in the market (“market risk”) or failure of the other party to a transaction to perform (“credit and counterparty risk”). The value of securities held by the Portfolio may decline in response to certain events, including those directly involving the companies whose securities are owned by the Portfolio; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

MIST-13

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one amount is posted from one party to the other to collateralize such obligations. The ISDA Master Agreement gives each party to the agreement the right to terminate all transactions traded under such agreement if there is a certain deterioration in the credit quality of the other party. The ISDA Master Agreement gives the Portfolio the right, upon an event of default by the applicable counterparty or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net amount payable by one party to the other. This right to close out and net payments across all transactions traded under the ISDA Master Agreement could result in a reduction of the Portfolio’s credit risk to such counterparty equal to any amounts payable by the Portfolio under the applicable transactions, if any. However, absent an event of default by the counterparty or a termination of the agreement, the ISDA Master Agreement does not result in an offset of reported amounts of assets and liabilities in the Statement of Assets and Liabilities across transactions between the Portfolio and the applicable counterparty. The enforceability of the right to offset may vary by jurisdiction. Cash collateral that has been pledged to cover obligations of the Portfolio under derivative contracts, if any, will be reported separately in the Statement of Assets and Liabilities. Securities pledged as collateral, if any, for the same purpose are noted in the Schedule of Investments.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	269,631,941	$	0	$	121,339,109

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 December 31, 2014	% per annum			Average Daily Net Assets
$1,017,913		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 year ended December 31, 2014 are shown as a management fee waiver in the Statement of Operations.

MIST-14

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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

              Class B               

0.80%

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 December 31, 2014, MetLife Advisers was repaid $97,697 by the Portfolio which was deferred in 2013. This amount is shown as Deferred expense reimbursement in the Statement of Operations. There were no expenses deferred by MetLife Advisers in 2014.

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 year ended December 31, 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-15

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

7. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated Underlying Portfolios during the year ended December 31, 2014 is as follows:

Underlying Portfolio	Number of shares held at December 31, 2013			Shares purchased		Shares sold			Number of shares held at December 31, 2014
Fidelity Blue Chip Growth Fund		89,175			134,607		—			223,782
Fidelity Blue Chip Value Fund		25,601			119,331		(144,932	)		—
Fidelity Contrafund		47,845			6,755		(54,600	)		—
Fidelity Corporate Bond Fund		547,590			1,473,818		(833,333	)		1,188,075
Fidelity Disciplined Equity Fund		191,399			2,537		(158,401	)		35,535
Fidelity Diversified International Fund		103,258			385,869		(39,127	)		450,000
Fidelity Emerging Asia Fund		—			46,189		—			46,189
Fidelity Emerging Markets Discovery Fund		1,903			—		(1,903	)		—
Fidelity Emerging Markets Fund		7,369			218,056		—			225,425
Fidelity Equity-Income Fund		8,585			—		(8,585	)		—
Fidelity Europe Fund		143,471			121,524		(208,920	)		56,075
Fidelity Floating Rate High Income Fund		5,108			114		(5,222	)		—
Fidelity Growth & Income Portfolio		1,885			40,440		—			42,325
Fidelity Growth Discovery Fund		26,926			263,611		(84,998	)		205,539
Fidelity Independence Fund		—			52,087		—			52,087
Fidelity International Discovery Fund		114,527			77,225		(110,985	)		80,767
Fidelity International Small Cap Fund		130,603			—		(130,603	)		—
Fidelity International Small Cap Opportunities Fund		—			325,517		(325,517	)		—
Fidelity Japan Smaller Companies Fund		54,934			—		(54,934	)		—
Fidelity Large Cap Stock Fund		388,421			321,146		(197,928	)		511,639
Fidelity Low-Priced Stock Fund		109,149			454		(109,603	)		—
Fidelity Mega Cap Stock Fund		333,494			513,605		(439,212	)		407,887
Fidelity Mid Cap Value Fund		—			764,719		—			764,719
Fidelity New Millennium Fund		28,037			224,192		(252,229	)		—
Fidelity Nordic Fund		7,599			48,171		(6,712	)		49,058
Fidelity OTC Portfolio		18,928			85,051		(47,619	)		56,360
Fidelity Overseas Fund		—			120,491		(29,031	)		91,460
Fidelity Real Estate Income Fund		—			85,424		—			85,424
Fidelity Real Estate Investment Portfolio		—			55,559		—			55,559
Fidelity Stock Selector Large Cap Value Fund		—			787,238		—			787,238
Fidelity Total Bond Fund		3,446,953			2,170,401		(140,950	)		5,476,404
Fidelity Value Discovery Fund		—			152,716		—			152,716
Fidelity Value Fund		40,271			42,965		(83,236	)		—
Underlying Portfolio	Net Realized Gain/(Loss) on sales of Underlying Portfolios			Capital Gain Distributions from Underlying Portfolios		Dividend Income from Underlying Portfolios			Ending Value as of December 31, 2014
Fidelity Blue Chip Growth Fund	$	—		$	548,939	$	12,765		$	15,311,197
Fidelity Blue Chip Value Fund		140,423			—		—			—
Fidelity Contrafund		54,506			9,019		—			—
Fidelity Corporate Bond Fund		360,888			8,311		453,453			13,615,337
Fidelity Disciplined Equity Fund		361,811			73,389		12,474			1,195,057
Fidelity Diversified International Fund		26,570			341,735		147,949			15,502,483
Fidelity Emerging Asia Fund		—			—		13,459			1,508,085
Fidelity Emerging Markets Discovery Fund		1,178			—		—			—
Fidelity Emerging Markets Fund		—			5,598		32,033			5,480,078
Fidelity Equity-Income Fund		20,874			—		—			—
Fidelity Europe Fund		182,665			—		50,058			1,977,779
Fidelity Floating Rate High Income Fund		(407	)		—		1,131			—
Fidelity Growth & Income Portfolio		—			—		17,242			1,278,641
Fidelity Growth Discovery Fund		145,281			—		5,332			4,854,837
Fidelity Independence Fund		—			86,069		2,139			2,009,512
Fidelity International Discovery Fund		267,949			—		20,622			3,068,355
Fidelity International Small Cap Fund		297,701			—		—			—

MIST-16

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Notes to Financial Statements—December 31, 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 December 31, 2014
Fidelity International Small Cap Opportunities Fund	$	(135,623	)	$	—	$	—	$	—
Fidelity Japan Smaller Companies Fund		(57,659	)		—		—		—
Fidelity Large Cap Stock Fund		792,230			803,430		158,930		14,453,806
Fidelity Low-Priced Stock Fund		291,901			18,705		4,019		—
Fidelity Mega Cap Stock Fund		206,013			191,636		83,958		6,730,139
Fidelity Mid Cap Value Fund		—			342,725		82,594		18,827,373
Fidelity New Millennium Fund		466,691			13,454		—		—
Fidelity Nordic Fund		12,931			—		—		2,089,394
Fidelity OTC Portfolio		(145,865	)		441,773		—		4,484,008
Fidelity Overseas Fund		(6,138	)		—		60,369		3,488,274
Fidelity Real Estate Income Fund		—			12,260		36,283		996,894
Fidelity Real Estate Investment Portfolio		—			—		26,078		2,269,565
Fidelity Stock Selector Large Cap Value Fund		—			—		114,824		13,493,260
Fidelity Total Bond Fund		(9,723	)		171,712		1,328,108		58,487,997
Fidelity Value Discovery Fund		—			2,646		47,322		3,764,445
Fidelity Value Fund		984,189			—		—		—
	$	4,258,386		$	3,071,401	$	2,711,142	$	194,886,516

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$298,151	$	2,033,188	$	438,457	$	1,518,289	$	736,608	$	3,551,477

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$9,469,515	$	10,314,035	$	2,030,167	$	—	$	21,813,717

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, 2014, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Pyramis Managed Risk 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 Pyramis Managed Risk Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), of December 31, 2014, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for year ended December 31, 2014 and for the period April 19, 2013 (commencement of operations) to 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 audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian, brokers and the transfer agent; when replies were not received by brokers or the transfer agent, we performed other auditing procedures. We believe that our audit provides 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 Pyramis Managed Risk Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, and the changes in its net assets and the financial highlights for the year ended December 31, 2014 and for the period April 19, 2013 (commencement of operations) to December 31 2013, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-18

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-19

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-20

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-21

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-22

Met Investors Series Trust

Pyramis Managed Risk Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Pyramis Managed Risk Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Pyramis Global Advisors, LLC regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying portfolios in which the Portfolio invests.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe for the one-year period ended June 30, 2014 and performed at the median of its Performance Universe for the since-inception (beginning April 19, 2013) period ended June 30, 2014. The Board also considered that the Portfolio underperformed its Blended Index for the one-year period ended June 30, 2014 and performed at its Blended Index for the since-inception period ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the Dow Jones Moderate Index, for the one-year and since-inception periods ended October 31, 2014 and underperformed its blended benchmark for the same periods. The Board further noted that the Portfolio commenced operations on April 19, 2013 and, thus, has limited performance history.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size (the Board did not review information concerning the asset-weighted average of the Expense Group). The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-23

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Managed by Schroder Investment Management North America Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class B shares of the Schroders Global Multi-Asset Portfolio returned 7.74%. The Portfolio’s benchmark, the Dow Jones Moderate Index¹, returned 5.35%.

MARKET ENVIRONMENT / CONDITIONS

The year started on a somewhat uncertain note with investors worried about reduced global liquidity as the U.S. Federal Reserve (the “Fed”) began tapering its quantitative easing (“QE”) program in January. U.S. economic data was weak during the early part of the year but this proved to be largely due to extremely cold winter weather, with economic activity picking up in the spring. Janet Yellen took over as Fed Chair in February and the Fed revamped its forward guidance by indicating that interest rates would likely stay low for some time. U.S. economic growth continued to strengthen over the year, led by continued healing in the labor market which lifted consumer and, thus, business confidence.

In the eurozone, the year began on an optimistic footing as a change of government in Italy was greeted favorably. However, economic growth remained lackluster in the region and low inflation became a key concern. The European Central Bank (the “ECB”) announced a series of measures over the year designed to boost growth and fend-off deflation. The ECB cut benchmark interest rates to 0.15%, introduced a negative deposit rate, offered banks cheap loans to encourage lending to corporations and began to purchase asset-backed securities. By the end of the year, many investors were calling for sovereign QE. Eurozone break-up risk re-emerged in December as the Greek parliament rejected the prime minister’s candidate for president, leading to parliamentary elections in January 2015. The U.K. economic recovery continued to be led by rising house prices and consumer spending. The unemployment rate declined and in the early summer Bank of England (the “BoE”) Governor Mark Carney unsettled markets by suggesting interest rate rises may come sooner than expected. However, inflation remained below target and the BoE returned to a more dovish tone. The summer saw uncertainty over the referendum on Scottish independence which put downward pressure on U.K. equities and increased market volatility. In Japan, economic data early in the year indicated a stronger economy. However, part of this was due to consumers bringing forward purchases ahead of April’s increase in the consumption tax from 5% to 8%. The tax hike dented economic activity later in the year. In the autumn the Bank of Japan surprised investors by expanding its asset purchase program in order to boost the weakening economy. Prime Minister Shinzo Abe called a snap election, which his party won, and announced a delay to the next planned consumption tax increase.

Emerging markets were hit particularly hard by the Fed’s decision to taper QE. Escalating tensions between Russia and Ukraine also weighed on appetite for risk assets. Meanwhile, data showed the Chinese economy continued to slow.

One of the most important moves of the year was the sharp drop in the price of oil. Initially, the intensification of violence in the Middle East, with Islamic State of Iraq and Syria (ISIS) taking control of large areas of Iraq and Syria, led to concern over oil supply disruptions. However, due to slower global economic growth and increased oil supply, especially from the U.S., oil prices fell sharply since the summer. The decline gained momentum after the Organization of Petroleum Exporting Countries (OPEC) left its output target unchanged at its November meeting.

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 (e.g. Exchange Traded Funds and Futures contracts) to facilitate rapid implementation of Schroders’ thematic and tactical views in a cost-effective manner. The Portfolio’s Strategic Asset Allocation is tied to a 60% Global Equities and 40% Fixed Income neutral position and tactically underweights or overweights asset classes and sectors deemed attractive. The Portfolio 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 as the 10-year U.S. Treasury yield fell from 3.00% to 2.17% over the year.

The highlights, or top contributors, to performance for the year were positions in certain currencies, Emerging Market Equities and U.S. Small Caps. Due to the strengthening of the U.S dollar we found opportunities to avoid or underweight currencies in regions with weak macroeconomic data and slowing growth. Specifically, an underweight euro position boosted the Portfolio’s performance over the period. Further, we continued to focus on regional and sector equity positioning in order to capture gains and navigate volatility. We started repositioning the Portfolio to help avoid or lower the exposure to expensive assets and to allocate to assets of relative value. For example, during the summer, we added Emerging Market Equities as we believed they were attractively valued compared to other equity markets. Further, a U.S Small Cap versus U.S. Large Cap pair trade was contributory during July and September as the U.S. economy showed further signs of resiliency. Increased exposure to Small Caps keyed into a domestic recovery better than Large Caps which are dominated by multi-national companies which are more sensitive to economic growth outside of the U.S.

The largest detractors to Portfolio performance were positions in Utilities and Energy equity sectors. The Utilities trade was implemented to take advantage of an asset class that typically perform poorly in a rising interest rate environment. We went underweight Utilities as

MIST-1

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Managed by Schroder Investment Management North America Inc.

Portfolio Manager Commentary*—(Continued)

they tend to underperform when interest rates go up. The asset class unexpectedly rallied, benefitting from stable Treasury yields in the third quarter. Later in the period, we looked to further allocate to areas of the market that were attractively priced. One way in which we expressed this was through the U.S. Energy versus S&P 500 Index pair trade as Energy stocks suffered disproportionately and their valuations looked attractive. The trade underperformed as oil prices fell further than forecasted. Both trades were closed to mitigate losses.

During the first half of the year, we favored the U.S. growth story, particularly U.S. Large Cap Equities, whose valuations 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 our exposure to Japanese Equities early in the year. This was due to the depreciation of Emerging Market 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 Market Equity allocations with our only exposures stemming from underlying actively-managed equity portfolios.

In the second quarter, we started to layer-in defensive equity positions. The first level of protection was to avoid or reduce those assets that had become expensive and hence were most susceptible to any reversal in markets such as U.S. Small Cap Equities, U.S. Utilities and High Yield. Avoiding or lowering our exposure to expensive assets opened up opportunities to allocate to assets of relative value. For example, we added to Emerging Market Equities which had 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 changed. 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 this was justified given supportive central bank policy, particularly in the U.S. We remained cautious with fixed income, and were underweight versus the benchmark, with the belief that the Fed’s QE tapering and speculation of an interest rate hike in the U.S. could impact bond valuations.

Global growth outside the U.S. was weak in the third quarter. Eurozone deflation remained a key risk and this was recognized by the ECB. Although emerging market exports typically rise following a recovery in developed markets, they failed to improve this time, partly owing to weak European demand. In Japan, some of the optimism surrounding the Bank of Japan’s monetary easing policy started to fade as the consumption tax rose from 5% to 8% in April and had a greater impact on the economy than what was initially realized.

The cooling in the global economy prompted us to reduce our equity exposure with an emphasis on the more cyclical areas such as Emerging Markets. We also increased exposure to government bonds as a hedge against international deflationary risk and held no commodities exposure due to their correlation with Emerging Markets and their unattractive supply and demand characteristics.

We went into the final quarter of 2014 expecting increased volatility and defensively positioned the Portfolio accordingly. As economic data continued to disappoint and oil prices fell, we decreased our Emerging Market Equities allocation. Due to the strengthening of the U.S. dollar and the dissipation of inflation fears, we closed our Emerging Market Debt and TIPS’ exposure while decreasing the Portfolio’s duration as the possibility of a Fed rate hike drew closer. We also increased our Gold position to serve as a hedge against risks associated with the Russian ruble and Greek economic crises.

The Portfolio primarily uses 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 December 31, 2014, the Portfolio’s allocation to Developed Equities was 61.28% and the allocation to Investment Grade bonds was 28.58%. The Portfolio held approximately 2.42% in Opportunistic asset classes and the cash level was 7.72%.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

A $10,000 INVESTMENT COMPARED TO THE DOW JONES MODERATE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		Since Inception2
Schroders Global Multi-Asset Portfolio
Class B		7.74		9.66
Dow Jones Moderate Index		5.35		9.30

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 DECEMBER 31, 2014

Top Equity Sectors

	% of Net Assets
Financials		18.5
Information Technology		9.6
Consumer Discretionary		8.5
Health Care		4.3
Industrials		3.9

Top Fixed Income Sectors

	% of Net Assets
Corporate Bonds & Notes		23.4
Cash & Cash Equivalents		18.5
U.S. Treasury & Government Agencies		1.1
Foreign Government		0.1

MIST-3

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line 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 July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class B	Actual		1.00%		$	1,000.00	$	1,012.80	$	5.07
	Hypothetical*		1.00	%	$	1,000.00	$	1,020.16	$	5.09

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

MIST-4

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Schedule of Investments as of December 31, 2014

Common Stocks—37.0% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—0.7%
Boeing Co. (The)		3,600	$	467,928
Cobham plc		49,515		248,288
General Dynamics Corp.		7,809		1,074,675
Honeywell International, Inc.		8,500		849,320
Kongsberg Gruppen ASA		2,272		37,453
Lockheed Martin Corp. (a)		3,800		731,766
Northrop Grumman Corp.		4,000		589,560
QinetiQ Group plc		20,624		60,023
Raytheon Co. (a)		6,100		659,837
Rockwell Collins, Inc.		2,100		177,408
Rolls-Royce Holdings plc (b)		10,511		141,594
Safran S.A.		2,772		170,614
Senior plc		27,819		130,197
Ultra Electronics Holdings plc		2,251		62,788
United Technologies Corp.		9,300		1,069,500
				6,470,951
Air Freight & Logistics—0.2%
Expeditors International of Washington, Inc.		7,200		321,192
FedEx Corp.		2,700		468,882
Forward Air Corp. (a)		2,400		120,888
Oesterreichische Post AG		5,342		260,455
Singapore Post, Ltd.		96,000		138,736
United Parcel Service, Inc. - Class B (a)		1,900		211,223
				1,521,376
Airlines—0.1%
ANA Holdings, Inc. (a)		154,000		379,052
Copa Holdings S.A. - Class A (a)		2,400		248,736
Dart Group plc		13,800		62,574
Deutsche Lufthansa AG		24,222		405,640
				1,096,002
Auto Components—0.4%
Aisan Industry Co., Ltd.		1,400		11,968
Aisin Seiki Co., Ltd.		6,200		222,845
ARB Corp., Ltd. (a)		3,206		29,569
Bridgestone Corp.		13,600		472,612
Cie Generale des Etablissements Michelin		4,133		374,708
Continental AG		2,451		520,476
Delphi Automotive plc		7,000		509,040
Gentex Corp. (a)		2,800		101,164
Hankook Tire Co., Ltd.		1,820		86,589
HI-LEX Corp.		1,900		52,304
Keihin Corp.		6,700		99,471
Linamar Corp.		1,700		103,817
Magna International, Inc.		3,500		379,252
NHK Spring Co., Ltd.		10,500		91,609
Nippon Seiki Co., Ltd.		3,000		67,650
Nissin Kogyo Co., Ltd.		5,400		75,182
Nokian Renkaat Oyj		4,676		114,533
Pacific Industrial Co., Ltd. (a)		3,700		28,799
Plastic Omnium S.A.		5,341		145,050
Showa Corp.		3,800		35,150
Tokai Rika Co., Ltd. (a)		3,500		73,523
Auto Components—(Continued)
Toyoda Gosei Co., Ltd.		7,100		143,367
TS Tech Co., Ltd.		2,800		65,581
Valeo S.A.		2,121		264,186
Yorozu Corp.		200		3,314
				4,071,759
Automobiles—0.3%
Daihatsu Motor Co., Ltd. (a)		11,000		144,289
Daimler AG		1,267		105,707
Ford Motor Co.		5,000		77,500
Fuji Heavy Industries, Ltd.		12,300		433,145
Isuzu Motors, Ltd.		16,000		195,210
Kia Motors Corp.		1,035		48,901
Mitsubishi Motors Corp. (a)		16,000		146,577
Suzuki Motor Corp.		10,200		306,622
Toyota Motor Corp.		14,800		922,936
				2,380,887
Banks—3.2%
Australia & New Zealand Banking Group, Ltd.		1,595		41,490
Awa Bank, Ltd. (The)		25,000		133,601
Banca Popolare di Milano Scarl (b)		105,460		68,282
Banca Popolare di Sondrio Scarl		14,132		52,572
Banco Bilbao Vizcaya Argentaria S.A.		10,273		96,685
Banco Santander S.A.		31,565		263,941
Bank Hapoalim B.M.		49,604		233,944
Bank Leumi Le-Israel B.M. (b)		67,873		232,850
Bank of America Corp.		116,600		2,085,974
Bank of Kyoto, Ltd. (The)		23,000		192,378
Bank of Montreal (a)		4,367		308,900
Bank of Nova Scotia (The)		5,750		328,183
Bank of Okinawa, Ltd. (The)		500		20,308
Bank of Yokohama, Ltd. (The)		29,000		157,397
BankUnited, Inc.		7,500		217,275
Barclays plc		218,575		821,733
BNP Paribas S.A.		11,120		653,459
BOC Hong Kong Holdings, Ltd.		122,500		407,066
BOK Financial Corp. (a)		3,300		198,132
Canadian Imperial Bank of Commerce		4,061		348,985
Chiba Kogyo Bank, Ltd. (The)		2,300		16,040
Chugoku Bank, Ltd. (The)		11,000		150,198
Citigroup, Inc.		34,300		1,855,973
Citizens & Northern Corp. (a)		3,300		68,211
Comerica, Inc.		2,900		135,836
Commerzbank AG (b)		12,483		165,833
Commonwealth Bank of Australia		10,191		707,768
Credit Agricole S.A.		13,756		176,843
Credito Valtellinese SC (b)		28,009		26,533
Cullen/Frost Bankers, Inc. (a)		2,600		183,664
CVB Financial Corp. (a)		8,900		142,578
Dah Sing Banking Group, Ltd.		20,000		31,934
Dah Sing Financial Holdings, Ltd.		11,200		64,844
Daishi Bank, Ltd. (The)		21,000		69,782
DBS Group Holdings, Ltd.		21,000		324,291
Fifth Third Bancorp		13,400		273,025
First Financial Corp. (a)		3,200		113,984

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Banks—(Continued)
First International Bank of Israel, Ltd.		1,434	$	18,319
FirstMerit Corp. (a)		4,400		83,116
Gunma Bank, Ltd. (The)		18,000		116,759
Hachijuni Bank, Ltd. (The)		36,000		231,729
Hang Seng Bank, Ltd.		31,300		520,438
Higo Bank, Ltd. (The)		9,000		47,838
Hokkoku Bank, Ltd. (The)		5,000		16,051
HSBC Holdings plc		223,993		2,116,842
HSBC Holdings plc (Hong Kong Listed Shares)		30,400		289,023
Huntington Bancshares, Inc.		3,300		34,716
Hyakugo Bank, Ltd. (The)		15,000		61,884
ING Groep NV (b)		5,986		77,504
International Bancshares Corp. (a)		8,400		222,936
Israel Discount Bank, Ltd. - Class A (b)		73,040		116,822
Iyo Bank, Ltd. (The)		19,000		205,946
JPMorgan Chase & Co.		42,200		2,640,876
Juroku Bank, Ltd. (The)		5,000		17,699
Kagoshima Bank, Ltd. (The)		8,000		50,277
KB Financial Group, Inc.		4,550		148,600
KeyCorp		31,400		436,460
Lloyds Banking Group plc (b)		24,423		28,840
M&T Bank Corp. (a)		1,800		226,116
Mitsubishi UFJ Financial Group, Inc.		139,500		764,619
Mizuho Financial Group, Inc.		220,600		370,674
National Bank of Canada (a)		2,889		122,940
North Pacific Bank, Ltd.		14,400		55,728
Oversea-Chinese Banking Corp., Ltd.		45,000		353,672
PNC Financial Services Group, Inc. (The)		10,300		939,669
Popular, Inc. (b)		4,300		146,415
Raiffeisen Bank International AG		9,728		145,347
Republic Bancorp, Inc. - Class A (a)		500		12,360
Royal Bank of Canada		8,271		571,239
Royal Bank of Scotland Group plc (b)		79,664		483,602
San-In Godo Bank, Ltd. (The)		10,000		75,277
Shiga Bank, Ltd. (The)		6,000		32,016
Shinsei Bank, Ltd.		98,000		171,089
Shizuoka Bank, Ltd. (The) (a)		25,000		228,677
Societe Generale S.A.		12,634		530,897
Standard Chartered plc		39,198		587,853
Sumitomo Mitsui Financial Group, Inc.		14,800		534,761
Sumitomo Mitsui Trust Holdings, Inc.		34,000		129,757
TOMONY Holdings, Inc.		7,300		31,435
Toronto-Dominion Bank (The)		9,586		458,012
Trustmark Corp. (a)		8,600		211,044
U.S. Bancorp (a)		11,506		517,195
UniCredit S.p.A.		23,105		147,260
Unione di Banche Italiane SCPA		21,348		151,963
United Overseas Bank, Ltd.		5,000		92,439
Wells Fargo & Co.		55,154		3,023,542
Westamerica Bancorp (a)		3,000		147,060
Westpac Banking Corp.		4,862		130,709
Zions Bancorporation		6,700		191,017
				30,437,551
Beverages—0.5%
Anheuser-Busch InBev NV		7,734		870,336
China Tontine Wines Group, Ltd. (b)		128,000		4,776
Beverages—(Continued)
Coca-Cola Amatil, Ltd.		31,131		235,582
Coca-Cola Co. (The)		24,600		1,038,612
Diageo plc		3,036		87,076
Dr Pepper Snapple Group, Inc.		1,900		136,192
Heineken Holding NV		2,146		134,517
PepsiCo, Inc.		20,827		1,969,401
				4,476,492
Biotechnology—0.5%
Actelion, Ltd. (b)		3,041		349,858
Amgen, Inc.		8,207		1,307,293
Biogen Idec, Inc. (b)		2,100		712,845
Celgene Corp. (a) (b)		6,100		682,346
Gilead Sciences, Inc. (b)		16,900		1,592,994
Grifols S.A.		4,024		160,186
Grifols S.A. (ADR)		3,937		133,819
Medivir AB - B Shares (b)		1,800		22,574
PDL BioPharma, Inc. (a)		6,300		48,573
Sirtex Medical, Ltd.		3,475		79,980
				5,090,468
Building Products—0.0%
Asahi Glass Co., Ltd. (a)		39,000		190,442
Central Glass Co., Ltd.		11,000		39,901
Sekisui Jushi Corp.		3,000		40,083
				270,426
Capital Markets—0.6%
Aberdeen Asset Management plc		37,765		252,237
Aizawa Securities Co., Ltd.		3,600		19,416
American Capital, Ltd. (b)		3,200		46,752
Ashmore Group plc (a)		25,205		109,276
Capital Southwest Corp. (a)		1,200		45,492
Daiwa Securities Group, Inc.		33,000		256,991
Deutsche Bank AG		17,359		524,689
Franklin Resources, Inc. (a)		9,200		509,404
Goldman Sachs Group, Inc. (The)		5,902		1,143,985
Intermediate Capital Group plc		4,805		34,210
Invesco, Ltd.		12,700		501,904
Macquarie Group, Ltd.		9,633		454,664
Mediobanca S.p.A. (a)		38,069		308,234
Morgan Stanley (a)		24,800		962,240
SEI Investments Co. (a)		5,600		224,224
T. Rowe Price Group, Inc. (a)		5,500		472,230
Tetragon Financial Group, Ltd.		2,330		22,995
UBS Group AG (b)		4,218		72,506
Waddell & Reed Financial, Inc. - Class A (a)		1,100		54,802
				6,016,251
Chemicals—0.7%
ADEKA Corp.		2,300		27,258
Albemarle Corp. (a)		5,300		318,689
Alent plc		23,824		118,863
Asahi Kasei Corp.		46,000		421,561
BASF SE		11,169		944,157

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Chemicals—(Continued)
Carlit Holdings Co., Ltd.		2,600	$	13,536
Celanese Corp. - Series A		4,600		275,816
CF Industries Holdings, Inc. (a)		1,100		299,794
China Steel Chemical Corp.		3,000		14,639
Chugoku Marine Paints, Ltd.		10,000		84,480
E.I. du Pont de Nemours & Co. (a)		2,800		207,032
Eastman Chemical Co.		5,800		439,988
Fujimori Kogyo Co., Ltd.		1,600		44,720
Innophos Holdings, Inc. (a)		735		42,961
JSR Corp. (a)		2,800		48,081
K&S AG (a)		4,062		112,797
Kimoto Co., Ltd.		4,800		12,180
Konishi Co., Ltd.		900		14,333
Lintec Corp.		4,400		97,465
LyondellBasell Industries NV - Class A		8,000		635,120
Minerals Technologies, Inc. (a)		1,900		131,955
Monsanto Co. (a)		1,600		191,152
NewMarket Corp. (a)		400		161,412
Nihon Parkerizing Co., Ltd.		1,000		22,836
Nippon Pillar Packing Co., Ltd.		1,000		7,617
Novozymes A/S - B Shares		2,567		107,701
Potash Corp. of Saskatchewan, Inc.		10,400		367,643
Praxair, Inc. (a)		2,815		364,711
Scotts Miracle-Gro Co. (The) - Class A		2,000		124,640
Shikoku Chemicals Corp.		2,000		13,676
Sika AG		44		129,052
Syngenta AG		182		58,440
Tenma Corp.		1,000		13,215
Terra Nitrogen Co. L.P.		400		41,080
Tikkurila Oyj		922		16,165
Toagosei Co., Ltd. (a)		22,000		86,786
Tokai Carbon Co., Ltd.		6,000		17,496
Westlake Chemical Corp.		1,809		110,512
Yara International ASA		6,454		288,634
				6,428,193
Commercial Services & Supplies—0.3%
ADT Corp. (The) (a)		8,900		322,447
Aggreko plc		7,920		184,523
Cabcharge Australia, Ltd.		2,996		11,087
Cintas Corp. (a)		8,188		642,267
Dai Nippon Printing Co., Ltd.		22,000		198,555
Deluxe Corp. (a)		2,400		149,400
Duskin Co., Ltd. (a)		1,400		20,575
Intrum Justitia AB		9,694		286,740
Kaba Holding AG - Class B (b)		243		122,529
Matsuda Sangyo Co., Ltd.		1,100		11,923
Mineral Resources, Ltd. (a)		18,140		111,029
Mitie Group plc		6,164		26,585
NAC Co., Ltd.		1,200		11,368
Performant Financial Corp. (a) (b)		4,900		32,585
Republic Services, Inc.		10,595		426,449
Societe BIC S.A.		300		39,814
Toppan Printing Co., Ltd.		22,000		143,221
Transcontinental, Inc. - Class A		6,600		94,075
Waste Management, Inc. (a)		8,614		442,070
				3,277,242
Communications Equipment—0.9%
Cisco Systems, Inc.		149,110		4,147,495
F5 Networks, Inc. (a) (b)		1,700		221,790
Harris Corp.		21,169		1,520,358
Ituran Location and Control, Ltd.		1,362		29,883
QUALCOMM, Inc.		25,170		1,870,886
Telefonaktiebolaget LM Ericsson - B Shares		43,979		532,627
				8,323,039
Construction & Engineering—0.1%
AECOM Technology Corp. (a) (b)		5,800		176,146
Ausdrill, Ltd.		4,930		1,564
Decmil Group, Ltd.		14,456		17,255
Kandenko Co., Ltd.		3,000		17,245
Keller Group plc		5,068		68,766
Kinden Corp.		10,000		101,261
MACA, Ltd.		10,971		7,610
Macmahon Holdings, Ltd. (b)		38,458		2,259
Monadelphous Group, Ltd.		5,493		41,763
Nichireki Co., Ltd.		2,000		14,850
NRW Holdings, Ltd.		5,893		1,723
Sumitomo Densetsu Co., Ltd.		1,200		14,878
Taihei Dengyo Kaisha, Ltd.		2,000		15,309
United Integrated Services Co., Ltd.		23,000		21,997
Vinci S.A.		16,229		888,062
				1,390,688
Construction Materials—0.0%
Imerys S.A.		3,350		247,043
Consumer Finance—0.2%
Ally Financial, Inc. (b)		17,800		420,436
American Express Co.		2,700		251,208
Capital One Financial Corp.		9,100		751,205
Cash America International, Inc. (a)		1,900		42,978
Discover Financial Services		9,200		602,508
Enova International, Inc. (b)		1,738		38,688
World Acceptance Corp. (a) (b)		700		55,615
				2,162,638
Containers & Packaging—0.1%
Ball Corp. (a)		6,534		445,423
Rock-Tenn Co. - Class A		5,800		353,684
Toyo Seikan Group Holdings, Ltd.		8,700		107,327
				906,434
Distributors—0.0%
Genuine Parts Co.		1,400		149,198
Jardine Cycle & Carriage, Ltd.		3,000		96,330
				245,528
Diversified Consumer Services—0.0%
American Public Education, Inc. (a) (b)		300		11,061
Meiko Network Japan Co., Ltd.		1,100		11,183
Navitas, Ltd.		11,374		46,687

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Diversified Consumer Services—(Continued)
Tsukada Global Holdings, Inc. (a)		1,400	$	9,552
				78,483
Diversified Financial Services—0.3%
Berkshire Hathaway, Inc. - Class B (b)		3,300		495,495
CBOE Holdings, Inc. (a)		1,000		63,420
Fuyo General Lease Co., Ltd.		1,300		45,037
IG Group Holdings plc		12,559		139,983
Industrivarden AB - A Shares		1,443		26,287
Industrivarden AB - C Shares		16,455		285,801
Investment AB Kinnevik - B Shares		10,769		349,254
Investor AB - B Shares		24,393		883,985
McGraw Hill Financial, Inc. (a)		1,400		124,572
ORIX Corp.		35,400		442,531
Pargesa Holding S.A.		1,221		94,058
Ricoh Leasing Co., Ltd.		1,400		36,121
Sofina S.A.		759		79,779
				3,066,323
Diversified Telecommunication Services—1.1%
AT&T, Inc. (a)		55,453		1,862,666
BCE, Inc.		17,728		813,004
Belgacom S.A.		11,200		405,550
Bezeq The Israeli Telecommunication Corp., Ltd.		198,658		353,190
CenturyLink, Inc.		8,825		349,293
Elisa Oyj		3,338		90,849
Inteliquent, Inc. (a)		3,400		66,742
Nippon Telegraph & Telephone Corp.		6,800		349,915
Swisscom AG		825		433,208
TDC A/S		32,585		248,319
Telefonica S.A.		61,648		881,811
Telekomunikasi Indonesia Persero Tbk PT		706,000		162,032
Telenor ASA		30,374		612,442
TeliaSonera AB		53,342		343,040
Telstra Corp., Ltd.		147,068		714,192
Turk Telekomunikasyon A/S		18,115		56,393
Verizon Communications, Inc.		34,600		1,618,588
Verizon Communications, Inc. (London Listed Shares)		11,893		554,078
Vivendi S.A. (b)		16,093		401,442
Windstream Holdings, Inc. (a)		40,025		329,806
				10,646,560
Electric—0.0%
Cia Energetica de Minas Gerais (ADR)		6,600		32,802
Electric Utilities—0.5%
CEZ A/S		7,357		189,122
Cheung Kong Infrastructure Holdings, Ltd.		30,000		221,665
CLP Holdings, Ltd.		28,000		242,972
EDP - Energias de Portugal S.A.		62,866		243,130
Enel S.p.A.		48,441		216,591
Entergy Corp. (a)		4,455		389,723
Fortum Oyj		12,671		273,813
Iberdrola S.A.		52,895		355,887
Electric Utilities—(Continued)
Portland General Electric Co. (a)		4,200		158,886
Power Assets Holdings, Ltd.		43,000		415,130
Red Electrica Corp. S.A.		5,694		499,859
Southern Co. (The) (a)		14,842		728,891
SSE plc		14,281		358,520
Tauron Polska Energia S.A.		21,841		30,999
				4,325,188
Electrical Equipment—0.4%
ABB, Ltd. (b)		12,860		272,011
Babcock & Wilcox Co. (The) (a)		2,800		84,840
Emerson Electric Co.		13,800		851,874
Hubbell, Inc. - Class B		3,200		341,856
Legrand S.A.		13,870		726,079
Mitsubishi Electric Corp.		17,000		202,403
Nitto Kogyo Corp.		4,000		77,867
Rockwell Automation, Inc. (a)		5,600		622,720
Schneider Electric SE		2,543		184,779
				3,364,429
Electronic Equipment, Instruments & Components—0.5%
Axis Communications AB (a)		2,842		72,766
Corning, Inc.		119,474		2,739,539
Delta Electronics Thailand PCL		11,900		25,500
Dolby Laboratories, Inc. - Class A (a)		2,600		112,112
Domino Printing Sciences plc		3,948		40,353
Flextronics International, Ltd. (b)		86,896		971,497
Flytech Technology Co., Ltd.		14,299		49,210
Hoya Corp.		9,600		321,417
Kanematsu Electronics, Ltd.		800		11,402
Keyence Corp.		700		310,057
LEM Holding S.A.		30		22,251
Nippon Electric Glass Co., Ltd.		18,000		81,145
Simplo Technology Co., Ltd.		17,000		84,348
Spectris plc		4,132		134,725
TE Connectivity, Ltd.		1,300		82,225
Tech Data Corp. (a) (b)		1,400		88,522
				5,147,069
Energy Equipment & Services—0.3%
Amec Foster Wheeler plc		19,456		254,640
Ensco plc - Class A (a)		8,000		239,600
Helmerich & Payne, Inc. (a)		5,400		364,068
National Oilwell Varco, Inc. (a)		11,300		740,489
Schlumberger, Ltd.		13,000		1,110,330
Subsea 7 S.A. (a)		22,324		227,655
Technip S.A.		2,904		173,408
TGS Nopec Geophysical Co. ASA (a)		9,037		195,528
				3,305,718
Food & Staples Retailing—0.6%
Aeon Co., Ltd. (a)		37,300		375,441
Ain Pharmaciez, Inc.		200		5,713
Alimentation Couche Tard, Inc. - Class B		3,700		155,064
Amsterdam Commodities NV		982		22,583

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Food & Staples Retailing—(Continued)
Axfood AB		3,254	$	193,736
Colruyt S.A.		4,812		223,130
Costco Wholesale Corp.		1,100		155,925
CVS Health Corp.		4,400		423,764
FamilyMart Co., Ltd. (a)		3,900		145,593
Greggs plc		6,045		68,621
Itochu-Shokuhin Co., Ltd.		300		9,394
Jean Coutu Group PJC, Inc. (The) - Class A		3,400		82,849
Lawson, Inc. (a)		3,400		205,592
Metcash, Ltd. (a)		65,566		98,597
Metro, Inc.		1,200		96,368
Ministop Co., Ltd.		900		11,937
San-A Co., Ltd.		3,000		100,991
Sligro Food Group NV		580		21,932
Sysco Corp. (a)		11,100		440,559
Wal-Mart Stores, Inc.		13,927		1,196,051
Walgreens Boots Alliance, Inc.		5,800		441,960
WM Morrison Supermarkets plc		139,049		395,729
Woolworths, Ltd. (a)		34,472		858,881
				5,730,410
Food Products—0.8%
Asian Citrus Holdings, Ltd. (b)		73,591		7,743
General Mills, Inc. (a)		21,968		1,171,553
Kellogg Co. (a)		11,695		765,321
Kraft Foods Group, Inc.		14,200		889,772
Nestle S.A.		38,375		2,812,947
Nisshin Oillio Group, Ltd. (The)		16,000		56,038
Salmar ASA		5,693		97,100
Sanderson Farms, Inc. (a)		1,000		84,025
Saputo, Inc.		4,400		132,250
Unilever NV		26,566		1,043,586
Unilever plc		23,879		969,983
				8,030,318
Gas Utilities—0.0%
Perusahaan Gas Negara Persero Tbk PT		450,000		216,757
Health Care Equipment & Supplies—0.7%
Baxter International, Inc.		10,442		765,294
Becton Dickinson & Co.		5,282		735,043
C.R. Bard, Inc. (a)		3,100		516,522
DENTSPLY International, Inc. (a)		7,220		384,610
Halyard Health, Inc. (b)		975		44,333
Medtronic, Inc. (a)		15,700		1,133,540
Nakanishi, Inc.		5,700		241,851
Smith & Nephew plc		31,859		584,912
St. Jude Medical, Inc. (a)		4,600		299,138
St. Shine Optical Co., Ltd.		6,000		97,903
Straumann Holding AG		535		134,407
Stryker Corp. (a)		8,900		839,537
Varian Medical Systems, Inc. (a) (b)		2,000		173,020
Zimmer Holdings, Inc.		5,000		567,100
				6,517,210
Health Care Providers & Services—0.6%
Aetna, Inc.		11,118		987,612
Amsurg Corp. (b)		5,800		317,434
Cardinal Health, Inc.		9,400		758,862
Centene Corp. (a) (b)		500		51,925
Chemed Corp. (a)		900		95,103
Corvel Corp. (a) (b)		1,800		66,996
Express Scripts Holding Co. (a) (b)		4,769		403,791
Henry Schein, Inc. (a) (b)		1,900		258,685
Humana, Inc. (a)		200		28,726
Laboratory Corp. of America Holdings (a) (b)		4,700		507,130
MEDNAX, Inc. (b)		3,200		211,552
Miraca Holdings, Inc. (a)		7,200		310,281
Ship Healthcare Holdings, Inc.		5,100		115,882
Triple-S Management Corp. - Class B (a) (b)		744		17,789
U.S. Physical Therapy, Inc.		1,700		71,332
UnitedHealth Group, Inc. (a)		11,000		1,111,990
				5,315,090
Health Care Technology—0.0%
Computer Programs & Systems, Inc. (a)		1,600		97,200
HealthStream, Inc. (b)		1,800		53,064
Quality Systems, Inc. (a)		7,700		120,043
				270,307
Hotels, Restaurants & Leisure—0.3%
Compass Group plc		15,840		269,982
Dynam Japan Holdings Co., Ltd.		15,800		30,980
Flight Centre Travel Group, Ltd. (a)		3,962		104,791
McDonald’s Corp.		14,736		1,380,763
NagaCorp., Ltd.		68,000		55,413
Sands China, Ltd.		56,400		274,678
St. Marc Holdings Co., Ltd.		300		17,188
Starbucks Corp.		2,100		172,305
Unibet Group plc		1,003		63,113
William Hill plc		23,284		130,940
				2,500,153
Household Durables—0.2%
Alpine Electronics, Inc.		6,100		100,312
Bellway plc		2,669		80,177
Berkeley Group Holdings plc		1,711		65,564
Fujitsu General, Ltd.		9,000		86,781
Garmin, Ltd. (a)		4,500		237,735
JM AB		2,092		66,321
Nikon Corp. (a)		10,000		132,780
Sanyo Housing Nagoya Co., Ltd.		1,000		10,568
Sekisui Chemical Co., Ltd.		21,000		252,809
Sumitomo Forestry Co., Ltd.		4,400		43,115
Tupperware Brands Corp. (a)		1,800		113,400
Whirlpool Corp.		1,700		329,358
				1,518,920
Household Products—0.7%
Clorox Co. (The) (a)		8,139		848,165
Colgate-Palmolive Co.		3,100		214,489

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Household Products—(Continued)
Energizer Holdings, Inc. (a)		3,700	$	475,672
Kimberly-Clark Corp.		11,350		1,311,379
Procter & Gamble Co. (The)		27,045		2,463,529
Reckitt Benckiser Group plc		13,294		1,072,446
				6,385,680
Industrial Conglomerates—0.4%
3M Co.		6,900		1,133,808
Danaher Corp. (a)		4,100		351,411
General Electric Co. (a)		73,095		1,847,111
Hopewell Holdings, Ltd.		26,500		96,649
Keppel Corp., Ltd. (a)		47,000		313,615
Nolato AB - B Shares		877		19,816
Siemens AG		3,016		342,045
Smiths Group plc		8,738		147,892
				4,252,347
Insurance—1.7%
ACE, Ltd. (a)		5,300		608,864
Admiral Group plc		11,160		228,542
Aflac, Inc. (a)		13,200		806,388
Ageas		9,097		322,614
AIA Group, Ltd.		22,000		120,721
Allianz SE		5,287		878,454
Allied World Assurance Co. Holdings AG		4,200		159,264
Allstate Corp. (The)		5,661		397,685
American Equity Investment Life Holding Co. (a)		6,600		192,654
American Financial Group, Inc. (a)		5,600		340,032
American International Group, Inc.		16,900		946,569
Amlin plc		21,934		162,256
Assurant, Inc.		5,144		352,004
Assured Guaranty, Ltd.		11,100		288,489
AXA S.A.		23,128		534,177
Axis Capital Holdings, Ltd.		5,000		255,450
Beazley plc		54,727		242,459
Catlin Group, Ltd.		24,344		253,142
Chesnara plc		7,256		38,198
Chubb Corp. (The) (a)		3,847		398,049
CNA Financial Corp. (a)		3,100		120,001
CNP Assurances		14,991		265,458
Endurance Specialty Holdings, Ltd.		2,800		167,552
Euler Hermes S.A.		1,606		166,194
Everest Re Group, Ltd. (a)		1,800		306,540
FBL Financial Group, Inc. - Class A (a)		2,758		160,047
Genworth Financial, Inc. - Class A (b)		3,100		26,350
Hannover Rueck SE		4,048		367,182
HCC Insurance Holdings, Inc.		4,000		214,080
Horace Mann Educators Corp. (a)		3,800		126,084
Legal & General Group plc		198,499		762,399
Mapfre S.A.		86,111		289,985
MBIA, Inc. (b)		13,000		124,020
Montpelier Re Holdings, Ltd. (a)		3,800		136,116
Muenchener Rueckversicherungs-Gesellschaft AG		1,811		362,819
Navigators Group, Inc. (The) (b)		600		44,004
PartnerRe, Ltd. (a)		5,576		636,389
Power Corp. of Canada (a)		7,035		192,315
Insurance—(Continued)
Power Financial Corp. (a)		2,200		68,511
Principal Financial Group, Inc.		6,600		342,804
ProAssurance Corp.		4,400		198,660
RenaissanceRe Holdings, Ltd.		3,895		378,672
Sampo Oyj - A Shares		9,013		422,616
Sony Financial Holdings, Inc.		22,989		338,996
Symetra Financial Corp.		9,200		212,060
T&D Holdings, Inc.		25,500		306,775
Talanx AG (b)		4,196		128,280
Torchmark Corp. (a)		10,384		562,501
Travelers Cos., Inc. (The) (a)		3,950		418,107
Unum Group (a)		5,400		188,352
Zurich Insurance Group AG (b)		1,951		610,942
				16,170,822
Internet & Catalog Retail—0.2%
Amazon.com, Inc. (b)		1,900		589,665
PetMed Express, Inc. (a)		1,900		27,303
Priceline Group, Inc. (The) (b)		618		704,650
TripAdvisor, Inc. (a) (b)		1,500		111,990
				1,433,608
Internet Software & Services—0.7%
Dena Co., Ltd. (a)		4,900		58,542
eBay, Inc. (b)		48,262		2,708,463
Facebook, Inc. - Class A (b)		13,100		1,022,062
Google, Inc. - Class A (b)		2,300		1,220,518
Google, Inc. - Class C (b)		2,300		1,210,720
j2 Global, Inc. (a)		900		55,800
NetEase, Inc. (ADR) (a)		1,000		99,140
NIFTY Corp.		700		7,746
Yahoo Japan Corp. (a)		61,900		223,360
				6,606,351
IT Services—1.6%
Accenture plc - Class A (a)		11,200		1,000,272
Amadeus IT Holding S.A. - A Shares		9,473		376,431
Broadridge Financial Solutions, Inc.		3,500		161,630
Cognizant Technology Solutions Corp. - Class A (b)		2,500		131,650
Computer Sciences Corp.		17,620		1,110,941
Fidelity National Information Services, Inc.		32,449		2,018,328
Fiserv, Inc. (a) (b)		23,983		1,702,073
Infocom Corp.		2,400		18,034
International Business Machines Corp.		12,159		1,950,790
Jack Henry & Associates, Inc.		1,300		80,782
MasterCard, Inc. - Class A		5,700		491,112
NeuStar, Inc. - Class A (a) (b)		2,200		61,160
Paychex, Inc.		17,032		786,367
Poletowin Pitcrew Holdings, Inc.		2,300		15,752
Syntel, Inc. (a) (b)		1,000		44,980
Teradata Corp. (a) (b)		5,900		257,712
TKC Corp.		1,300		21,409
Total System Services, Inc.		28,509		968,166
Visa, Inc. - Class A (a)		3,000		786,600

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
IT Services—(Continued)
Western Union Co. (The) (a)		79,415	$	1,422,323
Xerox Corp.		107,930		1,495,910
				14,902,422
Leisure Products—0.1%
Heiwa Corp.		4,500		89,863
Mattel, Inc. (a)		9,100		281,599
Polaris Industries, Inc. (a)		1,600		241,984
Universal Entertainment Corp. (a)		600		8,952
				622,398
Life Sciences Tools & Services—0.1%
Bio-Techne Corp. (a)		1,400		129,360
Bruker Corp. (b)		1,900		37,278
EPS Corp.		600		7,107
Eurofins Scientific SE (a)		352		89,631
Mettler-Toledo International, Inc. (a) (b)		775		234,406
PAREXEL International Corp. (a) (b)		2,500		138,900
Thermo Fisher Scientific, Inc.		400		50,116
Waters Corp. (b)		1,600		180,352
				867,150
Machinery—0.9%
AGCO Corp. (a)		5,200		235,040
Atlas Copco AB - A Shares		18,313		509,781
Caterpillar, Inc. (a)		1,000		91,530
Crane Co.		2,500		146,750
Cummins, Inc. (a)		5,700		821,769
Daiwa Industries, Ltd.		2,000		12,523
Danieli & C Officine Meccaniche S.p.A.		1,745		43,173
Douglas Dynamics, Inc.		2,400		51,432
Dover Corp.		7,500		537,900
Duerr AG		2,134		189,168
Duro Felguera S.A.		3,806		15,380
FANUC Corp.		3,100		511,620
Flowserve Corp.		6,400		382,912
Fukushima Industries Corp.		1,000		15,947
Hillenbrand, Inc. (a)		5,300		182,850
Hino Motors, Ltd.		21,000		274,723
IDEX Corp. (a)		4,300		334,712
Illinois Tool Works, Inc.		7,800		738,660
IMI plc		14,370		281,310
Industria Macchine Automatiche S.p.A.		2,276		99,084
ITT Corp. (a)		3,300		133,518
Komatsu, Ltd.		21,100		467,777
Kone Oyj - Class B		9,607		436,335
Lincoln Electric Holdings, Inc. (a)		4,100		283,269
Lindsay Corp.		1,200		102,888
Metka S.A.		2,122		21,489
Middleby Corp. (The) (b)		600		59,460
Mitsuboshi Belting Co., Ltd.		1,000		7,356
Namura Shipbuilding Co., Ltd.		2,700		28,938
Nordson Corp. (a)		1,100		85,756
Parker-Hannifin Corp.		4,600		593,170
Rotork plc		3,728		134,153
Machinery—(Continued)
Semperit AG Holding		1,512		73,166
Spirax-Sarco Engineering plc		858		38,130
Teikoku Sen-I Co., Ltd.		2,000		44,628
Toro Co. (The)		3,400		216,954
Valmont Industries, Inc. (a)		2,100		266,700
Wartsila Oyj Abp		5,662		254,077
Weir Group plc (The)		3,982		113,973
				8,838,001
Marine—0.1%
AP Moeller - Maersk A/S - Class B		183		363,751
Nippon Yusen KK		115,000		325,272
				689,023
Media—1.0%
Cablevision Systems Corp. - Class A (a)		21,462		442,976
Comcast Corp. - Class A		22,900		1,328,429
Corus Entertainment, Inc. - B Shares		4,000		79,015
CTS Eventim AG & Co. KGaA		2,574		76,503
Daiichikosho Co., Ltd.		3,300		89,358
DIRECTV (b)		4,900		424,830
ITE Group plc		6,544		16,317
Liberty Broadband Corp. - Class A (b)		2,283		114,355
Liberty Global plc - Class A (b)		8,213		412,334
Liberty Media Corp. - Class A (b)		7,577		267,241
Metropole Television S.A.		8,631		162,428
Omnicom Group, Inc. (a)		5,700		441,579
ProSiebenSat.1 Media AG		17,083		719,687
Publicis Groupe S.A.		5,289		378,815
REA Group, Ltd. (a)		567		20,832
Reed Elsevier NV		18,008		430,369
Reed Elsevier plc		22,608		384,639
RTL Group S.A. (Frankfurt Exchange)		3,244		308,275
Scripps Networks Interactive, Inc. - Class A (a)		3,900		293,553
Shaw Communications, Inc. - Class B (a)		11,500		310,316
Sky Network Television, Ltd.		27,790		130,852
Sky plc		31,129		433,260
Time Warner, Inc.		3,200		273,344
Twenty-First Century Fox, Inc. - Class A (a)		3,600		138,258
UBM PCL		15,486		115,580
Viacom, Inc. - Class B (a)		7,300		549,325
Walt Disney Co. (The)		16,100		1,516,459
				9,858,929
Metals & Mining—0.5%
Acacia Mining plc		11,188		44,552
Anglo American plc		7,909		147,481
Anglo American plc		26,743		494,798
ArcelorMittal		15,836		171,523
Asahi Holdings, Inc.		2,700		41,661
Barrick Gold Corp.		14,100		151,947
BHP Billiton plc		40,894		874,715
BHP Billiton, Ltd.		44,905		1,065,531
Centerra Gold, Inc.		7,600		39,511
Cia de Minas Buenaventura SAA (ADR)		8,700		83,172

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Metals & Mining—(Continued)
Evolution Mining, Ltd. (a)		53,180	$	28,067
Fresnillo plc		5,305		62,953
Highland Gold Mining, Ltd.		5,802		2,853
Hitachi Metals, Ltd.		6,000		102,178
IAMGOLD Corp. (b)		10,100		27,297
Independence Group NL		13,912		49,861
KGHM Polska Miedz S.A.		3,843		117,164
Kobe Steel, Ltd.		74,000		128,008
Koza Altin Isletmeleri A/S		2,462		16,444
Kumba Iron Ore, Ltd. (a)		2,066		42,452
Maruichi Steel Tube, Ltd.		2,200		46,866
MMC Norilsk Nickel OJSC (ADR)		6,172		87,766
Nevsun Resources, Ltd.		8,300		32,006
Newmont Mining Corp. (a)		6,200		117,180
Northern Star Resources, Ltd.		27,728		33,816
Resolute Mining, Ltd. (b)		6,656		1,442
Rio Tinto plc		4,908		226,124
Rio Tinto, Ltd.		6,718		315,123
Sibanye Gold, Ltd.		15,437		29,762
Silver Wheaton Corp.		1,800		36,610
St. Barbara, Ltd. (b)		4,110		353
Teck Resources, Ltd. - Class B		15,000		205,027
Troy Resources, Ltd. (b)		2,277		857
Vale S.A.		6,400		52,418
Vale S.A. (ADR) (a)		13,700		99,462
				4,976,980
Multi-Utilities—0.1%
E.ON SE		18,695		321,030
GDF Suez		13,380		312,494
REN - Redes Energeticas Nacionais SGPS S.A.		9,721		28,285
RWE AG		9,377		293,574
				955,383
Multiline Retail—0.1%
Dollar Tree, Inc. (b)		3,100		218,178
Lifestyle International Holdings, Ltd.		21,500		45,057
Myer Holdings, Ltd. (a)		10,600		12,052
Next plc		3,055		322,229
Target Corp. (a)		1,300		98,683
				696,199
Oil, Gas & Consumable Fuels—2.4%
Alliance Resource Partners L.P.		2,200		94,710
Apache Corp. (a)		4,950		310,216
BP plc		242,413		1,539,260
Cairn Energy plc (b)		17,935		49,232
California Resources Corp. (b)		6,642		36,597
Chevron Corp.		21,765		2,441,598
China Shenhua Energy Co., Ltd. - Class H		22,000		64,648
CNOOC, Ltd.		122,000		165,034
ConocoPhillips (a)		22,867		1,579,195
Contango Oil & Gas Co. (a) (b)		1,400		40,936
Ecopetrol S.A. (ADR) (a)		2,400		41,088
Enbridge Income Fund Holdings, Inc. (a)		4,800		166,707
Oil, Gas & Consumable Fuels—(Continued)
ENI S.p.A.		36,220		632,590
EOG Resources, Inc.		9,000		828,630
Exxon Mobil Corp.		42,762		3,953,347
Gazprom OAO (ADR)		8,163		36,978
Gran Tierra Energy, Inc. (b)		12,500		48,125
Hess Corp. (a)		4,005		295,649
HollyFrontier Corp. (a)		6,000		224,880
Inpex Corp.		47,700		529,248
Japan Petroleum Exploration Co.		3,500		109,668
JX Holdings, Inc. (a)		25,300		98,566
Kinder Morgan, Inc. (a)		7,700		325,787
Koninklijke Vopak NV		3,015		156,189
Lukoil OAO (ADR)		3,291		126,210
Marathon Oil Corp.		20,313		574,655
Noble Energy, Inc.		4,500		213,435
Occidental Petroleum Corp.		17,906		1,443,403
OMV AG		3,573		94,548
Phillips 66		4,800		344,160
PTT Exploration & Production PCL		18,300		62,298
PTT Exploration & Production PCL (NVDR)		17,900		60,716
PTT PCL (NVDR)		17,100		167,646
Renewable Energy Group, Inc. (a) (b)		3,300		32,043
Royal Dutch Shell plc - A Shares		33,432		1,108,154
Royal Dutch Shell plc - A Shares		2,235		74,755
Royal Dutch Shell plc - B Shares		37,265		1,280,199
Sasol, Ltd.		5,549		207,296
Showa Shell Sekiyu KK (a)		21,500		211,895
Soco International plc (b)		19,904		93,120
Spectra Energy Corp.		4,100		148,830
Statoil ASA		41,397		725,459
Targa Resources Corp.		400		42,420
Tatneft OAO (ADR)		1,400		34,300
Tesoro Corp.		4,400		327,140
Total Gabon		33		11,742
Total S.A.		9,251		476,974
VAALCO Energy, Inc. (b)		3,500		15,960
Valero Energy Corp.		10,600		524,700
Western Refining, Inc.		1,300		49,114
Woodside Petroleum, Ltd.		10,515		326,891
				22,546,941
Paper & Forest Products—0.1%
International Paper Co.		7,380		395,420
OJI Holdings Corp.		37,000		132,779
Schweitzer-Mauduit International, Inc. (a)		600		25,380
				553,579
Personal Products—0.0%
Blackmores, Ltd.		555		15,955
Dr Ci:Labo Co., Ltd.		1,700		58,082
Oriflame Cosmetics S.A. (a)		6,985		96,570
USANA Health Sciences, Inc. (a) (b)		400		41,036
				211,643

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Pharmaceuticals—2.4%
AbbVie, Inc.		18,505	$	1,210,967
Actavis plc (a) (b)		900		231,669
Astellas Pharma, Inc.		47,200		656,911
AstraZeneca plc		19,486		1,370,756
Bayer AG		3,299		451,004
Boiron S.A.		1,269		107,072
Bristol-Myers Squibb Co. (a)		6,400		377,792
Eisai Co., Ltd.		9,500		368,105
Eli Lilly & Co.		16,318		1,125,779
Galenica AG		329		260,599
GlaxoSmithKline plc		63,318		1,354,692
Indivior plc (b)		13,294		30,956
Ipsen S.A.		5,460		283,964
Johnson & Johnson		29,654		3,100,919
Lannett Co., Inc. (a) (b)		2,900		124,352
Merck & Co., Inc.		33,000		1,874,070
Merck KGaA		4,684		444,350
Mylan, Inc. (b)		3,300		186,021
Novartis AG		26,723		2,457,647
Novo Nordisk A/S - Class B		9,443		399,548
Orion Oyj - Class B		8,269		256,706
Otsuka Holdings Co., Ltd. (a)		10,600		317,914
Pfizer, Inc.		82,025		2,555,079
Recordati S.p.A.		14,091		219,074
Roche Holding AG		7,290		1,975,885
Sanofi		10,770		981,534
Stada Arzneimittel AG		6,438		196,660
Teva Pharmaceutical Industries, Ltd. (ADR)		3,700		212,787
				23,132,812
Professional Services—0.2%
Bertrandt AG		617		85,858
Dun & Bradstreet Corp. (The) (a)		2,400		290,304
Intertek Group plc		5,142		186,392
Robert Half International, Inc.		2,800		163,464
SGS S.A.		275		560,709
Stantec, Inc.		8,300		228,111
WS Atkins plc		5,431		114,772
				1,629,610
Real Estate Investment Trusts—0.1%
Ascendas Real Estate Investment Trust		46,000		82,572
EPR Properties (a)		900		51,867
Federation Centres, Ltd.		12,326		28,687
Frasers Centrepoint Trust		60,000		85,784
HCP, Inc.		4,900		215,747
Link REIT (The)		8,500		53,005
LTC Properties, Inc. (a)		2,700		116,559
Mapletree Industrial Trust		127,000		142,058
Mapletree Logistics Trust		166,000		148,403
MID Reit, Inc.		12		30,069
Scentre Group (b)		70,368		200,094
Select Income REIT (a)		5,700		139,137
Simon Property Group, Inc.		400		72,844
				1,366,826
Real Estate Management & Development—0.3%
Atrium European Real Estate, Ltd. (b)		7,669		37,946
Cheung Kong Holdings, Ltd.		23,000		384,372
Henderson Land Development Co., Ltd.		43,440		300,980
Hong Fok Corp., Ltd.		29,000		17,978
Hongkong Land Holdings, Ltd.		20,000		134,614
Hufvudstaden AB - A Shares		10,814		140,373
Hysan Development Co., Ltd.		20,000		88,868
IMMOFINANZ AG (b)		32,966		83,444
Keppel Land, Ltd.		35,000		89,973
PSP Swiss Property AG (b)		2,213		190,547
Sino Land Co., Ltd.		50,000		79,744
Sun Hung Kai Properties, Ltd.		25,000		378,035
Swire Pacific, Ltd. - Class A		19,000		246,130
Swire Properties, Ltd.		59,600		176,276
UOL Group, Ltd.		23,000		120,700
Wharf Holdings, Ltd. (The)		30,000		215,437
Wheelock & Co., Ltd.		20,000		92,862
				2,778,279
Road & Rail—0.3%
Canadian National Railway Co.		1,200		82,651
Central Japan Railway Co.		2,000		300,044
CSX Corp.		11,300		409,399
Hankyu Hanshin Holdings, Inc.		24,000		129,120
Landstar System, Inc.		1,800		130,554
Nagoya Railroad Co., Ltd. (a)		36,000		134,041
Norfolk Southern Corp. (a)		6,300		690,543
Seino Holdings Co., Ltd.		8,000		80,474
Union Pacific Corp.		8,500		1,012,605
Utoc Corp.		3,700		17,074
				2,986,505
Semiconductors & Semiconductor Equipment—1.6%
Altera Corp. (a)		7,300		269,662
Broadcom Corp. - Class A		44,564		1,930,958
Cirrus Logic, Inc. (a) (b)		3,400		80,138
Intel Corp.		130,238		4,726,337
KLA-Tencor Corp. (a)		1,900		133,608
Kulicke & Soffa Industries, Inc. (b)		900		13,014
Lam Research Corp. (a)		16,646		1,320,694
Linear Technology Corp.		3,300		150,480
Magnachip Semiconductor Corp. (b)		1,675		21,758
Marvell Technology Group, Ltd.		76,413		1,107,988
Maxim Integrated Products, Inc.		8,500		270,895
MediaTek, Inc.		13,000		189,253
Megachips Corp.		1,300		15,390
Microchip Technology, Inc. (a)		2,500		112,775
Novatek Microelectronics Corp.		24,000		134,262
Radiant Opto-Electronics Corp.		21,000		66,606
Realtek Semiconductor Corp.		22,000		72,899
Shindengen Electric Manufacturing Co., Ltd.		8,000		46,014
Texas Instruments, Inc. (a)		59,735		3,193,732
Xilinx, Inc.		36,359		1,573,981
				15,430,444

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Software—1.9%
Babylon, Ltd.		3,842	$	1,818
CA, Inc.		57,365		1,746,764
Check Point Software Technologies, Ltd. (b)		3,100		243,567
Constellation Software, Inc.		500		148,666
Ebix, Inc. (a)		2,700		45,873
Electronic Arts, Inc. (b)		30,670		1,441,950
GungHo Online Entertainment, Inc. (a) (b)		13,100		47,754
Intuit, Inc.		21,396		1,972,497
Micro Focus International plc		4,882		81,721
Microsoft Corp.		128,335		5,961,161
Nemetschek AG		254		25,787
NetScout Systems, Inc. (a) (b)		2,100		76,734
Nexon Co., Ltd.		10,800		100,702
Nuance Communications, Inc. (a) (b)		56,935		812,462
Open Text Corp.		1,800		104,750
Oracle Corp.		40,000		1,798,800
Qualys, Inc. (a) (b)		1,400		52,850
Sage Group plc (The)		34,373		247,877
SAP SE		9,413		665,551
Software AG		1,757		42,929
SolarWinds, Inc. (b)		2,000		99,660
Symantec Corp.		62,112		1,593,483
Synopsys, Inc. (b)		17,995		782,243
Take-Two Interactive Software, Inc. (a) (b)		3,300		92,499
Trend Micro, Inc. (b)		4,000		109,439
VMware, Inc. - Class A (a) (b)		1,200		99,024
				18,396,561
Specialty Retail—0.6%
ABC-Mart, Inc. (a)		2,900		140,525
Alpen Co., Ltd. (a)		1,100		15,447
Aoyama Trading Co., Ltd.		1,200		26,328
AutoZone, Inc. (a) (b)		763		472,381
Bed Bath & Beyond, Inc. (a) (b)		4,600		350,382
Best Buy Co., Inc.		5,100		198,798
Buckle, Inc. (The) (a)		1,200		63,024
Cato Corp. (The) - Class A (a)		1,800		75,924
Clas Ohlson AB - B Shares		892		15,418
Dunelm Group plc		4,253		61,008
Fielmann AG		2,010		137,490
Foot Locker, Inc. (a)		3,300		185,394
GameStop Corp. - Class A (a)		3,700		125,060
Gap, Inc. (The) (a)		8,600		362,146
Geo Holdings Corp. (a)		2,800		22,489
Giordano International, Ltd.		20,000		8,867
Guess?, Inc. (a)		4,000		84,320
Hennes & Mauritz AB - B Shares		646		26,797
Home Depot, Inc. (The)		11,900		1,249,143
Lowe’s Cos., Inc.		4,600		316,480
O’Reilly Automotive, Inc. (a) (b)		1,500		288,930
Outerwall, Inc. (a) (b)		700		52,654
PetSmart, Inc.		2,500		203,237
Ross Stores, Inc. (a)		3,900		367,614
Shimachu Co., Ltd.		1,000		24,296
Staples, Inc. (a)		15,300		277,236
TJX Cos., Inc. (The)		6,700		459,486
Specialty Retail—(Continued)
Tractor Supply Co. (a)		1,200		94,584
WH Smith plc		4,386		91,509
				5,796,967
Technology Hardware, Storage & Peripherals—2.4%
Apple, Inc.		74,972		8,275,409
Brother Industries, Ltd.		8,900		161,471
Canon, Inc. (a)		38,800		1,232,361
Chicony Electronics Co., Ltd.		21,000		58,333
Elecom Co., Ltd.		600		11,923
EMC Corp. (a)		122,185		3,633,782
FUJIFILM Holdings Corp.		10,500		316,877
Hewlett-Packard Co. (a)		88,425		3,548,495
Japan Digital Laboratory Co., Ltd.		3,100		41,679
Konica Minolta, Inc. (a)		10,500		113,259
Lexmark International, Inc. - Class A (a)		2,200		90,794
Neopost S.A. (a)		1,422		80,709
NetApp, Inc.		8,800		364,760
Ricoh Co., Ltd.		18,000		182,855
Samsung Electronics Co., Ltd.		210		252,431
Seagate Technology plc (a)		27,120		1,803,480
Toshiba TEC Corp.		7,000		48,234
Western Digital Corp. (a)		22,943		2,539,790
Wincor Nixdorf AG		1,407		68,424
				22,825,066
Textiles, Apparel & Luxury Goods—0.3%
Bijou Brigitte AG		106		6,495
Burberry Group plc		8,261		209,322
Christian Dior S.A.		2,064		352,649
Cie Financiere Richemont S.A.		2,083		184,506
Coach, Inc.		6,910		259,540
Deckers Outdoor Corp. (a) (b)		900		81,936
Fossil Group, Inc. (a) (b)		500		55,370
Hermes International (a)		110		39,223
Hugo Boss AG		1,761		216,205
LVMH Moet Hennessy Louis Vuitton S.A.		1,042		164,776
NIKE, Inc. - Class B		7,000		673,050
Pandora A/S		2,628		213,164
Peak Sport Products Co., Ltd.		74,000		20,444
Ralph Lauren Corp.		1,300		240,708
Steven Madden, Ltd. (b)		1,800		57,294
Swatch Group AG (The)		1,680		145,310
Tod’s S.p.A. (a)		299		25,947
Van de Velde NV		570		26,854
				2,972,793
Thrifts & Mortgage Finance—0.1%
Genworth MI Canada, Inc. (a)		5,800		184,614
New York Community Bancorp, Inc. (a)		23,091		369,456
Washington Federal, Inc. (a)		8,000		177,200
				731,270
Tobacco—0.5%
Altria Group, Inc.		19,000		936,130
British American Tobacco plc		24,303		1,320,476

§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 December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Tobacco—(Continued)
Imperial Tobacco Group plc		11,323	$	495,870
Japan Tobacco, Inc.		1,300		35,696
Philip Morris International, Inc.		19,907		1,621,425
Reynolds American, Inc.		3,800		244,226
Swedish Match AB		5,366		167,371
				4,821,194
Trading Companies & Distributors—0.2%
Inaba Denki Sangyo Co., Ltd.		2,100		68,045
Indutrade AB		687		27,302
ITOCHU Corp.		51,000		545,275
Kanematsu Corp.		36,000		51,151
Kuroda Electric Co., Ltd. (a)		3,200		44,243
Marubeni Corp.		67,000		401,617
Mitsui & Co., Ltd.		19,900		266,027
MSC Industrial Direct Co., Inc. - Class A (a)		1,100		89,375
Wakita & Co., Ltd.		4,000		37,674
WW Grainger, Inc. (a)		1,100		280,379
Yamazen Corp.		1,300		9,194
				1,820,282
Transportation Infrastructure—0.0%
Autostrada Torino-Milano S.p.A.		4,303		49,670
Hopewell Highway Infrastructure, Ltd. (a)		1,325		664
Westshore Terminals Investment Corp.		1,300		35,393
				85,727
Water Utilities—0.0%
American States Water Co. (a)		3,971		149,548
Cia de Saneamento Basico do Estado de Sao Paulo (ADR)		10,100		63,529
Guangdong Investment, Ltd.		112,000		145,445
				358,522
Wireless Telecommunication Services—0.3%
Advanced Info Service PCL (NVDR)		16,600		126,409
China Mobile, Ltd.		10,000		117,736
DiGi.Com Bhd		30,500		53,641
Drillisch AG		3,093		110,673
KDDI Corp.		10,300		644,473
Millicom International Cellular S.A.		5,517		410,304
Mobile Telesystems OJSC (ADR)		7,700		55,286
MTN Group, Ltd.		10,376		196,903
NTT DoCoMo, Inc.		16,400		240,066
Rogers Communications, Inc. - Class B		16,300		633,733
Vodacom Group, Ltd. (a)		19,828		218,971
Vodafone Group plc		42,056		144,103
				2,952,298
Total Common Stocks (Cost $332,848,542)				353,531,317
Corporate Bonds & Notes—23.4%
Security Description	Principal Amount*		Value
Advertising—0.2%
Omnicom Group, Inc. 4.450%, 08/15/20		1,855,000		1,995,275
5.900%, 04/15/16		210,000		222,248
				2,217,523
Agriculture—0.3%
Altria Group, Inc. 4.750%, 05/05/21		660,000		729,974
10.200%, 02/06/39		304,000		529,307
Philip Morris International, Inc. 6.375%, 05/16/38		645,000		824,671
Reynolds American, Inc. 4.750%, 11/01/42 (a)		145,000		140,730
6.150%, 09/15/43		230,000		266,724
7.250%, 06/15/37		170,000		218,362
				2,709,768
Auto Parts & Equipment—0.1%
Delphi Corp. 4.150%, 03/15/24		560,000		578,865
Banks—6.8%
Abbey National Treasury Services plc 3.050%, 08/23/18		355,000		367,538
American Express Bank FSB 6.000%, 09/13/17		1,055,000		1,176,074
Bank of America Corp. 1.125%, 04/01/19 (c)		1,225,000		1,227,027
3.300%, 01/11/23		2,295,000		2,295,177
4.200%, 08/26/24		875,000		891,384
5.000%, 01/21/44		1,100,000		1,231,807
5.625%, 07/01/20		2,345,000		2,669,994
Bank of Montreal 1.950%, 01/30/17 (144A)		310,000		315,235
Bank of Nova Scotia 1.950%, 01/30/17 (144A)		1,120,000		1,136,968
Barclays Bank plc 5.140%, 10/14/20		2,870,000		3,086,653
BBVA Banco Continental S.A. 3.250%, 04/08/18 (144A) (a)		330,000		333,508
BNP Paribas S.A. 2.375%, 09/14/17		625,000		635,690
BPCE S.A. 2.500%, 12/10/18		1,580,000		1,601,540
4.500%, 03/15/25 (144A)		1,060,000		1,035,755
5.700%, 10/22/23 (144A)		535,000		574,465
Capital One N.A. 2.950%, 07/23/21		860,000		854,619
Citigroup, Inc. 3.375%, 03/01/23		550,000		554,919
4.300%, 11/20/26		3,415,000		3,407,350
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA 2.250%, 01/14/19		395,000		397,942
3.875%, 02/08/22		700,000		744,643
3.950%, 11/09/22		250,000		254,657

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Banks—(Continued)
First Republic Bank 2.375%, 06/17/19		880,000	$	884,146
Goldman Sachs Group, Inc. (The) 1.836%, 11/29/23 (c)		1,070,000		1,099,307
3.625%, 01/22/23		3,070,000		3,108,750
4.800%, 07/08/44		850,000		910,416
5.250%, 07/27/21		1,460,000		1,647,847
5.750%, 01/24/22		2,000,000		2,313,574
6.750%, 10/01/37		495,000		622,401
HSBC Holdings plc 4.000%, 03/30/22 (a)		1,770,000		1,883,804
4.875%, 01/14/22		1,555,000		1,733,279
5.250%, 03/14/44		570,000		638,488
JPMorgan Chase & Co. 3.700%, 01/20/15		460,000		460,771
3.875%, 09/10/24		5,620,000		5,624,783
Lloyds Bank plc 2.300%, 11/27/18		295,000		297,787
Morgan Stanley 3.700%, 10/23/24		1,220,000		1,236,616
3.750%, 02/25/23		1,840,000		1,887,511
4.350%, 09/08/26		950,000		955,676
5.500%, 01/26/20		755,000		849,472
6.625%, 04/01/18		400,000		455,614
Royal Bank of Scotland Group plc (The) 1.875%, 03/31/17		1,670,000		1,668,677
5.625%, 08/24/20 (a)		1,430,000		1,628,338
6.125%, 01/11/21		20,000		23,568
Societe Generale S.A. 2.750%, 10/12/17		415,000		425,161
5.000%, 01/17/24 (144A)		2,150,000		2,161,784
Sparebank 1 Boligkreditt A/S 2.300%, 06/30/17 (144A)		1,500,000		1,538,163
Standard Chartered plc 3.950%, 01/11/23 (144A)		205,000		197,833
5.700%, 03/26/44 (144A)		1,130,000		1,175,418
Swedbank Hypotek AB 2.375%, 04/05/17 (144A)		200,000		205,273
Toronto-Dominion Bank (The) 1.500%, 03/13/17 (144A)		3,060,000		3,083,645
UBS AG 2.250%, 03/30/17 (144A)		1,700,000		1,738,104
				65,249,151
Beverages—0.1%
Anheuser-Busch InBev Worldwide, Inc. 3.750%, 07/15/42		915,000		860,202
Biotechnology—0.5%
Amgen, Inc. 3.875%, 11/15/21		955,000		1,008,971
4.500%, 03/15/20		900,000		982,962
5.750%, 03/15/40 (a)		605,000		723,836
Gilead Sciences, Inc. 4.500%, 04/01/21		1,180,000		1,310,854
4.500%, 02/01/45		1,005,000		1,074,143
				5,100,766
Chemicals—0.3%
Eastman Chemical Co. 4.800%, 09/01/42		660,000		667,434
LYB International Finance B.V. 4.875%, 03/15/44		180,000		185,178
5.250%, 07/15/43		740,000		804,118
Monsanto Co. 4.700%, 07/15/64		720,000		754,938
Mosaic Co. (The) 3.750%, 11/15/21		255,000		265,404
4.875%, 11/15/41		335,000		344,103
				3,021,175
Commercial Services—0.1%
UBM plc 5.750%, 11/03/20 (144A)		630,000		687,243
Computers—0.3%
Apple, Inc. 2.400%, 05/03/23		935,000		908,817
International Business Machines Corp. 7.625%, 10/15/18		1,785,000		2,152,041
				3,060,858
Diversified Financial Services—0.9%
American Express Credit Corp. 0.505%, 06/05/17 (c)		1,400,000		1,397,603
Capital One Bank USA N.A. 1.300%, 06/05/17		740,000		733,633
Ford Motor Credit Co. LLC 4.375%, 08/06/23 (a)		2,400,000		2,565,708
General Electric Capital Corp. 5.300%, 02/11/21		400,000		456,795
HSBC Finance Corp. 6.676%, 01/15/21		1,220,000		1,447,476
Jefferies Group LLC 5.125%, 01/20/23		1,050,000		1,067,344
Navient Corp. 6.000%, 01/25/17		700,000		733,250
				8,401,809
Electric—1.4%
Berkshire Hathaway Energy Co. 6.500%, 09/15/37		345,000		451,533
CMS Energy Corp. 4.875%, 03/01/44		400,000		437,601
Delmarva Power & Light Co. 3.500%, 11/15/23		1,480,000		1,540,380
Dominion Resources, Inc. 4.050%, 09/15/42 (a)		600,000		585,267
Duke Energy Carolinas LLC 4.300%, 06/15/20		540,000		586,999
Duke Energy Florida, Inc. 6.400%, 06/15/38		1,925,000		2,661,569
Electricite de France S.A. 6.500%, 01/26/19 (144A)		180,000		210,683

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Electric—(Continued)
Georgia Power Co. 4.300%, 03/15/42 (a)		545,000	$	572,338
Nisource Finance Corp. 4.800%, 02/15/44		230,000		245,052
6.125%, 03/01/22		830,000		983,850
PPL Electric Utilities Corp. 4.750%, 07/15/43		625,000		720,018
Public Service Co. of Colorado 4.750%, 08/15/41		1,065,000		1,234,295
Southern California Edison Co. 4.500%, 09/01/40		1,025,000		1,121,367
5.500%, 03/15/40		335,000		423,896
Southern Power Co. 5.250%, 07/15/43		670,000		772,147
Virginia Electric & Power Co. 4.000%, 01/15/43		930,000		943,284
				13,490,279
Electronics—0.0%
Honeywell International, Inc. 5.700%, 03/15/37 (a)		240,000		309,062
Environmental Control—0.1%
Republic Services, Inc. 5.250%, 11/15/21		415,000		469,898
Food—0.5%
ConAgra Foods, Inc. 1.900%, 01/25/18		1,900,000		1,887,342
Kraft Foods Group, Inc. 5.000%, 06/04/42		580,000		638,466
Kroger Co. (The) 5.000%, 04/15/42		260,000		283,278
5.150%, 08/01/43		625,000		711,592
Sysco Corp. 4.500%, 10/02/44 (a)		1,025,000		1,111,791
Tyson Foods, Inc. 5.150%, 08/15/44		310,000		348,184
				4,980,653
Forest Products & Paper—0.0%
International Paper Co. 7.300%, 11/15/39		210,000		278,441
Gas—0.1%
Fermaca Enterprises S de RL de C.V. 6.375%, 03/30/38 (144A)		480,000		488,400
Healthcare-Products—0.4%
Becton Dickinson and Co. 4.685%, 12/15/44		700,000		753,873
Boston Scientific Corp. 2.650%, 10/01/18		940,000		941,106
Medtronic, Inc. 4.625%, 03/15/45 (144A)		2,121,000		2,299,143
				3,994,122
Healthcare-Services—0.4%
Aetna, Inc. 4.500%, 05/15/42		75,000		79,404
Anthem, Inc. 4.650%, 01/15/43		3,135,000		3,262,786
Humana, Inc. 7.200%, 06/15/18		95,000		110,978
UnitedHealth Group, Inc. 6.500%, 06/15/37		285,000		381,895
				3,835,063
Holding Companies-Diversified—0.1%
Leucadia National Corp. 5.500%, 10/18/23		675,000		691,282
Insurance—1.6%
American International Group, Inc. 6.400%, 12/15/20		1,150,000		1,371,341
Aon plc 4.600%, 06/14/44		1,265,000		1,313,666
Berkshire Hathaway Finance Corp. 4.400%, 05/15/42		425,000		457,124
CNA Financial Corp. 5.750%, 08/15/21		400,000		455,864
Genworth Holdings, Inc. 4.800%, 02/15/24		590,000		478,270
4.900%, 08/15/23		1,650,000		1,329,400
Hartford Financial Services Group, Inc. 6.625%, 03/30/40		945,000		1,272,191
Liberty Mutual Group, Inc. 4.850%, 08/01/44 (144A)		660,000		670,873
5.000%, 06/01/21 (144A)		120,000		130,716
6.500%, 05/01/42 (144A)		960,000		1,173,920
Lincoln National Corp. 4.850%, 06/24/21		390,000		429,619
Marsh & McLennan Cos., Inc. 4.800%, 07/15/21		720,000		800,222
Pacific LifeCorp 5.125%, 01/30/43 (144A)		240,000		263,947
Prudential Financial, Inc. 5.800%, 11/16/41		1,105,000		1,338,254
Swiss Re Treasury U.S. Corp. 2.875%, 12/06/22 (144A)		260,000		255,201
4.250%, 12/06/42 (144A) (a)		415,000		430,020
Trinity Acquisition plc 6.125%, 08/15/43		705,000		807,779
Voya Financial, Inc. 5.500%, 07/15/22		1,560,000		1,762,201
Willis Group Holdings plc 5.750%, 03/15/21		210,000		234,553
XLIT, Ltd. 5.750%, 10/01/21		300,000		348,498
				15,323,659

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Iron/Steel—0.1%
Glencore Funding LLC 4.125%, 05/30/23 (144A)		670,000	$	653,759
Machinery-Construction & Mining—0.0%
Caterpillar Financial Services Corp. 7.150%, 02/15/19		300,000		358,890
Media—0.8%
21st Century Fox America, Inc. 4.500%, 02/15/21		320,000		350,268
Comcast Corp. 4.500%, 01/15/43		825,000		878,878
4.750%, 03/01/44		280,000		312,030
6.300%, 11/15/17		520,000		588,929
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc. 2.400%, 03/15/17		350,000		356,604
5.150%, 03/15/42		1,675,000		1,730,878
NBCUniversal Media LLC 4.375%, 04/01/21		1,990,000		2,188,596
Viacom, Inc. 5.850%, 09/01/43		1,050,000		1,167,675
				7,573,858
Mining—0.8%
Barrick North America Finance LLC 4.400%, 05/30/21		655,000		661,387
BHP Billiton Finance USA, Ltd. 5.000%, 09/30/43		585,000		663,110
Corp. Nacional del Cobre de Chile 4.875%, 11/04/44 ( 144A)		390,000		396,109
Freeport-McMoRan, Inc. 2.375%, 03/15/18		2,160,000		2,136,251
3.550%, 03/01/22		1,020,000		964,013
Rio Tinto Finance USA plc 2.250%, 12/14/18		1,150,000		1,152,319
3.500%, 03/22/22		530,000		529,852
Rio Tinto Finance USA, Ltd. 9.000%, 05/01/19 (a)		510,000		645,233
				7,148,274
Miscellaneous Manufacturing—0.3%
General Electric Co. 4.125%, 10/09/42		215,000		222,570
4.500%, 03/11/44		1,555,000		1,709,290
Ingersoll-Rand Luxembourg Finance S.A. 4.650%, 11/01/44		755,000		767,655
				2,699,515
Office/Business Equipment—0.0%
Xerox Corp. 4.250%, 02/15/15		260,000		261,027
Oil & Gas—1.9%
Canadian Natural Resources, Ltd. 5.700%, 05/15/17		1,490,000		1,615,227
Chevron Corp. 3.191%, 06/24/23		450,000		458,402
CNOOC Curtis Funding No. 1 Pty, Ltd. 4.500%, 10/03/23 (144A)		590,000		620,195
CNOOC Finance 2013, Ltd. 3.000%, 05/09/23		485,000		459,007
Ecopetrol S.A. 5.875%, 05/28/45		575,000		531,875
Ensco plc 4.700%, 03/15/21		1,525,000		1,531,910
5.750%, 10/01/44		855,000		857,880
Hess Corp. 5.600%, 02/15/41 (a)		720,000		772,075
Marathon Petroleum Corp. 5.000%, 09/15/54		1,145,000		1,078,209
5.125%, 03/01/21		830,000		907,221
Noble Energy, Inc. 4.150%, 12/15/21		880,000		897,337
6.000%, 03/01/41		350,000		384,663
Petroleos Mexicanos 6.375%, 01/23/45		1,290,000		1,460,925
Phillips 66 4.875%, 11/15/44		1,200,000		1,228,255
Rowan Cos., Inc. 5.400%, 12/01/42		695,000		605,444
5.850%, 01/15/44		580,000		534,897
Shell International Finance B.V. 2.375%, 08/21/22		700,000		680,920
Suncor Energy, Inc. 6.100%, 06/01/18		800,000		897,367
6.850%, 06/01/39		520,000		663,792
Total Capital S.A. 2.300%, 03/15/16		400,000		407,145
Valero Energy Corp. 6.625%, 06/15/37		905,000		1,068,496
				17,661,242
Oil & Gas Services—0.1%
Weatherford International, Ltd. 5.950%, 04/15/42		1,585,000		1,342,061
Pharmaceuticals—0.6%
AbbVie, Inc. 1.200%, 11/06/15		460,000		461,352
2.900%, 11/06/22		625,000		615,329
Actavis Funding SCS 4.850%, 06/15/44		1,190,000		1,207,536
Express Scripts Holding Co. 4.750%, 11/15/21		880,000		971,127
6.125%, 11/15/41		1,025,000		1,291,393
Wyeth LLC 5.950%, 04/01/37		950,000		1,218,525
				5,765,262

§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 December 31, 2014

Corporate Bonds & Notes—(Continued)

Security Description	Principal Amount*		Value
Pipelines—1.1%
Buckeye Partners L.P. 5.600%, 10/15/44		880,000	$	843,546
Energy Transfer Partners L.P. 4.150%, 10/01/20		1,575,000		1,614,658
5.150%, 02/01/43		1,200,000		1,187,552
Enterprise Products Operating LLC 3.350%, 03/15/23		440,000		435,200
4.950%, 10/15/54		265,000		271,238
6.450%, 09/01/40		1,300,000		1,604,303
Kinder Morgan Energy Partners L.P. 5.000%, 08/15/42		540,000		513,199
Kinder Morgan, Inc. 5.550%, 06/01/45		915,000		937,170
ONEOK Partners L.P. 6.125%, 02/01/41 (a)		550,000		591,645
8.625%, 03/01/19		145,000		175,207
Plains All American Pipeline L.P. / PAA Finance Corp. 4.300%, 01/31/43		305,000		287,189
Williams Cos., Inc. (The) 4.550%, 06/24/24		360,000		334,793
Williams Partners L.P. 3.350%, 08/15/22		420,000		401,198
5.250%, 03/15/20		1,060,000		1,150,660
5.400%, 03/04/44		555,000		543,344
				10,890,902
Real Estate—0.2%
American Campus Communities Operating Partnership L.P. 3.750%, 04/15/23		845,000		843,543
Deutsche Annington Finance B.V. 3.200%, 10/02/17 (144A)		735,000		752,034
				1,595,577
Real Estate Investment Trusts—0.5%
Alexandria Real Estate Equities, Inc. 3.900%, 06/15/23 (a)		410,000		411,325
4.500%, 07/30/29 (a)		840,000		860,188
Boston Properties L.P. 3.125%, 09/01/23 (a)		215,000		209,934
ERP Operating L.P. 4.625%, 12/15/21		940,000		1,028,369
Health Care REIT, Inc. 4.125%, 04/01/19		1,395,000		1,483,436
Omega Healthcare Investors, Inc. 4.950%, 04/01/24		1,035,000		1,077,062
				5,070,314
Retail—1.0%
AutoZone, Inc. 2.875%, 01/15/23		880,000		846,953
CVS Health Corp. 2.250%, 12/05/18 (a)		2,445,000		2,466,890
Retail—(Continued)
Home Depot, Inc. (The)
4.400%, 04/01/21		700,000		778,735
5.950%, 04/01/41		990,000		1,293,015
Macy’s Retail Holdings, Inc. 2.875%, 02/15/23		790,000		767,156
5.125%, 01/15/42		450,000		487,756
Signet UK Finance plc 4.700%, 06/15/24		740,000		714,045
Wal-Mart Stores, Inc. 3.625%, 07/08/20		1,480,000		1,580,426
Yum! Brands, Inc. 6.250%, 03/15/18		268,000		299,832
				9,234,808
Software—0.3%
Microsoft Corp. 2.125%, 11/15/22		525,000		509,419
Oracle Corp. 2.500%, 10/15/22		1,770,000		1,724,150
3.400%, 07/08/24		831,000		849,342
				3,082,911
Telecommunications—1.1%
Cisco Systems, Inc. 5.500%, 01/15/40		1,475,000		1,797,403
Deutsche Telekom International Finance B.V. 2.250%, 03/06/17 (144A)		1,550,000		1,574,482
Verizon Communications, Inc. 0.636%, 06/09/17 (c)		1,035,000		1,032,962
2.450%, 11/01/22		820,000		769,373
5.012%, 08/21/54 (144A)		2,404,000		2,487,056
6.550%, 09/15/43		2,397,000		3,070,914
				10,732,190
Transportation—0.4%
Burlington Northern Santa Fe LLC 4.400%, 03/15/42		1,295,000		1,358,577
Canadian Pacific Railway, Ltd. 5.750%, 01/15/42		395,000		506,574
Kansas City Southern de Mexico S.A. de C.V. 3.000%, 05/15/23		470,000		456,949
Union Pacific Corp. 3.646%, 02/15/24		360,000		381,027
4.850%, 06/15/44		835,000		958,290
				3,661,417
Total Corporate Bonds & Notes (Cost $218,939,390)				223,480,226
Investment Company Securities—17.1%
BB Biotech AG (b)		769		181,950
Consumer Discretionary Select Sector SPDR Fund (a)		675,872		48,764,165
iShares Core S&P 500 ETF (a)		341,348		70,624,901

§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 December 31, 2014

Investment Company Securities—(Continued)

Security Description	Shares/ Principal Amount*		Value
iShares Gold Trust (b)		2,510,179	$	28,716,448
Vanguard Total Stock Market ETF		142,500		15,105,000
Total Investment Company Securities (Cost $144,894,179)				163,392,464
U.S. Treasury & Government Agencies—1.1%
U.S. Treasury—1.1%
U.S. Treasury Bond 3.125%, 08/15/44 (a)		1,025,000		1,103,476
U.S. Treasury Notes 0.375%, 10/31/16		3,000,000		2,987,577
0.875%, 05/15/17		2,485,000		2,486,359
0.875%, 11/15/17 (a)		3,000,000		2,985,702
1.500%, 11/30/19 (a)		145,000		144,083
2.250%, 11/15/24 (a)		560,000		563,763
Total U.S. Treasury & Government Agencies (Cost $10,255,890)				10,270,960
Foreign Government—0.1%
Multi-National—0.1%
FMS Wertmanagement AoeR 1.625%, 11/20/18 (Cost $1,213,457)		1,215,000		1,217,189
Preferred Stocks—0.0%
Independent Power and Renewable Electricity Producers—0.0%
AES Tiete S.A.		2,000		13,658
Metals & Mining—0.0%
Vale S.A.		12,300		89,253
Total Preferred Stocks (Cost $164,684)				102,911
Rights—0.0%
Banks—0.0%
Banco Bilbao Vizcaya Argentaria S.A., Expires 01/07/15 (a) (b)		10,273		982
Media—0.0%
Liberty Broadband Corp., Expires 01/09/15 (b)		456		4,332
Total Rights (Cost $1,005)				5,314
Short-Term Investments—32.8%
Security Description	Shares/ Principal Amount*		Value
Mutual Fund—14.3%
State Street Navigator Securities Lending MET Portfolio (d)		136,527,781	$	136,527,781
Repurchase Agreement—18.5%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $177,544,594 on 01/02/15, collateralized by $183,665,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $181,100,302.		177,544,594		177,544,594
Total Short-Term Investments (Cost $314,072,375)				314,072,375
Total Investments—111.5% (Cost $1,022,389,522) (e)				1,066,072,756
Other assets and liabilities (net)—(11.5)%				(109,628,962	)
Net Assets—100.0%			$	956,443,794

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $137,308,695 and the collateral received consisted of cash in the amount of $136,527,781 and non-cash collateral with a value of $5,202,019. 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 December 31, 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 December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,025,252,941. The aggregate unrealized appreciation and depreciation of investments were $58,299,236 and $(17,479,421), respectively, resulting in net unrealized appreciation of $40,819,815 for federal income tax purposes.

(144A)— Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2014, the market value of 144A securities was $26,589,932, 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

(NVDR)— Non-Voting Depository Receipts

§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 December 31, 2014

Forward Foreign Currency Exchange Contracts

Contracts to Buy		Counterparty	Settlement Date		In Exchange for			Unrealized Appreciation/ (Depreciation)
AUD	9,512,000	HSBC Bank plc		03/26/15		USD	7,752,886	$	(32,180	)
CHF	9,467,000	State Street Bank and Trust		03/26/15		USD	9,808,679		(272,086	)
EUR	7,252,000	State Street Bank and Trust		03/26/15		USD	9,020,212		(238,546	)
INR	1,123,300,000	Citibank N.A.		03/26/15		USD	17,418,204		79,511
JPY	953,221,000	State Street Bank and Trust		03/26/15		USD	8,042,458		(78,535	)
SEK	24,770,000	HSBC Bank plc		03/26/15		USD	3,256,506		(78,113	)
Contracts to Deliver
CAD	8,627,000	HSBC Bank plc		03/26/15		USD	7,421,601		9,752
GBP	1,396,000	HSBC Bank plc		03/26/15		USD	2,191,587		17,181
GBP	1,451,000	State Street Bank and Trust		03/26/15		USD	2,269,736		9,662
JPY	141,900,000	State Street Bank and Trust		03/26/15		USD	1,198,854		13,315
SGD	48,772,000	Standard Chartered Bank		03/26/15		USD	37,128,502		358,643
Cross Currency Contracts to Buy
JPY	943,027,000	Deutsche Bank AG		03/26/15		EUR	6,397,217		132,171
Net Unrealized Depreciation								$	(79,225	)

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts			Notional Amount				Unrealized Appreciation/ (Depreciation)
Canada Government Bond 10 Year Bond Futures		03/20/15		182			CAD	25,107,647		$	88,649
Euro Stoxx 50 Index Futures		03/20/15		653			EUR	19,884,631			694,398
FTSE 100 Index Futures		03/20/15		86			GBP	5,311,931			463,558
MSCI Taiwan Index Futures		01/29/15		346			USD	11,734,095			137,165
Nikkei 225 Index Futures		03/12/15		286			JPY	5,147,279,280			(1,307,223	)
S&P 500 E-Mini Index Futures		03/20/15		529			USD	52,667,499			1,618,481
S&P TSX 60 Index Futures		03/19/15		75			CAD	11,950,598			708,730
U.S. Treasury Note 2 Year Futures		03/31/15		63			USD	13,796,121			(24,715	)
U.S. Treasury Ultra Long Bond Futures		03/20/15		275			USD	43,421,310			2,005,253
United Kingdom Long Gilt Bond Futures		03/27/15		136			GBP	16,062,752			301,321
Futures Contracts—Short
MSCI Emerging Market Mini Futures		03/20/15		(471	)		USD	(21,360,911	)		(1,192,924	)
Russell 2000 Mini Index Futures		03/20/15		(328	)		USD	(37,314,009	)		(2,068,951	)
U.S. Treasury Note 10 Year Futures		03/20/15		(229	)		USD	(28,997,411	)		(39,074	)
U.S. Treasury Note 5 Year Futures		03/31/15		(527	)		USD	(62,824,335	)		148,389
U.S. Treasury Ultra Long Bond Futures		03/20/15		(102	)		USD	(16,259,603	)		(589,522	)
Net Unrealized Appreciation										$	943,535

§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 December 31, 2014

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		2.430	%		01/23/25		USD	277,000,000	$	3,661,912
Pay		3-Month USD-LIBOR		2.372	%		01/23/25		USD	10,000,000		78,774
Total											$	3,740,686

(AUD)— Australian Dollar

(CAD)— Canadian Dollar

(CHF)— Swiss Franc

(EUR)— Euro

(GBP)— British Pound

(INR)— Indian Rupee

(JPY)— Japanese Yen

(SEK)— Swedish Krona

(SGD)— Singapore Dollar

(USD)— United States Dollar

(LIBOR)— London Interbank Offered Rate

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 December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	5,619,994	$	850,957	$	—	$	6,470,951
Air Freight & Logistics		1,122,185		399,191		—		1,521,376
Airlines		248,736		847,266		—		1,096,002
Auto Components		1,093,273		2,978,486		—		4,071,759
Automobiles		77,500		2,303,387		—		2,380,887
Banks		16,245,433		14,192,118		—		30,437,551
Beverages		3,144,205		1,332,287		—		4,476,492
Biotechnology		4,477,870		612,598		—		5,090,468
Building Products		—		270,426		—		270,426
Capital Markets		4,033,539		1,982,712		—		6,016,251
Chemicals		3,712,505		2,715,688		—		6,428,193
Commercial Services & Supplies		2,109,293		1,167,949		—		3,277,242
Communications Equipment		7,760,529		562,510		—		8,323,039
Construction & Engineering		176,146		1,214,542		—		1,390,688

§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 December 31, 2014

Fair Value Hierarchy —(Continued)

Description	Level 1		Level 2		Level 3		Total
Construction Materials	$	—	$	247,043	$	—	$	247,043
Consumer Finance		2,162,638		—		—		2,162,638
Containers & Packaging		799,107		107,327		—		906,434
Distributors		149,198		96,330		—		245,528
Diversified Consumer Services		11,061		67,422		—		78,483
Diversified Financial Services		683,487		2,382,836		—		3,066,323
Diversified Telecommunication Services		5,040,099		5,606,461		—		10,646,560
Electric		32,802		—		—		32,802
Electric Utilities		1,277,500		3,047,688		—		4,325,188
Electrical Equipment		1,901,290		1,463,139		—		3,364,429
Electronic Equipment, Instruments & Components		4,019,395		1,127,674		—		5,147,069
Energy Equipment & Services		2,454,487		851,231		—		3,305,718
Food & Staples Retailing		2,992,540		2,737,870		—		5,730,410
Food Products		3,042,921		4,987,397		—		8,030,318
Gas Utilities		—		216,757		—		216,757
Health Care Equipment & Supplies		5,458,137		1,059,073		—		6,517,210
Health Care Providers & Services		4,888,927		426,163		—		5,315,090
Health Care Technology		270,307		—		—		270,307
Hotels, Restaurants & Leisure		1,553,068		947,085		—		2,500,153
Household Durables		680,493		838,427		—		1,518,920
Household Products		5,313,234		1,072,446		—		6,385,680
Industrial Conglomerates		3,332,330		920,017		—		4,252,347
Insurance		9,368,613		6,802,209		—		16,170,822
Internet & Catalog Retail		1,433,608		—		—		1,433,608
Internet Software & Services		6,316,703		289,648		—		6,606,351
IT Services		14,470,796		431,626		—		14,902,422
Leisure Products		523,583		98,815		—		622,398
Life Sciences Tools & Services		770,412		96,738		—		867,150
Machinery		5,265,270		3,572,731		—		8,838,001
Marine		—		689,023		—		689,023
Media		6,592,014		3,266,915		—		9,858,929
Metals & Mining		879,978		4,097,002		—		4,976,980
Multi-Utilities		—		955,383		—		955,383
Multiline Retail		316,861		379,338		—		696,199
Oil, Gas & Consumable Fuels		14,363,111		8,183,830		—		22,546,941
Paper & Forest Products		420,800		132,779		—		553,579
Personal Products		41,036		170,607		—		211,643
Pharmaceuticals		11,030,391		12,102,421		—		23,132,812
Professional Services		681,879		947,731		—		1,629,610
Real Estate Investment Trusts		596,154		770,672		—		1,366,826
Real Estate Management & Development		—		2,778,279		—		2,778,279
Road & Rail		2,325,752		660,753		—		2,986,505
Semiconductors & Semiconductor Equipment		14,906,020		524,424		—		15,430,444
Software		17,072,983		1,323,578		—		18,396,561
Specialty Retail		5,226,793		570,174		—		5,796,967
Technology Hardware, Storage & Peripherals		20,256,510		2,568,556		—		22,825,066
Textiles, Apparel & Luxury Goods		1,367,898		1,604,895		—		2,972,793
Thrifts & Mortgage Finance		731,270		—		—		731,270
Tobacco		2,801,781		2,019,413		—		4,821,194
Trading Companies & Distributors		369,754		1,450,528		—		1,820,282
Transportation Infrastructure		35,393		50,334		—		85,727
Water Utilities		213,077		145,445		—		358,522
Wireless Telecommunication Services		689,019		2,263,279		—		2,952,298
Total Common Stocks		234,951,688		118,579,629		—		353,531,317
Total Corporate Bonds & Notes*		—		223,480,226		—		223,480,226
Total Investment Company Securities		163,210,514		181,950		—		163,392,464
Total U.S. Treasury & Government Agencies*		—		10,270,960		—		10,270,960

§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

Consolidated§ Schedule of Investments as of December 31, 2014

Fair Value Hierarchy —(Continued)

Description	Level 1			Level 2			Level 3		Total
Total Foreign Government*	$	—		$	1,217,189		$	—	$	1,217,189
Total Preferred Stocks*		—			102,911			—		102,911
Total Rights*		5,314			—			—		5,314
Short-Term Investments
Mutual Fund		136,527,781			—			—		136,527,781
Repurchase Agreement		—			177,544,594			—		177,544,594
Total Short-Term Investments		136,527,781			177,544,594			—		314,072,375
Total Investments	$	534,695,297		$	531,377,459		$	—	$	1,066,072,756
Collateral for Securities Loaned (Liability)	$	—		$	(136,527,781	)	$	—	$	(136,527,781	)
Forward Contracts
Forward Foreign Currency Exchange Contracts (Unrealized Appreciation)	$	—		$	620,235		$	—	$	620,235
Forward Foreign Currency Exchange Contracts (Unrealized Depreciation)		—			(699,460	)		—		(699,460	)
Total Forward Contracts	$	—		$	(79,225	)	$	—	$	(79,225	)
Futures Contracts
Futures Contracts (Unrealized Appreciation)	$	6,165,944		$	—		$	—	$	6,165,944
Futures Contracts (Unrealized Depreciation)		(5,222,409	)		—			—		(5,222,409	)
Total Futures Contracts	$	943,535		$	—		$	—	$	943,535
Centrally Cleared Swap Contracts
Centrally Cleared Swap Contracts (Unrealized Appreciation)	$	—		$	3,740,686		$	—	$	3,740,686

* 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-24

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Consolidated§ Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	888,528,162
Repurchase Agreement		177,544,594
Cash		8,101,691
Cash denominated in foreign currencies (c)		2,568,051
Cash collateral (d)		23,907,276
Unrealized appreciation on forward foreign currency exchange contracts		620,235
Receivable for:
Investments sold		306,492
Fund shares sold		66,001
Dividends and interest		3,209,045
Variation margin on swap contracts		239,577
Prepaid expenses		2,353
Total Assets		1,105,093,477
Liabilities
Cash collateral for centrally cleared swap contracts		66,928
Unrealized depreciation on forward foreign currency exchange contracts		699,460
Collateral for securities loaned		136,527,781
Payables for:
Investments purchased		9,914,232
Fund shares redeemed		123,163
Variation margin on futures contracts		289,847
Foreign taxes		8,143
Accrued Expenses:
Management fees		522,364
Distribution and service fees		203,096
Deferred trustees’ fees		42,155
Other expenses		252,514
Total Liabilities		148,649,683
Net Assets	$	956,443,794
Net Assets Consist of:
Paid in surplus	$	870,083,896
Undistributed net investment income		10,608,492
Accumulated net realized gain		27,558,071
Unrealized appreciation on investments, futures contracts, swap contracts and foreign currency transactions (e)		48,193,335
Net Assets	$	956,443,794
Net Assets
Class B	$	956,443,794
Capital Shares Outstanding*
Class B		80,802,665
Net Asset Value, Offering Price and Redemption Price Per Share
Class B	$	11.84

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding repurchase agreement, was $844,844,928.

(b) Includes securities loaned at value of $137,308,695.

(c) Identified cost of cash denominated in foreign currencies was $2,645,497.

(d) Includes collateral of $9,772,835 for futures contracts and $14,134,441 for centrally cleared swap contracts.

(e) Includes foreign capital gains tax of $8,143.

Consolidated§ Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	12,525,052
Interest		8,111,300
Securities lending income		82,723
Total investment income		20,719,075
Expenses
Management fees		5,834,523
Administration fees		69,685
Custodian and accounting fees		518,261
Distribution and service fees—Class B		2,263,920
Audit and tax services		82,431
Legal		38,281
Trustees’ fees and expenses		43,761
Shareholder reporting		74,128
Insurance		4,899
Miscellaneous		44,989
Total expenses		8,974,878
Net Investment Income		11,744,197
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		23,779,943
Futures contracts		14,841,791
Swap contracts		4,460,493
Foreign currency transactions		(8,015,337	)
Net realized gain		35,066,890
Net change in unrealized appreciation (depreciation) on:
Investments (b)		6,839,398
Futures contracts		(6,265,281	)
Swap contracts		19,871,207
Foreign currency transactions		(735,999	)
Net change in unrealized appreciation		19,709,325
Net realized and unrealized gain		54,776,215
Net Increase in Net Assets From Operations	$	66,520,412

(a) Net of foreign withholding taxes of $423,603.

(b) Includes change in foreign capital gains tax of $(5,870).

§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§ Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	11,744,197		$	6,766,851
Net realized gain		35,066,890			28,918,724
Net change in unrealized appreciation		19,709,325			24,870,211
Increase in net assets from operations		66,520,412			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		110,319,726			429,934,201
Total increase in net assets		132,785,107			488,386,481
Net Assets
Beginning of period		823,658,687			335,272,206
End of period	$	956,443,794		$	823,658,687
Undistributed net investment income
End of period	$	10,608,492		$	10,752,139

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class B
Sales		10,163,463		$	118,160,917			42,593,407		$	465,768,499
Reinvestments		3,944,049			44,055,031			192,806			2,103,506
Redemptions		(4,463,590	)		(51,896,222	)		(3,400,442	)		(37,937,804	)
Net increase		9,643,922		$	110,319,726			39,385,771		$	429,934,201
Increase derived from capital shares transactions				$	110,319,726					$	429,934,201

§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§ Financial Highlights

Selected per share data
	Class B
	Year Ended December 31,
	2014			2013			2012(a)
Net Asset Value, Beginning of Period	$	11.57		$	10.55		$	10.00
Income (Loss) from Investment Operations
Net investment income (b)		0.15			0.12			0.14
Net realized and unrealized gain on investments		0.71			0.94			0.67
Total from investment operations		0.86			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	$	11.84		$	11.57		$	10.55
Total Return (%) (d)		7.74			10.11	(f)		8.06	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.99			1.02			1.24	(g)
Net ratio of expenses to average net assets (%)		0.99			1.02	(h)		1.10	(g)(h)
Ratio of net investment income to average net assets (%)		1.30			1.10			1.96	(g)
Portfolio turnover rate (%)		85			94			132	(e)
Net assets, end of period (in millions)	$	956.4		$	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-27

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014		% of Total Assets at December 31, 2014
Schroders Global Multi-Asset Portfolio, Ltd.		4/23/2012	$	28,722,311		2.6	%

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 December 31, 2014 through the date the consolidated financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946- Financial Services- Investment Companies.

MIST-28

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 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, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Swap contracts (other than centrally cleared swaps) are marked-to-market daily based on quotations and prices supplied by market makers, broker-dealers and other pricing services. Such quotations and prices are derived utilizing significant observable data, including the underlying reference securities or indices, credit spread quotations and expected default recovery rates determined by the pricing service. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Centrally cleared swaps listed or traded on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange or an independent pricing service when the exchange price is not

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Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 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 will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

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, futures transactions, premium amortization adjustments, swap transactions, Real Estate Investment Trusts (REITs), passive foreign investment companies (PFICs) and return of capital adjustments. These adjustments have no impact on net assets or the results of operations.

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Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $177,544,594, 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 December 31, 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.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Consolidated Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Consolidated Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MIST-31

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

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 OTC market (“OTC swaps”) or executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“centrally-cleared swaps”). The Portfolio may enter into swap agreements for the purposes of managing exposure to interest rate, credit or market risk, or for other purposes. In connection with these agreements, securities or cash may be paid or received, as applicable, by the Portfolio as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Securities posted by the Portfolio as collateral for swap contracts are identified in the 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.

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Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

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.

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

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Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

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 December 31, 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)*	$	3,740,686
	Unrealized appreciation on futures contracts** (a)		2,543,612	Unrealized depreciation on futures contracts** (a)	$	653,310
Equity	Unrealized appreciation on futures contracts** (a)		3,622,332	Unrealized depreciation on futures contracts** (a)		4,569,099
Foreign Exchange	Unrealized appreciation on forward foreign currency exchange contracts		620,235	Unrealized depreciation on forward foreign currency exchange contracts		699,460
Total		$	10,526,865		$	5,921,869

* 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”) (see Note 5), or similar agreement, and net of the related collateral received by the Portfolio as of December 31, 2014.

Counterparty	Derivative Assets subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Received†		Net Amount*
Citibank N.A.	$	79,511	$	—		$	—	$	79,511
Deutsche Bank AG		132,171		—			—		132,171
HSBC Bank plc		26,933		(26,933	)		—		—
Standard Chartered Bank		358,643		—			—		358,643
State Street Bank and Trust		22,977		(22,977	)		—		—
	$	620,235	$	(49,910	)	$	—	$	570,325

The following table presents the Portfolio’s derivative liabilities by counterparty net of amounts available for offset under a MNA, or similar agreement, and net of the related collateral pledged by the Portfolio as of December 31, 2014.

Counterparty	Derivative Liabilities subject to a MNA by Counterparty		Financial Instruments available for offset			Collateral Pledged†		Net Amount**
HSBC Bank plc	$	110,293	$	(26,933	)	$	—	$	83,360
State Street Bank and Trust		589,167		(22,977	)		—		566,190
	$	699,460	$	(49,910	)	$	—	$	649,550

* 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

Schroders Global Multi-Asset Portfolio

Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Consolidated Statement of Operations Location—Net Realized Gain (Loss)	Interest Rate			Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	(7,582,150	)	$	(7,582,150	)
Futures contracts		(1,243,429	)		16,085,220			—			14,841,791
Swap contracts		6,827,474			(2,366,981	)		—			4,460,493
	$	5,584,045		$	13,718,239		$	(7,582,150	)	$	11,720,134
Consolidated Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Interest Rate			Equity			Foreign Exchange			Total
Forward foreign currency transactions	$	—		$	—		$	(640,307	)	$	(640,307	)
Futures contracts		2,065,222			(8,330,503	)		—			(6,265,281	)
Swap contracts		20,646,673			(775,466	)		—			19,871,207
	$	22,711,895		$	(9,105,969	)	$	(640,307	)	$	12,965,619

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Forward foreign currency transactions	$	212,137,924
Futures contracts long		55,779,651
Futures contracts short		(41,024,013	)
Swap contracts		290,102,131

‡ Averages are based on activity levels during 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; and 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 (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Collateral requirements may differ by type of derivative or investment, as applicable. Collateral or margin requirements are set by the broker or exchange clearing house for exchange-traded derivatives (e.g., futures contracts and exchange-traded options) while collateral terms are contract specific for OTC traded derivatives (e.g., forward foreign currency exchange contracts, swap agreements and OTC options).

For derivatives traded under an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar master agreement, the collateral requirements are netted across all transactions traded under such agreement and one

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Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

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 addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Foreign Investment Risk: The investments by the Portfolio in foreign securities may involve risks not present in domestic investments. Because securities may be denominated in foreign currencies, may require settlement in foreign currencies and may pay interest or dividends in foreign currencies, changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Portfolio. Foreign investments may also subject the Portfolio to foreign government exchange restrictions, expropriation, taxation or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments. In addition to the risks described above, risks may arise from forward foreign currency contracts with respect to the potential inability of counterparties to meet the terms of their contracts.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

6. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$121,314,817	$	592,500,142	$	115,004,953	$	463,151,358

The Portfolio engaged in security transactions with other accounts managed by Schroder Investment Management North America Inc. that amounted to $94,794 in sales of investments, which are included above.

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Notes to Consolidated Financial Statements—December 31, 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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$5,834,523		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. Schroder Investment Management North America Inc. 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 shall continue in effect with respect to the Portfolio until April 27, 2014. 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

Class B

1.10%

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 year ended December 31, 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 year ended December 31, 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

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Notes to Consolidated Financial Statements—December 31, 2014—(Continued)

on a voluntary basis. Deferred amounts remain in the Trust until distributed in accordance with the provisions of the Plan. The value of a participating Trustee’s deferral account is based on theoretical investments of deferred amounts on the normal payment dates in certain portfolios of the Trust or 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, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$32,481,252	$	1,338,595	$	11,573,779	$	764,911	$	44,055,031	$	2,103,506

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$25,696,353	$	16,253,430	$	44,452,270	$	—	$	86,402,053

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, 2014, the Portfolio had no accumulated capital losses.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

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Met Investors Series Trust

Schroder’s Global Multi-Asset Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of Schroder’s Global Multi-Asset 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 Schroders Global Multi-Asset Portfolio and subsidiary, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related consolidated statement of operations for the year then ended, the consolidated statement of changes in net assets for each of the two years in the period then ended, and the consolidated financial highlights for the each of the two years in the period then ended and for the period from April 23, 2012 (commencement of operations) to December 31, 2012. 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 financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from the 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 referred to above present fairly, in all material respects, the financial position of Schroders Global Multi-Asset Portfolio and subsidiary of Met Investors Series Trust as of December 31, 2014, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the consolidated financial highlights for each of the two years in the period then ended and for the period from April 23, 2012 (commencement of operations) to December 31, 2012, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

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Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust (the “Trust”)

MANAGEMENT OF THE TRUSTS

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

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Trustees and Officers of Met Investors Series Trust (the “Trust”)—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) Overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

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Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

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Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

MIST-43

Met Investors Series Trust

Schroders Global Multi-Asset Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

Schroders Global Multi-Asset Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and Schroder Investment Management North America, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio underperformed the median of its Performance Universe and its Blended Index for the one-year and since-inception (beginning April 23, 2012) periods ended June 30, 2014. The Board also considered that the Portfolio outperformed its benchmark, the Dow Jones Moderate Index, for the one-year and since-inception periods ended October 31, 2014 and underperformed its blended benchmark for the same periods. The Board noted that the Portfolio commenced operations on April 23, 2012 and, thus, has limited performance history.

The Board also considered that the Portfolio’s actual management fees were equal to the Expense Group median and above the Expense Universe median and the Sub-advised Expense Universe median. The Board also considered that the Portfolio’s total expenses (exclusive of 12b-1 fees) were equal to the Expense Group median and the Sub-advised Expense Universe median and above the Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

MIST-44

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Managed By SSgA Funds Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the SSgA Growth and Income ETF Portfolio returned 6.14%, 5.81%, and 6.00%, respectively. The Portfolio’s benchmark, the MSCI All Country World Index¹, returned 4.16%.

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. Even emerging market currencies ultimately gained traction, rallying in March as credit conditions eased further and outflows from developing countries began to ebb. 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 (“REITs”), precious metals, and a selection of smaller equity markets in Europe and Asia.

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. Government bonds in Japan remained well bid amid 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.

At the beginning of the third quarter, the ECB unexpectedly cut administered rates. The ECB also announced that an asset-backed securities purchase program and a covered bond purchase program would begin in October. Later in September, the Scottish secession vote showed signs of being closer than previously thought and the potential disruption within the U.K. brought increased volatility to equity and bond markets. Markets quickly digested a dovish Fed meeting in mid-September and breathed a sigh of relief as the Scots voted “No”. Weak Chinese GDP data spooked equity investors as did escalation of U.S. military action against ISIS. As economic data in the U.S. started to improve in the third quarter, yields started to rise. Yields in the U.K. had also started to rise as economic data has been relatively strong there as well. However, weak Chinese economic data stoked fears of a global slowdown and U.S. Treasuries rallied and yields moved back down below 2.5%. High yield spreads had been relatively well behaved throughout the 2nd quarter, trading around 340 basis points (“bps”) off comparable Treasuries. But in the 3rd quarter, high yield spreads moved out dramatically, ending the quarter approximately 420 bps off.

The 4th quarter began as the 3rd quarter ended with stocks sliding and bond markets rallying. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth was not materializing. Reports continued to flow out of Syria and Iraq about ISIS advances in the region. U.S. airstrikes seemed to have stemmed the advances, but ISIS continued to hold large swaths of the region. From September 30th to October 15th, the S&P 500 Index was down 5.5% and the MSCI EAFE Index was off 6.45%. In the middle of the month, U.S. banks began reporting better than expected earnings which helped turn the equity rout around. Fed Vice-Chair Fischer helped improve sentiment when he said, “If foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise.” The S&P 500 Index began a dramatic rally and recouped its late September and early October losses. In November, the midterm elections gave Republicans control of the Congress and despite early promises to work together, partisan rancor quickly returned. Economic news continued to be strong in the U.S. while Europe and Japan confronted continued weakness. Early in November, ECB President Draghi stated that the ECB would boost its balance sheet back to 2012 levels and would be expanding its balance sheet to push the inflation rate back up towards the stated 2% target. Mr. Draghi continued to hint that the ECB staff was preparing further alternative measures should they be needed. In Japan, Prime Minister Abe dissolved Parliament and scheduled a new round of elections on December 14th. The Japanese economy slipped into its fourth recession in six years. While the central tenets of Abenomics seemed to have been working, the implementation of structural reforms has been harder to implement than many have thought. Equities rolled over in December as the weakness in oil prices continued to put global growth into question. In eerie similarity to October, the S&P 500 Index traded down for the first fortnight of the month, and then rallied into quarter end. Oil was the talk of the commodity complex as prices fell throughout the quarter. Brent oil was down 40% in the

MIST-1

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Managed By SSgA Funds Management, Inc.

Portfolio Manager Commentary*—(Continued)

4th quarter and the weakness was blamed on weak global demand, lack of production cuts by OPEC, and expanded production by Russia as Putin tries to blunt the impact of Western sanctions.

For the year, the S&P 500 Index was up 13.69% and the Russell 2000 Index was up a relatively meager 4.89%. International markets struggled, especially when the returns are expressed in U.S. dollar terms. For the year, the MSCI EAFE Index was down 4.90% while the MSCI Emerging Markets Index was down 2.19%. REITs had a stellar year up 32% while other real assets like commodities were down 17.01% as measured by the Bloomberg Commodity Index. Fixed income also generally had positive returns as interest rates around the world moved lower over the course of the year. The Barclays Aggregate Bond Index was up 5.97%. Intermediate Govt/Credit was up 3.13%, high yield was up 2.45%, and TIPS were up 3.64%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Capital markets turned in a wide range of outcomes during 2014. A combination of stable growth and disinflationary trends allowed for strong gains across both U.S. equities as well as U.S. bonds. REITs were a notable outperformer, as they benefited from both lower interest rates and equity market appreciation. The story outside the United States was less robust. Economic growth concerns and uncertainty related to policy action made for tougher sledding in non-U.S. developed and emerging markets. A surging dollar may ultimately prove a benefit for those economies, but for investors allocated to unhedged securities, it created a stiff headwind. The Portfolio delivered solid absolute returns of 6.14% for the year. The positioning from an asset allocation perspective served to add value for the Portfolio but the underlying ETFs held in the Portfolio trailed their respective benchmarks resulting in Portfolio level relative performance which lagged its custom composite benchmark by 26 bps.

From an asset allocation perspective, the largest detractor to Portfolio performance was a persistent overweight allocation to non-U.S. equities. And while non-U.S. equities mostly fared well from a local currency perspective, swift depreciation of the yen, euro, and many emerging market currencies caused U.S. dollar returns to fall into negative territory. Periodic allocations to cash, which did help to diversify duration risk in the Portfolio, did ultimately provide a small drag on returns as well. Additionally, tracking error incurred by the exchange traded funds held in the Portfolio weighed on results. These effects were most pronounced for the international ETFs held in the Portfolio.

The largest contributor to Portfolio performance from an asset allocation perspective was our overweight holding of U.S. equities and our sector positioning therein. U.S. equities were able to deliver strong double-digit returns and our allocations across sectors improved upon that result. While the sector allocations were fluid throughout the year, we did hold relatively persistent allocations in favor of the Health Care and Technology sectors which were standout performers on the year. The Portfolio also held a persistent overweight allocation to REITs which had an outstanding year and gained more than 30%. Lastly, favorable contributions were made by our allocations across fixed income—specifically tilting the Portfolio toward longer duration corporate bonds. The strong bond market rally that prevailed throughout the year, particularly at the long end of the curve, helped to support these assets.

From the perspective of the markets, we believe the economic fundamentals and macro backdrop still look positive, especially closer to home, but we don’t want to ignore the risk aversion signals that have been elevated. The persistent and steady increase in credit spreads is something that has us concerned, in addition to volatility levels across equities and currencies. But importantly, at least part of the increase in volatility has been driven by a pronounced reduction in the price of oil—a development that is hugely positive for the majority of the global economy and markets. In our Portfolios this has meant that we retain a bias in favor of equity, but at magnitudes that are lessened compared with earlier in the year. Across bond markets, we are witnessing extremely low yields but we think the environment is still supportive for bonds. Despite the first-order unattractiveness of lending to the U.S. government for 30 years at a rate of interest of roughly 2.5%—when other major sovereigns such as Germany and Japan can borrow at rates half that high it puts our bond market in a more attractive light. To that end we are comfortable with our overall Portfolio positioning that provides us with diversified sources of credit risk across both equity and bond markets as well as interest rate risk in fixed income.

Dan Farley

Mike Martel

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ACWI (ALL COUNTRY WORLD INDEX)

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
SSgA Growth and Income ETF Portfolio
Class A		6.14		9.16		5.90
Class B		5.81		8.87		6.00
Class E		6.00		9.00		5.75
MSCI ACWI (All Country World Index)		4.16		9.17		5.80

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
SPDR S&P 500 ETF Trust		29.5
Vanguard Total Bond Market ETF		13.0
iShares MSCI EAFE ETF		11.9
SPDR Barclays High Yield Bond ETF		10.0
Vanguard REIT ETF		6.1
iShares iBoxx $ Investment Grade Corporate Bond ETF		3.5
iShares Core MSCI Emerging Markets ETF		2.5
iShares 20+ Year Treasury Bond ETF		2.1
Financial Select Sector SPDR Fund		2.1
Technology Select Sector SPDR Fund		2.0

MIST-3

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

SSgA Growth and Income ETF Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.32	%	$	1,000.00	$	1,004.00	$	1.62
	Hypothetical*		0.32	%	$	1,000.00	$	1,023.59	$	1.63
Class B(a)	Actual		0.57	%	$	1,000.00	$	1,002.40	$	2.88
	Hypothetical*		0.57	%	$	1,000.00	$	1,022.33	$	2.91
Class E(a)	Actual		0.47	%	$	1,000.00	$	1,003.20	$	2.37
	Hypothetical*		0.47	%	$	1,000.00	$	1,022.84	$	2.40

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

MIST-4

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Schedule of Investments as of December 31, 2014

Investment Company Securities—95.7% of Net Assets

Security Description	Shares		Value
Financial Select Sector SPDR Fund (a) (b)		2,458,962	$	60,810,130
Health Care Select Sector SPDR Fund (a) (b)		838,511		57,337,382
iShares 20+ Year Treasury Bond ETF (a)		485,989		61,195,735
iShares Core MSCI Emerging Markets ETF		1,536,821		72,276,692
iShares Core S&P Small-Cap ETF (a)		266,762		30,426,874
iShares Core U.S. Aggregate Bond ETF (a)		274,376		30,214,285
iShares iBoxx $ Investment Grade Corporate Bond ETF (a)		876,577		104,672,060
iShares MSCI Canada ETF (a)		1,201,211		34,666,949
iShares MSCI EAFE ETF (a)		5,776,081		351,416,768
iShares TIPS Bond ETF (a)		519,818		58,224,814
SPDR Barclays High Yield Bond ETF (a) (b)		7,658,442		295,692,446
SPDR Dow Jones International Real Estate ETF (a) (b)		1,419,960		59,027,737
SPDR Gold Shares (a) (b) (c)		268,484		30,494,413
SPDR S&P 500 ETF Trust (b)		4,236,323		870,564,376
SPDR S&P International Small Cap ETF (b)		1,892,196		51,789,405
SPDR S&P MidCap 400 ETF Trust (a) (b)		113,342		29,918,888
Technology Select Sector SPDR Fund (a) (b)		1,460,237		60,380,800
Vanguard REIT ETF (a)		2,203,477		178,481,637
Vanguard Total Bond Market ETF		4,667,596		384,469,882
Total Investment Company Securities (Cost $2,548,288,665)				2,822,061,273
Short-Term Investments—26.8%
Mutual Funds—26.8%
AIM STIT-STIC Prime Portfolio		115,192,377		115,192,377
State Street Navigator Securities Lending MET Portfolio (b) (d)		674,829,885		674,829,885
Total Short-Term Investments (Cost $790,022,262)				790,022,262
Total Investments—122.5% (Cost $3,338,310,927) (e)				3,612,083,535
Other assets and liabilities (net)—(22.5)%				(662,921,853	)
Net Assets—100.0%			$	2,949,161,682

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $658,162,657 and the collateral received consisted of cash in the amount of $674,829,885 and non-cash collateral with a value of $3,056,876. 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 December 31, 2014, the aggregate cost of investments for federal income tax purposes was $3,347,664,179. The aggregate unrealized appreciation and depreciation of investments were $300,797,690 and $(36,378,334), respectively, resulting in net unrealized appreciation of $264,419,356 for federal income tax purposes.

(ETF)— Exchange-Traded Fund

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Investment Company Securities	$	2,822,061,273	$	—		$	—	$	2,822,061,273
Total Short-Term Investments*		790,022,262		—			—		790,022,262
Total Investments	$	3,612,083,535	$	—		$	—	$	3,612,083,535
Collateral for Securities Loaned (Liability)	$	—	$	(674,829,885	)	$	—	$	(674,829,885	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,421,238,073
Affiliated investments at value (c) (d)		2,190,845,462
Receivable for:
Investments sold		668,151
Fund shares sold		301,767
Dividends and interest		13,574,459
Prepaid expenses		7,828
Total Assets		3,626,635,740
Liabilities
Collateral for securities loaned		674,829,885
Payables for:
Fund shares redeemed		1,091,077
Accrued expenses:
Management fees		768,038
Distribution and service fees		622,137
Administration fees		5,470
Custodian and accounting fees		8,041
Deferred trustees’ fees		67,424
Other expenses		81,986
Total Liabilities		677,474,058
Net Assets	$	2,949,161,682
Net assets consist of:
Paid in surplus	$	2,458,807,136
Undistributed net investment income		67,015,897
Accumulated net realized gain		149,566,041
Unrealized appreciation on investments and affiliated investments		273,772,608
Net Assets	$	2,949,161,682
Net Assets
Class A	$	28,371,280
Class B		2,908,763,370
Class E		12,027,032
Capital Shares Outstanding*
Class A		2,248,249
Class B		232,052,840
Class E		957,069
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.62
Class B		12.53
Class E		12.57

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $1,389,387,407.

(b) Includes securities loaned at value of $368,957,923.

(c) Identified cost of affiliated investments was $1,948,923,520.

(d) Includes securities loaned at value of $289,204,734.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Underlying ETFs	$	40,021,362
Dividends from affiliated investments		39,057,210
Interest		13,913
Securities lending income from affiliated investments		3,065,317
Total investment income		82,157,802
Expenses
Management fees		9,167,906
Administration fees		22,308
Custodian and accounting fees		32,269
Distribution and service fees—Class B		7,413,369
Distribution and service fees—Class E		17,943
Audit and tax services		37,649
Legal		34,319
Trustees’ fees and expenses		43,760
Shareholder reporting		76,898
Insurance		19,171
Miscellaneous		23,876
Total expenses		16,889,468
Net Investment Income		65,268,334
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		51,268,349
Affiliated investments		105,792,592
Capital gain distributions from Underlying ETFs		1,064,015
Capital gain distributions from affiliated investments		5,922,961
Net realized gain		164,047,917
Net change in unrealized depreciation on:
Investments		(53,488,504	)
Affiliated investments		(4,245,804	)
Net change in unrealized depreciation		(57,734,308	)
Net realized and unrealized gain		106,313,609
Net Increase in Net Assets From Operations	$	171,581,943

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	65,268,334		$	66,200,017
Net realized gain		164,047,917			182,244,722
Net change in unrealized appreciation (depreciation)		(57,734,308	)		115,219,195
Increase in net assets from operations		171,581,943			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	)
Decrease in net assets from capital share transactions		(24,532,803	)		(82,704,800	)
Total increase (decrease) in net assets		(97,787,869	)		135,872,198
Net Assets
Beginning of period		3,046,949,551			2,911,077,353
End of period	$	2,949,161,682		$	3,046,949,551
Undistributed net investment income
End of period	$	67,015,897		$	67,164,755

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		399,964		$	5,051,526			652,311		$	8,066,029
Reinvestments		191,783			2,301,395			100,094			1,187,116
Redemptions		(507,018	)		(6,432,754	)		(337,785	)		(4,177,502	)
Net increase		84,729		$	920,167			414,620		$	5,075,643
Class B
Sales		5,798,284		$	72,534,933			9,799,864		$	120,343,426
Reinvestments		20,229,929			241,545,349			12,138,961			143,361,131
Redemptions		(27,089,439	)		(339,671,937	)		(28,620,890	)		(351,923,542	)
Net decrease		(1,061,226	)	$	(25,591,655	)		(6,682,065	)	$	(88,218,985	)
Class E
Sales		121,530		$	1,524,458			178,801		$	2,197,000
Reinvestments		82,798			990,265			45,536			538,689
Redemptions		(189,008	)		(2,376,038	)		(185,588	)		(2,297,147	)
Net increase		15,320		$	138,685			38,749		$	438,542
Decrease derived from capital shares transactions				$	(24,532,803	)				$	(82,704,800	)

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.98		$	12.08		$	11.21		$	11.48		$	10.34
Income (Loss) from Investment Operations
Net investment income (a)		0.31			0.31			0.34			0.34			0.39
Net realized and unrealized gain (loss) on investments		0.43			1.22			1.09			(0.17	)		0.90
Total from investment operations		0.74			1.53			1.43			0.17			1.29
Less Distributions
Distributions from net investment income		(0.33	)		(0.34	)		(0.30	)		(0.22	)		(0.15	)
Distributions from net realized capital gains		(0.77	)		(0.29	)		(0.26	)		(0.22	)		(0.00	)(b)
Total distributions		(1.10	)		(0.63	)		(0.56	)		(0.44	)		(0.15	)
Net Asset Value, End of Period	$	12.62		$	12.98		$	12.08		$	11.21		$	11.48
Total Return (%) (c)		6.14			13.22			13.11			1.28			12.61
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.31			0.31			0.32			0.32			0.33
Net ratio of expenses to average net assets (%) (d)		0.31			0.31			0.32			0.32			0.33	(e)
Ratio of net investment income to average net assets (%) (f)		2.45			2.52			2.96			3.01			3.64
Portfolio turnover rate (%)		55			47			39			36			33
Net assets, end of period (in millions)	$	28.4		$	28.1		$	21.1		$	15.5		$	11.3
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.90		$	12.01		$	11.15		$	11.43		$	10.32
Income (Loss) from Investment Operations
Net investment income (a)		0.27			0.27			0.30			0.31			0.37
Net realized and unrealized gain (loss) on investments		0.42			1.22			1.10			(0.17	)		0.88
Total from investment operations		0.69			1.49			1.40			0.14			1.25
Less Distributions
Distributions from net investment income		(0.29	)		(0.31	)		(0.28	)		(0.20	)		(0.14	)
Distributions from net realized capital gains		(0.77	)		(0.29	)		(0.26	)		(0.22	)		(0.00	)(b)
Total distributions		(1.06	)		(0.60	)		(0.54	)		(0.42	)		(0.14	)
Net Asset Value, End of Period	$	12.53		$	12.90		$	12.01		$	11.15		$	11.43
Total Return (%) (c)		5.81			12.93			12.85			1.06			12.24
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.56			0.56			0.57			0.57			0.58
Net ratio of expenses to average net assets (%) (d)		0.56			0.56			0.57			0.57			0.58	(e)
Ratio of net investment income to average net assets (%) (f)		2.17			2.21			2.64			2.79			3.49
Portfolio turnover rate (%)		55			47			39			36			33
Net assets, end of period (in millions)	$	2,908.8		$	3,006.7		$	2,879.1		$	2,600.5		$	1,926.7

Please see following page for Financial Highlights footnote legend.

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 E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.93		$	12.03		$	11.17		$	11.44		$	10.32
Income (Loss) from Investment Operations
Net investment income (a)		0.28			0.29			0.32			0.32			0.35
Net realized and unrealized gain (loss) on investments		0.44			1.23			1.09			(0.17	)		0.91
Total from investment operations		0.72			1.52			1.41			0.15			1.26
Less Distributions
Distributions from net investment income		(0.31	)		(0.33	)		(0.29	)		(0.20	)		(0.14	)
Distributions from net realized capital gains		(0.77	)		(0.29	)		(0.26	)		(0.22	)		(0.00	)(b)
Total distributions		(1.08	)		(0.62	)		(0.55	)		(0.42	)		(0.14	)
Net Asset Value, End of Period	$	12.57		$	12.93		$	12.03		$	11.17		$	11.44
Total Return (%) (c)		6.00			13.11			12.91			1.17			12.34
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (d)		0.46			0.46			0.47			0.47			0.48
Net ratio of expenses to average net assets (%) (d)		0.46			0.46			0.47			0.47			0.48	(e)
Ratio of net investment income to average net assets (%) (f)		2.26			2.34			2.76			2.85			3.35
Portfolio turnover rate (%)		55			47			39			36			33
Net assets, end of period (in millions)	$	12.0		$	12.2		$	10.9		$	9.1		$	7.8

(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) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

(e) Includes the effects of management fee waivers.

(f) 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-10

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Valuation - Investments in the Underlying ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair 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 distributions received 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 for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-11

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Notes to Financial Statements—December 31, 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 arrangement with the custodian, State Street Bank and Trust Company (the “custodian”), as the lending agent. Under this arrangement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. A liability for cash collateral is reflected on the Statement of Assets and Liabilities, and is categorized as Level 2 within the fair value hierarchy. 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. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is disclosed in the footnotes to the Statement of Operations. Any outstanding loans by the Portfolio at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments.

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 or 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; and 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 (“Master 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-12

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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 year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	1,616,765,516	$	0	$	1,905,133,028

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$9,167,906		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 year ended December 31, 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-13

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2014 is as follows:

Underlying ETF/Security	Number of shares held at December 31, 2013			Shares purchased		Shares sold			Number of shares held at December 31, 2014
Consumer Discretionary Select Sector SPDR Fund		945,030			—		(945,030	)		—
Financial Select Sector SPDR Fund		—			5,059,606		(2,600,644	)		2,458,962
Health Care Select Sector SPDR Fund		1,124,650			1,024,021		(1,310,160	)		838,511
Industrial Select Sector SPDR Fund		1,221,400			2,313,082		(3,534,482	)		—
Materials Select SPDR ETF		—			1,221,302		(1,221,302	)		—
SPDR Barclays High Yield Bond ETF		7,368,934			2,740,134		(2,450,626	)		7,658,442
SPDR Dow Jones International Real Estate ETF		1,463,641			1,453,683		(1,497,364	)		1,419,960
SPDR Gold Shares		348,025			25,562		(105,103	)		268,484
SPDR S&P 500 ETF Trust		3,831,193			1,272,567		(867,437	)		4,236,323
SPDR S&P Dividend ETF		866,547			396,169		(1,262,716	)		—
SPDR S&P International Small Cap ETF		1,847,261			112,125		(67,190	)		1,892,196
SPDR S&P MidCap 400 ETF Trust		257,065			—		(143,723	)		113,342
State Street Navigator Securities Lending MET Portfolio		665,810,357			5,086,026,443		(5,077,006,915	)		674,829,885
Technology Select Sector SPDR Fund		—			1,717,021		(256,784	)		1,460,237
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 December 31, 2014
Consumer Discretionary Select Sector SPDR Fund	$	3,134,776		$	—	$	194,345		$	—
Financial Select Sector SPDR Fund		(708,441	)		—		565,899			60,810,130
Health Care Select Sector SPDR Fund		5,036,070			—		667,345			57,337,382
Industrial Select Sector SPDR Fund		8,816,077			—		541,625			—
Materials Select SPDR ETF		606,009			—		—			—
SPDR Barclays High Yield Bond ETF		9,069,057			—		14,803,036			295,692,446
SPDR Dow Jones International Real Estate ETF		4,810,924			—		2,673,028			59,027,737
SPDR Gold Shares		(5,008,733	)		—		—			30,494,413
SPDR S&P 500 ETF Trust		61,660,345			—		16,726,928			870,564,376
SPDR S&P Dividend ETF		6,820,009			—		158,740			—
SPDR S&P International Small Cap ETF		165,427			5,922,961		1,053,067			51,789,405
SPDR S&P MidCap 400 ETF Trust		10,441,878			—		543,922			29,918,888
State Street Navigator Securities Lending MET Portfolio		—			—		3,065,317			674,829,885
Technology Select Sector SPDR Fund		949,194			—		1,129,275			60,380,800
	$	105,792,592		$	5,922,961	$	42,122,527		$	2,190,845,462

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$72,797,312	$	84,641,783	$	172,039,697	$	60,445,153	$	244,837,009	$	145,086,936

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$89,896,771	$	136,105,844	$	264,419,356	$	—	$	490,421,971

MIST-14

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-15

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of SSgA Growth and Income ETF 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 SSgA Growth and Income ETF Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of SSgA Growth and Income ETF Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-16

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-17

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-18

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-19

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-20

Met Investors Series Trust

SSgA Growth and Income ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

SSgA Growth and Income ETF Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and SSgA Funds Management Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying portfolios in which the Portfolio invests.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the MSCI ACWI (All Country World Index), for the one-year period ended October 31, 2014 and underperformed its benchmark for the three- and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median, and the Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size and were the lowest in the Expense Group. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size.

MIST-21

Met Investors Series Trust

SSgA Growth ETF Portfolio

Managed by SSgA Funds Management, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the SSgA Growth ETF Portfolio returned 5.69%, 5.38%, and 5.48%, respectively. The Portfolio’s benchmark, the MSCI All Country World Index¹, returned 4.16%.

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. Even emerging market currencies ultimately gained traction, rallying in March as credit conditions eased further and outflows from developing countries began to ebb. 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 (“REITs”), precious metals, and a selection of smaller equity markets in Europe and Asia.

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. Government bonds in Japan remained well bid amid 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.

At the beginning of the third quarter, the ECB unexpectedly cut administered rates. The ECB also announced that an asset-backed securities purchase program and a covered bond purchase program would begin in October. Later in September, the Scottish secession vote showed signs of being closer than previously thought and the potential disruption within the U.K. brought increased volatility to equity and bond markets. Markets quickly digested a dovish Fed meeting in mid-September and breathed a sigh of relief as the Scots voted “No”. Weak Chinese GDP data spooked equity investors as did escalation of U.S. military action against ISIS. As economic data in the U.S. started to improve in the third quarter, yields started to rise. Yields in the U.K. had also started to rise as economic data has been relatively strong there as well. However, weak Chinese economic data stoked fears of a global slowdown and U.S. Treasuries rallied and yields moved back down below 2.5%. High yield spreads had been relatively well behaved throughout the 2nd quarter, trading around 340 basis points (“bps”) off comparable Treasuries. But in the 3rd quarter, high yield spreads moved out dramatically, ending the quarter approximately 420 bps off.

The 4th quarter began as the 3rd quarter ended with stocks sliding and bond markets rallying. The IMF cut its global growth forecasts and interest rates moved lower. Oil traded to new lows, only to move much lower later in the quarter, on a perceived lack of demand which only added to fears that growth was not materializing. Reports continued to flow out of Syria and Iraq about ISIS advances in the region. U.S. airstrikes seemed to have stemmed the advances, but ISIS continued to hold large swaths of the region. From September 30th to October 15th, the S&P 500 Index was down 5.5% and the MSCI EAFE Index was off 6.45%. In the middle of the month, U.S. banks began reporting better than expected earnings which helped turn the equity rout around. Fed Vice-Chair Fischer helped improve sentiment when he said, “If foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise.” The S&P 500 Index began a dramatic rally and recouped its late September and early October losses. In November, the midterm elections gave Republicans control of the Congress and despite early promises to work together, partisan rancor quickly returned. Economic news continued to be strong in the U.S. while Europe and Japan confronted continued weakness. Early in November, ECB President Draghi stated that the ECB would boost its balance sheet back to 2012 levels and would be expanding its balance sheet to push the inflation rate back up towards the stated 2% target. Mr. Draghi continued to hint that the ECB staff was preparing further alternative measures should they be needed. In Japan, Prime Minister Abe dissolved Parliament and scheduled a new round of elections on December 14th. The Japanese economy slipped into its fourth recession in six years. While the central tenets of Abenomics seemed to have been working, the implementation of structural reforms has been harder to implement than many have thought. Equities rolled over in December as the weakness in oil prices continued to put global growth into question. In eerie similarity to October, the S&P 500 Index traded down for the first fortnight of the month, and then rallied into quarter end. Oil was the talk of the commodity complex as prices fell throughout the quarter. Brent oil was down 40% in the 4th quarter and the weakness was blamed on weak global demand,

MIST-1

Met Investors Series Trust

SSgA Growth ETF Portfolio

Managed by SSgA Funds Management, Inc.

Portfolio Manager Commentary*—(Continued)

lack of production cuts by OPEC, and expanded production by Russia as Putin tries to blunt the impact of Western sanctions.

For the year, the S&P 500 Index was up 13.69% and the Russell 2000 Index was up a relatively meager 4.89%. International markets struggled, especially when the returns are expressed in U.S. dollar terms. For the year, the MSCI EAFE Index was down 4.90% while the MSCI Emerging Markets Index was down 2.19%. REITs had a stellar year up 32% while other real assets like commodities were down 17.01% as measured by the Bloomberg Commodity Index. Fixed income also generally had positive returns as interest rates around the world moved lower over the course of the year. The Barclays Aggregate Bond Index was up 5.97%. Intermediate Govt/Credit was up 3.13%, high yield was up 2.45%, and TIPS were up 3.64%.

PORTFOLIO REVIEW / PERIOD END POSITIONING

Capital markets turned in a wide range of outcomes during 2014. A combination of stable growth and disinflationary trends allowed for strong gains across both U.S. equities as well as U.S. bonds. REITs were a notable outperformer, as they benefited from both lower interest rates and equity market appreciation. The story outside the United States was less robust. Economic growth concerns and uncertainty related to policy action made for tougher sledding in non-U.S. developed and emerging markets. A surging dollar may ultimately prove a benefit for those economies, but for investors allocated to unhedged securities, it created a stiff headwind. The Portfolio delivered solid absolute returns of 5.69% for the year. The positioning from an asset allocation perspective served to add value for the Portfolio but the underlying ETFs held in the Portfolio trailed their respective benchmarks resulting in portfolio level relative performance which lagged its custom composite benchmark by 41 bps.

From an asset allocation perspective, the largest detractor to Portfolio performance was a persistent overweight allocation to non-U.S. equities. And while non-U.S. equities mostly fared well from a local currency perspective, swift depreciation of the yen, euro, and many emerging market currencies caused U.S. dollar returns to fall into negative territory. Periodic allocations to cash, which did help to diversify duration risk in the Portfolio, did ultimately provide a small drag on returns as well. Additionally, tracking error incurred by the exchange traded funds held in the Portfolio weighed on results. These effects were most pronounced for the international ETFs held in the Portfolio.

The largest contributor to Portfolio performance from an asset allocation perspective was our overweight holding of U.S. equities and our sector positioning therein. U.S. equities were able to deliver strong double-digit returns and our allocations across sectors improved upon that result. While the sector allocations were fluid throughout the year, we did hold relatively persistent allocations in favor of the Health Care and Technology sectors which were standout performers on the year. The Portfolio also held a persistent overweight allocation to REITs which had an outstanding year and gained more than 30%. Lastly, favorable contributions were made by our allocations across fixed income—specifically tilting the Portfolio toward longer duration corporate bonds. The strong bond market rally that prevailed throughout the year, particularly at the long end of the curve, helped to support these assets.

From the perspective of the markets, we believe the economic fundamentals and macro backdrop still look positive, especially closer to home, but we don’t want to ignore the risk aversion signals that have been elevated. The persistent and steady increase in credit spreads is something that has us concerned, in addition to volatility levels across equities and currencies. But importantly, at least part of the increase in volatility has been driven by a pronounced reduction in the price of oil—a development that is hugely positive for the majority of the global economy and markets. In our portfolios this has meant that we retain a bias in favor of equity, but at magnitudes that are lessened compared with earlier in the year. Across bond markets, we are witnessing extremely low yields but we think the environment is still supportive for bonds. Despite the first-order unattractiveness of lending to the U.S. government for 30 years at a rate of interest of roughly 2.5%—when other major sovereigns such as Germany and Japan can borrow at rates half that high it puts our bond market in a more attractive light. To that end we are comfortable with our overall Portfolio positioning that provides us with diversified sources of credit risk across both equity and bond markets as well as interest rate risk in fixed income.

Dan Farley

Mike Martel

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-2

Met Investors Series Trust

SSgA Growth ETF Portfolio

A $10,000 INVESTMENT COMPARED TO THE MSCI ACWI (ALL COUNTRY WORLD INDEX)

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		Since Inception2
SSgA Growth ETF Portfolio
Class A		5.69		10.11		5.57
Class B		5.38		9.84		5.89
Class E		5.48		9.95		5.41
MSCI ACWI (All Country World Index)		4.16		9.17		5.80

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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
SPDR S&P 500 ETF Trust		34.6
iShares MSCI EAFE ETF		18.0
Vanguard REIT ETF		6.0
SPDR Barclays High Yield Bond ETF		5.0
iShares Core MSCI Emerging Markets ETF		4.4
SPDR S&P MidCap 400 ETF Trust		4.1
iShares iBoxx $ Investment Grade Corporate Bond ETF		3.5
iShares Core S&P Small-Cap ETF		3.1
SPDR S&P International Small Cap ETF		2.6
iShares 20+ Year Treasury Bond ETF		2.1

MIST-3

Met Investors Series Trust

SSgA Growth ETF Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

SSgA Growth ETF Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.34	%	$	1,000.00	$	997.60	$	1.71
	Hypothetical*		0.34	%	$	1,000.00	$	1,023.49	$	1.73
Class B(a)	Actual		0.59	%	$	1,000.00	$	996.00	$	2.97
	Hypothetical*		0.59	%	$	1,000.00	$	1,022.23	$	3.01
Class E(a)	Actual		0.49	%	$	1,000.00	$	996.80	$	2.47
	Hypothetical*		0.49	%	$	1,000.00	$	1,022.74	$	2.50

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio does not include the expenses of the Underlying ETFs in which the Portfolio invests.

MIST-4

Met Investors Series Trust

SSgA Growth ETF Portfolio

Schedule of Investments as of December 31, 2014

Investment Company Securities—95.4% of Net Assets

Security Description	Shares		Value
Financial Select Sector SPDR Fund (a) (b)		814,408	$	20,140,310
Health Care Select Sector SPDR Fund (a) (b)		285,923		19,551,415
iShares 20+ Year Treasury Bond ETF (a)		165,717		20,867,085
iShares Core MSCI Emerging Markets ETF		943,249		44,361,000
iShares Core S&P Small-Cap ETF (a)		272,673		31,101,082
iShares iBoxx $ Investment Grade Corporate Bond ETF (a)		298,898		35,691,410
iShares MSCI Canada ETF (a)		677,066		19,540,125
iShares MSCI EAFE ETF (a)		2,979,607		181,279,290
SPDR Barclays High Yield Bond ETF (a) (b)		1,305,710		50,413,463
SPDR Dow Jones International Real Estate ETF (a) (b)		484,180		20,127,363
SPDR Gold Shares (a) (b) (c)		91,483		10,390,639
SPDR S&P 500 ETF Trust (b)		1,695,816		348,490,188
SPDR S&P International Small Cap ETF (b)		967,069		26,468,679
SPDR S&P MidCap 400 ETF Trust (a) (b)		155,826		41,133,389
Technology Select Sector SPDR Fund (a) (b)		489,841		20,254,925
Vanguard REIT ETF (a)		751,351		60,859,431
Vanguard Total Bond Market ETF		123,731		10,191,722
Total Investment Company Securities (Cost $826,996,858)				960,861,516
Short-Term Investments—25.4%
Mutual Funds—25.4%
AIM STIT-STIC Prime Portfolio		41,229,971		41,229,971
State Street Navigator Securities Lending MET Portfolio (b) (d)		214,366,249		214,366,249
Total Short-Term Investments (Cost $255,596,220)				255,596,220
Total Investments—120.8% (Cost $1,082,593,078) (e)				1,216,457,736
Other assets and liabilities (net)—(20.8)%				(209,127,206	)
Net Assets—100.0%			$	1,007,330,530

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $211,469,002 and the collateral received consisted of cash in the amount of $214,366,249 and non-cash collateral with a value of $3,586,268. 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 December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,086,775,139. The aggregate unrealized appreciation and depreciation of investments were $138,946,327 and $(9,263,730), respectively, resulting in net unrealized appreciation of $129,682,597 for federal income tax purposes.

(ETF)— Exchange-Traded Fund

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

SSgA Growth ETF Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Investment Company Securities	$	960,861,516	$	—		$	—	$	960,861,516
Total Short-Term Investments*		255,596,220		—			—		255,596,220
Total Investments	$	1,216,457,736	$	—		$	—	$	1,216,457,736
Collateral for securities loaned (Liability)	$	—	$	(214,366,249	)	$	—	$	(214,366,249	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

SSgA Growth ETF Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	445,121,116
Affiliated investments at value (c) (d)		771,336,620
Receivable for:
Fund shares sold		147,152
Dividends and interest		5,938,099
Prepaid expenses		2,638
Total Assets		1,222,545,625
Liabilities
Collateral for securities loaned		214,366,249
Payables for:
Fund shares redeemed		229,980
Accrued expenses:
Management fees		270,347
Distribution and service fees		208,358
Administration fees		5,470
Custodian and accounting fees		8,020
Deferred trustees’ fees		67,424
Other expenses		59,247
Total Liabilities		215,215,095
Net Assets	$	1,007,330,530
Net assets consist of:
Paid in surplus	$	803,385,066
Undistributed net investment income		20,350,283
Accumulated net realized gain		49,730,523
Unrealized appreciation on investments and affiliated investments		133,864,658
Net Assets	$	1,007,330,530
Net Assets
Class A	$	26,592,009
Class B		972,132,546
Class E		8,605,975
Capital Shares Outstanding*
Class A		2,118,890
Class B		77,939,599
Class E		688,413
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.55
Class B		12.47
Class E		12.50

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $424,464,799.

(b) Includes securities loaned at value of $108,456,116.

(c) Identified cost of affiliated investments was $658,128,279.

(d) Includes securities loaned at value of $103,012,886.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends from Underlying ETFs	$	12,881,125
Dividends from affiliated investments		11,867,532
Interest		5,742
Securities lending income from affiliated investments		876,587
Total investment income		25,630,986
Expenses
Management fees		3,188,331
Administration fees		22,308
Custodian and accounting fees		31,830
Distribution and service fees—Class B		2,446,990
Distribution and service fees—Class E		13,161
Audit and tax services		37,649
Legal		34,319
Trustees’ fees and expenses		43,760
Shareholder reporting		50,843
Insurance		6,209
Miscellaneous		12,728
Total expenses		5,888,128
Net Investment Income		19,742,858
Net Realized and Unrealized Gain (Loss)
Net realized gain on:
Investments		19,123,954
Affiliated investments		36,541,027
Capital gain distributions from Underlying ETFs		28,273
Capital gain distributions from affiliated investments		3,027,124
Net realized gain		58,720,378
Net change in unrealized appreciation (depreciation) on:
Investments		(30,787,458	)
Affiliated investments		5,952,829
Net change in unrealized depreciation		(24,834,629	)
Net realized and unrealized gain		33,885,749
Net Increase in Net Assets From Operations	$	53,628,607

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

SSgA Growth ETF Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	19,742,858		$	18,770,434
Net realized gain		58,720,378			63,784,892
Net change in unrealized appreciation (depreciation)		(24,834,629	)		71,984,257
Increase in net assets from operations		53,628,607			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		25,734,790			55,540,990
Total increase (decrease) in net assets		(2,716,376	)		157,358,924
Net Assets
Beginning of period		1,010,046,906			852,687,982
End of period	$	1,007,330,530		$	1,010,046,906
Undistributed net investment income
End of period	$	20,350,283		$	18,962,572

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		402,674		$	5,075,081			667,188		$	8,179,402
Reinvestments		175,435			2,087,670			94,137			1,073,159
Redemptions		(317,920	)		(3,945,587	)		(197,434	)		(2,376,807	)
Net increase		260,189		$	3,217,164			563,891		$	6,875,754
Class B
Sales		6,477,443		$	81,025,037			9,985,069		$	120,587,082
Reinvestments		6,690,100			79,277,682			4,511,785			51,208,763
Redemptions		(11,056,086	)		(138,015,868	)		(10,298,119	)		(123,901,917	)
Net increase		2,111,457		$	22,286,851			4,198,735		$	47,893,928
Class E
Sales		99,689		$	1,249,449			162,821		$	1,970,153
Reinvestments		60,187			714,421			38,674			439,727
Redemptions		(138,929	)		(1,733,095	)		(135,589	)		(1,638,572	)
Net increase		20,947		$	230,775			65,906		$	771,308
Increase derived from capital shares transactions				$	25,734,790					$	55,540,990

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

SSgA Growth ETF Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.96		$	11.66		$	10.72		$	11.11		$	9.87
Income (Loss) from Investment Operations
Net investment income (a)		0.28			0.29			0.30			0.28			0.28
Net realized and unrealized gain (loss) on investments		0.40			1.75			1.30			(0.47	)		1.13
Total from investment operations		0.68			2.04			1.60			(0.19	)		1.41
Less Distributions
Distributions from net investment income		(0.28	)		(0.29	)		(0.25	)		(0.20	)		(0.17	)
Distributions from net realized capital gains		(0.81	)		(0.45	)		(0.41	)		0.00			0.00
Total distributions		(1.09	)		(0.74	)		(0.66	)		(0.20	)		(0.17	)
Net Asset Value, End of Period	$	12.55		$	12.96		$	11.66		$	10.72		$	11.11
Total Return (%) (b)		5.69			18.34			15.32			(1.87	)		14.37
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.34			0.33			0.35			0.35			0.36
Net ratio of expenses to average net assets (%) (c)		0.34			0.33			0.35			0.35			0.36	(d)
Ratio of net investment income to average net assets (%) (e)		2.21			2.36			2.72			2.51			2.77
Portfolio turnover rate (%)		56			48			43			35			37
Net assets, end of period (in millions)	$	26.6		$	24.1		$	15.1		$	10.1		$	7.5
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.89		$	11.60		$	10.67		$	11.07		$	9.84
Income (Loss) from Investment Operations
Net investment income (a)		0.24			0.24			0.26			0.24			0.25
Net realized and unrealized gain (loss) on investments		0.40			1.76			1.30			(0.46	)		1.13
Total from investment operations		0.64			2.00			1.56			(0.22	)		1.38
Less Distributions
Distributions from net investment income		(0.25	)		(0.26	)		(0.22	)		(0.18	)		(0.15	)
Distributions from net realized capital gains		(0.81	)		(0.45	)		(0.41	)		0.00			0.00
Total distributions		(1.06	)		(0.71	)		(0.63	)		(0.18	)		(0.15	)
Net Asset Value, End of Period	$	12.47		$	12.89		$	11.60		$	10.67		$	11.07
Total Return (%) (b)		5.38			18.07			15.03			(2.13	)		14.15
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.59			0.58			0.60			0.60			0.61
Net ratio of expenses to average net assets (%) (c)		0.59			0.58			0.60			0.60			0.61	(d)
Ratio of net investment income to average net assets (%) (e)		1.94			2.01			2.33			2.20			2.47
Portfolio turnover rate (%)		56			48			43			35			37
Net assets, end of period (in millions)	$	972.1		$	977.3		$	830.6		$	749.5		$	651.0

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

SSgA Growth ETF Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.92		$	11.62		$	10.69		$	11.08		$	9.85
Income (Loss) from Investment Operations
Net investment income (a)		0.26			0.26			0.27			0.27			0.25
Net realized and unrealized gain (loss) on investments		0.39			1.76			1.30			(0.48	)		1.13
Total from investment operations		0.65			2.02			1.57			(0.21	)		1.38
Less Distributions
Distributions from net investment income		(0.26	)		(0.27	)		(0.23	)		(0.18	)		(0.15	)
Distributions from net realized capital gains		(0.81	)		(0.45	)		(0.41	)		0.00			0.00
Total distributions		(1.07	)		(0.72	)		(0.64	)		(0.18	)		(0.15	)
Net Asset Value, End of Period	$	12.50		$	12.92		$	11.62		$	10.69		$	11.08
Total Return (%) (b)		5.48			18.25			15.12			(1.99	)		14.17
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%) (c)		0.49			0.48			0.50			0.50			0.51
Net ratio of expenses to average net assets (%) (c)		0.49			0.48			0.50			0.50			0.51	(d)
Ratio of net investment income to average net assets (%) (e)		2.04			2.13			2.45			2.34			2.44
Portfolio turnover rate (%)		56			48			43			35			37
Net assets, end of period (in millions)	$	8.6		$	8.6		$	7.0		$	6.0		$	5.1

(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) The ratio of operating expenses to average net assets does not include expenses of the Underlying ETFs in which the Portfolio invests.

(d) Includes the effects of management fee waivers.

(e) 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-10

Met Investors Series Trust

SSgA Growth ETF Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Valuation - Investments in the Underlying ETFs are valued at the closing market quotation for their shares and are categorized as Level 1 within the fair 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 distributions received 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 for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

MIST-11

Met Investors Series Trust

SSgA Growth ETF Portfolio

Notes to Financial Statements—December 31, 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 arrangement with the custodian, State Street Bank and Trust Company (the “custodian”), as the lending agent. Under this arrangement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. A liability for cash collateral is reflected on the Statement of Assets and Liabilities, and is categorized as Level 2 within the fair value hierarchy. 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. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is disclosed in the footnotes to the Statement of Operations. Any outstanding loans by the Portfolio at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments.

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 or 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; and 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 (“Master 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-12

Met Investors Series Trust

SSgA Growth ETF Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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 year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	556,396,903	$	0	$	621,003,167

5. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$3,188,331		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 year ended December 31, 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-13

Met Investors Series Trust

SSgA Growth ETF Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

6. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2014 is as follows:

Underlying ETF/Security	Number of shares held at December 31, 2013			Shares purchased		Shares sold			Number of shares held at December 31, 2014
Consumer Discretionary Select Sector SPDR Fund		307,100			—		(307,100	)		—
Financial Select Sector SPDR Fund		—			1,720,157		(905,749	)		814,408
Health Care Select Sector SPDR Fund		365,500			346,081		(425,658	)		285,923
Industrial Select Sector SPDR Fund		396,970			769,733		(1,166,703	)		—
Materials Select SPDR ETF		—			413,713		(413,713	)		—
SPDR Barclays High Yield Bond ETF		1,229,479			875,208		(798,977	)		1,305,710
SPDR Dow Jones International Real Estate ETF		475,857			488,793		(480,470	)		484,180
SPDR Gold Shares		110,102			11,247		(29,866	)		91,483
SPDR S&P 500 ETF Trust		1,533,270			432,920		(270,374	)		1,695,816
SPDR S&P Dividend ETF		275,179			153,801		(428,980	)		—
SPDR S&P International Small Cap ETF		893,935			73,134		—			967,069
SPDR S&P MidCap 400 ETF Trust		211,614			—		(55,788	)		155,826
State Street Navigator Securities Lending MET Portfolio		260,280,666			1,638,873,602		(1,684,788,019	)		214,366,249
Technology Select Sector SPDR Fund		—			566,553		(76,712	)		489,841
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 December 31, 2014
Consumer Discretionary Select Sector SPDR Fund	$	1,025,683		$	—	$	63,729		$	—
Financial Select Sector SPDR Fund		(232,265	)		—		189,491			20,140,310
Health Care Select Sector SPDR Fund		1,614,381			—		225,786			19,551,415
Industrial Select Sector SPDR Fund		2,912,224			—		181,111			—
Materials Select SPDR ETF		205,283			—		—			—
SPDR Barclays High Yield Bond ETF		850,496			—		2,113,585			50,413,463
SPDR Dow Jones International Real Estate ETF		1,393,263			—		907,390			20,127,363
SPDR Gold Shares		(1,452,826	)		—		—			10,390,639
SPDR S&P 500 ETF Trust		22,753,479			—		6,661,884			348,490,188
SPDR S&P Dividend ETF		2,199,783			—		53,892			—
SPDR S&P International Small Cap ETF		—			3,027,124		535,499			26,468,679
SPDR S&P MidCap 400 ETF Trust		4,975,781			—		553,831			41,133,389
State Street Navigator Securities Lending MET Portfolio		—			—		876,587			214,366,249
Technology Select Sector SPDR Fund		295,745			—		381,334			20,254,925
	$	36,541,027		$	3,027,124	$	12,744,119		$	771,336,620

7. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

8. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$20,453,344	$	22,749,615	$	61,626,429	$	29,972,034	$	82,079,773	$	52,721,649

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$27,744,532	$	46,585,762	$	129,682,595	$	—	$	204,012,889

MIST-14

Met Investors Series Trust

SSgA Growth ETF Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-15

Met Investors Series Trust

SSgA Growth ETF Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of SSgA Growth ETF 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 SSgA Growth ETF Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of SSgA Growth ETF Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-16

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-17

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-18

Met Investors Series Trust

SSgA Growth ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-19

Met Investors Series Trust

SSgA Growth ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-20

Met Investors Series Trust

SSgA Growth ETF Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

SSgA Growth ETF Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and SSgA Funds Management Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

The Board considered and found that the advisory fee to be paid to the Adviser with respect to the Portfolio was based on services to be provided that were in addition to, rather than duplicative of, the services provided pursuant to the advisory agreements for the underlying portfolios in which the Portfolio invests.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three- and five-year periods ended June 30, 2014. The Board further considered that the Portfolio outperformed its benchmark, the MSCI ACWI (All Country World Index), for the one- and five-year periods ended October 31, 2014 but underperformed its benchmark for the three-year period ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-l fees) were below the Expense Group median, the Expense Universe median and the Sub-Advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size and were the lowest in the Expense Group. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the averages of the Sub-advised Expense Group and Sub-advised Expense Universe at the Portfolio’s current size.

MIST-21

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Managed By T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A and B shares of the T. Rowe Price Large Cap Value Portfolio returned 13.57% and 13.28%. The Portfolio’s benchmark, the Russell 1000 Value Index¹, returned 13.45%. Since its inception on April 23, 2014, the Class E shares of the T. Rowe Price Large Cap Value Portfolio returned 9.84%. The Portfolio’s benchmark, the Russell 1000 Value Index, returned 9.58% over the same period.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose in 2014 for the sixth consecutive year, as the economy recovered strongly from a first-quarter weather-related contraction. Falling long-term interest rates, solid employment growth, favorable corporate earnings, and expanded stimulus measures by major non-U.S. central banks boosted returns. Large-cap stocks reached new highs in December and significantly outpaced small- and mid-caps. As measured by various Russell indexes, value stocks outperformed growth among large- and mid-caps, while the opposite was true for small-cap shares. In the large-cap value space, Information Technology (“IT”) led returns, followed by Utilities, while Energy ended in negative territory.

PORTFOLIO REVIEW / PERIOD END POSITIONING

The Portfolio turned in positive results and outpaced its benchmark, the Russell 1000 Value Index. Strong stock selection contributed to the relative outperformance, but sector allocation partly offset that positive effect.

Industrials and Business Services was an area of relative strength, due to stock choices. Southwest Airlines provided a boost here, due to higher passenger traffic and capacity and significantly lower fuel prices. We began trimming the Portfolio’s position on strength in late 2013 and have been incrementally scaling back the Portfolio’s position throughout the period.

The Portfolio’s stock holdings in Consumer Discretionary also outpaced their benchmark peers. A leading name was Lowe’s, which benefited from strong same-store sales propelled by a renewed focus on professionals rather than do-it-yourself markets. Cost controls, increased consumer demand, lower interest rates, and an improving housing market produced further tailwinds for the firm.

In IT, an unfavorable underweight to this top-performing benchmark sector hurt, as did the Portfolio’s stock positioning. Western Union was a key underperformer here, as lower-than-expected revenue from its overseas business-to-business network, news of a Securities and Exchange Commission investigation into whether the firm misrepresented the performance of a digital unit, and the launch of a rival payment service by Wal-Mart all weighed on shares. We added to the Portfolio’s position on weakness because we believe the market is underestimating the value of Western Union’s network.

Stock selection in Consumer Staples detracted as well, particularly the Portfolio’s exposure to Avon Products. Weak U.S. and Latin American sales, foreign exchange losses owing to a stronger U.S. dollar, and macroeconomic concerns in Europe and Russia all weighed on shares of this direct retailer. We remain confident in the firm’s new management, however.

In our view, the U.S. economy appears capable of sustaining an annual growth rate of 2.75% to 3.00%, even with subpar performance abroad. The key drivers of U.S. growth include easing of fiscal headwinds, increased government spending, and a strengthening labor market. Our outlook for U.S. corporate earnings is favorable, and we anticipate growth in the high single-digit range. Overall, global equity valuations appear moderate, with the recent sell-off in major markets bringing valuations closer to historical norms. We are currently finding opportunities in select areas of the Energy, Financials, Health Care, IT, and other sectors.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-1

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL 1000 VALUE INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception2
T. Rowe Price Large Cap Value Portfolio
Class A		13.57		15.25		6.96		—
Class B		13.28		14.96		6.70		—
Class E		—		—		—		9.84
Russell 1000 Value Index		13.45		15.42		7.30		—

¹ The Russell 1000 Value Index is an unmanaged measure of the largest capitalized U.S. domiciled companies with a less than average growth orientation. Companies in this Index generally have a low price-to-book and price-to-earnings ratio, higher dividend yields and lower forecasted growth values.

² Inception dates of the Class A, Class B 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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
JPMorgan Chase & Co.		3.8
Bank of America Corp.		2.9
Morgan Stanley		2.6
General Electric Co.		2.5
United Technologies Corp.		2.4
Pfizer, Inc.		2.4
Lowe’s Cos., Inc.		2.3
Merck & Co., Inc.		2.2
Carnival Corp.		2.1
Celanese Corp. - Series A		2.1

Top Sectors

	% of Net Assets
Financials		24.3
Industrials		17.6
Consumer Discretionary		11.4
Health Care		10.8
Energy		9.1
Utilities		7.5
Information Technology		6.8
Consumer Staples		5.3
Materials		3.8
Telecommunication Services		1.0

MIST-2

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Large Cap Value Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.56	%	$	1,000.00	$	1,048.10	$	2.89
	Hypothetical*		0.56	%	$	1,000.00	$	1,022.38	$	2.85
Class B(a)	Actual		0.81	%	$	1,000.00	$	1,047.20	$	4.18
	Hypothetical*		0.81	%	$	1,000.00	$	1,021.12	$	4.13
Class E(a)	Actual		0.71	%	$	1,000.00	$	1,047.70	$	3.66
	Hypothetical*		0.71	%	$	1,000.00	$	1,021.63	$	3.62

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MIST-3

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—97.6% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—6.1%
Boeing Co. (The)		291,000	$	37,824,180
Honeywell International, Inc.		431,900		43,155,448
Lockheed Martin Corp.		89,800		17,292,786
Raytheon Co.		357,700		38,692,409
United Technologies Corp.		792,600		91,149,000
				228,113,823
Airlines—2.0%
Southwest Airlines Co.		1,809,500		76,578,040
Automobiles—1.1%
General Motors Co.		1,135,900		39,654,269
Banks—11.5%
Bank of America Corp.		6,178,200		110,527,998
Fifth Third Bancorp		1,091,900		22,247,462
JPMorgan Chase & Co.		2,272,900		142,238,082
PNC Financial Services Group, Inc. (The)		369,800		33,736,854
U.S. Bancorp		1,333,600		59,945,320
Wells Fargo & Co.		1,191,200		65,301,584
				433,997,300
Beverages—1.4%
PepsiCo, Inc.		547,300		51,752,688
Biotechnology—1.3%
Amgen, Inc.		313,400		49,921,486
Capital Markets—5.4%
Ameriprise Financial, Inc.		275,800		36,474,550
Charles Schwab Corp. (The)		1,215,400		36,692,926
Invesco, Ltd.		798,700		31,564,624
Morgan Stanley		2,562,500		99,425,000
				204,157,100
Chemicals—2.1%
Celanese Corp. - Series A		1,296,000		77,708,160
Commercial Services & Supplies—0.5%
Republic Services, Inc.		456,900		18,390,225
Communications Equipment—1.9%
Cisco Systems, Inc.		1,424,500		39,622,467
QUALCOMM, Inc.		413,000		30,698,290
				70,320,757
Construction Materials—0.7%
Vulcan Materials Co.		415,600		27,317,388
Consumer Finance—1.4%
American Express Co.		471,200		43,840,448
Navient Corp.		454,800		9,828,228
				53,668,676
Diversified Telecommunication Services—0.9%
AT&T, Inc.		988,500		33,203,715
Electric Utilities—2.8%
Entergy Corp.		544,100		47,597,868
Exelon Corp. (a)		1,115,500		41,362,740
FirstEnergy Corp.		397,000		15,479,030
				104,439,638
Electrical Equipment—0.5%
Emerson Electric Co.		309,700		19,117,781
Electronic Equipment, Instruments & Components—0.8%
TE Connectivity, Ltd.		483,900		30,606,675
Energy Equipment & Services—0.7%
Baker Hughes, Inc.		450,200		25,242,714
Food & Staples Retailing—0.4%
Wal-Mart Stores, Inc.		176,000		15,114,880
Food Products—0.6%
Kellogg Co.		362,700		23,735,088
Health Care Equipment & Supplies—1.3%
Covidien plc		232,600		23,790,328
Medtronic, Inc.		362,000		26,136,400
				49,926,728
Hotels, Restaurants & Leisure—2.1%
Carnival Corp.		1,769,100		80,193,303
Household Products—1.6%
Procter & Gamble Co. (The)		649,500		59,162,955
Independent Power and Renewable Electricity Producers—2.8%
AES Corp.		3,689,200		50,800,284
NRG Energy, Inc.		2,033,800		54,810,910
				105,611,194
Industrial Conglomerates—4.4%
3M Co.		442,500		72,711,600
General Electric Co.		3,676,900		92,915,263
				165,626,863
Insurance—4.6%
Allstate Corp. (The)		705,200		49,540,300
Marsh & McLennan Cos., Inc.		1,285,100		73,559,124
Progressive Corp. (The)		11,200		302,288
Prudential Financial, Inc.		181,200		16,391,352
XL Group plc		1,007,610		34,631,556
				174,424,620
IT Services—1.0%
Western Union Co. (The) (a)		2,207,000		39,527,370

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services—1.8%
Thermo Fisher Scientific, Inc.		531,000	$	66,528,990
Machinery—1.4%
Illinois Tool Works, Inc.		345,100		32,680,970
Ingersoll-Rand plc		343,400		21,768,126
				54,449,096
Media—4.6%
Comcast Corp. - Class A		658,300		38,187,983
News Corp. - Class A (b)		804,000		12,614,760
Time Warner Cable, Inc.		292,300		44,447,138
Time Warner, Inc.		745,600		63,689,152
Viacom, Inc. - Class B		172,000		12,943,000
				171,882,033
Multi-Utilities—2.0%
PG&E Corp.		1,385,200		73,748,048
Multiline Retail—1.3%
Kohl’s Corp. (a)		826,800		50,467,872
Oil, Gas & Consumable Fuels—8.4%
Anadarko Petroleum Corp.		90,400		7,458,000
Apache Corp.		918,400		57,556,128
Canadian Natural Resources, Ltd.		312,000		9,634,560
Chevron Corp.		505,200		56,673,336
CONSOL Energy, Inc.		386,000		13,050,660
EQT Corp.		355,600		26,918,920
Exxon Mobil Corp.		674,400		62,348,280
Hess Corp.		483,700		35,706,734
Royal Dutch Shell plc - Class A (ADR)		462,000		30,930,900
Spectra Energy Corp.		474,700		17,231,610
				317,509,128
Paper & Forest Products—1.0%
International Paper Co.		691,100		37,029,138
Personal Products—0.4%
Avon Products, Inc. (a)		1,465,300		13,759,167
Pharmaceuticals—6.4%
Johnson & Johnson		666,100		69,654,077
Merck & Co., Inc.		1,455,700		82,669,203
Pfizer, Inc.		2,870,100		89,403,615
				241,726,895
Real Estate Investment Trusts—1.3%
Weyerhaeuser Co.		1,360,400		48,824,756
Road & Rail—2.7%
Canadian Pacific Railway, Ltd. (a)		288,700		55,629,603
Union Pacific Corp.		375,800		44,769,054
				100,398,657
Semiconductors & Semiconductor Equipment—1.1%
Texas Instruments, Inc.		780,600		41,734,779
Software—1.9%
Microsoft Corp.		1,555,100		72,234,395
Specialty Retail—2.3%
Lowe’s Cos., Inc.		1,268,800		87,293,440
Tobacco—1.0%
Philip Morris International, Inc.		451,600		36,782,820
Wireless Telecommunication Services—0.1%
T-Mobile U.S., Inc. (b)		213,000		5,738,220
Total Common Stocks (Cost $2,661,341,617)				3,677,620,870
Short-Term Investments—5.5%
Mutual Funds—5.5%
State Street Navigator Securities Lending MET Portfolio (c)		139,690,397		139,690,397
T.Rowe Price Government Reserve Investment Fund (d)		66,560,775		66,560,775
Total Short-Term Investments (Cost $206,251,172)				206,251,172
Total Investments—103.1% (Cost $2,867,592,789) (e)				3,883,872,042
Other assets and liabilities (net)—(3.1)%				(116,600,492	)
Net Assets—100.0%			$	3,767,271,550

(a) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $148,051,907 and the collateral received consisted of cash in the amount of $139,690,397 and non-cash collateral with a value of $12,120,876. 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 December 31, 2014, the aggregate cost of investments for federal income tax purposes was $2,877,198,931. The aggregate unrealized appreciation and depreciation of investments were $1,072,542,565 and $(65,869,454), respectively, resulting in net unrealized appreciation of $1,006,673,111 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2			Level 3		Total
Total Common Stocks*	$	3,677,620,870	$	—		$	—	$	3,677,620,870
Total Short-Term Investments*		206,251,172		—			—		206,251,172
Total Investments	$	3,883,872,042	$	—		$	—	$	3,883,872,042
Collateral for securities loaned (Liability)	$	—	$	(139,690,397	)	$	—	$	(139,690,397	)

* 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

December 31, 2014

Assets
Investments at value (a) (b)	$	3,817,311,267
Affiliated investments at value (c)		66,560,775
Cash		247,068
Receivable for:
Investments sold		20,236,515
Fund shares sold		1,781,108
Dividends		4,719,087
Dividends on affiliated investments		2,539
Prepaid expenses		9,964
Total Assets		3,910,868,323
Liabilities
Collateral for securities loaned		139,690,397
Payables for:
Fund shares redeemed		1,568,712
Accrued expenses:
Management fees		1,748,057
Distribution and service fees		295,466
Deferred trustees’ fees		67,424
Other expenses		226,717
Total Liabilities		143,596,773
Net Assets	$	3,767,271,550
Net assets consist of:
Paid in surplus	$	2,695,326,586
Undistributed net investment income		57,996,158
Accumulated net realized loss		(2,330,539	)
Unrealized appreciation on investments and foreign currency transactions		1,016,279,345
Net Assets	$	3,767,271,550
Net Assets
Class A	$	2,176,526,929
Class B		1,094,733,850
Class E		496,010,771
Capital Shares Outstanding*
Class A		60,559,271
Class B		30,660,414
Class E		13,848,268
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	35.94
Class B		35.71
Class E		35.82

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments, excluding affiliated investments, was $2,801,032,014.

(b) Includes securities loaned at value of $148,051,907.

(c) Identified cost of affiliated investments was $66,560,775.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	84,343,995
Dividends from affiliated investments		28,614
Securities lending income		378,747
Total investment income		84,751,356
Expenses
Management fees		21,322,977
Administration fees		86,288
Custodian and accounting fees		252,229
Distribution and service fees—Class B		2,679,061
Distribution and service fees—Class E		506,905
Audit and tax services		39,510
Legal		34,319
Trustees’ fees and expenses		43,760
Shareholder reporting		162,817
Insurance		23,395
Miscellaneous		25,551
Total expenses		25,176,812
Less management fee waiver		(939,580	)
Less broker commission recapture		(17,701	)
Net expenses		24,219,531
Net Investment Income		60,531,825
Net Realized and Unrealized Gain
Net realized gain (loss) on:
Investments		391,999,074
Futures contracts		1,610,175
Foreign currency transactions		(7,333	)
Net realized gain		393,601,916
Net change in unrealized appreciation on:
Investments		24,973,167
Foreign currency transactions		136
Net change in unrealized appreciation		24,973,303
Net realized and unrealized gain		418,575,219
Net Increase in Net Assets From Operations	$	479,107,044

(a) Net of foreign withholding taxes of $315,698.

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

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	60,531,825		$	54,295,526
Net realized gain		393,601,916			116,292,648
Net change in unrealized appreciation		24,973,303			800,604,381
Increase in net assets from operations		479,107,044			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	)
Decrease in net assets from capital share transactions		(303,975,132	)		(192,220,072	)
Total increase in net assets		122,012,507			722,131,687
Net Assets
Beginning of period		3,645,259,043			2,923,127,356
End of period	$	3,767,271,550		$	3,645,259,043
Undistributed net investment income
End of period	$	57,996,158		$	52,902,496

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		997,734		$	32,594,203			6,425,355		$	176,838,220
Reinvestments		1,225,584			39,243,194			1,567,013			41,431,830
Redemptions		(21,907,433	)		(731,328,930	)		(10,428,639	)		(296,543,189	)
Net decrease		(19,684,115	)	$	(659,491,533	)		(2,436,271	)	$	(78,273,139	)
Class B
Sales		3,535,782		$	117,370,782			2,697,874		$	74,647,983
Reinvestments		435,537			13,876,211			585,447			15,408,966
Redemptions		(6,650,873	)		(222,121,518	)		(7,193,199	)		(204,003,882	)
Net decrease		(2,679,554	)	$	(90,874,525	)		(3,909,878	)	$	(113,946,933	)
Class E (a)
Sales		474,511		$	15,834,636			0		$	0
Fund subscription in kind		15,369,962			498,447,864	(b)		0			0
Redemptions		(1,996,205	)		(67,891,574	)		0			0
Net increase		13,848,268		$	446,390,926			0		$	0
Decrease derived from capital shares transactions				$	(303,975,132	)				$	(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
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	32.15		$	24.42		$	21.00		$	22.00		$	18.97
Income (Loss) from Investment Operations
Net investment income (a)		0.57			0.48			0.47			0.42			0.18
Net realized and unrealized gain (loss) on investments		3.73			7.74			3.33			(1.23	)		3.10
Total from investment operations		4.30			8.22			3.80			(0.81	)		3.28
Less Distributions
Distributions from net investment income		(0.51	)		(0.49	)		(0.38	)		(0.19	)		(0.25	)
Total distributions		(0.51	)		(0.49	)		(0.38	)		(0.19	)		(0.25	)
Net Asset Value, End of Period	$	35.94		$	32.15		$	24.42		$	21.00		$	22.00
Total Return (%) (b)		13.57			34.09			18.27			(3.77	)		17.33
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.59			0.59			0.59			0.58			0.55
Net ratio of expenses to average net assets (%) (c)		0.56			0.56			0.56			0.56			0.55
Ratio of net investment income to average net assets (%)		1.69			1.69			2.06			1.96			0.92
Portfolio turnover rate (%)		19	(g)		14			15			104			54
Net assets, end of period (in millions)	$	2,176.5		$	2,580.1		$	2,019.1		$	1,922.6		$	1,262.3
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	31.95		$	24.27		$	20.87		$	21.87		$	18.87
Income (Loss) from Investment Operations
Net investment income (a)		0.48			0.41			0.41			0.33			0.13
Net realized and unrealized gain (loss) on investments		3.71			7.70			3.31			(1.20	)		3.07
Total from investment operations		4.19			8.11			3.72			(0.87	)		3.20
Less Distributions
Distributions from net investment income		(0.43	)		(0.43	)		(0.32	)		(0.13	)		(0.20	)
Total distributions		(0.43	)		(0.43	)		(0.32	)		(0.13	)		(0.20	)
Net Asset Value, End of Period	$	35.71		$	31.95		$	24.27		$	20.87		$	21.87
Total Return (%) (b)		13.28			33.77			17.98			(4.01	)		17.02
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.84			0.84			0.84			0.83			0.80
Net ratio of expenses to average net assets (%) (c)		0.81			0.81			0.81			0.81			0.80
Ratio of net investment income to average net assets (%)		1.45			1.44			1.81			1.52			0.67
Portfolio turnover rate (%)		19	(g)		14			15			104			54
Net assets, end of period (in millions)	$	1,094.7		$	1,065.2		$	904.1		$	883.6		$	1,017.8

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 December 31, 2014(d)
Net Asset Value, Beginning of Period	$	32.61
Income (Loss) from Investment Operations
Net investment income (a)		0.39
Net realized and unrealized gain on investments		2.82
Total from investment operations		3.21
Net Asset Value, End of Period	$	35.82
Total Return (%) (b)		9.84	(e)
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.74	(f)
Net ratio of expenses to average net assets (%) (c)		0.71	(f)
Ratio of net investment income to average net assets (%)		1.65	(f)
Portfolio turnover rate (%)		19	(g)
Net assets, end of period (in millions)	$	496.0

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Commencement of operations was April 23, 2014.

(e) Periods less than one year are not computed on an annualized basis.

(f) Computed on an annualized basis.

(g) Excludes the effect of subscriptions in kind activity for the year ended December 31, 2014.

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-11

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-12

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, real estate investment trust (REIT) adjustments, return of capital adjustments and foreign currency transactions. These adjustments have no impact on net assets or the results of operations.

Income Taxes - It is the Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, and regulations thereunder, applicable to regulated investment companies and to distribute, with respect to each taxable year, all of its taxable income to shareholders. Therefore, no federal income tax provision is required. The Portfolio files U.S. federal tax returns. No income tax returns are currently under examination. The Portfolio’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial

MIST-13

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 25, 2014 through April 29, 2014, the Portfolio had bought and sold $302,593,220 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized gains in the amount of $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; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

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 and subscriptions in kind, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	692,275,282	$	0	$	1,444,357,171

MIST-14

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc. that amounted to $832,832 in sales of investments, which are included above.

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $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 year ended December 31, 2014, the Adviser earned management fees in the amount of $21,322,977 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. 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 year ended December 31, 2014 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution 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

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Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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 year ended December 31, 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 year ended December 31, 2014 is as follows:

Security Description	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014		Realized Gain on shares sold		Income earned from affiliates during the period
T. Rowe Price Government Reserve Investment Fund		110,221,612		512,380,353		(556,041,190	)		66,560,775	$	0	$	28,614

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long- Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$53,119,405	$	56,840,796	$	—	$	—	$	53,119,405	$	56,840,796

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$58,063,583	$	7,275,605	$	1,006,673,200	$	—	$	1,072,012,388

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

MIST-16

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $382,514,775.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-17

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of T. Rowe Price Large Cap Value 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 T. Rowe Price Large Cap Value Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of T. Rowe Price Large Cap Value Portfolio of the Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-18

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-19

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-20

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-21

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-22

Met Investors Series Trust

T. Rowe Price Large Cap Value Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

T. Rowe Price Large Cap Value Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and T. Rowe Price Associates, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board also considered that the Portfolio outperformed its benchmark, the Russell 1000 Value Index, for the one- and three-year periods ended October 31, 2014 and underperformed its benchmark for the five-year period ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the median of the Expense Group, Expense Universe, and Sub-advised Expense Universe. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were below the average of the Sub-advised Expense Group but above the average of the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year. The Board also took into account the fact that the Adviser and Sub-Adviser are voluntarily waiving a portion of their advisory fees based on the amount of Trust assets managed by the Sub-Adviser.

MIST-23

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Managed By T. Rowe Price Associates, Inc.

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the T. Rowe Price Mid Cap Growth Portfolio returned 13.04%, 12.77%, and 12.92%, respectively. The Portfolio’s benchmark, the Russell Midcap Growth Index¹, returned 11.90%.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities rose in 2014 for the sixth consecutive year, as the economy recovered strongly from a first-quarter weather-related contraction. Falling long-term interest rates, solid employment growth, favorable corporate earnings, and expanded stimulus measures by major non-U.S. central banks boosted returns. Large-caps posted strong results, outpacing small- and mid-caps. As measured by various Russell indexes, value stocks outperformed growth among large- and mid-caps, while the opposite was true for small-cap shares. In the mid-cap growth space, Health Care led returns, followed by Telecommunication Services and Utilities, while Energy ended deep in negative territory.

PORTFOLIO REVIEW / PERIOD END POSITIONING

In the 12-month period ended December 31, 2014, the Portfolio outpaced its benchmark, the Russell Midcap Growth Index. Broadly speaking, stock selection accounted for the outperformance, and sector allocation contributed as well. On the sector level, Consumer Discretionary and Health Care helped relative results, while Industrials detracted.

Consumer Discretionary proved to be the greatest contributor to relative results, due to stock selection. Among the outperformers were CarMax, Norwegian Cruise Line, and Marriott. One of the largest U.S. car retailers, CarMax benefited as many more leased cars came onto the used vehicle market, increasing traffic and sales at the company’s stores. Norwegian Cruise Line’s shares rose as oil prices fell and the company revised its outlook for the Caribbean market upward. Hotel operator Marriott posted solid results and repurchased shares. We remain cautious in this sector, and the Portfolio’s overall allocation is lower than it has been historically. We continue to focus on firms that dominate their respective market niches.

A strategic overweight and beneficial stock choices made Health Care another area of relative strength. Puma Biotechnology and CareFusion were two key contributors here. A leader in medication dispensing systems and infusion pumps, CareFusion benefited from the announcement that it would be acquired by the medical technology company Becton, Dickinson & Co. Puma Biotechnology, a developer and acquirer of innovative cancer therapies, received favorable trial results for a breast cancer drug that may also have future applications in the treatment of other forms of cancer. We eliminated the Portfolio’s position on strength. The Portfolio is overweight the benchmark in the Health Care sector. Despite potential challenges from economic conditions and the uncertainties surrounding the implementation of health care reform, we continue to favor this sector due to the many factors working in its favor.

In Industrials, the Portfolio’s stock holdings underperformed their benchmark peers. A notable detractor here was DigitalGlobe, which provides geographic imagery collected by its network of proprietary satellites. Over the past year, delays in the launch of a new satellite led to a more muted outlook. 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.

At the end of the period, the Portfolio was overweight the benchmark in Health Care, Industrials, Information Technology, and Financials, and underweight in Consumer Discretionary, Consumer Staples, Materials, Energy, Telecommunication Services, and Utilities.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-1

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

A $10,000 INVESTMENT COMPARED TO THE RUSSELL MIDCAP GROWTH INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year
T. Rowe Price Mid Cap Growth Portfolio
Class A		13.04		17.37		10.96
Class B		12.77		17.07		10.68
Class E		12.92		17.21		10.80
Russell Midcap Growth Index		11.90		16.94		9.43

¹ The Russell Midcap Growth Index is an unmanaged measure of performance of those Russell Midcap companies (the 800 smallest companies in the Russell 1000 Index) with higher price-to-book ratios and 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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
CarMax, Inc.		2.1
Fiserv, Inc.		2.0
Pall Corp.		1.7
Textron, Inc.		1.7
CareFusion Corp.		1.6
DENTSPLY International, Inc.		1.5
Altera Corp.		1.5
IHS, Inc. - Class A		1.5
Red Hat, Inc.		1.5
Intuitive Surgical, Inc.		1.5

Top Sectors

	% of Net Assets
Industrials		21.3
Health Care		20.4
Information Technology		19.9
Consumer Discretionary		14.1
Financials		9.5
Consumer Staples		3.6
Energy		3.6
Materials		3.3
Telecommunication Services		0.8
Utilities		0.1

MIST-2

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

T. Rowe Price Mid Cap Growth Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.74	%	$	1,000.00	$	1,064.60	$	3.85
	Hypothetical*		0.74	%	$	1,000.00	$	1,021.48	$	3.77
Class B(a)	Actual		0.99	%	$	1,000.00	$	1,063.10	$	5.15
	Hypothetical*		0.99	%	$	1,000.00	$	1,020.22	$	5.04
Class E(a)	Actual		0.89	%	$	1,000.00	$	1,063.70	$	4.63
	Hypothetical*		0.89	%	$	1,000.00	$	1,020.72	$	4.53

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MIST-3

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—96.4% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—2.4%
DigitalGlobe, Inc. (a)		392,000	$	12,140,240
Textron, Inc.		714,000		30,066,540
				42,206,780
Automobiles—1.1%
Harley-Davidson, Inc.		193,000		12,720,630
Tesla Motors, Inc. (a) (b)		29,000		6,449,890
				19,170,520
Biotechnology—3.1%
Alkermes plc (a)		374,000		21,901,440
Alnylam Pharmaceuticals, Inc. (a)		36,000		3,492,000
Cubist Pharmaceuticals, Inc. (a) (b)		21,000		2,113,650
Incyte Corp. (a)		143,000		10,454,730
Pharmacyclics, Inc. (a) (b)		55,000		6,724,300
Vertex Pharmaceuticals, Inc. (a)		72,000		8,553,600
				53,239,720
Capital Markets—1.7%
LPL Financial Holdings, Inc.		249,000		11,092,950
TD Ameritrade Holding Corp. (b)		499,000		17,854,220
				28,947,170
Chemicals—1.1%
Celanese Corp. - Series A		142,000		8,514,320
RPM International, Inc.		206,000		10,446,260
				18,960,580
Communications Equipment—2.3%
JDS Uniphase Corp. (a)		998,000		13,692,560
Motorola Solutions, Inc.		342,000		22,941,360
Palo Alto Networks, Inc. (a)		25,000		3,064,250
				39,698,170
Construction & Engineering—0.2%
Quanta Services, Inc. (a)		108,000		3,066,120
Construction Materials—0.6%
Martin Marietta Materials, Inc. (b)		92,000		10,149,440
Containers & Packaging—0.5%
Ball Corp.		141,000		9,611,970
Diversified Financial Services—2.8%
CBOE Holdings, Inc.		285,000		18,074,700
Intercontinental Exchange, Inc.		75,000		16,446,750
MSCI, Inc.		303,000		14,374,320
				48,895,770
Electrical Equipment—4.1%
Acuity Brands, Inc.		109,000		15,267,630
AMETEK, Inc.		357,000		18,788,910
Babcock & Wilcox Co. (The)		561,000		16,998,300
Sensata Technologies Holding NV (a) (b)		392,000		20,544,720
				71,599,560
Electronic Equipment, Instruments & Components—1.8%
Cognex Corp. (a)		37,000		1,529,210
FEI Co.		126,000		11,384,100
Keysight Technologies, Inc. (a)		355,000		11,988,350
Trimble Navigation, Ltd. (a)		249,000		6,608,460
				31,510,120
Food & Staples Retailing—2.1%
Rite Aid Corp. (a)		1,986,000		14,934,720
Sprouts Farmers Market, Inc. (a) (b)		355,000		12,062,900
Whole Foods Market, Inc.		176,000		8,873,920
				35,871,540
Food Products—1.5%
TreeHouse Foods, Inc. (a)		107,000		9,151,710
WhiteWave Foods Co. (The) (a)		499,000		17,460,010
				26,611,720
Health Care Equipment & Supplies—8.5%
Align Technology, Inc. (a)		79,000		4,416,890
CareFusion Corp. (a)		464,000		27,533,760
Cooper Cos., Inc. (The)		134,000		21,720,060
DENTSPLY International, Inc.		495,000		26,368,650
IDEXX Laboratories, Inc. (a) (b)		107,000		15,864,890
Intuitive Surgical, Inc. (a)		48,000		25,389,120
Sirona Dental Systems, Inc. (a)		72,000		6,290,640
Teleflex, Inc.		174,000		19,978,680
				147,562,690
Health Care Providers & Services—3.2%
Envision Healthcare Holdings, Inc. (a)		244,000		8,464,360
Henry Schein, Inc. (a)		143,000		19,469,450
MEDNAX, Inc. (a)		178,000		11,767,580
Universal Health Services, Inc. - Class B		142,000		15,798,920
				55,500,310
Health Care Technology—0.3%
IMS Health Holdings, Inc. (a) (b)		102,000		2,615,280
Veeva Systems, Inc. - Class A (a)		74,000		1,954,340
				4,569,620
Hotels, Restaurants & Leisure—3.7%
Aramark		223,000		6,946,450
Chipotle Mexican Grill, Inc. (a)		7,000		4,791,570
Choice Hotels International, Inc. (b)		214,000		11,988,280
Marriott International, Inc. - Class A		196,000		15,293,880
Norwegian Cruise Line Holdings, Ltd. (a)		542,000		25,343,920
				64,364,100
Household Durables—0.4%
Harman International Industries, Inc.		71,000		7,576,410
Independent Power and Renewable Electricity Producers—0.1%
Calpine Corp. (a)		72,000		1,593,360

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Industrial Conglomerates—1.3%
Roper Industries, Inc.		143,000	$	22,358,050
Insurance—3.8%
FNF Group		711,000		24,493,950
HCC Insurance Holdings, Inc.		285,000		15,253,200
Progressive Corp. (The)		535,000		14,439,650
Willis Group Holdings plc		249,000		11,157,690
				65,344,490
Internet & Catalog Retail—0.9%
Coupons.com, Inc. (a) (b)		236,900		4,204,975
Netflix, Inc. (a)		17,000		5,807,370
TripAdvisor, Inc. (a)		66,000		4,927,560
				14,939,905
Internet Software & Services—3.2%
Akamai Technologies, Inc. (a)		109,000		6,862,640
Atlassian, Inc. - Class A, Ordinary Restricted Depository Receipt (a) (c) (d)		15,101		286,919
Atlassian, Inc. - Class A, Ordinary Unrestricted From B Ordinary Depository Receipt (a) (c) (d)		10,403		197,657
Atlassian, Inc. - Class A, Ordinary Unrestricted From B Preference Depository Receipt (a) (c) (d)		54,328		1,032,232
Atlassian, Inc. - Series 1, Restricted Receipt (a) (c) (d)		26,508		503,652
Atlassian, Inc. - Series A, Preference Depository Receipt (a) (c) (d)		52,487		997,253
Atlassian, Inc., - Series 2, Depository Receipt (a) (c) (d)		70,977		1,348,563
GrubHub, Inc. (a)		86,000		3,123,520
LendingClub Corp. (a)		74,000		1,872,200
LinkedIn Corp. - Class A (a)		18,000		4,134,780
Rackspace Hosting, Inc. (a)		232,000		10,859,920
VeriSign, Inc. (a) (b)		356,000		20,292,000
Zillow, Inc. - Class A (a) (b)		32,000		3,388,480
				54,899,816
IT Services—6.4%
CoreLogic, Inc. (a)		426,000		13,457,340
Fidelity National Information Services, Inc.		180,000		11,196,000
Fiserv, Inc. (a)		500,000		35,485,000
Gartner, Inc. (a)		232,000		19,536,720
Global Payments, Inc.		214,000		17,276,220
Vantiv, Inc. - Class A (a)		426,000		14,449,920
				111,401,200
Life Sciences Tools & Services—3.5%
Agilent Technologies, Inc.		498,000		20,388,120
Bruker Corp. (a)		645,000		12,654,900
Covance, Inc. (a)		143,000		14,849,120
Illumina, Inc. (a)		47,000		8,675,260
Mettler-Toledo International, Inc. (a)		16,000		4,839,360
				61,406,760
Machinery—6.0%
Colfax Corp. (a) (b)		235,000		12,118,950
IDEX Corp.		321,000		24,986,640
Nordson Corp.		71,000		5,535,160
Pall Corp.		298,000		30,160,580
Rexnord Corp. (a)		391,000		11,030,110
WABCO Holdings, Inc. (a)		89,000		9,325,420
Xylem, Inc.		267,000		10,164,690
				103,321,550
Media—0.2%
Charter Communications, Inc. - Class A (a)		25,000		4,165,500
Metals & Mining—1.1%
Franco-Nevada Corp.		323,000		15,905,345
Silver Wheaton Corp.		144,000		2,927,520
				18,832,865
Multiline Retail—0.7%
Dollar General Corp. (a)		162,000		11,453,400
Oil, Gas & Consumable Fuels—3.6%
Concho Resources, Inc. (a)		107,000		10,673,250
CONSOL Energy, Inc.		266,000		8,993,460
EQT Corp.		250,000		18,925,000
Pioneer Natural Resources Co.		57,000		8,484,450
Range Resources Corp.		285,000		15,233,250
				62,309,410
Pharmaceuticals—1.9%
Catalent, Inc. (a)		369,000		10,287,720
Hospira, Inc. (a)		359,000		21,988,750
				32,276,470
Professional Services—4.5%
Equifax, Inc.		214,000		17,306,180
IHS, Inc. - Class A (a)		228,000		25,964,640
ManpowerGroup, Inc.		173,000		11,793,410
Towers Watson & Co. - Class A		68,000		7,695,560
Verisk Analytics, Inc. - Class A (a)		249,000		15,948,450
				78,708,240
Real Estate Management & Development—1.1%
Jones Lang LaSalle, Inc.		123,000		18,441,390
WeWork Cos., Inc. - Class A (a) (c) (d)		18,076		300,986
				18,742,376
Road & Rail—1.8%
Hertz Global Holdings, Inc. (a)		143,000		3,566,420
J.B. Hunt Transport Services, Inc.		178,000		14,996,500
Kansas City Southern		112,000		13,667,360
				32,230,280

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—2.9%
Altera Corp.		713,000	$	26,338,220
Atmel Corp. (a)		1,066,000		8,949,070
Microchip Technology, Inc. (b)		142,000		6,405,620
Xilinx, Inc.		199,000		8,614,710
				50,307,620
Software—3.2%
FactSet Research Systems, Inc. (b)		125,000		17,593,750
Guidewire Software, Inc. (a) (b)		25,000		1,265,750
Mobileye NV (a) (b)		110,000		4,461,600
Red Hat, Inc. (a)		374,000		25,858,360
ServiceNow, Inc. (a)		70,000		4,749,500
Workday, Inc. - Class A (a) (b)		25,000		2,040,250
				55,969,210
Specialty Retail—5.9%
AutoZone, Inc. (a)		36,000		22,287,960
CarMax, Inc. (a) (b)		536,000		35,686,880
Five Below, Inc. (a) (b)		54,000		2,204,820
L Brands, Inc.		161,000		13,934,550
Michaels Cos., Inc. (The) (a)		197,000		4,871,810
O’Reilly Automotive, Inc. (a)		125,000		24,077,500
				103,063,520
Technology Hardware, Storage & Peripherals—0.1%
Stratasys, Ltd. (a) (b)		18,000		1,495,980
Textiles, Apparel & Luxury Goods—1.1%
Hanesbrands, Inc.		107,000		11,943,340
Wolverine World Wide, Inc. (b)		252,000		7,426,440
				19,369,780
Trading Companies & Distributors—0.9%
Fastenal Co. (b)		320,000		15,219,200
Wireless Telecommunication Services—0.8%
T-Mobile U.S., Inc. (a) (b)		499,000		13,443,060
Total Common Stocks (Cost $1,073,184,766)				1,671,964,352
Preferred Stocks—0.2%
Real Estate Management & Development—0.2%
WeWork Cos., Inc. - Series D1 (a) (c) (d)		89,839		1,495,924
WeWork Cos., Inc. - Series D2 (a) (c) (d)		70,588		1,175,372
Total Preferred Stocks (Cost $2,671,296)				2,671,296
Convertible Preferred Stock—0.0%
Internet Software & Services—0.0%
LivingSocial, Inc. - Series E (a) (c) (d) (Cost $4,280,576)		757,490		181,797

Short-Term Investments—12.6%
Security Description	Shares		Value
Mutual Funds—12.6%
State Street Navigator Securities Lending MET Portfolio (e)		157,407,160	$	157,407,160
T.Rowe Price Government Reserve Investment Fund (f)		61,346,536		61,346,536
Total Short-Term Investments (Cost $218,753,696)				218,753,696
Total Investments—109.2% (Cost $1,298,890,334) (g)				1,893,571,141
Other assets and liabilities (net)—(9.2)%				(159,819,516	)
Net Assets—100.0%			$	1,733,751,625

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $173,575,821 and the collateral received consisted of cash in the amount of $157,407,160 and non-cash collateral with a value of $21,460,244. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Security was valued in good faith under procedures approved by the Board of Trustees. As of December 31, 2014, these securities represent 0.4% of net assets.

(d) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. As of December 31, 2014, the market value of restricted securities was $7,520,355, which is 0.4% of net assets. See details shown in the Restricted Securities table that follows.

(e) Represents investment of cash collateral received from securities lending transactions.

(f) Affiliated Issuer. (See Note 7 of the Notes to Financial Statements for a summary of transactions in securities of affiliated issuers.)

(g) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $1,303,500,303. The aggregate unrealized appreciation and depreciation of investments were $598,941,620 and $(8,870,782), respectively, resulting in net unrealized appreciation of $590,070,838 for federal income tax purposes.

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Restricted Securities	Acquisition Date		Shares		Cost		Value
Atlassian, Inc. - Class A, Ordinary Restricted Depository Receipt		04/09/14		15,101	$	241,616	$	286,919
Atlassian, Inc. - Class A, Ordinary Unrestricted From B Ordinary Depository Receipt		04/09/14		10,403		166,448		197,657
Atlassian, Inc. - Class A, Ordinary Unrestricted From B Preference Depository Receipt		04/09/14		54,328		869,248		1,032,232
Atlassian, Inc. - Series 1, Restricted Receipt		04/09/14		26,508		424,128		503,652
Atlassian, Inc. - Series A, Preference Depository Receipt		04/09/14		52,487		839,792		997,253
Atlassian, Inc., - Series 2, Depository Receipt		04/09/14		70,977		1,135,632		1,348,563
LivingSocial, Inc. - Series E		04/01/11		757,490		4,280,576		181,797
WeWork Cos., Inc. - Class A		12/09/14		18,076		300,986		300,986
WeWork Cos., Inc. - Series D1		12/09/14		89,839		1,495,924		1,495,924
WeWork Cos., Inc. - Series D2		12/09/14		70,588		1,175,372		1,175,372
							$	7,520,355

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1		Level 2		Level 3		Total
Common Stocks
Aerospace & Defense	$	42,206,780	$	—	$	—	$	42,206,780
Automobiles		19,170,520		—		—		19,170,520
Biotechnology		53,239,720		—		—		53,239,720
Capital Markets		28,947,170		—		—		28,947,170
Chemicals		18,960,580		—		—		18,960,580
Communications Equipment		39,698,170		—		—		39,698,170
Construction & Engineering		3,066,120		—		—		3,066,120
Construction Materials		10,149,440		—		—		10,149,440
Containers & Packaging		9,611,970		—		—		9,611,970
Diversified Financial Services		48,895,770		—		—		48,895,770
Electrical Equipment		71,599,560		—		—		71,599,560
Electronic Equipment, Instruments & Components		31,510,120		—		—		31,510,120
Food & Staples Retailing		35,871,540		—		—		35,871,540
Food Products		26,611,720		—		—		26,611,720
Health Care Equipment & Supplies		147,562,690		—		—		147,562,690
Health Care Providers & Services		55,500,310		—		—		55,500,310
Health Care Technology		4,569,620		—		—		4,569,620
Hotels, Restaurants & Leisure		64,364,100		—		—		64,364,100
Household Durables		7,576,410		—		—		7,576,410
Independent Power and Renewable Electricity Producers		1,593,360		—		—		1,593,360
Industrial Conglomerates		22,358,050		—		—		22,358,050
Insurance		65,344,490		—		—		65,344,490

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy—(Continued)

Description	Level 1		Level 2			Level 3		Total
Internet & Catalog Retail	$	14,939,905	$	—		$	—	$	14,939,905
Internet Software & Services		50,533,540		—			4,366,276		54,899,816
IT Services		111,401,200		—			—		111,401,200
Life Sciences Tools & Services		61,406,760		—			—		61,406,760
Machinery		103,321,550		—			—		103,321,550
Media		4,165,500		—			—		4,165,500
Metals & Mining		18,832,865		—			—		18,832,865
Multiline Retail		11,453,400		—			—		11,453,400
Oil, Gas & Consumable Fuels		62,309,410		—			—		62,309,410
Pharmaceuticals		32,276,470		—			—		32,276,470
Professional Services		78,708,240		—			—		78,708,240
Real Estate Management & Development		18,441,390		—			300,986		18,742,376
Road & Rail		32,230,280		—			—		32,230,280
Semiconductors & Semiconductor Equipment		50,307,620		—			—		50,307,620
Software		55,969,210		—			—		55,969,210
Specialty Retail		103,063,520		—			—		103,063,520
Technology Hardware, Storage & Peripherals		1,495,980		—			—		1,495,980
Textiles, Apparel & Luxury Goods		19,369,780		—			—		19,369,780
Trading Companies & Distributors		15,219,200		—			—		15,219,200
Wireless Telecommunication Services		13,443,060		—			—		13,443,060
Total Common Stocks		1,667,297,090		—			4,667,262		1,671,964,352
Total Preferred Stocks*		—		—			2,671,296		2,671,296
Total Convertible Preferred Stock*		—		—			181,797		181,797
Total Short-Term Investments*		218,753,696		—			—		218,753,696
Total Investments	$	1,886,050,786	$	—		$	7,520,355	$	1,893,571,141
Collateral for securities loaned (Liability)	$	—	$	(157,407,160	)	$	—	$	(157,407,160	)

* 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		Transfers Out			Balance as of December 31, 2014		Change in Unrealized Appreciation/ (Depreciation) from Investments Still Held at December 31, 2014
Common Stock
Internet Software & Services	$	—	$	689,412		$	3,676,864	$	—		$	4,366,276	$	689,412
Real Estate Management & Development		—		0			300,986		—			300,986		0
Preferred Stocks
Real Estate Management & Development		—		0			2,671,296		—			2,671,296		0
Convertible Preferred Stock
Internet Software & Services		3,891,933		(272,697	)		—		(3,437,439	)		181,797		(272,697	)
Total	$	3,891,933	$	416,715		$	6,649,146	$	(3,437,439	)	$	7,520,355	$	416,715

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-8

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	1,832,224,605
Affiliated investments at value (c)		61,346,536
Receivable for:
Investments sold		130,126
Fund shares sold		371,818
Dividends		433,519
Dividends on affiliated investments		3,383
Prepaid expenses		4,346
Total Assets		1,894,514,333
Liabilities
Collateral for securities loaned		157,407,160
Payables for:
Investments purchased		726,769
Fund shares redeemed		1,094,825
Accrued expenses:
Management fees		1,045,120
Distribution and service fees		231,386
Deferred trustees’ fees		67,424
Other expenses		190,024
Total Liabilities		160,762,708
Net Assets	$	1,733,751,625
Net assets consist of:
Paid in surplus	$	870,286,093
Accumulated net investment loss		(4,012,970	)
Accumulated net realized gain		272,797,707
Unrealized appreciation on investments and foreign currency transactions		594,680,795
Net Assets	$	1,733,751,625
Net Assets
Class A	$	639,267,897
Class B		1,072,124,983
Class E		22,358,745
Capital Shares Outstanding*
Class A		51,063,271
Class B		89,638,257
Class E		1,834,563
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	12.52
Class B		11.96
Class E		12.19

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Includes securities loaned at value of $173,575,821.

(b) Identified cost of investments, excluding affiliated investments, was $1,237,543,798.

(c) Identified cost of affiliated investments was $61,346,536.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	10,834,086
Dividends from affiliated investments		36,623
Securities lending income		647,676
Total investment income		11,518,385
Expenses
Management fees		13,227,567
Administration fees		41,069
Custodian and accounting fees		166,729
Distribution and service fees—Class B		2,652,422
Distribution and service fees—Class E		32,821
Audit and tax services		39,131
Legal		34,320
Trustees’ fees and expenses		43,760
Shareholder reporting		136,491
Insurance		10,849
Miscellaneous		17,268
Total expenses		16,402,427
Less management fee waiver		(738,244	)
Less broker commission recapture		(28,219	)
Net expenses		15,635,964
Net Investment Loss		(4,117,579	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		277,024,823
Futures contracts		(496,617	)
Foreign currency transactions		2,612
Net realized gain		276,530,818
Net change in unrealized appreciation (depreciation) on:
Investments		(63,119,610	)
Foreign currency transactions		30
Net change in unrealized depreciation		(63,119,580	)
Net realized and unrealized gain		213,411,238
Net Increase in Net Assets From Operations	$	209,293,659

(a) Net of foreign withholding taxes of $78,165.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment loss	$	(4,117,579	)	$	(4,630,422	)
Net realized gain		276,530,818			193,358,226
Net change in unrealized appreciation (depreciation)		(63,119,580	)		351,022,868
Increase in net assets from operations		209,293,659			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		(195,155,536	)		(75,836,739	)
Total increase (decrease) in net assets		(168,493,790	)		368,411,220
Net Assets
Beginning of period		1,902,245,415			1,533,834,195
End of period	$	1,733,751,625		$	1,902,245,415
Accumulated Net Investment Loss
End of period	$	(4,012,970	)	$	(3,001,993	)

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		10,455,892		$	117,964,931			5,130,562		$	54,379,806
Reinvestments		6,781,664			74,530,486			4,225,705			40,947,082
Redemptions		(31,212,005	)		(356,341,751	)		(11,749,975	)		(126,702,539	)
Net decrease		(13,974,449	)	$	(163,846,334	)		(2,393,708	)	$	(31,375,651	)
Class B
Sales		5,335,633		$	61,279,438			7,421,611		$	77,107,118
Reinvestments		10,072,101			105,958,502			5,726,367			53,484,266
Redemptions		(17,235,099	)		(198,121,045	)		(16,803,355	)		(174,827,429	)
Net decrease		(1,827,365	)	$	(30,883,105	)		(3,655,377	)	$	(44,236,045	)
Class E
Sales		190,302		$	2,230,587			239,671		$	2,560,833
Reinvestments		200,086			2,142,925			113,014			1,071,365
Redemptions		(411,686	)		(4,799,609	)		(366,975	)		(3,857,241	)
Net decrease		(21,298	)	$	(426,097	)		(14,290	)	$	(225,043	)
Decrease derived from capital shares transactions				$	(195,155,536	)				$	(75,836,739	)

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.29		$	9.53		$	9.53		$	9.90		$	7.73
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.01	)		(0.01	)		0.02			(0.02	)		(0.01	)
Net realized and unrealized gain (loss) on investments		1.45			3.38			1.28			(0.09	)		2.18
Total from investment operations		1.44			3.37			1.30			(0.11	)		2.17
Less Distributions
Distributions from net investment income		0.00			(0.05	)		0.00			0.00			0.00
Distributions from net realized capital gains		(1.21	)		(0.56	)		(1.30	)		(0.26	)		0.00
Total distributions		(1.21	)		(0.61	)		(1.30	)		(0.26	)		0.00
Net Asset Value, End of Period	$	12.52		$	12.29		$	9.53		$	9.53		$	9.90
Total Return (%) (b)		13.04			36.96			13.93			(1.40	)		28.07
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.78			0.78			0.78			0.78			0.79
Net ratio of expenses to average net assets (%) (c)		0.74			0.75			0.76			0.76			0.77
Ratio of net investment income (loss) to average net assets (%)		(0.08	)		(0.12	)		0.17			(0.21	)		(0.10	)
Portfolio turnover rate (%)		23			25			30			38			28
Net assets, end of period (in millions)	$	639.3		$	799.0		$	642.5		$	565.8		$	764.5
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	11.82		$	9.19		$	9.25		$	9.64		$	7.55
Income (Loss) from Investment Operations
Net investment loss (a)		(0.04	)		(0.04	)		(0.01	)		(0.04	)		(0.03	)
Net realized and unrealized gain (loss) on investments		1.39			3.25			1.25			(0.09	)		2.12
Total from investment operations		1.35			3.21			1.24			(0.13	)		2.09
Less Distributions
Distributions from net investment income		0.00			(0.02	)		0.00			0.00			0.00
Distributions from net realized capital gains		(1.21	)		(0.56	)		(1.30	)		(0.26	)		0.00
Total distributions		(1.21	)		(0.58	)		(1.30	)		(0.26	)		0.00
Net Asset Value, End of Period	$	11.96		$	11.82		$	9.19		$	9.25		$	9.64
Total Return (%) (b)		12.77			36.58			13.68			(1.65	)		27.68
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		1.03			1.03			1.03			1.03			1.04
Net ratio of expenses to average net assets (%) (c)		0.99			1.00			1.01			1.01			1.02
Ratio of net investment loss to average net assets (%)		(0.33	)		(0.37	)		(0.08	)		(0.45	)		(0.33	)
Portfolio turnover rate (%)		23			25			30			38			28
Net assets, end of period (in millions)	$	1,072.1		$	1,081.0		$	873.9		$	820.0		$	796.7

Please see following page for Financial Highlights footnote legend.

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 E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.01		$	9.33		$	9.36		$	9.75		$	7.62
Income (Loss) from Investment Operations
Net investment income (loss) (a)		(0.03	)		(0.03	)		0.00	(d)		(0.04	)		(0.02	)
Net realized and unrealized gain (loss) on investments		1.42			3.30			1.27			(0.09	)		2.15
Total from investment operations		1.39			3.27			1.27			(0.13	)		2.13
Less Distributions
Distributions from net investment income		0.00			(0.03	)		0.00			0.00			0.00
Distributions from net realized capital gains		(1.21	)		(0.56	)		(1.30	)		(0.26	)		0.00
Total distributions		(1.21	)		(0.59	)		(1.30	)		(0.26	)		0.00
Net Asset Value, End of Period	$	12.19		$	12.01		$	9.33		$	9.36		$	9.75
Total Return (%) (b)		12.92			36.68			13.85			(1.63	)		27.95
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.93			0.93			0.93			0.93			0.94
Net ratio of expenses to average net assets (%) (c)		0.89			0.90			0.91			0.91			0.92
Ratio of net investment income (loss) to average net assets (%)		(0.23	)		(0.27	)		0.01			(0.36	)		(0.27	)
Portfolio turnover rate (%)		23			25			30			38			28
Net assets, end of period (in millions)	$	22.4		$	22.3		$	17.4		$	18.3		$	24.6

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) Net investment income (loss) was less than $0.01.

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-13

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-14

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to broker commission recapture, foreign currency transactions, passive foreign investment companies (PFICs), return of capital adjustments, 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 for the prior three fiscal years remain subject to examination by the Internal Revenue Service. As of December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The

MIST-15

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 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. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

During the year ended December 31, 2014, the Portfolio entered into equity index futures contracts which were subject to equity price risk. During the period April 25, 2014 through April 29, 2014, the Portfolio had bought and sold $98,078,795 in notional cost on equity index futures contracts. At December 31, 2014, the Portfolio did not have any open futures contracts. For the year ended December 31, 2014, the Portfolio had realized losses in the amount of $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; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	390,587,793	$	0	$	742,377,519

MIST-16

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

The Portfolio engaged in security transactions with other accounts managed by T. Rowe Price Associates, Inc. that amounted to $788,211 in purchases and $964,167 in sales of investments, which are included above.

During the year ended December 31, 2014, the Portfolio engaged in security transactions with other affiliated portfolios. These amounted to $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 year ended December 31, 2014	% per annum			Average Daily Net Assets
$13,227,567		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. 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 year ended December 31, 2014 are shown as management fee waivers in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution 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 year ended December 31, 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-17

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

7. Transactions in Securities of Affiliated Issuers

A summary of the Portfolio’s transactions in the securities of affiliated issuers during the year ended December 31, 2014 is as follows:

Security Description	Number of shares held at December 31, 2013		Shares purchased		Shares sold			Number of shares held at December 31, 2014		Realized Gain on shares sold		Income earned from affiliates during the period
T. Rowe Price Government Reserve Investment Fund		90,481,926		226,011,330		(255,146,720	)		61,346,536	$	0	$	36,623

8. Contractual Obligations

Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust. Additionally, the Trust has a variety of indemnification obligations under contracts with its service providers. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

9. Income Tax Information

The tax character of distributions paid for the years ended December 31, 2014 and 2013 were as follows:

Ordinary Income			Long-Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$11,215,570	$	7,918,886	$	171,416,343	$	87,583,827	$	182,631,913	$	95,502,713

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$10,270,154	$	263,191,955	$	590,070,847	$	—	$	863,532,956

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

10. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-18

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of T. Rowe Price Mid Cap Growth 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 T. Rowe Price Mid Cap Growth Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), as of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of T. Rowe Price Mid Cap Growth Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-19

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-20

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-21

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (each, an “Advisory Agreement”) with MetLife Advisers, LLC (the “Adviser”) and the applicable sub-advisory agreements (each a “Sub-Advisory Agreement,” and collectively with the Advisory Agreement, the “Agreements”) between the Adviser and the investment sub-advisers (each a “Sub-Adviser,” and collectively, the “Sub-Advisers”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser and the Sub-Advisers that the Adviser and Sub-Advisers had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser and each Sub-Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser and, if applicable, the Sub-Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser and Sub-Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser, and the Sub-Advisers as relevant, have provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance programs, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

With respect to the services provided by each of the Sub-Advisers, the Board considered a variety of information that the Adviser and each Sub-Adviser provided. The Board considered each Sub-Adviser’s investment process and philosophy, and the investment performance experienced by the Portfolio (as described in more detail below). The Board took into account that each Sub-Adviser’s

MIST-22

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

responsibilities include the development and maintenance of an investment program for the applicable Portfolio that is consistent with the Portfolio’s investment objectives, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. In particular, the Board considered, among other things, the Sub-Adviser’s current level of staffing as well as its compensation program and its overall resources. The Board reviewed each Sub-Adviser’s history and investment experience, as well as information regarding the qualifications, background and responsibilities of the Sub-Adviser’s investment and compliance personnel who provide services to the Portfolios. The Board also considered, among other things, the Sub-Adviser’s compliance program and regulatory and disciplinary history. In its review, the Board also took into account information regarding any services and/or payments provided to the Adviser by the Sub-Advisers in connection with marketing activities.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report. The Board also compared the performance records of certain Portfolios to those of comparable funds that were managed by the relevant Sub-Adviser. At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board was mindful of the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management and sub-adviser fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report. The Board compared the fee payable to a Sub-Adviser by the Portfolio to the fee payable to the Sub-Adviser by other comparable funds and accounts, to the extent such information was available.

The Board noted that the sub-advisory fees for the Portfolios are paid by the Adviser out of the advisory fee, and that, in the case of an unaffiliated Sub-Adviser, the Adviser negotiates the fee at arm’s length. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. The Board considered the profitability to the Sub-Advisers and their affiliates as a result of their relationships with the Portfolios, to the extent available, and the Board considered the ability of the Adviser to negotiate with an unaffiliated Sub-Adviser at arm’s length. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board also noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board noted that those Portfolios with advisory fee schedules containing breakpoints generally reflect the inclusion of breakpoints in the sub-advisory fee schedule for such Portfolios. The Board considered the effective fees under the Advisory Agreement and Sub-Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules

MIST-23

Met Investors Series Trust

T. Rowe Price Mid Cap Growth Portfolio

Board of Trustees’ Consideration of Advisory and Sub-Advisory Agreements—(Continued)

and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. The Board considered other benefits that may be realized by each Sub-Adviser and its affiliates from their relationship with the Trusts, including the opportunity to provide advisory services to additional portfolios of the Trusts and reputational benefits. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s or the Sub-Advisers’ affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

T. Rowe Price Mid Cap Growth Portfolio. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Agreements with the Adviser and T. Rowe Price Associates, Inc. regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed the median of its Performance Universe and its Lipper Index for the one-, three-, and five-year periods ended June 30, 2014. The Board also considered that the Portfolio outperformed its benchmark, the Russell Midcap Growth Index, for the one-year period ended October 31, 2014 and underperformed its benchmark for the three- and five-year periods ended October 31, 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the median of the Expense Group, Expense Universe, and Sub-advised Expense Universe. The Board further noted that the Portfolio’s contractual management fees were below the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the averages of the Sub-advised Expense Group and the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year. The Board also took into account the fact that the Adviser and Sub-Adviser are voluntarily waiving a portion of their advisory fees based on the amount of the Trusts’ assets managed by the Sub-Adviser.

MIST-24

Met Investors Series Trust

WMC Large Cap Research Portfolio

Managed by Wellington Management Company, LLP

Portfolio Manager Commentary*

PERFORMANCE

For the one year period ended December 31, 2014, the Class A, B, and E shares of the WMC Large Cap Research Portfolio returned 13.78%, 13.41%, and 13.62%, respectively. The Portfolio’s benchmark, the Standard & Poor’s (“S&P”) 500 Index¹, returned 13.69%.

Wellington Management Company, LLP assumed management of the Portfolio on February 3, 2014, prior to which the Portfolio was sub-advised by BlackRock Advisors, LLC.

MARKET ENVIRONMENT / CONDITIONS

U.S. equities and other developed-market stocks rose during the one-year period as the S&P 500 Index posted a 13.7% return and the MSCI World Index posted a 5.5% return. Emerging markets trailed, with the MSCI Emerging Markets Index posting a loss of -1.8%, gross of withholding taxes. U.S. stocks began 2014 with their worst month in nearly two years. Worries about a slowdown in China and general angst surrounding emerging markets overshadowed a fairly benign domestic environment. Despite a myriad of adversely weather-influenced economic data, the S&P 500 Index rebounded from January’s pullback and finished February at a new peak. By the end of the second quarter the S&P 500 Index was up 224.4% from its closing low on March 9, 2009. The second half of the year was also bumpy, with U.S. equities sinking in July, rebounding in August, and falling once again around mid-September before recovering in October. U.S. equities hit several all-time highs toward the end of the period, pulling back slightly on the final trading day of November and into December, led by weakness in the Energy sector after Organization of the Petroleum Exporting Countries (OPEC) had decided to leave production unchanged.

PORTFOLIO REVIEW / PERIOD END POSITIONING

During the period Wellington Management Company, LLP managed the Portfolio, it trailed its benchmark, the S&P 500 Index, for the period ended December 31, 2014. Stock selection within the Information Technology (“IT”), Industrials, and Energy sectors detracted from relative results. This was partially offset by stronger selection within Health Care, Consumer Staples, and Materials.

Cobalt International Energy, Pandora Media (eliminated during the period), and Santander Consumer USA were among the stocks that detracted most during the period. Not owning strong performing benchmark constituent, Berkshire Hathaway, also weighed on relative performance. Oil-focused exploration and production company Cobalt International Energy’s stock was punished during the quarter as the price of oil (West Texas Intermediate Crude ) plummeted from ~$95 per barrel to ~$53 per barrel. Although Pandora, a subscription music streaming site, reported first quarter revenue and earnings that beat consensus expectations, guidance for the second quarter was below consensus, and concerns regarding slowing growth dampened the stock price. Santander Consumer USA, a leading sub-prime auto lender in the U.S., lagged for the year as investor sentiment around its lending practices turned negative along with its relationship with Santander Holdings, which temporarily impacted its ability to pay dividends.

Lowe’s, Monster Beverage, Altria Group, and Covidien (Ireland) were among the strongest contributors to relative results. Shares of leading home improvement retailer Lowe’s benefited from investor optimism about the home improvement landscape. Monster Beverage, a U.S.-based marketer and distributor of energy drinks, saw its shares jump following an announcement that it had agreed to a long-term strategic partnership with Coca-Cola that is expected to accelerate growth for both companies. Shares of Altria Group, a U.S.-based tobacco company, were boosted by investors’ confidence in the tobacco industry, as well as the rising value of Altria’s stake in SAB Miller. Shares of Covidien, a medical products manufacturer and distributor, soared after medical device giant Medtronic entered into a definitive agreement to acquire the company.

During the period, the Portfolio used equity futures for the purposes of equitizing cash, which aided relative performance.

The Portfolio is generally industry-neutral relative to the benchmark. On an absolute basis, the Portfolio’s largest exposures were to the Technology Hardware & Equipment, Pharmaceuticals, Biotechnology & Life Services, and Software & Services industries at the end of the period. The Portfolio had less exposure to the Telecommunication Services, Automobiles & Components, and Commercial & Professional Services industries.

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, market or regulatory developments. The views expressed above are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. The views expressed above are subject to change at any time based upon economic, market, or other conditions and the subadvisory firm undertakes no obligation to update the views expressed herein. Any discussions of specific securities should not be considered a recommendation to buy or sell those securities. The views expressed above (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Portfolio’s trading intent. Information about the Portfolio’s holdings, asset allocation or country diversification is historical and is not an indication of future Portfolio composition, which may vary. Direct investment in any index is not possible. The performance of any index mentioned in this commentary has not been adjusted for ongoing management, distribution and operating expenses, and sales charges applicable to mutual fund investments. In addition, the returns do not reflect additional fees charged by separate accounts or variable insurance contracts that an investor in the Portfolio may pay. If these additional fees were reflected, performance would have been lower.

MIST-1

Met Investors Series Trust

WMC Large Cap Research Portfolio

A $10,000 INVESTMENT COMPARED TO THE S&P 500 INDEX & THE RUSSELL 1000 INDEX

AVERAGE ANNUAL RETURNS (%) (FOR THE YEAR ENDED DECEMBER 31, 2014)

	1 Year		5 Year		10 Year		Since Inception3
WMC Large Cap Research Portfolio
Class A		13.78		14.48		7.24		—
Class B		13.41		14.18		—		5.07
Class E		13.62		14.31		—		5.18
S&P 500 Index		13.69		15.45		7.67		—
Russell 1000 Index		13.24		15.64		7.96		—

¹ The Standard & Poor’s (S&P) 500 Index is an unmanaged index consisting of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-weighted index (stock price times number of shares outstanding) with each stock’s weight in the Index proportionate to its market value.

² 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 DECEMBER 31, 2014

Top Holdings

	% of Net Assets
Apple, Inc.		5.4
Citigroup, Inc.		2.5
Wells Fargo & Co.		2.5
Microsoft Corp.		2.3
Coca-Cola Co. (The)		2.0
Cisco Systems, Inc.		1.6
Lowe’s Cos., Inc.		1.6
Comcast Corp. - Class A		1.6
PNC Financial Services Group, Inc. (The)		1.4
Mondelez International, Inc. - Class A		1.2

Top Sectors

	% of Net Assets
Financials		18.4
Information Technology		18.2
Health Care		15.3
Consumer Discretionary		12.5
Consumer Staples		9.7
Industrials		9.4
Energy		6.8
Utilities		4.8
Materials		3.4

MIST-2

Met Investors Series Trust

WMC Large Cap Research Portfolio

Understanding Your Portfolio’s Expenses

Shareholder Expense Example

As a shareholder of the Portfolio, you incur ongoing costs, including management fees; distribution and service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) (referred to as “expenses”) of investing in the Portfolio and compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period, July 1, 2014 through December 31, 2014.

Actual Expenses

The first line for each share class of the Portfolio in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested in the particular share class of the Portfolio, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class of the Portfolio in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees or charges of your variable insurance product or any additional expenses that participants in certain eligible qualified plans may bear relating to the operations of their plan. Therefore, the second line for each share class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these other costs were included, your costs would have been higher.

WMC Large Cap Research Portfolio		Annualized Expense Ratio			Beginning Account Value July 1, 2014		Ending Account Value December 31, 2014		Expenses Paid During Period** July 1, 2014 to December 31, 2014
Class A(a)	Actual		0.53	%	$	1,000.00	$	1,063.10	$	2.76
	Hypothetical*		0.53	%	$	1,000.00	$	1,022.53	$	2.70
Class B(a)	Actual		0.78	%	$	1,000.00	$	1,061.10	$	4.05
	Hypothetical*		0.78	%	$	1,000.00	$	1,021.27	$	3.97
Class E(a)	Actual		0.68	%	$	1,000.00	$	1,062.00	$	3.53
	Hypothetical*		0.68	%	$	1,000.00	$	1,021.78	$	3.47

* Hypothetical assumes a rate of return of 5% per year before expenses.

** Expenses paid are equal to the Portfolio’s annualized expense ratio for the most recent six month period, as shown above, multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, divided by 365 (to reflect the one-half year period).

^(a) The annualized expense ratio shown reflects the impact of the management fee waiver as described in Note 6 of the Notes to Financial Statements.

MIST-3

Met Investors Series Trust

WMC Large Cap Research Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—98.5% of Net Assets

Security Description	Shares		Value
Aerospace & Defense—3.5%
General Dynamics Corp.		54,820	$	7,544,328
Honeywell International, Inc.		260,412		26,020,367
Lockheed Martin Corp.		55,950		10,774,292
Precision Castparts Corp.		40,090		9,656,879
Raytheon Co.		122,820		13,285,440
United Technologies Corp.		159,905		18,389,075
				85,670,381
Air Freight & Logistics—0.5%
Echo Global Logistics, Inc. (a)		36,360		1,061,712
FedEx Corp.		57,000		9,898,620
				10,960,332
Airlines—0.2%
American Airlines Group, Inc.		46,840		2,512,029
United Continental Holdings, Inc. (a)		36,580		2,446,836
				4,958,865
Automobiles—0.7%
Harley-Davidson, Inc.		248,168		16,356,753
Banks—6.3%
Citigroup, Inc.		1,108,290		59,969,572
PNC Financial Services Group, Inc. (The)		380,580		34,720,313
Wells Fargo & Co.		1,092,790		59,906,748
				154,596,633
Beverages—3.6%
Anheuser-Busch InBev NV (ADR)		202,359		22,728,963
Coca-Cola Co. (The)		1,129,710		47,696,356
Monster Beverage Corp. (a)		151,084		16,369,951
				86,795,270
Biotechnology—2.6%
Achillion Pharmaceuticals, Inc. (a)		10,500		128,625
Affimed NV (a)		96,800		600,160
Alkermes plc (a)		197,120		11,543,347
Alnylam Pharmaceuticals, Inc. (a)		12,520		1,214,440
Arena Pharmaceuticals, Inc. (a) (b)		372,940		1,294,102
Bellicum Pharmaceuticals, Inc. (a) (b)		13,400		308,736
BioCryst Pharmaceuticals, Inc. (a) (b)		164,780		2,003,725
Dicerna Pharmaceuticals, Inc. (a) (b)		66,068		1,088,140
Genocea Biosciences, Inc. (a) (b)		41,639		291,473
Gilead Sciences, Inc. (a)		103,750		9,779,475
GlycoMimetics, Inc. (a)		108,511		781,279
Incyte Corp. (a)		10,700		782,277
Ironwood Pharmaceuticals, Inc. (a) (b)		147,503		2,259,746
Juno Therapeutics, Inc. (a) (b)		20,500		1,070,510
Karyopharm Therapeutics, Inc. (a) (b)		14,522		543,559
Kite Pharma, Inc. (a) (b)		24,800		1,430,216
Novavax, Inc. (a) (b)		165,270		980,051
NPS Pharmaceuticals, Inc. (a)		61,410		2,196,636
Otonomy, Inc. (a)		32,000		1,066,560
PTC Therapeutics, Inc. (a) (b)		24,890		1,288,555
Puma Biotechnology, Inc. (a) (b)		3,400		643,518
Biotechnology—(Continued)
Regeneron Pharmaceuticals, Inc. (a)		43,216		17,729,364
Regulus Therapeutics, Inc. (a) (b)		78,850		1,264,754
TESARO, Inc. (a) (b)		41,690		1,550,451
Trevena, Inc. (a)		208,530		1,247,009
Ultragenyx Pharmaceutical, Inc. (a) (b)		31,080		1,363,790
				64,450,498
Capital Markets—2.0%
Ameriprise Financial, Inc.		112,410		14,866,223
BlackRock, Inc.		25,240		9,024,815
Janus Capital Group, Inc. (b)		122,125		1,969,876
Legg Mason, Inc.		88,090		4,701,363
Moelis & Co. - Class A		52,876		1,846,959
Northern Trust Corp.		98,210		6,619,354
Raymond James Financial, Inc.		63,480		3,636,769
TD Ameritrade Holding Corp.		60,980		2,181,864
Virtus Investment Partners, Inc.		4,465		761,238
WisdomTree Investments, Inc. (b)		157,600		2,470,380
				48,078,841
Chemicals—1.7%
Cabot Corp.		97,240		4,264,946
Celanese Corp. - Series A		104,340		6,256,226
Dow Chemical Co. (The)		154,870		7,063,621
LyondellBasell Industries NV - Class A		70,400		5,589,056
Mosaic Co. (The)		131,230		5,990,650
Sherwin-Williams Co. (The)		44,350		11,665,824
				40,830,323
Communications Equipment—1.6%
Cisco Systems, Inc.		1,437,880		39,994,632
Construction & Engineering—0.1%
AECOM Technology Corp. (a)		97,093		2,948,714
Consumer Finance—0.9%
Santander Consumer USA Holdings, Inc.		1,089,830		21,371,566
Containers & Packaging—0.8%
Ball Corp.		202,860		13,828,966
Owens-Illinois, Inc. (a)		164,400		4,437,156
				18,266,122
Diversified Financial Services—0.1%
McGraw Hill Financial, Inc.		32,720		2,911,426
Electric Utilities—3.8%
American Electric Power Co., Inc.		38,490		2,337,113
Duke Energy Corp.		261,110		21,813,129
Edison International		144,420		9,456,622
Exelon Corp.		209,210		7,757,507
FirstEnergy Corp.		38,020		1,482,400
ITC Holdings Corp.		92,690		3,747,457
NextEra Energy, Inc.		207,750		22,081,747
Northeast Utilities		105,960		5,670,979

See accompanying notes to financial statements.

MIST-4

Met Investors Series Trust

WMC Large Cap Research Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Electric Utilities—(Continued)
Pinnacle West Capital Corp.		64,960	$	4,437,418
Southern Co. (The)		258,305		12,685,358
				91,469,730
Electrical Equipment—0.5%
Eaton Corp. plc		180,950		12,297,362
Energy Equipment & Services—0.7%
Baker Hughes, Inc.		149,984		8,409,603
Halliburton Co.		60,130		2,364,913
Patterson-UTI Energy, Inc.		317,125		5,261,104
RPC, Inc. (b)		71,550		933,012
				16,968,632
Food & Staples Retailing—1.6%
CVS Health Corp.		242,690		23,373,474
Walgreens Boots Alliance, Inc.		218,720		16,666,464
				40,039,938
Food Products—1.7%
Mondelez International, Inc. - Class A		836,240		30,376,418
Post Holdings, Inc. (a) (b)		156,632		6,561,315
SunOpta, Inc. (a)		292,606		3,467,381
				40,405,114
Health Care Equipment & Supplies—3.7%
Abbott Laboratories		117,680		5,297,953
Covidien plc		254,160		25,995,485
Medtronic, Inc. (b)		373,260		26,949,372
Ocular Therapeutix, Inc. (a) (b)		64,800		1,524,096
St. Jude Medical, Inc.		279,830		18,197,345
Stryker Corp.		129,800		12,244,034
				90,208,285
Health Care Providers & Services—3.5%
Aetna, Inc.		207,550		18,436,667
Cardinal Health, Inc.		110,400		8,912,592
Cigna Corp.		109,128		11,230,362
HCA Holdings, Inc. (a)		257,490		18,897,191
McKesson Corp.		82,240		17,071,379
UnitedHealth Group, Inc.		109,984		11,118,283
				85,666,474
Hotels, Restaurants & Leisure—1.3%
Las Vegas Sands Corp.		56,090		3,262,194
Norwegian Cruise Line Holdings, Ltd. (a)		85,972		4,020,051
Starbucks Corp.		185,840		15,248,172
Wyndham Worldwide Corp.		115,996		9,947,817
				32,478,234
Household Durables—0.7%
Mohawk Industries, Inc. (a)		40,440		6,282,758
Tempur Sealy International, Inc. (a)		101,100		5,551,401
Household Durables—(Continued)
Whirlpool Corp.		32,840		6,362,422
				18,196,581
Household Products—0.6%
Church & Dwight Co., Inc.		50,240		3,959,414
Colgate-Palmolive Co.		57,180		3,956,284
Energizer Holdings, Inc.		52,665		6,770,613
				14,686,311
Independent Power and Renewable Electricity Producers—0.1%
NRG Energy, Inc.		58,040		1,564,178
Industrial Conglomerates—1.2%
Danaher Corp.		351,920		30,163,063
Insurance—5.8%
Allstate Corp. (The)		184,780		12,980,795
American International Group, Inc.		506,681		28,379,203
Assured Guaranty, Ltd.		449,515		11,682,895
Hartford Financial Services Group, Inc. (The)		477,008		19,886,463
Marsh & McLennan Cos., Inc.		429,300		24,573,132
Principal Financial Group, Inc.		294,320		15,286,981
Prudential Financial, Inc.		164,200		14,853,532
XL Group plc		414,900		14,260,113
				141,903,114
Internet & Catalog Retail—1.0%
Amazon.com, Inc. (a)		59,593		18,494,687
Netflix, Inc. (a)		13,695		4,678,349
				23,173,036
Internet Software & Services—1.1%
Envestnet, Inc. (a)		41,161		2,022,651
Facebook, Inc. - Class A (a)		236,080		18,418,962
Google, Inc. - Class A (a)		11,220		5,954,005
				26,395,618
IT Services—4.0%
Accenture plc - Class A		147,818		13,201,626
Automatic Data Processing, Inc.		140,560		11,718,487
Cognizant Technology Solutions Corp. - Class A (a)		204,083		10,747,011
EVERTEC, Inc.		155,750		3,446,747
Genpact, Ltd. (a)		484,345		9,168,651
Global Payments, Inc.		75,190		6,070,089
Heartland Payment Systems, Inc. (b)		110,107		5,940,273
Visa, Inc. - Class A		104,025		27,275,355
WEX, Inc. (a)		89,784		8,881,433
				96,449,672
Leisure Products—0.1%
Arctic Cat, Inc. (b)		75,598		2,683,729

See accompanying notes to financial statements.

MIST-5

Met Investors Series Trust

WMC Large Cap Research Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Life Sciences Tools & Services—0.6%
Agilent Technologies, Inc.		108,300	$	4,433,802
Thermo Fisher Scientific, Inc.		78,780		9,870,346
				14,304,148
Machinery—1.8%
Dover Corp.		119,380		8,561,933
Illinois Tool Works, Inc.		200,440		18,981,668
Luxfer Holdings plc (ADR)		129,900		1,939,407
Pentair plc		201,240		13,366,361
				42,849,369
Media—3.7%
Charter Communications, Inc. - Class A (a)		132,740		22,117,139
Comcast Corp. - Class A		660,170		38,296,461
Interpublic Group of Cos., Inc. (The)		244,109		5,070,144
Markit, Ltd. (a)		99,800		2,637,714
National CineMedia, Inc.		65,398		939,769
Twenty-First Century Fox, Inc. - Class A		370,461		14,227,555
Walt Disney Co. (The)		74,246		6,993,231
				90,282,013
Metals & Mining—0.2%
Allegheny Technologies, Inc.		56,900		1,978,413
Nucor Corp.		28,305		1,388,360
Reliance Steel & Aluminum Co.		41,700		2,554,959
				5,921,732
Multi-Utilities—1.0%
Ameren Corp.		139,250		6,423,603
DTE Energy Co.		69,730		6,022,580
PG&E Corp.		145,810		7,762,924
Public Service Enterprise Group, Inc.		72,600		3,006,366
				23,215,473
Oil, Gas & Consumable Fuels—6.2%
Anadarko Petroleum Corp.		136,296		11,244,420
Chevron Corp.		118,090		13,247,336
Cobalt International Energy, Inc. (a)		1,311,367		11,658,053
Concho Resources, Inc. (a)		113,750		11,346,562
CONSOL Energy, Inc.		132,750		4,488,278
Diamondback Energy, Inc. (a)		84,020		5,022,716
Enbridge, Inc. (b)		389,029		19,999,981
EOG Resources, Inc.		107,150		9,865,300
Exxon Mobil Corp.		237,880		21,992,006
Kinder Morgan, Inc.		113,626		4,807,516
Memorial Resource Development Corp. (a)		188,591		3,400,296
Noble Energy, Inc.		59,920		2,842,006
Pioneer Natural Resources Co.		110,040		16,379,454
Rice Energy, Inc. (a) (b)		124,160		2,603,635
Whiting Petroleum Corp. (a)		275,750		9,099,750
Williams Cos., Inc. (The)		47,410		2,130,605
				150,127,914
Paper & Forest Products—0.8%
Boise Cascade Co. (a)		173,344		6,439,730
International Paper Co.		226,000		12,109,080
				18,548,810
Personal Products—0.6%
Coty, Inc. - Class A (a)		373,420		7,714,857
Estee Lauder Cos., Inc. (The) - Class A		51,940		3,957,828
Nu Skin Enterprises, Inc. - Class A (b)		65,409		2,858,374
				14,531,059
Pharmaceuticals—4.8%
Achaogen, Inc. (a) (b)		60,140		784,827
Actavis plc (a)		62,670		16,131,885
Aerie Pharmaceuticals, Inc. (a) (b)		47,790		1,394,990
AstraZeneca plc (ADR)		181,080		12,744,410
Bristol-Myers Squibb Co.		465,130		27,456,624
Johnson & Johnson		191,770		20,053,389
Merck & Co., Inc.		457,193		25,963,990
Prestige Brands Holdings, Inc. (a) (b)		118,630		4,118,834
Relypsa, Inc. (a)		51,090		1,573,572
Tetraphase Pharmaceuticals, Inc. (a) (b)		55,990		2,223,363
Zoetis, Inc.		112,030		4,820,651
				117,266,535
Professional Services—1.1%
Equifax, Inc.		95,177		7,696,964
ManpowerGroup, Inc.		75,040		5,115,477
Nielsen NV		158,921		7,108,536
Robert Half International, Inc.		42,570		2,485,237
TriNet Group, Inc. (a)		156,015		4,880,149
				27,286,363
Real Estate Investment Trusts—3.2%
American Tower Corp.		184,399		18,227,841
AvalonBay Communities, Inc.		115,075		18,802,104
Public Storage		63,950		11,821,158
Simon Property Group, Inc.		50,001		9,105,682
SL Green Realty Corp.		87,670		10,434,483
Weyerhaeuser Co.		291,630		10,466,601
				78,857,869
Road & Rail—0.5%
J.B. Hunt Transport Services, Inc. (b)		30,050		2,531,713
Kansas City Southern		25,440		3,104,443
Norfolk Southern Corp.		33,670		3,690,569
Swift Transportation Co. (a)		103,950		2,976,088
				12,302,813
Semiconductors & Semiconductor Equipment—2.3%
Applied Materials, Inc.		321,420		8,009,786
First Solar, Inc. (a) (b)		28,495		1,270,735
Freescale Semiconductor, Ltd. (a) (b)		634,097		15,998,267
Intel Corp.		736,698		26,734,771
Lam Research Corp.		45,760		3,630,598

See accompanying notes to financial statements.

MIST-6

Met Investors Series Trust

WMC Large Cap Research Portfolio

Schedule of Investments as of December 31, 2014

Common Stocks—(Continued)

Security Description	Shares		Value
Semiconductors & Semiconductor Equipment—(Continued)
SunPower Corp. (a) (b)		45,280	$	1,169,582
				56,813,739
Software—2.3%
Cadence Design Systems, Inc. (a) (b)		73,310		1,390,691
Microsoft Corp.		1,200,000		55,740,000
				57,130,691
Specialty Retail—4.2%
Advance Auto Parts, Inc.		137,337		21,875,037
AutoZone, Inc. (a)		13,027		8,065,146
L Brands, Inc.		129,370		11,196,974
Lowe’s Cos., Inc.		574,800		39,546,240
Ross Stores, Inc.		91,690		8,642,699
Signet Jewelers, Ltd.		105,813		13,921,817
				103,247,913
Technology Hardware, Storage & Peripherals—6.8%
Apple, Inc.		1,198,781		132,321,447
Hewlett-Packard Co.		323,210		12,970,417
Western Digital Corp.		188,598		20,877,799
				166,169,663
Textiles, Apparel & Luxury Goods—0.8%
Ralph Lauren Corp.		45,740		8,469,218
VF Corp.		147,120		11,019,288
				19,488,506
Tobacco—1.6%
Altria Group, Inc.		538,720		26,542,734
Lorillard, Inc.		205,170		12,913,400
				39,456,134
Total Common Stocks (Cost $2,144,199,102)				2,400,740,171
Short-Term Investments—4.7%
Mutual Fund—3.3%
State Street Navigator Securities Lending MET Portfolio (c)		80,066,208		80,066,208
Security Description	Principal Amount*		Value
Repurchase Agreement—1.4%
Fixed Income Clearing Corp. Repurchase Agreement dated 12/31/14 at 0.000% to be repurchased at $33,518,761 on 01/02/15, collateralized by $34,675,000 U.S. Treasury Note at 0.750% due 03/31/18 with a value of $34,190,798.		33,518,761		33,518,761
Total Short-Term Investments (Cost $113,584,969)				113,584,969
Total Investments—103.2% (Cost $2,257,784,071) (d)				2,514,325,140
Other assets and liabilities (net)—(3.2)%				(77,573,646	)
Net Assets—100.0%			$	2,436,751,494

* Principal amount stated in U.S. dollars unless otherwise noted.

(a) Non-income producing security.

(b) All or a portion of the security was held on loan. As of December 31, 2014, the market value of securities loaned was $79,239,546 and the collateral received consisted of cash in the amount of $80,066,208 and non-cash collateral with a value of $1,453,280. The cash collateral is invested in a money market fund managed by an affiliate of the custodian. The non-cash collateral received consists primarily of government securities and bank letters of credit, and is held for the benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot repledge or resell this collateral. As such, this collateral is excluded from the Statement of Assets and Liabilities.

(c) Represents investment of cash collateral received from securities lending transactions.

(d) As of December 31, 2014, the aggregate cost of investments for federal income tax purposes was $2,268,486,981. The aggregate unrealized appreciation and depreciation of investments were $290,270,449 and $(44,432,290), respectively, resulting in net unrealized appreciation of $245,838,159 for federal income tax purposes.

(ADR)— An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. Trading on exchanges not located in the United States or Canada significantly influences the value of ADRs.

Futures Contracts

Futures Contracts—Long	Expiration Date		Number of Contracts		Notional Amount		Unrealized Depreciation
S&P 500 E-Mini Index Futures		03/20/15		279		USD 28,890,489	$	(259,509	)

(USD)— United States Dollar

See accompanying notes to financial statements.

MIST-7

Met Investors Series Trust

WMC Large Cap Research Portfolio

Schedule of Investments as of December 31, 2014

Fair Value Hierarchy

Accounting principles generally accepted in the United States of America (“GAAP”) define fair market value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy that segregates fair value measurements into three levels. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including, but not limited to, unadjusted quoted prices for similar investments in markets that are either active or inactive; inputs other than quoted prices that are observable such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.)

Level 3 - significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are unavailable (including the Portfolio’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in them. Changes to the inputs or methodologies used may result in transfers between levels, which will be recognized as of the beginning of the reporting period. Information on transfers between Level 1 and Level 2, if any, will be disclosed following the fair value hierarchy table below. A reconciliation of Level 3 securities, if any, will also be disclosed following the fair value hierarchy table. For more information about the Portfolio’s policy regarding the valuation of investments, please refer to the Notes to Financial Statements.

The following table summarizes the fair value hierarchy of the Portfolio’s investments as of December 31, 2014:

Description	Level 1			Level 2			Level 3		Total
Total Common Stocks*	$	2,400,740,171		$	—		$	—	$	2,400,740,171
Short-Term Investments
Mutual Fund		80,066,208			—			—		80,066,208
Repurchase Agreement		—			33,518,761			—		33,518,761
Total Short-Term Investments		80,066,208			33,518,761			—		113,584,969
Total Investments	$	2,480,806,379		$	33,518,761		$	—	$	2,514,325,140
Collateral for securities loaned (Liability)	$	—		$	(80,066,208	)	$	—	$	(80,066,208	)
Futures Contracts
Futures Contracts (Unrealized Depreciation)	$	(259,509	)	$	—		$	—	$	(259,509	)

* See Schedule of Investments for additional detailed categorizations.

See accompanying notes to financial statements.

MIST-8

Met Investors Series Trust

WMC Large Cap Research Portfolio

Statement of Assets and Liabilities

December 31, 2014

Assets
Investments at value (a) (b)	$	2,514,325,140
Cash		61,493
Cash collateral		1,411,740
Receivable for:
Investments sold		11,841,562
Fund shares sold		37,956
Dividends		2,554,323
Prepaid expenses		6,112
Total Assets		2,530,238,326
Liabilities
Collateral for securities loaned		80,066,208
Payables for:
Investments purchased		10,396,715
Fund shares redeemed		1,276,775
Variation margin on futures contracts		338,985
Accrued expenses:
Management fees		1,005,548
Distribution and service fees		41,055
Deferred trustees’ fees		67,424
Other expenses		294,122
Total Liabilities		93,486,832
Net Assets	$	2,436,751,494
Net assets consist of:
Paid in surplus	$	1,999,968,164
Undistributed net investment income		21,845,575
Accumulated net realized gain		158,656,195
Unrealized appreciation on investments and futures contracts		256,281,560
Net Assets	$	2,436,751,494
Net Assets
Class A	$	2,207,622,553
Class B		138,974,822
Class E		90,154,119
Capital Shares Outstanding*
Class A		152,407,474
Class B		9,750,106
Class E		6,267,139
Net Asset Value, Offering Price and Redemption Price Per Share
Class A	$	14.49
Class B		14.25
Class E		14.39

* The Portfolio is authorized to issue an unlimited number of shares.

(a) Identified cost of investments was $2,257,784,071.

(b) Includes securities loaned at value of $79,239,546.

Statement of Operations

Year Ended December 31, 2014

Investment Income
Dividends (a)	$	33,876,136
Securities lending income		352,699
Total investment income		34,228,835
Expenses
Management fees		11,485,647
Administration fees		47,216
Custodian and accounting fees		168,839
Distribution and service fees—Class B		334,027
Distribution and service fees—Class E		135,940
Audit and tax services		35,036
Legal		50,504
Trustees’ fees and expenses		43,760
Shareholder reporting		411,958
Insurance		11,815
Miscellaneous		16,257
Total expenses		12,740,999
Less management fee waiver		(1,519,062	)
Less broker commission recapture		(22,985	)
Net expenses		11,198,952
Net Investment Income		23,029,883
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		343,131,049
Futures contracts		(127,218	)
Foreign currency transactions		(1,392	)
Net realized gain		343,002,439
Net change in unrealized depreciation on:
Investments		(74,587,608	)
Futures contracts		(259,509	)
Net change in unrealized depreciation		(74,847,117	)
Net realized and unrealized gain		268,155,322
Net Increase in Net Assets From Operations	$	291,185,205

(a) Net of foreign withholding taxes of $204,009.

See accompanying notes to financial statements.

MIST-9

Met Investors Series Trust

WMC Large Cap Research Portfolio

Statements of Changes in Net Assets

	Year Ended December 31, 2014			Year Ended December 31, 2013
Increase (Decrease) in Net Assets:
From Operations
Net investment income	$	23,029,883		$	11,583,717
Net realized gain		343,002,439			125,234,656
Net change in unrealized appreciation (depreciation)		(74,847,117	)		209,063,155
Increase in net assets from operations		291,185,205			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		869,688,238			(104,463,849	)
Total increase in net assets		1,149,166,692			225,103,957
Net Assets
Beginning of period		1,287,584,802			1,062,480,845
End of period	$	2,436,751,494		$	1,287,584,802
Undistributed net investment income
End of period	$	21,845,575		$	11,486,165

Other Information:

Capital Shares

Transactions in capital shares were as follows:

	Year Ended December 31, 2014						Year Ended December 31, 2013
	Shares			Value			Shares			Value
Class A
Sales		82,577,074		$	1,068,466,751			1,426,710		$	15,892,760
Reinvestments		787,842			9,997,703			1,343,701			13,732,623
Redemptions		(13,489,908	)		(184,914,149	)		(10,114,518	)		(112,671,840	)
Net increase (decrease)		69,875,008		$	893,550,305			(7,344,107	)	$	(83,046,457	)
Class B
Sales		1,381,270		$	18,289,839			1,404,397		$	15,446,313
Reinvestments		77,805			973,334			143,874			1,450,254
Redemptions		(2,139,140	)		(28,291,386	)		(2,416,426	)		(26,460,596	)
Net decrease		(680,065	)	$	(9,028,213	)		(868,155	)	$	(9,564,029	)
Class E
Sales		335,955		$	4,491,486			597,301		$	6,591,050
Reinvestments		58,297			735,714			111,304			1,130,845
Redemptions		(1,507,102	)		(20,061,054	)		(1,769,279	)		(19,575,258	)
Net decrease		(1,112,850	)	$	(14,833,854	)		(1,060,674	)	$	(11,853,363	)
Increase (decrease) derived from capital shares transactions				$	869,688,238					$	(104,463,849	)

See accompanying notes to financial statements.

MIST-10

Met Investors Series Trust

WMC Large Cap Research Portfolio

Financial Highlights

Selected per share data
	Class A
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.86		$	9.71		$	8.65		$	8.70		$	7.82
Income (Loss) from Investment Operations
Net investment income (a)		0.16			0.11			0.14			0.11			0.10
Net realized and unrealized gain (loss) on investments		1.59			3.20			1.03			(0.06	)		0.89
Total from investment operations		1.75			3.31			1.17			0.05			0.99
Less Distributions
Distributions from net investment income		(0.12	)		(0.16	)		(0.11	)		(0.10	)		(0.11	)
Total distributions		(0.12	)		(0.16	)		(0.11	)		(0.10	)		(0.11	)
Net Asset Value, End of Period	$	14.49		$	12.86		$	9.71		$	8.65		$	8.70
Total Return (%) (b)		13.78			34.49			13.59			0.46			12.64
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.60			0.62			0.64			0.64			0.64
Net ratio of expenses to average net assets (%) (c)(d)		0.53			0.60			0.63			0.63			0.64
Ratio of net investment income to average net assets (%)		1.16			1.03			1.54			1.20			1.21
Portfolio turnover rate (%)		136			42			103			98			133
Net assets, end of period (in millions)	$	2,207.6		$	1,061.3		$	873.0		$	853.3		$	939.4
	Class B
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.66		$	9.56		$	8.52		$	8.58		$	7.72
Income (Loss) from Investment Operations
Net investment income (a)		0.12			0.09			0.12			0.09			0.08
Net realized and unrealized gain (loss) on investments		1.57			3.14			1.01			(0.07	)		0.87
Total from investment operations		1.69			3.23			1.13			0.02			0.95
Less Distributions
Distributions from net investment income		(0.10	)		(0.13	)		(0.09	)		(0.08	)		(0.09	)
Total distributions		(0.10	)		(0.13	)		(0.09	)		(0.08	)		(0.09	)
Net Asset Value, End of Period	$	14.25		$	12.66		$	9.56		$	8.52		$	8.58
Total Return (%) (b)		13.41			34.17			13.32			0.18			12.36
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.85			0.87			0.89			0.89			0.89
Net ratio of expenses to average net assets (%) (c)(d)		0.78			0.85			0.88			0.88			0.89
Ratio of net investment income to average net assets (%)		0.87			0.78			1.29			0.99			0.98
Portfolio turnover rate (%)		136			42			103			98			133
Net assets, end of period (in millions)	$	139.0		$	132.0		$	108.1		$	99.0		$	79.3

Please see following page for Financial Highlights footnote legend.

See accompanying notes to financial statements.

MIST-11

Met Investors Series Trust

WMC Large Cap Research Portfolio

Financial Highlights

Selected per share data
	Class E
	Year Ended December 31,
	2014			2013			2012			2011			2010
Net Asset Value, Beginning of Period	$	12.77		$	9.65		$	8.59		$	8.65		$	7.77
Income (Loss) from Investment Operations
Net investment income (a)		0.13			0.10			0.13			0.09			0.08
Net realized and unrealized gain (loss) on investments		1.60			3.16			1.03			(0.06	)		0.89
Total from investment operations		1.73			3.26			1.16			0.03			0.97
Less Distributions
Distributions from net investment income		(0.11	)		(0.14	)		(0.10	)		(0.09	)		(0.09	)
Total distributions		(0.11	)		(0.14	)		(0.10	)		(0.09	)		(0.09	)
Net Asset Value, End of Period	$	14.39		$	12.77		$	9.65		$	8.59		$	8.65
Total Return (%) (b)		13.62			34.17			13.51			0.21			12.58
Ratios/Supplemental Data
Gross ratio of expenses to average net assets (%)		0.75			0.77			0.79			0.79			0.79
Net ratio of expenses to average net assets (%) (c)(d)		0.68			0.75			0.78			0.78			0.79
Ratio of net investment income to average net assets (%)		0.97			0.88			1.39			1.04			1.06
Portfolio turnover rate (%)		136			42			103			98			133
Net assets, end of period (in millions)	$	90.2		$	94.3		$	81.4		$	94.8		$	105.2

(a) Per share amounts based on average shares outstanding during the period.

(b) Total return does not reflect any insurance, sales, separate account or administrative charges of variable annuity or life insurance contracts or any additional expenses that contract owners may bear under their variable contracts. If these charges were included, the returns would be lower.

(c) Includes the effects of management fee waivers (see Note 6 of the Notes to Financial Statements).

(d) The effect of the voluntary portion of the waivers on average net assets was 0.04% for the year ended December 31, 2014 (see Note 6 of the Notes to Financial Statements).

See accompanying notes to financial statements.

MIST-12

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—December 31, 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, which is managed by MetLife Advisers, LLC (“MetLife Advisers” or the “Adviser”), an affiliate of MetLife, Inc., 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 December 31, 2014 through the date the financial statements were issued. The Portfolio is an investment company and follows accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946—Financial Services—Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements.

Investment Valuation and Fair Value Measurements - Debt securities, including corporate, convertible and municipal bonds and notes; obligations of the U.S. treasury and U.S. government agencies; sovereign issues; floating rate loans; and non-U.S. bonds, are generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser, pursuant to authorization of and subject to general oversight by the Board of Trustees of the Trust (the “Board” or “Trustees”). Such quotations utilize matrix pricing, which considers observable inputs including, among other things, issuer details, maturity dates, interest rates, yield curves, rates of prepayment, credit risks/spreads, default rates, reported trades, broker dealer quotes and quoted prices for similar securities. Securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also generally valued on the basis of evaluated or composite bid quotations obtained from independent pricing services and/or brokers and dealers selected by the Adviser pursuant to authorization of and subject to general oversight by the Board. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche and current market data, and incorporate deal collateral performance, as available. Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are generally categorized as Level 2 within the fair value hierarchy.

Short term obligations with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates fair market value, and are generally categorized as Level 2 within the fair value hierarchy.

Domestic and foreign equity securities, such as common stock, exchange-traded funds, rights, warrants, and preferred stock, that are traded on a securities exchange, are generally valued at their last sale price on the exchange or market in which they are principally traded on the valuation date, or, if no sales occurred on that day, at the last reported bid price. Equity securities traded over-the-counter are generally valued at the last reported sale price. Valuation adjustments may be applied to certain foreign equity securities that are traded solely on foreign exchanges that close before the close of the U.S. market to account for the market movement between the close of the foreign exchanges and the close of the U.S. market. The Portfolio may use a systematic fair valuation model provided by an independent third party to value securities principally traded in these foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time of the Portfolio valuation. Foreign equity securities using these valuation adjustments are generally categorized as Level 2 within the fair value hierarchy. Equity securities that are actively traded, and have no valuation adjustments applied, are categorized as Level 1 within the fair value hierarchy. Other equity securities traded on inactive markets, or valued in reference to similar instruments traded on active markets, are generally categorized as Level 2 within the fair value hierarchy.

MIST-13

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Investments in registered open-end management investment companies are valued at reported net asset value per share on the valuation date and are categorized as Level 1 within the fair value hierarchy.

Forward foreign currency exchange contracts are valued through an independent pricing service based on the mean between closing bid and ask prices of the forward currency rates in the London foreign exchange markets on a daily basis as provided by a reliable bank or dealer. These contracts are generally categorized as Level 2 within the fair value hierarchy.

Options, whether on securities, indices, futures contracts, or otherwise, traded on exchanges are valued at the last sale price available as of the close of business on the valuation date or, if there is no such price available, at the mean between the last reported bid and ask prices. These types of options are categorized as Level 1 within the fair value hierarchy. Futures contracts that are traded on commodity exchanges, are valued at their closing prices as of the close of such exchanges and are categorized as Level 1 within the fair value hierarchy.

Options, including swaptions, and futures contracts that are traded over-the-counter (“OTC”) are generally valued on the basis of quotations provided by broker-dealers or prices provided by pricing service providers who use a series of techniques, including simulation pricing models, to determine the value of the contracts. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, credit curves, measures of volatility and exchange rates. These contracts are generally categorized as Level 2 within the fair value hierarchy.

If no current market value quotation or other observable inputs are readily available or market value quotations are deemed to be unreliable for a security, the fair value of the security will be determined in accordance with procedures approved by and under the general supervision of the Board. In such a circumstance, the Board will be assisted in its responsibility to determine the fair value of a security by the Valuation Committee (“Committee”) of MetLife Advisers. The Committee provides general pricing oversight and fair value pricing determinations related to portfolio securities and meets on a regular basis to review reports relating to the valuation of the securities in the Portfolio. The Board has delegated to State Street Bank and Trust Company, the Trust’s custodian (“custodian”), the responsibility for calculating the net asset values (“NAVs”) of the Trust’s Portfolios. The Committee is responsible for overseeing the calculation of the NAVs of the Portfolios by the custodian. The Committee also periodically reviews pricing vendors, including the vendor providing fair value pricing for the Portfolio’s foreign securities, and is responsible for overseeing the correction of pricing errors and addressing other pricing issues that arise in the ordinary course of business, such as making real-time fair value determinations, as necessary.

No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Information relating to any relevant factors may be obtained by the Committee from any appropriate source, including the subadviser of the Portfolio, the custodian, a pricing service, market maker and/or broker for such security or the issuer. Appropriate methodologies for determining fair value under particular circumstances may include: matrix pricing, comparisons of securities with comparable characteristics, value based on multiples of earnings, discount from market price of similar marketable securities or a combination of these and other methods. The Committee maintains a detailed report tracking each fair-valued security that compares the fair value price to the next available trade, vendor or broker price, and provides information on how close the fair value price was to the next quoted price. The Committee reviews a summary of such report monthly. On a quarterly basis, the Board is provided with the following for consideration and ratification or adjustment: (1) a memorandum summarizing the actions taken by the Committee in the prior quarter; and (2) a list of the Portfolio’s securities as of the most recent quarter-end for which market quotations were not readily available.

Investment Transactions and Related Investment Income - Portfolio security transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when notified. Interest income, which includes amortization of premium and accretion of discount on debt securities, is recorded on the accrual basis. Realized gains and losses on investments are determined on the identified cost basis, which is the same basis used for federal income tax purposes. Foreign income and foreign capital gains on some foreign securities may be subject to foreign taxes, which are accrued as applicable. These foreign taxes have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

Foreign Currency Translation - The books and records of the Portfolio are maintained in U.S. dollars. The values of securities, currencies, and other assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. Purchases and sales of investment securities, income, and expenses are translated on the respective dates of such transactions. Because the values of investment securities are translated at the foreign exchange rates prevailing at the end of the period, that portion of the results of operations arising from changes in exchange rates and that portion of the results of operations reflecting fluctuations arising from changes in market prices of the investment securities are not separated. Such fluctuations are included in the net realized and unrealized gain or loss on investments.

Net realized foreign exchange gains or losses arise from activity in forward foreign currency exchange contracts, sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded by the Portfolio and the U.S. dollar equivalent of

MIST-14

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

the amounts actually received or paid by the Portfolio. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, other than investment securities, resulting from changes in foreign exchange rates.

Dividends and Distributions to Shareholders - The Portfolio records dividends and distributions on the ex-dividend date. Net realized gains from security transactions (if any) are generally distributed annually to shareholders. The timing and characterization of certain income and capital gains distributions are determined in accordance with federal tax regulations that may differ from GAAP. Permanent book and tax basis differences relating to shareholder distributions will result in reclassification between under/over distributed net investment income, accumulated net realized gains/losses, and paid-in surplus. Book-tax differences are primarily due to foreign currency transactions, return of capital adjustments 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 December 31, 2014, the Portfolio had no uncertain tax positions that would require financial statement recognition, or de-recognition or disclosure.

Repurchase Agreements - The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement (“MRA”), with selected commercial banks and broker-dealers, under which the Portfolio acquires securities as collateral and agrees to resell the securities at an agreed-upon time and at an agreed-upon price. The Portfolio, through the custodian or a subcustodian, receives delivery of the underlying securities collateralizing any repurchase agreements. The Portfolio requires the custodian to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian’s vault, all securities held as collateral for repurchase agreements. It is the Portfolio’s policy that the market value of the collateral be at least equal to 100% of the repurchase price in the case of a repurchase agreement of one-day duration and at least equal to 102% of the repurchase price in the case of all other repurchase agreements. In the event of default or failure by a party to perform an obligation in connection with any repurchase transaction, the MRA gives the non-defaulting party the right to set-off claims and to apply property held by it in connection with any repurchase transaction against obligations owed to it.

At December 31, 2014, the Portfolio had investments in repurchase agreements with a gross value of $33,518,761, which is included as part of investments at value on the Statement of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at December 31, 2014.

Securities Lending - The Portfolio may lend its portfolio securities to certain qualified brokers who borrow securities in order to complete certain securities transactions. By lending its portfolio securities, the Portfolio attempts to increase its net investment income through the receipt of income on collateral held from securities on loan. Any gain or loss in the market price of the loaned securities that might occur and any interest earned or dividends declared during the term of the loan would accrue to the account of the Portfolio.

The Trust has entered into a Securities Lending Authorization Agreement with the custodian as the lending agent. Under this agreement, the custodian is authorized to loan portfolio securities on the Portfolio’s behalf. In exchange, the Portfolio receives either cash or securities as collateral against the loaned securities. The Portfolio receives collateral equal to at least 102% of the market value of the loaned securities (105% for foreign equity securities), at each loan’s inception. Collateral representing at least 100% of the market value of the loaned securities must be maintained for the duration of the loan. Cash collateral is generally invested in the State Street Navigator Securities Lending MET Portfolio (the “Navigator Portfolio”), a series of the State Street Navigator Securities Lending Trust that is managed by an affiliate of the custodian. The Navigator Portfolio is a registered money market fund that invests in a variety of high-quality, U.S. dollar-denominated instruments. If the market value of the collateral at the close of trading on a business day is less than 100% of the market value of the loaned securities at the close of trading on that day, the borrower shall be required to deliver, by the close of business on the following business day, an additional amount of collateral, so that the total amount of posted collateral is equal to at least 100% of the market value of all the loaned securities as of such preceding day. A portion of net income (income after the deduction of expenses and fees of the Navigator Portfolio) on the collateral is rebated to the borrower of the securities and the remainder is split between the custodian and the Portfolio. On loans collateralized by U.S. Treasuries, a fee is received from the borrower and is allocated between the Portfolio and the custodian. Income received by the Portfolio in securities lending transactions during the year ended December 31, 2014 is reflected as Securities lending income on the Statement of Operations. The values of any securities loaned by the Portfolio and the related collateral at December 31, 2014 are disclosed in the footnotes to the Schedule of Investments. The value of the related collateral received by the Portfolio exceeded the value of the securities out on loan at December 31, 2014.

The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities, possible loss of rights in the collateral should the borrower fail financially, as well as risk of loss in the value of the collateral or the value of the investments made with the collateral. The lending agent shall indemnify the Portfolio in the case of default of any securities borrower.

MIST-15

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

Directed Brokerage Agreement - The Trust has entered into a directed brokerage arrangement with State Street Global Markets (“SSGM”). Under this arrangement, the Portfolio directs certain trades to SSGM in return for a recapture credit. SSGM issues a cash rebate to the Portfolio. Amounts paid to the Portfolio are shown separately as broker commission recapture on the Statement of Operations of the Portfolio. Additionally, these amounts have been excluded from the calculation of the net ratio of expenses to average net assets presented in the Financial Highlights for each share class.

3. Investments in Derivative Instruments

Futures Contracts - The Portfolio may buy and sell futures contracts as a hedge, to maintain investment exposure to a target asset class or to enhance return. The Portfolio may be subject to fluctuations in equity prices, interest rates, commodity prices, and foreign currency exchange rates in the normal course of pursuing its investment objective. Futures contracts are standardized agreements to buy or sell a security, or deliver a final cash settlement price in connection with an index, interest rate, currency, or other asset. The Portfolio must deposit an amount (“initial margin”) equal to a certain percentage of the face value of the futures contract. The initial margin may be in the form of cash or securities, which is returned when the Portfolio’s obligations under the contract have been satisfied. If cash is deposited as the initial margin, it is shown as cash collateral on the Statement of Assets and Liabilities. Futures contracts are marked-to-market daily, and subsequent payments (“variation margin”) are made or received by the Portfolio depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and as a component of net change in unrealized appreciation/depreciation on the Statement of Operations. When the contract is closed or expires, the Portfolio records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts (and related options) include the possibility that the market for these instruments may be illiquid and that a change in the value of the contract or option may not correlate perfectly with changes in the value of the underlying instrument. If futures contracts are exchange-traded, the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default. For over-the-counter futures, the Portfolio’s ability to terminate the positions may be more limited than in the case of exchange-traded positions and may also involve the risk that securities dealers participating in such transactions would fail to meet their obligations to the Portfolio.

At December 31, 2014, the Portfolio had the following derivatives, categorized by risk exposure:

	Liability Derivatives
Risk Exposure	Statement of Assets & Liabilities Location	Fair Value
Equity	Unrealized depreciation on futures contracts*	$	259,509
Total		$	259,509

* Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only the current day’s variation margin is reported within the Statement of Assets and Liabilities.

Transactions in derivative instruments during the year ended December 31, 2014 were as follows:

Statement of Operations Location—Net Realized Gain (Loss)	Equity
Futures contracts	$	(127,218	)
Statement of Operations Location—Net Change in Unrealized Appreciation (Depreciation)	Equity
Futures contracts	$	(259,509	)

For the year ended December 31, 2014, the average amount or number per contract outstanding for each derivative type was as follows:

Derivative Description	Average Notional Par or Face Amount‡
Futures contracts long	$	9,630

‡ Averages are based on activity levels for a five month period during 2014.

MIST-16

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—December 31, 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; and currency, interest rate, and price fluctuations.

Credit and Counterparty Risk: The Portfolio may be exposed to counterparty risk, or the risk that an entity with which the Portfolio has unsettled or open transactions may default. The potential loss could exceed the value of the financial assets and liabilities recorded in the financial statements. Financial assets that potentially expose the Portfolio to credit and counterparty risk consist principally of cash due from counterparties and investments. The Portfolio manages counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. The Portfolio’s investment adviser attempts to mitigate counterparty risk by (i) periodically assessing the creditworthiness of its trading partners, (ii) monitoring and/or limiting the amount of its net exposure to each individual counterparty based on its assessment, and (iii) requiring collateral from the counterparty for certain transactions. In order to preserve certain safeguards for non-standard settlement trades, the Portfolio restricts its exposure to credit and counterparty losses by entering into master netting agreements (“Master Agreements”) with counterparties (approved brokers) with whom it undertakes a significant volume of transactions. Master Agreements govern the terms of certain transactions, and reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels.

Repurchase and reverse repurchase agreements are primarily executed under Global Master Repurchase Agreements (“GMRAs”) or MRAs, which provide the rights to set-off. Each repurchase and reverse repurchase agreement is initially collateralized at the transaction level. In the event of default, the total market value exposure will be offset against collateral exchanged to date, which would result in a net receivable/(payable) that would be due from/to the counterparty.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Cleared derivative transactions require posting of initial margin as determined by each relevant clearing agency, which is segregated at a broker account registered with the Commodities Futures Trading Commission (“CFTC”), or the applicable regulator. In the U.S., counterparty risk is significantly reduced as creditors of the futures broker do not have claim to Portfolio assets in the segregated account. Additionally, portability of exposure in the event of default further reduces risk to the Portfolio. Variation margin, or changes in market value, are exchanged daily, but may not be netted between futures and cleared OTC derivatives.

Additional risks associated with each type of investment are described above within the respective security type notes. The Portfolio’s prospectus includes a discussion of the principal risks of investing in the Portfolio.

5. Investment Transactions

Aggregate cost of purchases and proceeds of sales of investment securities, excluding short-term securities, for the year ended December 31, 2014 were as follows:

Purchases			Sales
U.S. Government	Non U.S. Government		U.S. Government		Non U.S. Government
$0	$	3,638,565,155	$	0	$	2,777,355,291

During the year ended December 31, 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.

MIST-17

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

6. Investment Management Fees and Other Transactions with Affiliates

Investment Management Agreement - MetLife Advisers is the investment adviser to the Portfolio. The Trust has entered into an investment management agreement with MetLife Advisers with respect to the Portfolio. For providing investment management services to the Portfolio, MetLife Advisers receives monthly compensation at the following annual rates:

Management Fees earned by MetLife Advisers for the year ended December 31, 2014	% per annum			Average Daily Net Assets
$11,485,647		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 $21.25 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 year ended December 31, 2014 amounted to $804,575 and are included in the total amount shown as management fee waivers in the Statement of Operations.

Effective February 3, 2014, the Subadviser has voluntarily agreed to waive a portion of its subadvisory fees payable by the Adviser to the Subadviser for managing the Portfolio. In addition to the above advisory fee waiver, the Adviser has agreed to reduce its advisory fee reflecting a portion of the amount waived by the Subadviser for managing the Portfolio pursuant to the voluntary subadvisory fee waiver. $714,487 was waived in the aggregate for the year ended December 31, 2014 and is reflected in the total amount shown as a management fee waiver in the Statement of Operations.

Certain officers and trustees of the Trust may also be officers of the Adviser; however, such officers and trustees receive no compensation from the Trust.

Transfer Agency Agreement - MetLife serves as the transfer agent for the Trust. MetLife receives no fees for its services to the Trust under the transfer agency agreement.

Distribution 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 year ended December 31, 2014 are shown as Distribution and service fees in the Statement of Operations.

MIST-18

Met Investors Series Trust

WMC Large Cap Research Portfolio

Notes to Financial Statements—December 31, 2014—(Continued)

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, 2014 and 2013 were as follows:

Ordinary Income			Long- Term Capital Gain				Total
2014	2013		2014		2013		2014		2013
$11,706,751	$	16,313,722	$	—	$	—	$	11,706,751	$	16,313,722

As of December 31, 2014, the components of distributable earnings (accumulated losses) on a federal income tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gain		Net Unrealized Appreciation		Loss Carryforwards		Total
$21,913,000	$	169,099,600	$	245,838,155	$	—	$	436,850,755

The Portfolio utilizes the provisions of the federal income tax laws that provide for the carryforward of capital losses for prior years, offsetting such losses against any future realized capital gains. Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), net capital losses recognized after December 22, 2010 may be carried forward indefinitely and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for up to eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

During the year ended December 31, 2014, the Portfolio utilized capital loss carryforwards of $178,925,520.

As of December 31, 2014, the Portfolio had no post-enactment accumulated capital losses and no pre-enactment accumulated capital loss carryforwards.

9. Recent Accounting Pronouncements

In June 2014, FASB issued ASU 2014-11 Transfers & Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures to improve the financial reporting of repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into repurchase agreements or securities lending transactions. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2014, and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Portfolio’s financial statement disclosures.

MIST-19

Met Investors Series Trust

WMC Large Cap Research Portfolio

Report of Independent Registered Public Accounting Firm

To the Shareholders of WMC Large Cap Research 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 WMC Large Cap Research Portfolio, one of the portfolios constituting Met Investors Series Trust (the “Trust”), of December 31, 2014, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the WMC Large Cap Research Portfolio of Met Investors Series Trust as of December 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 25, 2015

MIST-20

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust

Management of the Trusts

The MIST Trust and the MSF Trust are collectively referred to as the “Trusts”. The Board of Trustees of each Trust (collectively, the “Board”) supervises the Trusts and is responsible for representing the interests of shareholders. The same persons serve as the Trustees of the MIST Trust and the MSF Trust, and as Chairman of the Board and Chairmen of its subcommittees, as described below. The Trustees of each Trust meet periodically throughout the year to oversee the Portfolios’ activities, reviewing, amongst other things, each Portfolio’s performance and its contractual arrangements with various service providers. The Trustees of each Trust elect the officers of the Trust, who are responsible for administering the Trust’s day-to-day operations.

Trustees and Officers

The Trustees and executive officers of the Trusts, as well as their ages and their principal occupations during the past five years, are set forth below. Unless otherwise indicated, the business address of each is c/o MetLife Funds, One Financial Center, Boston, Massachusetts 02111. Each Trustee who is deemed an “interested person,” as such term is defined in the 1940 Act, is referred to as an “Interested Trustee.” Those Trustees who are not “interested persons,” as such term is defined in the 1940 Act, are referred to as “Independent Trustees.” There is no limit to the term a Trustee may serve. Trustees serve until their death, resignation or removal in accordance with the MIST Trust’s and MSF Trust’s respective organizational documents and policies adopted by the Boards of the respective Trusts from time to time. Officers hold office at the pleasure of each Board and serve until their removal or resignation in accordance with the Trusts’ respective organizational documents and policies adopted by the Board of each Trust from time to time.

Trustees of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Interested Trustee
Elizabeth M. Forget* (48)	Trustee, Chairman of the Board, President and Chief Executive Officer	Indefinite; From December 2000 to present	Senior Vice President, MetLife, Inc.; President, MetLife Advisers, LLC and a predecessor company.	77	Various MetLife-affiliated boards.
Independent Trustees
Stephen M. Alderman (55)	Trustee	Indefinite; From December 2000 to present	Shareholder in the law firm of Garfield & Merel, Ltd.	77	Trustee; MSF Trust,** Director, International Truck Leasing Corp.
Robert J. Boulware (58)	Trustee	Indefinite; From March 2008 to present	Managing Director, Pilgrim Funds, LLC (private equity fund)	77	Trustee, MSF Trust,** Trustee, Vertical Capital Income Fund (closed-end fund); Director, Gainsco, Inc. (auto insurance)
Susan C. Gause (62)	Trustee	Indefinite; From March 2008 to present	Private Investor.	77	Trustee, MSF Trust,** Trustee and Nominating and Governance Committee Chair, HSBC Funds.**
Nancy Hawthorne (63)	Trustee	Indefinite; From April 2012 to present	Chief Executive Officer, Clerestory, LLC (corporate advisor)	77	Trustee, MSF Trust,** Director, THL Credit, Inc.,** Director, Avid Technology.**

MIST-21

Met Investors Series Trust

Trustees and Officers of Met Investors Series Trust—(Continued)

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years(1)	Number of Portfolios in Fund Complex(2) overseen by Trustee	Other Directorships Held by Trustee During Past 5 Years(1)
Barbara A. Nugent (58)	Trustee	Indefinite; From January 2014 to present	President, True North Board Governance, LLC (consulting); until December 31, 2013, partner in the law firm of Stradley Ronon Stevens & Young, LLP	77	Trustee, MSF Trust,** Director, Episcopal Healthcare Foundation; until 2014, member, Mutual Fund Directors Forum Advisory Board.
Keith M. Schappert (63)	Trustee	Indefinite; From April 2012 to present	Principal, Schappert Consulting, LLC (asset management consulting)	77	Trustee, MSF Trust,** Director, The Commonfund for Nonprofit Organizations; until 2011, Director Trilogy Global Advisors; Director, Mirae Asset Discovery Funds,** Director, Calamos Investments.
Linda B. Strumpf (67)	Trustee	Indefinite; From April 2012 to present	Chair of the Investment Committee, Leona M. and Harry B. Helmsley Charitable Trust; until June 2011, Chief Investment Officer, Leona M. and Harry B. Helmsley Charitable Trust	77	Trustee, MSF Trust,** Trustee and Member of Investment Committee, The Pennsylvania State University; Director, Trickle-Up.
Dawn M. Vroegop (48)	Trustee	Indefinite; From December 2000 to present	Private Investor	77	Trustee, MSF Trust,** Trustee, Driehaus Mutual Funds, Director and Investment Committee Chair, City College of San Francisco.

Executive Officers of the Trust

Name and Age	Position(s) Held with Registrant	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years(1)
Elizabeth M. Forget (48)	President, Chief Executive Officer, Trustee and Chairman of the Board	From December 2000 to present	See principal occupation information in the table above.
Kristi Slavin (41)	Vice President	From February 2015	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Peter H. Duffy (59)	Chief Financial Officer and Treasurer	From May 2012 to present	Senior Vice President, MetLife Advisers, LLC; Vice President, MetLife, Inc.
Andrew L. Gangolf (60)	Secretary	From 2011 to present	Senior Vice President, MetLife Advisers, LLC; until 2011, Senior Vice President and Assistant General Counsel, AllianceBernstein Investments, Inc.
Steven E. Hartstein (51)	Chief Compliance Officer (“CCO”)	From February 2014	Vice President, MetLife, Inc.; CCO, MetLife Advisers, LLC; Executive Director, Morgan Stanley (2009-2013); CCO, Consulting Group Capital Markets Funds (2006-2013).
Alan C. Leland, Jr. (62)	Vice President	From May 2012 to present	Treasurer and Chief Financial Officer, MetLife Advisers, LLC; Vice President, MetLife Group, Inc.; Vice President, MetLife, Inc.

* Ms. Forget is an “interested person” of the Trust because of her positions with MetLife Advisers, LLC and her ownership of securities issued by MetLife, Inc. the ultimate parent company of MetLife Advisers, LLC.

** Indicates a directorship with a registered investment company or a company subject to the reporting requirements of the Securities Exchange Act of 1934; as amended.

(1) Previous positions during the past five years with the Trust, MetLife, Inc., or the Adviser are omitted if not materially different.

(2) The Fund Complex includes 47 Portfolios of the Trust and 30 Portfolios of the MSF Trust.

MIST-22

Met Investors Series Trust

WMC Large Cap Research Portfolio

Board of Trustees’ Consideration of Advisory Agreements

At an in-person meeting held on November 19-20, 2014 (the “November Meeting”), the Boards of Trustees (the “Board”) of the Met Investors Series Trust and Metropolitan Series Fund (“MIST” and “MSF,” respectively, and collectively, the “Trusts”), including a majority of the Trustees who are not considered to be “interested persons” of the Trusts (the “Independent Trustees”) under the Investment Company Act of 1940 (the “1940 Act”), approved the continuation of certain of the Trusts’ advisory agreements (the “Advisory Agreements” or “Agreements”) with MetLife Advisers, LLC (the “Adviser”) for the series of the Trusts (each a “Portfolio,” and collectively, the “Portfolios”).

In reaching that decision, the Board reviewed a variety of materials provided for the specific purpose of the annual contract renewal process, as well as a variety of materials provided to and discussed with the Board throughout the year. The Board also met in person with personnel of the Adviser on September 16, 2014 for the specific purpose of giving preliminary consideration to the proposed continuation of the Agreements (the “September Meeting”) through the review by the Adviser with the Board of the performance and fees experienced by each Portfolio. In considering the Agreements, the Independent Trustees were advised by independent legal counsel throughout the contract renewal process, and met with independent legal counsel in several executive sessions outside of the presence of management. While the Agreements for the Trusts were considered at the same Board meetings, the Board evaluated all information available to it on a Portfolio-by-Portfolio basis, and its decision was made separately with respect to each Portfolio.

Information furnished and discussed throughout the year included investment performance reports for each Portfolio, along with periodic reports on various expenses, shareholder services, legal and compliance matters, asset pricing, brokerage commissions and trade execution. Information furnished specifically in connection with the renewal process included, but was not limited to, a report for each Portfolio prepared by Lipper Inc. (“Lipper”), an independent organization, as well as additional material, including a Portfolio-by-Portfolio profitability analysis that management prepared. In addition, the Independent Trustees received and reviewed a report prepared by JDL Consultants, LLC (“JDL”), an independent consultant to the Independent Trustees (“JDL Report”), which examined the comparative fees, expenses and performance of each Portfolio, based upon the Lipper reports. Also, the Board reviewed the responses to wide-ranging questions relating to the business, operations and performance of the Adviser that the Adviser had prepared specifically for the renewal process.

At the November Meeting, the Board, including a majority of the Independent Trustees, concluded that the nature, extent and quality of services provided by the Adviser supported the renewal of the Agreements. The Board also concluded that the investment performance of each Portfolio was such that each Agreement should continue, and that the fees paid by a Portfolio to the Adviser appeared to be reasonable in light of nature, extent and quality of the services provided by the Adviser. Further, the Board concluded that the Adviser’s profitability in providing services under the Advisory Agreements did not appear unreasonably high in light of the nature, extent and quality of the services provided by the Adviser. Finally, the Board concluded that the investment advisory fees paid by the Portfolios in some measure shared economies of scale with contractholders. In approving the renewal of each of the Agreements, the Board, including the Independent Trustees, gave attention to all of the information that was furnished. The following discuses some of the primary factors that generally were relevant to the Board’s decision. The Board did not identify any single factor as controlling, and the Trustees generally attributed different weights to various factors for the various Portfolios.

Nature, extent and quality of services. The Board evaluated the nature, extent and quality of the services that the Adviser has provided to the Portfolios. The Board considered the Adviser’s services as investment manager to the Portfolios, including its services relating to the oversight of the Sub-Advisers and their investment management activities, trading practices, financial condition, relevant personnel matters and compliance program, among other things. The Adviser’s services in coordinating and overseeing the activities of the Trusts’ other service providers were also considered. The Board considered information received from the Trusts’ Chief Compliance Officer (“CCO”) regarding the Portfolios’ compliance policies and procedures that were established pursuant to Rule 38a-l under the 1940 Act. The Board also considered the expertise, experience and performance of the personnel of the Adviser who performed the various services that are mentioned above throughout the year.

The Board also noted that each of the investment, compliance and legal staffs of the Adviser conduct regular, periodic, telephonic and in-person meetings with the Sub-Advisers to review and assess the services that are provided to the Portfolios, and that personnel of the Adviser prepare and present reports to the Independent Trustees regarding those meetings.

Performance. The Board placed emphasis on the performance of the Portfolios in light of, among other things, its importance to contractholders. The Board considered the Adviser’s quarterly reviews with the Board of detailed information about each Portfolio’s investment strategies and performance results and composition, including discussions regarding the relevant effect of current market conditions. The Board reviewed and considered the report prepared by Lipper, which provided a statistical analysis comparing the Portfolios’ investment performance to that of comparable funds underlying variable insurance products (the “Performance Universe”). The Independent Trustees also met separately with a representative of JDL during the September Meeting to review the JDL Report.

MIST-23

Met Investors Series Trust

WMC Large Cap Research Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

At the November Meeting, the Board considered each Portfolio’s performance for periods subsequent to the performance period covered by the Lipper reports, and the Adviser’s discussion of the same, including the effect of current market conditions on each Portfolio’s more recent performance.

The Board focused particular attention on Portfolios with less favorable performance records. The Board noted that the Adviser’s focus on each Sub-Adviser’s performance and noted that the Adviser has been active in monitoring and responding to any performance issues with respect to the Portfolios.

Fees and Expenses. The Board gave consideration to the level and method of computing the fees payable under the Agreements. The Board considered the Lipper report for each of the Portfolios, which included comparisons for each Portfolio of its contractual management fees (at current and various asset levels), and total expenses, with those of its peers, including as those peers were divided into a broad group of peer funds (“Expense Universe”), a narrower group of peer funds (“Expense Group”), a broad group of peer sub-advised funds (“Sub-advised Expense Universe”), and a narrower group of peer sub-advised funds (“Sub-advised Expense Group”). Lipper selected the peer funds which were similarly situated funds underlying variable insurance products deemed to be comparable to the Portfolios. The Independent Trustees, with the assistance of JDL, also examined the JDL Report.

The Board noted that applicable sub-advisory fees for the Portfolios are paid by the Adviser out of its advisory fee. The Board also considered that the Adviser had entered into expense limitation agreements with certain of the Portfolios, as identified below, pursuant to which the Adviser had agreed to waive a portion of its advisory fee and/or reimburse certain expenses as a means of limiting a Portfolio’s total annual operating expenses.

Profitability. The Board examined the profitability of the Adviser on a Portfolio-by-Portfolio basis. The Board also considered that an affiliate of the Adviser, MetLife Investors Distribution Company, serves as distributor for the Trusts, and, as such, receives Rule 12b-1 payments to support the distribution of the Portfolios. In reviewing the profitability analyses, the Board recognized that expense allocation methodologies are inherently subjective and various expense allocation methodologies may be reasonable while producing different results.

Economies of scale. The Board also considered the effect of the Portfolios’ growth in size on their fees. The Board noted the fee schedules for the Portfolios that contain breakpoints that reduce the fee rate above specified asset levels. The Board noted those Portfolios that did not contain breakpoints in the advisory fee and took into account management’s discussion of the same. The Board considered the effective fees under the Advisory Agreement for a Portfolio as a percentage of assets at different asset levels and possible economies of scale that may be realized if the assets of the Portfolio grow. Among other data, the Board examined the effect of a Portfolio’s growth in size on various fee schedules and reviewed the Lipper and JDL Reports, which compared fees among peers. The Board also generally noted that if a Portfolio’s assets increase over time, the Portfolio may realize other economies of scale if assets increase proportionally more than certain other fixed expenses.

Other factors. The Board considered other benefits that may be realized by the Adviser and its affiliates from their relationship with the Trusts. Among them, the Board recognized that MetLife Investors Distribution Company, as the distributor for the Trusts, receives payments pursuant to Rule 12b-1 from the Portfolios to compensate it for providing shareholder services and distribution activities, which could lead to growth in the Trusts’ assets and corresponding benefits from such growth, including economies of scale. In conjunction with these considerations, the Board noted the ongoing commitment of the Adviser to the Portfolios.

The Board considered possible conflicts of interest in the form of material benefits or detriments to the Trusts resulting from the nature of the Trusts’ and the Adviser’s affiliations and the services that are provided to the Trusts, and the manner in which such conflicts were mitigated.

WMC Large Cap Research Portfolio. At the November Meeting, the Board, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement relating to the Portfolio. The Sub-Advisory Agreement for the Portfolio was not up for renewal at the November Meeting because it had previously been approved by the Board, including a majority of the Independent Trustees, in connection with the Portfolio’s change in Sub-Adviser to Wellington Management Company LLP, effective February 2014. The following outlines certain of the specific factors that the Board considered and the conclusions reached in relation to the Advisory Agreement with the Adviser regarding the Portfolio. These specific factors are in addition to the considerations that are discussed above.

Among other data relating specifically to the Portfolio’s performance, the Board considered that the Portfolio outperformed both the median of its Performance Universe and its Lipper Index for the one- and five-year periods ended June 30, 2014 and underperformed both the median of its Performance Universe and its Lipper Index for the three-year period ended June 30, 2014. The Board further

MIST-24

Met Investors Series Trust

WMC Large Cap Research Portfolio

Board of Trustees’ Consideration of Advisory Agreements—(Continued)

considered that the Portfolio outperformed its benchmark, the S&P 500 Index, for the one-year period ended October 31, 2014 and underperformed its benchmark for the three- and five-year periods ended October 31, 2014. The Board took into account management’s discussion of the Portfolio’s performance. The Board also noted the Sub-Adviser change in February 2014.

The Board also considered that the Portfolio’s actual management fees and total expenses (exclusive of 12b-1 fees) were below the Expense Group median, Expense Universe median, and Sub-advised Expense Universe median. The Board further noted that the Portfolio’s contractual management fees were above the asset-weighted average of the Expense Group at the Portfolio’s current size. The Board also noted that the Portfolio’s contractual sub-advisory fees were above the average of the Sub-advised Expense Group and below the average of the Sub-advised Expense Universe at the Portfolio’s current size. The Board further noted that the Adviser had agreed to waive fees and/or reimburse expenses during the past year.

MIST-25

Item 2. Code of Ethics.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions (the “Code of Ethics”). During the period covered by this report, no material amendments were made to the provisions of the Code of Ethics, nor did the registrant grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Susan C. Gause, Nancy Hawthorne, Keith M. Schappert, Linda B. Strumpf, and Dawn M. Vroegop have each been determined to be an “audit committee financial expert” and each is “independent” (as each term is defined in Item 3 of Form N-CSR).

Item 4. Principal Accountant Fees and Services.

Information provided in response to Item 4 includes amounts billed during the applicable time period for services rendered by Deloitte & Touche LLP (“Deloitte”), the registrant’s principal accountant.

(a) Audit Fees

The aggregate fees billed for professional services rendered by Deloitte for the audit of the registrant’s annual financial statements and for services that are normally provided by Deloitte in connection with statutory and regulatory filings for the fiscal years ended December 31, 2013 and December 31, 2014 were $2,268,007 and $2,412,613, respectively.

(b) Audit-Related Fees

During the fiscal years ended December 31, 2013 and December 31, 2014, Deloitte billed $16,068 and $16,500, respectively, for assurance and related services that relate directly to the operations and financial reporting of the registrant, the registrant’s investment adviser or any other entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant. Represent fees for services rendered to the registrant as follows: (i) security valuation testing and procedures in connection with select portfolios of the registrant’s semi-annual report for the periods ended June 30, 2014; (ii) 17f-2 security count procedures for select portfolios for the years ended December 31, 2014 and 2013; and (iii) related to reorganizations involving certain portfolios of the registrant for fiscal year ended December 31, 2014 and 2013.

(c) Tax Fees

The aggregate fees billed for professional services rendered by Deloitte for tax compliance, tax advice and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended December 31, 2013 and December 31, 2014 were $379,770 and $330,020, respectively. Represent fees for services rendered to the registrant for review of tax returns for the year end December 31, 2014 and for tax compliance, tax advice and tax planning in the form of preparation of excise filings and income tax returns for the fiscal year end December 31, 2013.

During the fiscal years ended December 31, 2013 and December 31, 2014, no fees for tax compliance, tax advice or tax planning services that relate directly to the operations and financial reporting of the registrant were billed by Deloitte to the registrant’s investment adviser or any other entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant.

(d) All Other Fees

The registrant was not billed for any other products or services provided by Deloitte for the fiscal years ended December 31, 2013 and December 31, 2014 other than the services reported in paragraphs (a) through (c) above.

During the fiscal years ended December 31, 2013 and December 31, 2014, no fees for other products or services that relate directly to the operations and financial reporting of the registrant, other than the services reported in paragraphs (a) through (c) above, were billed by Deloitte to the registrant’s investment adviser or any other entity controlling, controlled by, or under common control with the registrant’s investment adviser that provides ongoing services to the registrant.

(e)(1) The registrant’s Audit Committee has established pre-approval procedures pursuant to paragraph (c)(7)(i)(B) of Rule 2-01 of Regulation S-X, which include regular pre-approval procedures and interim pre-approval procedures. Under the regular pre-approval procedures, the Audit Committee pre-approves at its regularly scheduled meetings audit and non-audit services that are required to be pre-approved under paragraph (c)(7) of Rule 2-01 of Regulation S-X. Under the interim pre-approval procedures, any member of the Audit Committee who is an independent Trustee is authorized to pre-approve proposed services that arise between regularly scheduled Audit Committee meetings and that need to commence prior to the next regularly scheduled Audit Committee meeting. Such Audit Committee member must report to the Audit Committee at its next regularly scheduled meeting on the pre-approval decision.

(2) Not applicable.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and adviser affiliates that provide ongoing services to the registrant for 2013 and 2014 were $0 and $0, respectively.

(h) The Audit Committee of the registrant’s Board of Trustees considered the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services are compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments is included as a part of the report to shareholders included under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant does not have procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President and Treasurer of the registrant have concluded, based on their evaluation of the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report on Form N-CSR, that the design and operation of such procedures provide reasonable assurance that information required to be disclosed by the registrant in this report on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1) Code of Ethics is attached hereto.

(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act are attached hereto.

(a)(3) Not applicable.

(b) The certifications required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

MET INVESTORS SERIES TRUST
By:	/s/ Elizabeth M. Forget
	Elizabeth M. Forget President and Chief Executive Officer

Date: March 6, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Elizabeth M. Forget
	Elizabeth M. Forget President and Chief Executive Officer

Date: March 6, 2015

By:	/s/ Peter H. Duffy
	Peter H. Duffy Chief Financial Officer and Treasurer

Date: March 6, 2015